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MedAvail Holdings, Inc. (Nasdaq: MDVL) reported strong financial results for Q4 and FY 2020, with total net revenue of $3.1 million for Q4, up 112%, and $14.0 million for the year, a 270% increase. Retail Pharmacy Services revenue surged by 92% to $2.5 million in Q4, while Pharmacy Technology revenue soared 292% to $0.6 million. Despite these gains, the net loss rose to $12.1 million in Q4, and adjusted EBITDA losses increased to $8.7 million. For 2021, MedAvail forecasts a total net revenue range of $27.0 million to $34.0 million, indicating potential growth of 93% to 143%.
MedAvail Holdings, Inc. (Nasdaq: MDVL) will release its fourth quarter and full year 2020 financial results on March 30, 2021, after market close. A conference call will follow at 1:30 p.m. PT / 4:30 p.m. ET. Investors can access the live webcast through the Investor Relations section of MedAvail's website. MedAvail specializes in technology-enabled pharmacy services, offering in-clinic pharmacy solutions and home delivery through its robotic dispensing platform to enhance medication adherence for better patient outcomes.
MedAvail Holdings, Inc. (Nasdaq: MDVL) announced the expansion of its partnership with TMCOne, opening a third clinic featuring the SpotRx MedCenter. This embedded pharmacy model enhances patient access to medications on-site, particularly benefiting Medicare patients. SpotRx kiosks at TMCOne clinics facilitate immediate access to prescriptions and offer free home delivery for all medications. Key features include follow-up care calls and refill reminders from pharmacists. This expansion aligns with MedAvail's mission to optimize medication adherence and improve health outcomes.
MYOS CORP, a leader in advanced nutrition, has secured U.S. Patent #10,925,904 for its innovative techniques aimed at improving skeletal muscle protein synthesis in older mammals, including Fortetropin®. This patent complements three others and is supported by positive findings from five clinical studies on Fortetropin's effectiveness against sarcopenia. The global market for sarcopenia treatment is projected to grow from $2.74 billion in 2018 to $3.975 billion by 2026. The company aims to enhance product offerings to address muscle-related disorders.
MedAvail Holdings, Inc. (NASDAQ: MDVL) will participate in the Cowen 41st Annual Health Care Conference, scheduled for March 4, 2021, at 9:50 a.m. Eastern Time. The event will feature a presentation by MedAvail's management, which can be accessed through a live and archived webcast on the company's website.
MedAvail is a technology-enabled pharmacy organization, offering in-clinic pharmacy services and home delivery solutions to Medicare clinics, enhancing patient drug adherence and health outcomes.
MedAvail Holdings, Inc. (Nasdaq: MDVL) announced preliminary financial results for Q4 and full year 2020, showing significant growth. Expected Q4 2020 revenue is between $2.65-2.85 million, an 85-95% increase year-over-year. Full year revenue anticipates $13.5-13.7 million, up approximately 260% compared to 2019. Total deployments of MedCenter reached 57 by year-end, a 185% increase. Cash reserves stood at around $58 million. CEO Ed Kilroy expressed confidence in long-term growth despite some reimbursement volatility and one-time expenses impacting margins.
MedAvail, a pharmacy technology company, has announced a partnership with Cigna Medical Group to enhance medication access at clinics in the Phoenix area, including a new location in Apache Junction. Patients can now receive prescriptions directly through SpotRx pharmacy kiosks located in the clinics, with options for virtual consultations with pharmacists. This service includes free home delivery for eligible prescriptions and follow-up care to improve medication adherence and health outcomes. MedAvail aims to optimize patient care and accessibility.
MedAvail Holdings (Nasdaq: MDVL) announced its participation in the upcoming BTIG Virtual MedTech Conference on February 17, 2021, at 10:00 a.m. Eastern Time. The company focuses on improving medication adherence through its innovative MedCenter solution, which integrates pharmacy services into Medicare-focused clinics. Interested individuals can access a live and archived webcast of the presentation via the company’s website. MedAvail aims to enhance health outcomes by optimizing drug adherence through its technology-enabled pharmacy services.
MedAvail Holdings, Inc. (Nasdaq: MDVL) has expanded its operations by opening a hub pharmacy in Detroit and its first SpotRx locations in Michigan. The company aims to enhance medication adherence for Medicare patients through its MedCenter solution, providing in-clinic kiosks and home delivery services. CEO Ed Kilroy highlighted a significant market opportunity in Michigan, estimated at over $2 billion, with over 700 potential clinics. MedAvail reports an impressive first fill adherence rate above 85% and a high net promoter score of 90+, indicating strong patient satisfaction.
MedAvail Holdings, Inc. (Nasdaq: MDVL) recently announced its participation in the 39th Annual J.P. Morgan Healthcare Conference. The presentation is set for January 14, 2021, at 3:40 p.m. Eastern Time. MedAvail focuses on enhancing medication adherence by integrating pharmacy services within Medicare clinics through its proprietary MedCenter solution. Interested individuals can access a live and archived webcast of the event on the company’s website.
MedAvail is dedicated to improving patient health outcomes by providing in-clinic pharmacy services.
