MedAvail Holdings, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 14, 2023 at 04:56 pm EDT
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MedAvail Holdings, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported sales was USD 0.127 million compared to USD 0.289 million a year ago. Revenue was USD 0.405 million compared to USD 0.543 million a year ago. Net loss was USD 5.79 million compared to USD 11.72 million a year ago. Basic loss per share from continuing operations was USD 3.06 compared to USD 3.91 a year ago. Diluted loss per share from continuing operations was USD 3.06 compared to USD 3.91 a year ago.
For the six months, sales was USD 0.431 million compared to USD 0.454 million a year ago. Revenue was USD 1.03 million compared to USD 0.808 million a year ago. Net loss was USD 23.12 million compared to USD 24.74 million a year ago. Basic loss per share from continuing operations was USD 10.61 compared to USD 11.05 a year ago. Diluted loss per share from continuing operations was USD 10.61 compared to USD 11.05 a year ago.
MedAvail Holdings, Inc. is a pharmacy technology and services company. The Company is focused on developing and commercializing a self-service pharmacy, mobile application, and kiosk. Its core technology and product, the MedAvail MedCenter (the MedCenter), is a pharmacist-controlled, patient-interactive, prescription dispensing system akin to a pharmacy in a box. It operates through two segments: Retail Pharmacy Services and Pharmacy Technology. The Retail Pharmacy Services segment operates as SpotRx, or the Pharmacy, which is a full-service retail pharmacy utilizing its automated pharmacy technology, primarily servicing Medicare patients in the United States. The Pharmacy Technology segment, through its MedAvail Technologies, Inc., develops and commercializes the MedCenter for direct sale or subscription to third-party customers, including some of the healthcare providers and systems, as well as large retail chains that provide full retail-pharmacy services using its technology.
MEDAVAIL HOLDINGS, INC. 
