Progressive Care Gains Momentum After Solid Performance Data For May

Over the course of the past months, many healthcare stocks have managed to record impressive gains and are still doing so. Hence, it could be worthwhile for investors to take a closer look at some of these stocks. One of the companies that could be tracked by investors at this point in time is that of Progressive Care Inc (OTCMKTS:RXMD), which has rallied impressively this week so far. 

The company has come into the radars of investors and has gained as much as 25% so far. In such a situation, it could be worthwhile for investors to have a look at some of the latest developments regarding the company. 

Solid Performance Data 

Earlier this week, the personalized healthcare services and tech company announced the operations performance data for the month of May. Despite the pressure on demand on provider prescriptions, the company managed to generate an impressive year on year growth last month. Progressive Care announced that the gross sales in May across all its locations came in at $3 million and the represented a year on year growth of as much as 67%. The company managed to fill as many as 40062 prescriptions during the month, and they reflected a healthy growth of 41% as well. 

On the other hand, Federally Qualified Health Centers (FQHCs) processed 340B claims to the tune of $1.1 million, and that generated as much as $1,27,000 in agency fees. Progressive also announced that three new FQHCs are going to be added to the company’s dispensing and data analytics services contract. Considering the fact the coronavirus pandemic had led to significant problems for both healthcare providers and patients, the performance from Progressive Care is commendable. 

While it is true that Progressive had to dial down its operations, its expertise in safe health practices and contactless home delivery helped it in tiding over the crisis. Hence, the optimism about the company is understandable. In addition to that, the company also mentioned that it has started consolidating its presence in Miami Beach and Davie as well. 

There were other important recent developments as well that potential investors ought to keep in mind. Earlier on this week, the company announced that Daszkal Bolton LLP had been engaged as the independent public accounting firm. Daszkal Bolton will be working with Progressive up until the end of the fiscal year on December 31, 2020. The company was recommended to the Progressive board by the Audit Committee at the company. 

Back in early June, the company had made another important announcement. Progressive announced that it had awarded the contract for the construction of its project at Hallandale Beach in Florida to Atlas Construction and Management LLC. It is another attempt from Progressive to further consolidate its presence in the area.

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