A publication from FinancialNewsMedia.com yesterday was the reason for driving a rally in the stock of Progressive Care Inc (OTCMKTS:RXMD) and other nutritional supplement companies. The article cited a report from the Nutritional Business Journal, which highlighted that how the nutritional supplement industry has caught up the pace and is destined to become a $60 billion worth market by 2021.
Record revenues in May
The publication rightly mentioned the record pharmacy revenues that Progressive Care Inc (OTCMKTS:RXMD) realized in the month of May 2015. The period between April through May 2015 fetched strongest prescription revenues to date for the company. The company’s revenues touched a level of $2.3 million within a period of two months, as it recorded an average of 13,800 prescriptions per month. Out of which, nearly 45% of them were newly authorized prescriptions. The company proudly made a note that with just 28% rise in filled prescriptions, its revenues accelerated by 30%.
Progressive Care Inc (OTCMKTS:RXMD) credited the revenues growth to the development of its compounded medication segment. The company briefed that its compounded medication department manufactures products that have higher margins as against traditional medications supplied by the pharmaceutical industry. The company also noted that revenue predictions over the short-term or long-term for this segment may be difficult, given the changing aspects of it.
Looking forward to higher revenues during peak season
Progressive Care Inc (OTCMKTS:RXMD)’s COO Shital Parikh Mars commented that the company is set to generate $1 million of revenues each month at this rate. She said that they expect their revenues to grow more during the upcoming peak season of fall and winter. The company is expected to publish prescription and revenues for the second quarter in mid-July 2015.
The promising and reassuring statement from the company has helped it to top the investors’ buying list. The stock of the company traded up by 19% to $0.0179 during the previous session as 7.29 million shares changed hands.