Progressive Care Issues Corporate Update
September 16 2020 - 8:15AM
InvestorsHub NewsWire
MIAMI, FL -- September 16, 2020 -- InvestorsHub
NewsWire -- Progressive Care Inc. (OTCQB:
RXMD) (“Progressive Care” or the “Company”), a personalized
healthcare services and technology company, is pleased to provide
current and prospective shareholders with an update on the hiring
process for its new CEO and its acquisition of MyApps Corp.
(“MyApps”) (myapps.solutions), a leading developer of healthcare
software, which includes the emerging telehealth service app,
CallingDr™ (callingdr.com).
New CEO Process
The Company is also now in advanced discussions regarding the
hiring of a new Chief Executive Officer with the experience and
skill set to take Progressive Care to the next level. The Company
is focused on installing a CEO able to drive financial strength,
cultivate constructive communication with the business and
investment community, and reinforce core values, with the ultimate
goals of uplisting to a major exchange and taking the Company to
over $100 million in
sales.
“We expect revenues of more than $40 million in
2020 at this point, given our growth rate and what we have
accomplished so far this year,” noted Alan Jay Weisberg, interim
CEO and Chairman of the Board at Progressive Care. “Several years
ago, when our revenue was $15 million, we saw our path to $40
million in sales and described this to our shareholders. Now, we
are running at over $40 million on the top line and see a path to
$100 million and beyond as a basic extrapolation of our organic
growth curve paired with our strategic agenda, which provides for
an open run to serve all 50 states in prescriptions and data
management, capitalize on strong deregulatory tailwinds. We are
deep in the process of establishing this new leadership, and we
have strong reason to believe we will have an exceptional executive
team in place, with the experience, skills, and drive to foster
that next step, very soon.”
MyApps Acquisition
As announced in its release dated September 8, Progressive Care is
in the process of acquiring MyApps, a leading commercial-stage app
developer that has full control over CallingDr, a complete
telehealth platform providing multiple levels of service with a
suite of products currently in use in single-physician clinics,
multi-physician clinics, emergency room centers, nursing homes, and
home health setups across multiple US states. While working towards
the completion of the acquisition, Progressive Care will be taking
necessary regulatory steps to participate in the prescription drug
business in all 50 US states (the Company is currently licensed in
14 US states) on a mail-order basis. In-house Company research
suggests that nearly one-third of all prescriptions in the US are
filled on a mail-order basis, suggesting that this transition will
increase Progressive Care’s total addressable market by over $200
billion (based on Company data along with data from the US
Department of Health and Human Services).
According to information from MyApps management, MyApps serviced
3,448 new patients over the six months between March 1 and
September 1, 2020, with some having multiple sessions, amounting to
over 10,500 remote healthcare sessions in the past six months.
Along with CallingDr™, MyApps also has a portal named FindingDr™,
which helps providers connect with new patients. Following the
closing of the acquisition, Progressive Care will be able to offer
healthcare providers across the country and in its network of
business with access to this portal to connect them with new
patients.
Weisberg added, “GoodRX, which is comparable to a stock in the
pharmacy services space, recently filed for an IPO with a pre-IPO
valuation of $2.8 billion on under $390 million in 2019 sales,
trading at nearly 7 times trailing sales. The 2019 acquisition of
‘HeyDoctor’ appears to be an important part of its growth plan and
future valuation. Pairing pharmacy services with a powerful
telehealth platform unlocked the prospect of fresh growth potential
relative to the space, especially as federal and state regulations
on telemedicine were stripped from the equation after the onset of
the COVID-19 pandemic health crisis in March. We believe CallingDr
is a superior telemedicine platform. We also believe we have an
even more potent mix of assets that present a similar formula for
powering shareholder value over the coming decade. Yet, Progressive
Care shares trade under 0.5 times 2019 sales. I believe that our
valuation has been greatly impacted by recent trading volume, which
is not a result of insider selling. With enormous year-over-year
growth, a coming $200 billion expansion in total addressable
market, and the acquisition and integration of an active
cutting-edge telehealth platform with a national customer footprint
already established, and with the goal of uplisting to a major
exchange, Progressive Care continues to aggressively strive toward
leadership as an innovative technology and personalized healthcare
company.”
Management also notes that, according to a recent report by Fortune
Business Insights, the global telemedicine market is projected to
grow from $34.28 billion in 2018 to $185.66 billion by 2026,
exhibiting a CAGR of 23.5% over that period. Another report from
Global Market Insights notes that nearly half of this overall
market size and growth is attributable to activity within the US
market alone. According to multiple market research publications,
the mail-order prescription market is growing nearly twice as fast
as any other segment of the prescription drug market.
For more information about Progressive Care, please visit our
website.
Connect and stay in touch with us on social media:
Progressive Care Inc.
https://www.facebook.com/ProgressiveCareUS/
https://twitter.com/ProgressCareUS
PharmCoRx Pharmacy
https://www.facebook.com/pharmcorx/
https://twitter.com/PharmCoRx
ClearMetrX
https://www.clearmetrx.com
https://www.facebook.com/clearmetrx/
About Progressive Care Inc.
Progressive Care Inc. (OTCQB:
RXMD), through its subsidiaries, is a Florida health services
organization and provider of prescription pharmaceuticals,
compounded medications, provider of tele-pharmacy services, the
sale of anti-retroviral medications, medication therapy management
(MTM), the supply of prescription medications to long-term care
facilities, and health practice risk management.
Cautionary Statement Regarding Forward-Looking Statements
Statements contained herein that are not based upon current or
historical fact are forward-looking in nature and constitute
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Such forward-looking statements reflect the Company’s
expectations about its future operating results, performance, and
opportunities that involve substantial risks and uncertainties.
These statements include but are not limited to statements
regarding corporate update and potential telemedicine acquisition.
When used herein, the words “anticipate,” “believe,” “estimate,”
“upcoming,” “plan,” “target,” “intend” and “expect” and similar
expressions, as they relate to Progressive Care Inc., its
subsidiaries, or its management, are intended to identify such
forward-looking statements. These forward-looking statements are
based on information currently available to the Company and are
subject to a number of risks, uncertainties, and other factors that
could cause the Company’s actual results, performance, prospects,
and opportunities to differ materially from those expressed in, or
implied by, these forward-looking statements.
Investor Relations Contact:
Armen Karapetyan,
Progressive Care
Senior Advisor Business Development
Armen@progressivecareus.com
www.progressivecareus.com
www.pharmcopharmacy.com
Public Relations Contact:
Carlos Rangel carlosr@pharmcorx.com
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