Progressive Care Inc (OTCMKTS:RXMD), known for offering prescription-based pharmaceuticals through its subsidiary named Pharmco LLC, reported record level revenues in May 2015. As per the reports, the company announced $2.3 million in revenues for April and May months.
Pharmco LLC is famous for selling anti-retroviral medications, health practice risk management, durable medical equipment and supplying prescription based medications to long-term care facilities.
Insights On The Matter:
The initial couple of months of the new financial year has brought the strongest prescription revenues for the company to date. The company reached $2.3 million mark with the help of an average of 13,800 prescriptions per month including 45% newly authorized prescriptions. Pharmco LLC managed to earn over $1.4 million in revenues in May month, topping market expectations. The company witnessed 28% growth in application filling on YOY basis in May; however, its revenues grew at a rate of 30% during the same period.
The maximum part of this growth has come from the quick development of company’s medication department. This department produces most of the products at a higher price and greater margin than the normal products available in the market. With the help of this newly introduced compounded medication department, the company has managed to take its profit margin to newer heights.
Even though, it has been able to generate profit for the company for the past few months, but nothing can be said about the long-term growth. The scope of the compounded medication is slowly changing nowadays. Insurance companies are regularly coming up with new benefit-criteria to provide benefit to the entire industry. Based on this trend, it has become very difficult for anyone to predict how the industry will progress in the long term.
The management of the company is proud to post over $1 million in revenues over the past couple of months and hope to continue this performance in the coming months as well.