MedAvail Holdings (MDVL) Cuts 40% Staff

On January 19, 2024, the Board of Directors of MedAvail Holdings, Inc (NASDAQ: MDVL) approved a reduction in force (the “Reduction”), in which approximately 40% of the Company’s current full-time employees were terminated, effective January 22, 2024. The Reduction was implemented to reduce operating expenses while the Company continues to pursue strategies to address its financial condition and liquidity requirements.

The Reduction is expected to result in annualized operating expense savings of approximately $1.7 million compared to the full year 2024. The Company expects to incur expenses of approximately $0.3 million during the first quarter of 2024 related to the Reduction. The first quarter expenses and annualized savings the Company expects in connection with the Reduction are estimates and subject to a number of assumptions, and actual results may differ materially.

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