Progressive Care Inc (OTCMKTS:RXMD) Regains Some Lost Value
The stock of Progressive Care Inc (OTCMKTS:RXMD) had a pretty good start of the year in which it climbed up the charts on increased volumes. The ticker took a step back and managed to somewhat stabilize in the following months and the trading quieted down a bit.
Last month ended with another upward push in the charts that managed to lift RXMD above the 5 cent per share mark in the beginning of June. The upward movement was supported by some optimistic press releases from earlier in the month. Meanwhile, the company’s latest financial report, covering the first quarter of the year, showed some pretty decent results.
- cash: $288 thousand
- current assets: $1.23 million
- current liabilities: $1.31 million
- sales: $3.94 million
- net income: $98 thousand
We rarely see any OTC marketplace companies close record net income in its financial reports and, even though it’s still rather small, it means that the company is going in the right direction. While RXMD has managed to finish the first quarter of the year positively we see that it has managed to hold on to most of its cash reserves, increase the revenues and slightly decrease the liabilities.
The market cap of RXMD certainly doesn’t look that big, compared to its achievements, but the ticker still took some heavy blows last week. Luckily, a shareholder update that came in Friday managed to push the company stock 18.32% in the right direction and we saw RXMD finish the week with a price of $0.42.
Considering the state of RXMD and the rather decent market valuation of the company we may very well see it climb further up the charts in the beginning of this week. Still, that doesn’t mean that you should skip doing your due diligence and weighing out the risks before putting any money on the line.
