Pharmacy kiosk provider MedAvail boosts revenue in second quarter, profits slide

Image courtesy of MedAvail Holdings Inc.

MedAvail Holdings Inc., a pharmacy kiosk provider, improved its second-quarter 2022 revenue from the year-ago period and beat analysts’ expectations, but widened its operating loss, according to a report. on the results. Highlights include:

  • Total revenue increased 122% from $5.03 million in the second quarter of 2021 to $11.2 million in the quarter ending June 30, 2022.
  • Retail pharmacy services revenue increased 137% to $10.6 million in the comparative quarters.
  • Pharmaceutical technology revenue was unchanged at $500,000.
  • The operating loss went from $10.5 million to $11.4 million.
  • Net loss per share on a basic and diluted basis fell from 32 cents to 17 cents.

The shares traded today at $1.20 against a 52-week range of 79 cents at $4.08.

Quarterly revenue of $11.2 million beat analysts’ expectations of $1.58 million and EPS of 17 cents beat expectations by 10 cents, according to Seeking Alpha.

“Our strong financial results demonstrate our focus on expanding our retail pharmacy and technology footprint, increasing utilization and reducing costs across the business,” CEO Mark Doerr said in a statement. the press release. “As we enter the second half of the year, we see ourselves in a strong position to continue to improve profitability and accelerate top line growth.”

The company expects full-year 2022 revenue to be at least $42 million, representing at least 90% growth over full-year 2021 revenue.

The company is raising its guidance from 25-30 net new distribution deployments for the full year 2022 to 30-35 net new distribution deployments.

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