Retail

Medavail Holdings boosts Q1 2022 revenue, extends loss

Image provided by iStock.

May 13, 2022

Medavail Holdings Inc., a provider of retail pharmacy kiosks, reported a higher loss against a boost in sales for Q1 2022, according to an earnings report. Highlights include:

• Revenue increased 126% from $4.03 million in Q1 2021 to $9.1 million for the quarter ending March 31, 2022, while net loss extended from $9.45 million to $13.02 million.
• The company ended the quarter with 88 MedCenter total net dispensing deployments, a 29% increase from the end of the fourth quarter of 2021.
• The company achieved an integration with Epic, a Verona, Wisconsin based software developer, to make its MedCenter platform available in the Epic App Orchard Gallery, an app developer program.

Shares traded at $2.23 today against a 52-week range of 79 cents —- $14.59.

"We delivered robust sales growth in the first quarter and achieved a milestone in our pharmacy technology business with the completion of our integration with Epic," CEO Mark Doerr said in the press release. "There is clear momentum and demand for our differentiated pharmacy technology solutions, and we are deliberately investing in our teams and business to drive this growth."