Welcome to our dedicated page for Progressive Care news (Ticker: RXMD), a resource for investors and traders seeking the latest updates and insights on Progressive Care stock.
Progressive Care Inc. (RXMD) delivers innovative healthcare solutions through tele-pharmacy services, 340B contract management, and prescription care. This page provides investors and stakeholders with direct access to the company's official news updates and press releases.
Discover timely announcements including strategic partnerships, regulatory developments, service expansions, and operational milestones. Our curated collection ensures transparent access to RXMD's progress in enhancing patient care models and pharmacy management technologies.
Key focus areas in recent updates include advancements in telemedicine integration, compliance with 340B program requirements, and partnerships strengthening long-term care support. Bookmark this page to stay informed about Progressive Care's role in shaping efficient healthcare administration.
NextPlat Corp (NASDAQ: NXPL) announced the results of its Special Annual Meeting of Stockholders held on September 13, 2024. Shareholders approved all proposals, including the Business Combination with Progressive Care Inc. (OTCQB: RXMD). The merger is expected to close on October 1, 2024, subject to additional closing conditions. Under the agreement, Progressive Care shareholders will receive 1.4865 newly issued shares of NextPlat common stock for each share of Progressive Care stock they own. The exchange will be automatic for shares held in brokerage and retirement accounts, while physical stock certificate holders should contact NextPlat's transfer agent for instructions.
Progressive Care Inc. (OTCQB: RXMD) announced that shareholders approved the Business Combination with NextPlat Corp (Nasdaq: NXPL) at a Special Meeting on September 13, 2024. The merger is expected to close on October 1, 2024, subject to additional closing conditions. Upon completion, Progressive Care will become a wholly-owned subsidiary of NextPlat.
Under the Merger Agreement, Progressive Care shareholders will receive 1.4865 newly issued shares of NextPlat's common stock for each share of Progressive Care common stock they own. The exchange will be automatic for shares held in brokerage and retirement accounts. Shareholders with physical stock certificates should contact NextPlat's transfer agent, Equity Stock Transfer, for transfer instructions.
NextPlat Corp (NASDAQ: NXPL) reported a significant 474% increase in Q2 2024 consolidated revenues to $17 million, with record 34.2% quarterly margins. The company expects $70 million in annual revenues for 2024. Key highlights include:
- E-commerce revenue of $3.5 million, including contribution from newly acquired Outfitter Satellite
- Healthcare operations contributed $13.5 million in revenue
- Gross margins increased to 34.2%, up from 28.5% in Q2 2023
- Cash position of $24.9 million at quarter-end
- 17% increase in healthcare business revenue, driven by 11% growth in pharmacy prescriptions and 41% increase in 340B contract services
The company also announced a proposed merger with Progressive Care and expanded its e-commerce operations globally, including launching OPKO Healthcare-branded products in China.
Progressive Care Inc. (OTCQB: RXMD) reported Q2 2024 revenues of $13.5 million, a 17% increase from Q2 2023. Key highlights include:
- Gross margin expanded to 35%, up from 31% in Q2 2023
- 340B contract revenue grew 41% to $3.0 million
- Prescription revenue increased 11% to $10.5 million
- Positive cash flow from operations, with cash balance of $8.5 million
- Non-cash impairment charges of $9.8 million for goodwill and intangible assets
The company's growth was driven by new 340B contracts and increased prescription volumes. Progressive Care is pursuing a merger with NextPlat, with a shareholder vote scheduled for September 13, 2024.
NextPlat Corp (NASDAQ: NXPL, NXPLW) announced that its subsidiary, Global Telesat Communications (GTC), has entered a joint venture with Pivotel Solutions (dba Pulsar) to become an authorized reseller of SpaceX's Starlink satellite-based connectivity products. This move expands GTC's portfolio of satellite connectivity solutions by adding Starlink's Low Earth Orbit (LEO) network. Through this partnership, GTC aims to offer Starlink services to consumer, enterprise, and government customers in the UK and internationally, focusing on mobile and maritime sectors. Pulsar will provide back-end support for these services.
Progressive Care announced record first-quarter 2024 revenues of $14.6 million, marking a 28% increase from $11.4 million in the same period in 2023. This growth is driven by a 110% increase in 340B contract service revenue and a 16% rise in prescription revenue. However, gross profit margins dipped from 28% to 27%, impacted by higher drug costs per prescription. The company also reported a net loss of $0.4 million, a significant increase from the $0.1 million loss in Q1 2023, due to higher operating expenses. A proposed merger with NextPlat Corp is expected to provide synergies and cost reductions. Cash balance declined to $5.5 million from $7.9 million at the end of 2023.
NextPlat Corp (NASDAQ: NXPL, NXPLW) announced record financial results for Q1 2024, with revenues soaring to $17.5 million from $2.9 million in Q1 2023, marking a 508% increase. The company's gross margin also improved to 27.5%. The revenue boost was driven by $2.9 million from e-commerce and $14.6 million from healthcare operations, specifically Progressive Care Inc. Key developments include the proposed merger with Progressive Care, the acquisition of Outfitter Satellite Inc., and the launch of an e-commerce program with Alibaba's Tmall Global. However, the quarter ended with a net loss of $1.5 million.
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