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MedAvail Holdings, Inc. (NASDAQ: MDVL) is a pioneering pharmacy technology company that has transformed prescription medication dispensing through its flagship product, the MedAvail MedCenter®.
MedAvail's core business revolves around designing and manufacturing automated dispensing and medication management technologies. The MedCenter is essentially a pharmacist-controlled automated prescription medicine dispensing vault, akin to an ATM, intended for deployment in various healthcare settings like hospitals, pharmacies, medical clinics, and Federally Qualified Health Centers (FQHCs).
Utilizing advanced robotics, two-way video teleconferencing, and a secure network for patient medical information, the MedCenter streamlines the prescription dispensing process. This integration allows for efficient MedCenter deployments, significantly enhancing the partner and patient experience.
MedAvail's technology aims to promote patient drug adherence, which in turn leads to better health outcomes. Their turnkey, in-clinic pharmacy services are currently utilized in both primary care and urgent care settings.
MedAvail has recently made notable strides in the industry, having integrated with Epic and Willow to improve service delivery. These integrations are anticipated to further streamline operations and enhance the overall user experience.
To learn more about MedAvail's innovative solutions and their impact on improving healthcare outcomes, visit www.medavail.com.
MedAvail Holdings, Inc. (Nasdaq: MDVL) reported its financial results for the year ending December 31, 2022. The company witnessed a nearly 95% revenue increase, exceeding $43 million. To enhance profitability, MedAvail restructured by selling a majority of its SpotRx pharmacy assets to CVS, aiming to reduce operating expenses by $35-37 million this year and cut annual cash usage by 65%. The focus will shift to its MedCenter pharmacy technology, with plans to establish 25 new dispensing MedCenters by the end of 2023, targeting over 100% growth in technology revenue expected to reach $3 million. The company completed a $16 million private placement to strengthen its balance sheet and is optimistic about future profitability.
MedAvail Holdings, Inc. (Nasdaq: MDVL) is set to announce its financial results for the fourth quarter and full year ended December 31, 2022, on April 13, 2023, after market close. The management will host a conference call and webcast at 4:30 PM EDT to discuss these results. Investors can join the call via a dedicated dial-in number or by accessing the live audio webcast through MedAvail's investor relations website. MedAvail specializes in pharmacy technology, providing in-clinic pharmacy services through its MedCenter robotic dispensing platform, aiming to enhance drug adherence and health outcomes for patients.
MedAvail Holdings, Inc. (NASDAQ: MDVL) has announced the postponement of its earnings release and conference call for Q4 and the full year ended December 31, 2022, originally scheduled for today. The delay is attributed to the need for additional time to finalize and audit its consolidated financial statements, especially following the divestiture of its pharmacy services business. The Company plans to submit a Notification Late Filing on Form 12b-25 to extend the deadline for its Annual Report on Form 10-K. A new date for the earnings results and call will be announced in a future press release.
MedAvail Holdings, Inc. (Nasdaq: MDVL) will release its financial results for Q4 and full-year 2022 on March 30, 2023, after market close. A conference call/webcast is scheduled for the same day at 4:30 PM ET. This innovative pharmacy technology company is known for its MedCenter robotic dispensing platform, aiming to enhance drug adherence and health outcomes for patients. Investors can tune into the call at 1-877-704-4453 (domestic) or 1-201-389-0920 (international) with Conference ID 13736400. The live webcast will also be available on the company’s website, with an archived replay accessible post-event.
MedAvail Holdings, Inc. (NASDAQ: MDVL) announced the closure of a private placement of securities on March 13, 2023, raising approximately $16 million in gross proceeds. The Offering includes pre-funded warrants at $0.3212 per share and Series A warrants priced at $0.385440, both subject to shareholder approval. The net proceeds will be utilized for restructuring costs, debt repayment, and growth initiatives in the MedCenter technology business. The Series A warrants and excess Pre-Funded Warrants require stockholder approval due to exceeding 19.99% of outstanding shares prior to the Offering.
MedAvail Holdings, Inc. (Nasdaq: MDVL) announced a definitive agreement with CVS Pharmacy for the sale of assets from its SpotRx pharmacies. This transaction includes locations in Arizona, California, Michigan, and Florida, facilitating the transfer of pharmacy records and inventory to CVS locations. Proceeds will reduce MedAvail's debt, expected to be approximately $2.5 million post-transaction, while supporting ongoing operations. The company estimates having $10 million to $11 million in cash and investments by year-end 2022, with one-time restructuring costs of about $6.5 million in 2023. The transaction is subject to standard closing conditions and anticipated to close in Q1 2023.
MedAvail Holdings, Inc. (MDVL) announced a strategic restructuring focusing on its pharmacy technology business while exiting pharmacy services and SpotRx. This decision aims to streamline operations and enhance profitability by reducing annual cash burn by over 65%. The company expects to save $35 million to $37 million in operating expenses and has engaged a broker for the sale of its pharmacy assets. Despite a reduction in workforce by 75%, MedAvail anticipates significant growth in the pharmacy technology segment, forecasting revenue of $1.2 million to $1.4 million for 2022, with gross margins exceeding 45%. The firm aims to maximize shareholder value through these changes.
On November 22, 2022, MedAvail Holdings, Inc. (Nasdaq: MDVL) announced the grant of inducement awards to five new employees, totaling 445,060 shares of common stock. This includes options to purchase and restricted stock units (RSUs) with an exercise price of $0.59 per share, equal to the closing price on the grant date. The options will vest over four years, while the RSUs will vest over three years. These awards are part of MedAvail's 2022 Inducement Equity Incentive Plan and were offered to attract new talent in compliance with Nasdaq Listing Rule 5635(c)(4).
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