Retail

Pharmacy kiosk provider MedAvail lifts Q2 revenue, earnings slide

Image courtesy of MedAvail Holdings Inc.

August 12, 2022

MedAvail Holdings Inc., a pharmacy kiosk provider, improved its Q2 2022 revenue over the prior-year period and surpassed analyst expectations, but widened its operating loss, according to an earnings report. Highlights include:

• Total revenue increased 122% from $5.03 million in Q2 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.
• Pharmacy technology revenue remained unchanged at $500,000.
• Operating loss extended from $10.5 million to $11.4 million.
• Net loss per share on both a basic and diluted basis improved from 32 cents to 17 cents.

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

The quarterly revenue of $11.2 million beat analyst expectations by $1.58 million and the EPS of 17 cents beat expectations by 10 cents, according to Seeking Alpha.

"Our strong financial results are a testament to our focus on expanding our retail pharmacy and technology footprint, increasing utilization and reducing costs across the enterprise," CEO Mark Doerr said in the press release. "As we enter the second half of the year, we see ourselves in a strong position to continue improving profitability and accelerating topline growth."

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

The company is raising guidance of 25 to 30 net new dispensing deployments for full year 2022 to 30 to35 net new dispensing deployments.