Progressive Care Inc (OTCMKTS:RXMD) has been making a lot of news, after the company recorded revenues of over $11 million in sales, during its FY2014. The year-over-year increase in revenue stood at 20.74%. Additionally, the company recorded $2.3 million, for April and May 2015 alone. Progressive Care operates through its subsidiaries to market prescription pharmaceuticals. The company reported that these are its strongest prescription revenues to date.
Progressive Care reported that the current increase in revenue is due to the steady increase of prescriptions filled each month. The number of prescriptions has risen to 13,800, in which 45% are new ones. The increase in prescriptions has been driven by the company’s compounded medication division. This department has been dealing with prescriptions that have higher profit ranges and higher prices. However, the company has refrained from predicting year end revenues at the moment. The management believes that with the changing landscape of the compounded drugs segment, it is hard to make an accurate assessment. However, an update on the matter is expected to accompany the company’s next filing.
For its FY 2014, Progressive Care reported a prescription count of 140,000, which was a 33% increase over the previous year and still seems to be on the rise. However, the financial reports of the company have revealed that there has been a decline in revenues from the sale of durable medical equipment. Furthermore, the company has been recording a decrease in net losses from operations. A majority of this decline is attributed to the lower income tax rates that dropped by 30%.
RXMD has been known for being irregular with its financial reports, but that situation is slowly changing. Unfortunately, despite the growing revenues, the company still records a net loss of $294,000, with just $127,000 cash in hand. RXMD still has a long way to go before it can become a profitable compay.
Progressive Care Inc (OTCMKTS:RXMD) experienced no trading during the June 6 session, but still reported a 12% loss to its share value to close at $0.0154.