Announcement • Feb 09
Nasdaq to Delist Common Stock of MedAvail Holdings As previously disclosed on February 2, 2024, MedAvail Holdings, Inc. (the Company") filed a voluntary petition for relief under the provisions of Chapter 7 of Title 11 of the United States Bankruptcy Code (the Chapter 7 Filing") in the United States Bankruptcy Court for the District of Delaware. The Company's Chapter 7 case (the Chapter 7 Case") is being administered under the caption, In Re: MedAvail Holdings, Inc., Case No. 24-10148. On February 2, 2024, the Company received written notice (the Delisting Notice") from the staff of the Nasdaq Stock Market LLC (Nasdaq") notifying the Company that, as a result of the Chapter 7 Filing and in accordance with Nasdaq Listing Rules 5101, 5110(b) and IM-5101-1, the staff of Nasdaq had determined that the Company's common stock will be delisted from Nasdaq. In the Delisting Notice, the staff of Nasdaq referenced the Chapter 7 Filing and associated public interest concerns raised by it, concerns regarding the residual equity interest of the existing listed securities holders and concerns about the Company's ability to sustain compliance with all requirements for continued listing on Nasdaq. The Delisting Notice also indicates that the Company may appeal Nasdaq's determination pursuant to procedures set in Nasdaq Listing Rule 5800 Series. The Company does not intend to appeal this determination. Trading of the Company's common stock will be suspended at the opening of business on February 13, 2024, and a Form 25-NSE will be filed with the Securities and Exchange Commission, which will remove the Company's common stock from listing and registration on Nasdaq. Announcement • Feb 02
MedAvail Holdings, Inc. Announces Board of Directors Resignations Mark Doerr, Robert Faulkner, Paul Johnson, Michael Kramer, Laurie McGraw and Glen Stettin, M.D. tendered their resignations as members of MedAvail Holdings, Inc.'s Board of Directors, which resignations were effective on February 2, 2024, prior to filing the Petition. The resignations of Mr. Doerr, Mr. Faulkner, Mr. Johnson, Mr. Kramer, Ms. McGraw and Dr. Stettin are not the result of any disagreements with the Company regarding the Company's operations, policies, or practices. The company terminated the employment of Mark Doerr, the Company's President, and Ramona Seabaugh, the Company's Treasurer and Secretary, effective on February 2, 2024, prior to filing the Petition. Announcement • Nov 17
MedAvail Holdings, Inc. announced delayed 10-Q filing On 11/15/2023, MedAvail Holdings, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • Aug 01
MedAvail Announces 1-for-50 Reverse Stock Split to Regain Compliance with the Minimum Bid Price Requirement MedAvail Holdings, Inc. announced that it will conduct a reverse stock split of its outstanding shares of common stock at a ratio of 1-for-50. The reverse stock split will become effective at 5:00 p.m. Eastern time, on July 31, 2023. The Company’s common stock will begin trading on a post-split basis at the market open on August 1, 2023, under the Company’s existing trading symbol ‘MDVL’. The CUSIP number for the common stock following the reverse stock split will be 58406B 202. The reverse stock split is part of the Company’s plan to regain compliance with the Minimum Bid Price Requirement of $1.00 per share for continued listing on The Nasdaq Capital Market. The reverse stock split was approved by the Company’s stockholders at the Annual Meeting of Stockholders held on June 14, 2023, which approval authorized the Company to effect the reverse stock split at the discretion of the Company’s Board of Directors within certain parameters approved by stockholders. The Company’s Board subsequently approved the final reverse split ratio of 50 to 1. The reverse stock split reduces the number of shares of the Company’s outstanding common stock from approximately 81 million shares to approximately 1.6 million shares, subject to adjustment due to the treatment of fractional shares. Proportionate adjustments will be made to the number of shares underlying, and the exercise prices of, the Company’s outstanding warrants, stock options, restricted stock units and other equity awards, and to the number of shares of common stock issuable under the Company’s equity incentive plans. There will be no change to the number of authorized shares of common stock or to the par value per share. Announcement • May 19
