MedAvail Holdings, Inc (MDVL) Reports Q4 Loss of $0.71, Revenues Beat

MedAvail Holdings, Inc (NASDAQ: MDVL) reported Q4 EPS of ($0.71), versus ($3.52) reported last year. Revenue for the quarter came in at $3.1 million versus the consensus estimate of $1.4 million.

Fourth Quarter 2020 Financial and Operational Highlights

All comparisons, unless otherwise noted, are to the three months ended December 31, 2019.

• Total net revenue was $3.1 million, an increase of 112%
• Total net revenue by segment
  • Retail Pharmacy Services revenue increased 92% to $2.5 million
  • Pharmacy Technology revenue increased 292% to $0.6 million
• Total MedCenter deployments was 14, representing growth of 75%
• Net Loss was $12.1 million compared to $5.7 million
• Adjusted EBITDA losses increased 79% to $8.7 million from $4.9 million
• Cash, cash equivalents, and restricted cash totaled $58.0 million as of quarter-end

“We finished 2020 with strong fourth quarter results as we expanded in California, entered the Michigan market, and deployed 14 MedCenters. During the quarter, we also completed our reverse merger and have since begun trading on the Nasdaq,” said Ed Kilroy, Chief Executive Officer of MedAvail.

Mr. Kilroy continued, “We remain excited about our enormous opportunity to transform the pharmacy experience for Medicare-focused clinics, in addition to our opportunity to partner with customers looking to enhance pharmacy productivity. We are well positioned for growth in 2021 and beyond, with continued momentum in our pipeline as we expand into new markets and deepen our existing customer relationships.”

For earnings history and earnings-related data on MedAvail Holdings, Inc (MDVL) click here.

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