Sometimes, everything lines up just right. That's the case for RXMD right now, as the stock tests the top side of its former -- now broken -- down , which was shattered last month after an explosive upside triggering of a big Bull Divergence Buy Signal, which we covered at the time.
That was the first big opportunity. This is the second.
One thing that gives us extra confidence right now is the company's underlying fundamental strength. Progressive Care Inc . (OTCMKTS:RXMD) is an OTC stock, but the company’s financial performance puts it in a different class from other similar names. RXMD just set a host of new records in its latest quarterly report, including total sales, gross profitability, and prescriptions filled.
RXMD shares advanced as much as 130% in November, and closed the month up by just over 50%. However, at the same time, new investors might have the opportunity to benefit from a shakeout of about 40% over the past 6 days of trading.
Progressive Care Inc (OTCMKTS:RXMD) provides prescription pharmaceuticals to individuals and institutions in south Florida through its Pharmco subsidiary. But the company is also rapidly angling toward a more diversified health services model, with proprietary branded CBD products and a disruptive telehealth strategy.
The company just reported 91% y/y top-line growth in Q3 and is already reporting even faster growth in Q4.
The CEO, S. Parikh Mars, said: “The annualized pace we set in October equates to new records across the board as we continue to see broad-based top-line expansion on improving margins. Our $3.4 million in overall sales for October is an understatement because it leaves out the cash flows we took in during the month related to third-party billing activity. With all factors included, the number of gross billing would be closer to $4.2 million. And our 46k prescriptions filled puts Q4 on pace to handily surpass our breakout Q3 performance already. Execution continues to be tremendous, and I am very proud of our talented and dedicated team.”
According to that release, the Company achieved over $3.4 million in overall October sales (not including an additional $800,000 third-party related billing activity), representing 78% annual growth in sales compared to October 2018, and 10% monthly growth in sales on a sequential monthly basis.