$RXMD Technicals Line Up as Antibody Testing Demand Soars in FL

RXMD is sporting a number of positive technical attributes, including a successful hold as former breakout resistance became viable support in mid-June at the $0.04 level in confluence with new bull trendline support and a 40 oversold RSI print. That has been followed by an aggressive breakout back above both the 50- and 200-day major MA's.

The company has been benefitting from a surge in demand for its rapid-results antibody test kits (COVID-19 IgG/IgM) registered through the FDA under its Emergency Use Authorization guidelines for conducting SARS-CoV-2 antibody presence and COVID-19 infection diagnosis testing.

Progressive Care Inc (OTCMKTS:RXMD) promulgates itself as “a personalized healthcare services and technology company”. Do a little digging and you find this is a company that has been showing strong top and bottom-line growth in the regional pharmacy services space, but is now increasingly set to expand operations into telemedicine, ecommerce, and a range of scalable growth strategies while maintaining its footprint in the Florida pharmacy services space.

The company has put up impressive numbers, with consolidated monthly gross sales across all locations during May totaling $3 million, representing year-over-year growth of 67%. It was 54% the month before, and 105% in March. And it was even better before the pandemic hit.

The Covid-19 health crisis is clearly far from over, as recent case data shows, loud and clear. Florida is one of the new epicenters for the disease, and RXMD is based there, at the new ground zero. Its ability to offer a critical service and product in the midst of this storm is likely starting to pay off for the company and holds strong potential for its shareholders.

“As major operations begin to reopen in our communities, experts believe diagnostic and antibody testing will be crucial in identifying vulnerabilities and creating safer and more productive public living conditions,” commented S. Parikh Mars, CEO of Progressive Care. “We believe it is imperative that we provide the public health resources necessary to stem the tide of this pandemic.”