MedAvail Holdings, Inc. Reaffirms Earnings Guidance for the Full Year 2023 MedAvail Holdings, Inc. reaffirmed earnings guidance for the full year 2023. MedAvail is reaffirming its prior guidance for the full year 2023. In addition, the Company has substantially completed its disposition of its previous retail pharmacy business as of March 31, 2023. The following comparison excludes discontinued operations. The company expects total revenue for the pharmacy technology business to be approximately $3 million, which would represent greater than 100% growth over 2022 pharmacy technology revenue of $1.4 million. MedAvail further expects full-year 2023 gross margins to be in excess of 60%. Announcement • May 17
MedAvail Holdings, Inc. announced delayed 10-Q filing On 05/16/2023, MedAvail Holdings, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Board Change • Apr 19
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. No experienced directors. No highly experienced directors. Independent Director Glen Stettin is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Feb 11
Medavail Holdings, Inc. Announces Executive Resignations On February 6, 2023, MedAvail Holdings, Inc. and Steven Hess, the Company’s Executive Vice President and General Manager of SpotRx, mutually agreed that Mr. Hess would resign from the Company effective as of February 17, 2023. In addition, on February 9, 2023, the Company and Matt Broome, the Company’s Executive Vice President and General Manager of Technology, mutually agreed that Mr. Broome would resign from the Company effective as of February 10, 2023. Messrs. Hess’s and Broome’s resignations are in connection with the Company’s previously announced plans to exit the pharmacy services business to focus on the Company’s pharmacy technology business and are not the result of any disagreement with the Company or its Board of Directors or any matter relating to the Company’s operations, policies, or practices. Announcement • Jan 27
German Dobson CVS, L.L.C., Garfield Beach CVS, L.L.C., Holiday CVS, L.L.C., Longs Drug Stores California, Inc. and Woodward Detroit CVS, L.L.C. entered into the asset purchase and sale agreement to acquire Pharmacy Assets of MedAvail Holdings, Inc. for $4.4 million. German Dobson CVS, L.L.C., Garfield Beach CVS, L.L.C., Holiday CVS, L.L.C., Longs Drug Stores California, Inc. and Woodward Detroit CVS, L.L.C. entered into the asset purchase and sale agreement to acquire Pharmacy Assets of MedAvail Holdings, Inc. for $4.4 million on January 20, 2023. MedAvail has agreed to sell to CVS certain assets related to its SpotRx pharmacies located in Tucson and Phoenix, Arizona; Buena Park, Laguna Hills and San Fernando, California; Southfield, Michigan; and in Orlando and Tampa, Florida. Upon completion of the CVS Transaction, the pharmacy records and inventory purchased by CVS will be transferred from the SpotRx pharmacies to nearby CVS Pharmacy locations. CVS plans to interview employees currently working at SpotRx pharmacies who are interested in joining the CVS team. The closing of the transaction is subject to standard closing conditions and is expected to complete in the first quarter of 2023. A portion of the proceeds from the Transaction will be used to paydown the company’s existing loan facility. he remaining proceeds will be used for ongoing operation of the MedAvail. Triavo Health acted as exclusive financial advisor for the transaction. Reported Earnings • Nov 16
Third quarter 2022 earnings released: US$0.15 loss per share (vs US$0.34 loss in 3Q 2021) Third quarter 2022 results: US$0.15 loss per share. Revenue: US$11.5m (up 98% from 3Q 2021). Net loss: US$11.8m (loss widened 4.7% from 3Q 2021). Revenue is forecast to grow 39% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Consumer Retailing industry in Europe. Board Change • Nov 16
High number of new and inexperienced directors There are 7 new directors who have joined the board in the last 3 years. The company's board is composed of: 7 new directors. No experienced directors. No highly experienced directors. Independent Director Glen Stettin is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Nov 12
Third quarter 2022 earnings released: US$0.15 loss per share (vs US$0.34 loss in 3Q 2021) Third quarter 2022 results: US$0.15 loss per share. Revenue: US$11.5m (up 98% from 3Q 2021). Net loss: US$11.8m (loss widened 4.7% from 3Q 2021). Revenue is forecast to grow 39% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Consumer Retailing industry in Europe. Announcement • Nov 11
MedAvail Holdings, Inc. Provides Revenue Guidance for the Full Year 2022 MedAvail Holdings, Inc. provided revenue guidance for the full year 2022. For the full year 2022, the company expects total revenue for full year 2022 to be at least $42 million, representing growth of at least 90% over full year 2021 revenue. Announcement • Nov 07
