MedAvail Holdings, Inc. - MDVL STOCK NEWS

MedAvail Holdings, Inc. (NASDAQ: MDVL) announced the approval of inducement awards on April 8, 2022, for four newly-hired executives. The awards total 853,000 shares of common stock, with each executive receiving stock options and restricted stock units (RSUs). Notably, the options have an exercise price of $1.96 per share, equal to the closing price on the grant date. The vesting schedule includes a one-year cliff for options and annual vesting for RSUs. These awards aim to attract key talent in line with Nasdaq Listing Rule 5635(c)(4).

MedAvail Holdings, Inc. (MDVL) has completed the first closing of a private placement, raising approximately $40 million by selling 37.6 million shares of common stock at $1.0625 each, along with warrants for an additional 18.8 million shares. The proceeds will be used for general corporate purposes and strategic initiatives. The securities are unregistered and will be registered with the SEC within 60 days. Cowen served as the placement agent for this transaction.

MedAvail Holdings, Inc. (Nasdaq: MDVL) has entered a securities purchase agreement to raise $50 million through a private placement of common stock and warrants with institutional investors. The transaction involves approximately 47.1 million shares sold at $1.0625 each, along with warrants for an additional 23.5 million shares at an exercise price of $1.25, potentially providing $29.4 million upon full exercise. Proceeds will support general corporate purposes. The first close is anticipated around April 1, 2022, pending customary conditions.

MedAvail Holdings, Inc. (Nasdaq: MDVL) reported Q4 and full-year 2021 financial results, highlighting a total revenue of $7.3 million for Q4, with Retail Pharmacy Services revenue increasing 170% to $6.8 million. However, Pharmacy Technology revenue declined by 24%. The company recorded a net loss of $12.6 million for Q4, compared to a loss of $12.1 million in the prior year. For full-year 2021, total revenue reached $22.1 million, with a net loss of $43.8 million. Looking forward, MedAvail expects Q1 2022 revenue to exceed $8.8 million, more than double year-over-year.

MedAvail Holdings, Inc. (Nasdaq: MDVL) will report its financial results for the full year and fourth quarter of 2021 on Thursday, March 24, 2022, after market close. A conference call will be held at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time. Interested parties can access the live webcast on MedAvail's website, with an archived version available afterward. MedAvail specializes in technology-enabled pharmacy services through its proprietary robotic dispensing platform, supporting better health outcomes through optimized drug adherence.

MedAvail Holdings, Inc. (NASDAQ: MDVL) announced the appointments of Steven Hess as Executive Vice President and General Manager of SpotRx, and Bob McClune as Senior Vice President of Data and Analytics. Hess brings over 35 years of pharmacy leadership experience, having previously increased patient and prescription volumes at MedMinder. McClune, with 21 years in data analytics and 18 years in pharmacy services, aims to enhance data exchanges with clinic partners. These strategic hires are expected to bolster MedAvail's embedded pharmacy model and drive profitable growth.

MedAvail Holdings, Inc. (NASDAQ: MDVL) has appointed Mark Doerr as CEO, succeeding Ed Kilroy, effective January 10, 2022. The leadership change comes with a restructuring of the board, including new directors Laurie McGraw and Paul Johnson. Preliminary revenue results for Q4 and full year 2021 indicate significant growth, with Q4 sales expected between $6.9 million and $7.2 million, up over 123% year-over-year, and annual sales projected between $21.7 million and $22.0 million, representing a 55% increase compared to 2020.

MedAvail Holdings, Inc. (Nasdaq: MDVL) has expanded its partnership with IMA Medical Group, aiming to install 17 additional SpotRx pharmacy kiosks in central Florida. These kiosks will be available in 21 IMA medical centers, enhancing access to pharmacy services for Medicare patients. The installation of these kiosks is expected to be completed by early 2022, facilitating medication dispensing and virtual consultations with pharmacists directly in clinics. This initiative aims to improve patient care and medication adherence while providing the convenience of home delivery.

MedAvail Holdings, Inc. (NASDAQ: MDVL), a technology-driven retail pharmacy company, announced its participation in the Lytham Partners Winter 2021 Investor Conference from December 13 to 16, 2021. A presentation will be available starting December 13 at 11:00 a.m. ET. Interested individuals can access the live and archived webcast through the investment section of MedAvail's website. The company focuses on enhancing drug adherence via its innovative MedCenter platform and home delivery services in Medicare clinics. More information is available at www.medavail.com.