On January 11, MedAvail Holdings Inc. (MDVL) announced changes to its executive management and board of directors. Along with this, the company also disclosed its preliminary financial results for Q4 and full-year 2021. Consequently, the stock gained further to reach $1.40 in the after hours.
During regular trading, MDVL added a slight 0.81% at its closing price of $1.25 with 110.38K shares exchanging. Following the announcement, the stock gained a further 12.00% in the after-hours on Tuesday.
MDVL’s Board and Management Changes
As per the announcement, Mark Doerr, RPH, has been appointed as the new CEO and director of the company, effective January 10, 2022. Moreover, MDVL’s previous CEO, Ed Kilroy retired from the role as well as from the board of directors. Further, Ed Kilroy will move into an advisory role through March 31, 2022.
Added to this, some changes to the company’s board of directors were also made. Gerard van Hamel Platernik, who has served on the company’s board since June 2012, stepped down as chairperson of the board. Ron Faulkner is his successor who is currently a director on the board. Furthermore, Laurie McGraw and Paul Johnson have been appointed to the board of directors. All these changes became effective on January 10, 2022.
Preliminary Revenue Q4 and FY2021
In addition to the management and board changes, MDVL also announced its preliminary revenue summary for the Q4 and full-year 2021.
According to this, the company expects net sales between $6.9 million and $7.2 million in the fourth quarter of 2021. This shows a huge increase of over 123% against Q4 2020s $3.1 million.
MDVL expects the full year 2021, net sales between $21.7 million and $22.0 million, marking 55% year over year growth. Comparatively, the net sales were $14.0 million in full-year 2020. If the non-recurring benefit of $4.7 million is excluded from the 2020 net sales, the year-over-year increase reached over 133%.
MDVL’s Partnership Expansion
On January 05, the company announced the significant expansion of its partnership with IMA Medical Group. IMA Medical Group provides high-quality primary medical and wellness services to seniors.
According to the expansion plans, the company intends to open 17 SpotRx locations throughout central Florida. Deployment to these locations is expected to complete in early 2022. The SpotRx Pharmacy is MDVL’s Unites States-based retail pharmacy brand for deploying and operating MedAvail MedCenters.