MedAvail Holdings Receives A Letter from Nasdaq Regarding Minimum Bid Price Requirement On October 31, 2021, MedAvail Holdings, Inc. ("the Company") received a letter from the Listing Qualifications Department ("the Staff") of the Nasdaq Stock Market ("Nasdaq") indicating that, based upon the closing bid price of the Company's common stock for the last 30 consecutive business days, the Company did not meet the minimum bid price of $1.00 per share required for continued listing on The Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2) ("the Minimum Bid Price Requirement"). The letter also indicated that the Company will be provided with a compliance period of 180 calendar days, or until May 1, 2023, in which to regain compliance pursuant to Nasdaq Listing Rule 5810(c)(3)(A). The letter further provided that if, at any time during the 180-day period, the closing bid price of the Company's common stock is at least $1.00 for a minimum of 10 consecutive business days, Nasdaq will provide the Company with written confirmation that it has achieved compliance with the minimum bid price requirement. Announcement • Oct 28
MedAvail Holdings, Inc. to Report Q3, 2022 Results on Nov 10, 2022 MedAvail Holdings, Inc. announced that they will report Q3, 2022 results at 4:00 PM, US Eastern Standard Time on Nov 10, 2022 Reported Earnings • Aug 13
Second quarter 2022 earnings released: US$0.17 loss per share (vs US$0.32 loss in 2Q 2021) Second quarter 2022 results: US$0.17 loss per share. Revenue: US$11.2m (up 122% from 2Q 2021). Net loss: US$11.7m (loss widened 12% from 2Q 2021). Over the next year, revenue is forecast to grow 72%, compared to a 7.8% growth forecast for the industry in Germany. Announcement • Aug 12
MedAvail Holdings, Inc. Provides Revenue Guidance for the Full Year 2022 MedAvail Holdings, Inc. provided revenue guidance for the full year 2022. The company expected total revenue for full year 2022 to be at least $42 million, representing growth of at least 90% over full year 2021 revenue. Announcement • Jul 29
MedAvail Holdings, Inc. to Report Q2, 2022 Results on Aug 11, 2022 MedAvail Holdings, Inc. announced that they will report Q2, 2022 results After-Market on Aug 11, 2022 Reported Earnings • May 14
First quarter 2022 earnings released: US$0.40 loss per share (vs US$0.29 loss in 1Q 2021) First quarter 2022 results: US$0.40 loss per share (down from US$0.29 loss in 1Q 2021). Revenue: US$9.11m (up 126% from 1Q 2021). Net loss: US$13.0m (loss widened 38% from 1Q 2021). Over the next year, revenue is forecast to grow 77%, compared to a 7.6% growth forecast for the industry in Germany. Announcement • May 03
MedAvail Holdings, Inc., Annual General Meeting, Jun 14, 2022 MedAvail Holdings, Inc., Annual General Meeting, Jun 14, 2022, at 11:00 US Eastern Standard Time. Agenda: To elect two Class II directors to serve until the 2025 annual meeting of stockholders and until their successors are duly elected and qualified; to ratify the appointment of PricewaterhouseCoopers LLP as independent registered public accounting firm for fiscal year ending December 31, 2022; to approve an amendment and restatement of amended and restated certificate of incorporation to increase the number of authorized shares of our common stock; and to transact such other business as may properly come before the Annual Meeting or any adjournments or postponements thereof. Board Change • Apr 27
Less than half of directors are independent There are 7 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 7 new directors. No experienced directors. No highly experienced directors. 3 independent directors (4 non-independent directors). Independent Director Glen Stettin is the most experienced director on the board, commencing their role in 2020. Independent Director Gerald Gradwell was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Announcement • Apr 01
MedAvail Holdings, Inc announced that it expects to receive $50.04375 million in funding MedAvail Holdings, Inc announced that it has entered into securities purchase agreement for a private placement of 47,100,000 shares at an issue price of $1.0625 per share for gross proceeds of $50,043,750 on March 31, 2022. The company will issue warrants to purchase approximately 23,500,000 shares of common stock. The warrants will have a per share exercise price of $1.25 and will be exercisable by the holder at any time on or after the issuance date for a period of five years. The transaction is expected to have a first close on or about April 1, 2022, subject to the satisfaction of customary closing conditions. Announcement • Feb 24
