MedAvail Holdings Inc (MDVL) shares soared 20.18% in after-hours on Wednesday, September 15, 2021, and closed the daily trading at $3.93. Even in the regular trading session on Wednesday, MDVL’s stock gained 3.15%. MDVL shares have fallen 81.46% over the last 12 months, and they have moved down 4.11% in the past week. Over the past three months, the stock has lost 76.34%, while over the past six months, it has declined 79.45%.
Let’s have a look at its recent news and developments.
MDVL agreement with IMA Medical
On September 15, 2021, MedAvail Holdings, Inc. (MDVL) announced that it expects to open an initial four SpotRx locations in 2021 with IMA Medical Group in Florida.
In-clinic SpotRx kiosks and courier home delivery will be available to patients at four IMA Medical clinic locations in central Florida. SpotRx Pharmacy is a retail pharmacy brand owned and operated by MedAvail in the United States, which deploys and operates the MedAvail MedCenters.
MDVL participation in the recent investor conference
MedAvail Holdings, Inc. (MDVL) recently participated at H.C. Wainwright 23rd Annual Global Investment Conference which was held on September 13 -15, 2021.
MDVL recent financial results announcement
On August 11, 2021, MedAvail Holdings, Inc. (MDVL) reported its financial results for the three months ended June 30, 2021.
Q2 2021 financial highlights
- MDVL reported net sales of $5.0 million in Q2 2021 compared to $2.3 million in Q2 2020.
- The total cost of sales was $4.86 million in Q2 2021 compared to $1.87 million in Q2 2020.
- It suffered a net loss of $10.5 million in Q2 2021 compared to a net loss of $6.5 million in Q2 2020.
- In Q2 2021, Adjusted EBITDA was negative $9.7 million compared to $4.6 million in Q2 2020.
- As of June 30, 2021, the company had cash, cash equivalents, and restricted cash totalled $48.8 million.
FY 2021 Financial guidance
MedAvai lowered its 2021 net revenue guidance from $27 to $31 million to at least $21 million.
MDVL New Compliance Packaging Solutions
On July 14, 2021, MedAvail Holdings, Inc (MDVL) announced that SpotRx has launched its compliance packaging solutions, allowing chronic care patients to receive more innovative and efficient pharmacy care from their homes.
Medicare patients utilizing compliance packaging can take a One-month supply of medications organized by date and time, home delivery, free of charge, and elimination of the need to manage multiple medications with separate packaging.
MDVL on Russell 2000® and 3000® Indexes
MedAvail Holdings, Inc. (MDVL) was added to the Russell 2000® Index and the broad-market Russell 3000® Index on June 28, 2021, following the 2021 Russell indexes annual reconstitution.
Conclusion
MDVL performed well after it announced its recent collaboration with IMA medical. We can expect it to further flourish in the coming days.
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