In the U.S., healthcare spending is now approximately 17% of gross domestic product (GDP). In the middle of an economic recovery, healthcare costs are growing double what the Unites State’s economic growth rate is. In Europe, with their own economic hardships, healthcare costs are also growing exponentially beyond the national and regional economic growth rates. The organization for Economic Co-operation and Development (OECD) states that healthcare spending has an average of 9.5 percent of GDP in the 34 OECD countries in North and South America, Europe, and Asia. The annual growth rate in healthcare costs for the group has an average of about 4.9%.
Progressive Care Inc (OTCMKTS:RXMD) is a company looking to be apart of these percentages for the U.S. Progressive Care Inc. is based in South Florida and provides prescription pharmaceuticals. More specifically, it focuses on anti-retroviral patient management, long-term care, and durable medical equipment. Through its subsidiary, PharmCo., they use demographics to fulfill public needs. Furthermore, by using different market strategies, Progressive Care Inc. seeks to be a part of the market growth with their outstanding performances.
On Tuesday morning, Progressive Care Inc (OTCMKTS:RXMD) announced that they have had a strong third quarter, brining in $10 million in revenue. This was well-expected after having record breaking sales for three months in a row. Here’s what COO Shital Parikh Mars had to say: “This year we have been able to truly capitalize on PharmCo’s status as an industry leader in providing unmatched products and services. Our marketing efforts to healthcare institutions has proved fruitful in advancing the company’s financial position as well cementing PharmCo as a preferred pharmacy for insurance carriers. As we enter our busiest quarter, we are excited to grow our operation and expand on our success.” On the day this news came out, RXMD saw lows of $0.0061 and spiked 59% to a high of $0.0097. Furthermore, RXMD was trading with a volume of 23,002,703 by the end of the day.
Eanings Review: Rambus Inc. (NASDAQ:RMBS), Revlon Inc (NYSE:REV)
Revlon Inc(NYSE:REV) +2.5% after-hours after announcing that President and CEO Fabian Garcia is stepping down “to pursue other opportunities,” and Executive Vice Chair Paul Meister will oversee operations on an interim basis.
REV also says it expects Q4 revenues of $785M, below $801M from the year-earlier quarter but ahead of analyst consensus estimate of $743M, and a $60M-$80M net loss for the quarter due to a charge related to the recent tax law changes.
REV expects Q4 adjusted EBITDA of $110M-$115M vs. $115M analyst consensus.
CFO Chris Peterson also denies rumors that the company is considering a material asset transfer that would shield assets from lenders.
Rambus Inc.(NASDAQ:RMBS) shares are down 5.5% aftermarket following Q4 results that beat revenue estimates and met on EPS. In-line Q1 guidance (under ASC 605 accounting change) has revenue from $94M to $100M (consensus: $100.38M) and EPS from $0.17 to $0.23 (consensus: $0.18).
Revenue breakdown: Royalties, $77.9M (+10% Y/Y); Product, $8.5M (-27%); Contract and other revenue, $15.5M (+2%); Licensing billings, $76.6M (+18%).Key metrics: Non-GAAP operating margin, 31%; total operating expenses, $67.5M; cash and equivalents, $172.2M; cash flow from operations, $33.3M.
ADTRAN, Inc. (NASDAQ:ADTN) Hits New Lows After Issuing disappointing Earnings Forecast
ADTRAN, Inc.(NASDAQ:ADTN) slumped to a 52-week low after forecasting below consensus guidance for Q4, revising its revenue estimate downward to $125M from $155M-$165M earlier and seeing EPS of ~$0.01; analysts had expected EPS of ~$0.14 and revenue of $161.2M.
ADTN also projects Q1 to come in at roughly the same as Q4, misses analyst consensus of $167.5M.
CEO Tom Stanton says Q4 results have been hurt by a merger-related review, which ADTN expects to be completed in 60-90 days, and slowdown in the spending at a domestic Tier 1 customer.
MKM Partners analyst Michael Genovese believes the customer is CenturyLink (CTL -2%), which accounted for 24% of ADTN’s total sales in 2016.
The analyst thinks the weakness should prove temporary, adding that ADTN’s performance likely will accelerate into 2019 as the company stands to benefit from 5G spending; MKM trims its ADTN target price to $25 from $27 but keeps its Buy rating.
Big IPO Coming: Celator Pharmaceuticals Inc(NASDAQ:CPXX), Moleculin Biotech’s (MBRX)
Today at 10am Eastern, Moleculin Biotech ticker symbol MBRX will debut on the Nasdaq stock exchange and is being considered as one of the most highly anticipated IPO’s of 2016 by the street. The excitement and anticipation is arising from many experts saying that Moleculin Biotech’s (MBRX) drug annamycin is far superior to Celator Pharmaceuticals Inc(NASDAQ:CPXX) drug daunorubicin.
CPXX which has been bought out by Jazz Pharmaceuticals plc – Ordinary Shares(NASDAQ:JAZZ) for $1.5 Billion Dollars last week, share price ran from $1.6 to $31 in 2 months. Moleculin Biotech’s share structure is a 1.5m public float Priced at $6.