MedAvail Holdings, Inc (MDVL) Misses Q1 EPS by 1c, Revenues Beat; Offers FY21 Revenues Mid-Point Guidance Below Consensus
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MedAvail Holdings, Inc (NASDAQ: MDVL) reported Q1 EPS of ($0.29), $0.01 worse than the analyst estimate of ($0.28). Revenue for the quarter came in at $4 million versus the consensus estimate of $3.72 million.
First Quarter 2021 Financial and Operational Highlights
All comparisons, unless otherwise noted, are to the three months ended March 31, 2020.
- Total net revenue was $4.0 million, an increase of 185%
- Total net revenue by segment
- Retail Pharmacy Services revenue increased 164% to $3.4 million
- Pharmacy Technology revenue increased 430% to $0.6 million
- 1 MedCenter deployment compared to 5 total MedCenter deployments
- Net Loss was $9.5 million compared to a net loss of $5.7 million
- Adjusted EBITDA losses of $8.9 million compared to $5.2 million
- Cash, cash equivalents, and restricted cash totaled $47.6 million as of quarter-end
“Our first quarter results illustrate a strong start to the year, as our revenue grew over 30% on a sequential basis,” said Ed Kilroy, Chief Executive Officer of MedAvail. “We continue to make substantial progress on expanding into new geographies and fostering our enterprise customer relationships. Moreover, we are very excited to be entering the Florida region in the second half of 2021, with our first central pharmacy in Florida expected to open in the Orlando area in July. We believe we have a significant annual market opportunity of $3.7 billion in Florida with hundreds of potential clinics for our SpotRx solution.”
Mr. Kilroy continued, “We remain very excited about what we believe is our opportunity to approximately double our revenue this year as a result of expansions into new geographies as well as with current customers. With strong interest in our SpotRx pharmacy model and technology, and the backdrop of the recovery from COVID-19 we are beginning to see across the U.S., we are confident that we are well-positioned to drive further momentum during 2021 and beyond.”
MedAvail Holdings, Inc sees FY2021 revenue of $27-31 million, versus the consensus of $30.03 million.
With the healthcare industry beginning to emerge from the COVID-19 challenges and return to a more normal environment, many clients who had delayed scheduled installations in the first quarter of 2021 or early in the second quarter of 2021 are beginning to reschedule deployments. As such, the minimum number of new clinics we expect to deploy in 2021 remains unchanged at 45. Based on these delays and impacts on installed sites in the first quarter and early second quarter of 2021, MedAvail has narrowed its 2021 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.
We do not expect the impact of the implementation delays on revenue to persist as we return to a normalized healthcare environment, and we continue to expect strong sequential revenue growth throughout the year.
For earnings history and earnings-related data on MedAvail Holdings, Inc (MDVL) click here.
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