MedAvail Holdings, Inc. Stock Price, News & Analysis

MedAvail Holdings, Inc. (Nasdaq: MDVL) announced the launch of SpotRx's compliance packaging solutions aimed at chronic care patients. This initiative allows patients to receive a one-month supply of organized medications delivered to their homes at no cost, streamlining medication management. The new service is designed to enhance medication adherence and is currently being integrated with clinic partners to reach eligible patients. Chief Pharmacy Officer Neil Prezioso emphasized the growth potential of this offering within their enterprise customer base.

MedAvail Holdings (NASDAQ: MDVL) has been included in the Russell 2000 Index and the Russell 3000 Index as of June 28, 2021. This change follows the annual reconstitution of the Russell indexes, which ranks the largest U.S. stocks by market capitalization. As a result of this inclusion, MedAvail will benefit from increased visibility and potential investment from institutional investors who benchmark against these indexes, totaling approximately $9 trillion in assets.

MedAvail Holdings (NASDAQ: MDVL) announces the resignation of CFO Ryan Ferguson, effective July 31, 2021. Ferguson will assist in the transition to interim CFO Brian Schlerf, who has extensive experience in public accounting. The Board has engaged a search firm for a permanent CFO. Ferguson's departure is not due to disagreements over accounting practices. CEO Ed Kilroy praised Ferguson's contributions to the company’s public growth and expressed confidence in Schlerf's leadership during this transition.

MedAvail Holdings, Inc. (Nasdaq: MDVL) is launching five SpotRx locations in partnership with Access Health Care Physicians in Florida, set to open in July. These locations will feature in-clinic SpotRx kiosks and courier home delivery services, enhancing medication access for patients, particularly Medicare recipients. CEO Ed Kilroy expressed enthusiasm about expanding into Florida, aiming to improve medication adherence. Access Health Care's CEO highlighted the importance of this partnership in providing convenient access to medications, supporting better patient outcomes.

MedAvail Holdings, Inc. (Nasdaq: MDVL) has appointed Joan O’Rourke as President of SpotRx, a new position aimed at enhancing in-clinic operations. O’Rourke, with extensive experience in healthcare and pharmacy, will report to CEO Ed Kilroy. Her background includes 20 years at CVS Health, where she led specialty infusion strategies. Kilroy emphasized O’Rourke's expertise in optimizing patient adherence and reducing healthcare costs. O’Rourke expressed enthusiasm about expanding SpotRx's unique pharmacy model, particularly in Medicare-focused clinics.

MedAvail Holdings, Inc. (Nasdaq: MDVL) is expanding its retail pharmacy services in Florida by opening a hub pharmacy in Orlando and four SpotRx locations. The partnership with Cano Health will enhance patient care through in-clinic kiosks and home delivery options for Medicare patients. MedAvail sees a significant market opportunity in Florida, estimated at over $3.7 billion annually. The SpotRx platform enables virtual consultations with pharmacists, streamlining medication access while focusing on optimizing drug adherence.

MedAvail Holdings, Inc. (Nasdaq: MDVL) reported a strong first quarter for 2021, with total net revenue of $4.0 million, marking a 185% increase year-over-year. Retail Pharmacy Services revenue surged 164% to $3.4 million, while Pharmacy Technology revenue rose 430% to $0.6 million. Despite a net loss of $9.5 million, the company anticipates significant growth opportunities in Florida, with a potential market of $3.7 billion. MedAvail has narrowed its revenue guidance for 2021 to $27-$31 million, reflecting growth of 93% to 121% over 2020. A conference call is scheduled for May 12, 2021.

MedAvail Holdings, Inc. (NASDAQ: MDVL) will report its financial results for Q1 2021 on May 12, 2021, after market close. A conference call for investors will follow at 1:30 PM PT / 4:30 PM ET, available via webcast. MedAvail is known for its technology-enabled pharmacy services, utilizing its MedCenter robotic dispensing platform to enhance drug adherence, particularly in Medicare clinics, aiming for improved patient health outcomes. The webcast will also be archived for later access.

MedAvail Holdings, Inc. (Nasdaq: MDVL), a tech-enabled retail pharmacy, has expanded its technology agreement with a North Texas health system. MedAvail deployed its MedCenter technology at 16 urgent and emergency care sites, allowing patients to consult with pharmacists and fill prescriptions on-site, streamlining access to medications. This initiative aims to enhance medication adherence and patient satisfaction, showcasing MedAvail's adaptability in different healthcare environments. The company's solutions can be branded by enterprise customers, aligning with the company's mission to improve healthcare delivery.