Progressive Care Announces Significant Expansion: Stock Gains
Investors who are looking to get into stocks that have gained momentum in recent days could consider having a look at the Progressive Care Inc (OTCMKTS:RXMD) stock. The company, which is involved in the personalized healthcare and technology space, made a major announcement on Wednesday.
Progressive announced that it has decided to expand its PharmCo branded pharmacy in the metropolitan area of Orlando. To that end, the company is going to move out its operations from the present site and move to a location of much larger size. The company is going to move into a 3700 square foot location from its current abode which stretches across an area of 700 square feet.
However, in this regard, it is also important to add that the move is particularly important from the financial point of view as well. While this allows Progressive to increase its pharmacy size by as much as 400%, there is not going to be any increase in leasing costs and that is certainly a major positive for the company.
In addition to that, this will also allow Progressive to expand its offering products and services significantly in the Orlando metropolitan area. On top of that, new offerings are going to include patient management, therapy management and rapid tests for coronavirus as authorized by the United States Food and Drug Administration under its Emergency Use Authorization guidelines.
On the other hand, the company is also going to include future testing at the new location and that represents another key expansion in terms of the services provided. Earlier this month, Progressive had notified in a press release that its antibody testing services have now been expanded to include Palm Beach County.
Due to the establishment of the new location, the company has managed to expand its footprint further and that can only be a piece of good news for its investors. In addition to that, Progressive has also placed a large order for antibody testing kits for both administrations and for sale. The latest development is quite significant since it could potentially expand not only its business but also its regional footprint.
The management of the company has stated that the new location is ideal for creating a full-service pharmacy. The new location is strategically interesting as well. It is not only going to generate more business due to its size and breadth of offerings but could also benefit significantly due to the presence of as many as four major clinical healthcare providers in the vicinity.
These are highly promising developments considering the fact that the number of cases continues to rise in Florida. Investors have also piled on to the stock due to Progressive’s efforts to become a major service provider in this space.
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