MedAvail Holdings, Inc. (MDVL) is an advanced biotechnology pharmaceutical company involved in the production of robotic dispensing platforms. The company utilizes optimum drug adherence for the patients to improve their health conditions. The company also operates SpotRx platform which is a telehealth program for consultations with pharmacists remotely.
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The price of MDVL Stock during the regular trading hours on January 13, 2022 was $1.58 with a tremendous 24.41% rise. At last check in the aftermarket, the stock dropped by 3.16%.
MDVL: Events and Happenings
On January 11, 2022, MDVL reported the transition of the company’s management and its preliminary fourth quarter and full year 2021 revenue results. Mark Doerr joined as the new CEO of the company. The company also announced changes to its board of directors. Some of the important highlights of the quarterly and full year results is as follows.
- Net sales for Q4 2021 and FY 2021 were expected to be approximately $6.9 million to $7.2 million and $21.7 million to $22.0 which represent a rise of up to 123% and 55% respectively as compared to previous year.
On January 5, 2022, MDVL reported about the significant expansion of its collaboration with IMA Medical Group which provides best quality preliminary medical and wellness facilities to elderly. The company planned to open 17 more SpotRx localities.
On December 7, 2021, MDVL reported that the company’s Executives presented at the Lytham Partners Winter 2021 Investor Conference held on December 13-16, 2021. On November 23, 2021, MDVL reported about signing a deal with Cano Health to open initially four clinics in California. In-clinic kiosks and home delivery services will be available for patients.
MDVL: Key Financials
On November 8, 2021, MDVL reported its financial results for the three months ended September 30, 2021. Some of the important highlights are as follows
Net Loss per Share
Basic and diluted net loss per share for Q3 2021 was $11.2 million or $0.34 per share comparable to same period of 2020 when it was $2.4 million or $1.22 per share.
Assets
Total current assets of the company for Q3 2021 were $42.3 million.
On November 8, 2021, MDVL reported about signing a deal with InnovaCare Health to open three preliminary SpotRx localities in Florida. On October 28, 2021, MDVL reported that the company’s Executives presented at the Virtual 30th Annual Credit Suisse Healthcare Conference held on November 11, 2021.
Conclusion
MDVL stock is 5% high as compared to the past month due to various factors such as expansion in various collaborations and positive preliminary fourth quarter and FY 2021 outcomes. The current aftermarket downfall is due to unfavorable market conditions for the company which lessened its stock price. The analysts believe that the company should continue this momentum of gaining success by developing the interest of the stockholders.
