Retail
Medavail Holdings improves Q3 2022 revenue
November 14, 2022
Medavail Holdings Inc., a self-serve pharmacy kiosk provider, improved its revenue for Q3 2022, according to an earnings release. Highlights include:
- Revenue increased 98%, from $5.8 million in Q3 2021 to $11.5 million for the quarter ending Sept. 30, 2022.
- Net loss rose from $11.27 million to $11.8 million in the comparative quarters.
- Net loss per share on both a basic and diluted basis improved from 34 cents to 15 cents.
- Retail pharmacy services revenue increased 105% from $5.65 million to $11.2 million.
- Service revenue rose from $133,000 to $195,000.
- Pharmacy technology revenue remained unchanged at $300,000.
Shares traded at 66 cents Friday against a 52-week range of 52 cents to $3.56.
The $11.5 million in quarterly revenue surpassed analyst expectations by $161,000, while the EPS loss of 15 cents was in line with expectations, according to InvestorsObserver.
"During the third quarter, we made significant progress on our key milestones — we achieved and exceeded our target of 100 dispensing MedCenters, delivered gross margin expansion for the second consecutive quarter and reached savings of 26% on our cash burn rate over the fourth quarter of 2021," Mark Doerr, CEO, said in the press release.
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