MedAvail Holdings, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022
November 10, 2022 at 05:01 pm EST
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MedAvail Holdings, Inc. reported earnings results for the third quarter and nine months ended September 30, 2022. For the third quarter, the company reported sales was USD 11.27 million compared to USD 5.66 million a year ago. Revenue was USD 11.46 million compared to USD 5.79 million a year ago. Net loss was USD 11.81 million compared to USD 11.27 million a year ago. Basic loss per share from continuing operations was USD 7.5 compared to USD 17 a year ago. Diluted loss per share from continuing operations was USD 7.5 compared to USD 17 a year ago.
For the nine months, sales was USD 31.21 million compared to USD 14.17 million a year ago. Revenue was USD 31.76 million compared to USD 14.85 million a year ago. Net loss was USD 36.55 million compared to USD 31.19 million a year ago. Basic loss per share from continuing operations was USD 30 compared to USD 48 a year ago. Diluted loss per share from continuing operations was USD 30 compared to USD 48 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. 