Medavail Holdings, Inc Strengthens Leadership Team MedAvail Holdings Inc. announced the appointment of industry leaders Steven Hess to Executive Vice President, General Manager, of SpotRx and Bob McClune to Senior Vice President of Data and Analytics. Steven Hessjoins with over 35 years of senior operational leadership experience in the pharmacy industry across retail, specialty, PBM and technology. Most recently, he served as Chief Pharmacy Officer of MedMinder, a pharmaceutical technology company, where he increased patient and prescription volumes and implemented strategies to drive efficiencies.Bob McClune is an analyst by trade and has over 21 years of experience in data and advanced analytics paired with 18 years in pharmacy services, supporting operations and managed care in addition to leading finance, analytics and procurement. Previously, he held positions at The Nielsen Company, IQVIA and AstraZeneca Pharmaceuticals. Mr. McClune holds a Bachelor of Science from Pennsylvania State University. Announcement • Jan 12
MedAvail Holdings, Inc Provides Revenue Guidance for the Fourth Quarter and Full Year 2021 MedAvail Holdings Inc. provided revenue guidance for the fourth quarter and full year 2021. Net sales for the fourth quarter are expected to be $6.9 million to $7.2 million, representing an increase of more than 123% compared to $3.1 million the same period in 2020. Net sales for the full year are expected to be in the range of $21.7 million to $22.0 million, representing an increase of more than 55% compared to $14.0 million in 2020. Reported Earnings • Nov 09
Third quarter 2021 earnings released: US$0.34 loss per share (vs US$0.74 loss in 3Q 2020) The company reported a soft third quarter result with increased losses and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: US$5.79m (up 15% from 3Q 2020). Net loss: US$11.3m (loss widened 53% from 3Q 2020). Reported Earnings • Aug 12
Second quarter 2021 earnings released: US$0.32 loss per share (vs US$4.11 loss in 2Q 2020) The company reported a solid second quarter result with improved revenues and control over costs, although losses increased. Second quarter 2021 results: Revenue: US$5.03m (up 108% from 2Q 2020). Net loss: US$10.5m (loss widened 63% from 2Q 2020). Announcement • Aug 12
Medavail Holdings, Inc Revises Revenue Guidance for the Full Year 2021 MedAvail Holdings Inc. revised revenue guidance for the full year 2021. For the year, the company revised its 2021 net revenue guidance expectation from the prior range of between $27 to $31 million to at least $21 million. Announcement • May 13
MedAvail Holdings, Inc Narrows Revenue Guidance for the Full Year of Fiscal 2021 MedAvail Holdings Inc. narrowed revenue guidance for the full year of fiscal 2021. For the year, the company narrowed its net revenue guidance expectation from the prior range of between $27 to $34 million to a new range of between $27 to $31 million, which represents growth of between 93% to 121% over 2020 revenue of $14 million. Reported Earnings • Apr 01
Full year 2020 earnings released: US$0.84 loss per share (vs US$16.85 loss in FY 2019) The company reported a solid full year result with improved revenues and control over costs, although losses increased. Full year 2020 results: Revenue: US$14.0m (up 270% from FY 2019). Net loss: US$26.8m (loss widened 25% from FY 2019). Announcement • Mar 17
MedAvail Holdings, Inc to Report Q4, 2020 Results on Mar 30, 2021 MedAvail Holdings, Inc announced that they will report Q4, 2020 results After-Market on Mar 30, 2021 Announcement • Feb 10
MedAvail’s SpotRx Pharmacy and Cigna Medical Group Partner to Help Improve Medication Access in Phoenix MedAvail Inc. announced that it is partnering with Cigna Medical Group to provide patients an additional safe and convenient way to receive medications through MedAvail’s SpotRx pharmacy kiosks. SpotRx pharmacy kiosks will now be available at four of Cigna Medical Group’s clinics located around the Phoenix valley, including its newest location in Apache Junction. Patients visiting these clinics will be able to consult virtually with a pharmacist and fill their prescriptions within the clinic, eliminating the need to make a separate trip to a pharmacy. SpotRx also provides patients the option to have their medications delivered to their home free of charge. With the SpotRx embedded pharmacy, patients can receive: Convenient access to prescriptions at the point of care. Free, contactless, next-day home delivery for all eligible prescriptions and over-the-counter medications. Follow-up care calls from a local SpotRx pharmacist after receiving the prescription. Refill reminder calls on all chronic medications to schedule free delivery or in-clinic pick-up. Instant access to SpotRx pharmacists via kiosk or phone. SpotRx Pharmacy is the retail pharmacy brand owned and operated by MedAvail in the United States, which deploys and operates the MedAvail MedCenters. MedAvail has been a longstanding Cigna partner, including investments in 2018 by Express Scripts and in 2020 by Cigna Ventures. 