Tuesday, September 27, 2022

MedAvail Reviews Second Quarter 2022 Monetary Outcomes

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MISSISSAUGA, Ontario & PHOENIX, August 11, 2022–(BUSINESS WIRE)–MedAvail Holdings, Inc. (Nasdaq: MDVL) (“MedAvail”) a technology-enabled pharmacy firm, as we speak reported monetary outcomes for the three months ended June 30, 2022.

“We continued to execute on our strategic initiatives within the second quarter and are happy to be introducing our full 12 months income steering. Our sturdy monetary outcomes are a testomony to our deal with increasing our retail pharmacy and know-how footprint, growing utilization, and lowering prices throughout the enterprise,” mentioned Mark Doerr, Chief Government Officer of MedAvail. “We’re delighted by the curiosity in our differentiated retail pharmacy and pharmacy know-how options and are addressing this demand by way of our broadly scalable know-how platform and hub and spoke mannequin. As we enter the second half of the 12 months, we see ourselves in a powerful place to proceed enhancing profitability and accelerating topline development.”

Latest Operational Highlights

  • Ended second quarter of 2022 with 98 MedCenter complete internet cumulative deployments, a 31% improve 12 months to this point

  • Ended second quarter of 2022 with 91 MedCenter complete internet allotting deployments, a 34% improve 12 months to this point

  • Entered into a brand new settlement with AdventHealth to open two preliminary SpotRx areas in Tampa

  • Not too long ago opened Tampa pharmacy hub to satisfy the continued demand the corporate is seeing from its key clinic companions within the area

  • Introduced that in the course of the second quarter of 2022, College of Florida Well being applied three MedCenters in Gainesville, Florida beneath a know-how settlement with MedAvail

  • Projected financial savings of 20% over FY21 This fall money burn charge, attributable to initiatives that started within the second quarter regarding leveraging present know-how and inner sources to cut back reliance on contractors

Second Quarter 2022 and Latest Monetary Highlights

All comparisons, except in any other case famous, are to the three months ended June 30, 2021.

  • Whole income elevated 122% to $11.2 million

  • Whole income by phase

  • Web working loss was $11.4 million in comparison with $10.5 million

  • Adjusted EBITDA lack of $10.3 million in comparison with $9.7 million

  • Money and money equivalents as of June 30, 2022, have been $29.2 million. The second closing of the corporate’s non-public placement occurred on July 1, 2022 and yielded $10.0 million in gross proceeds.

Full 12 months 2022 Monetary Outlook

MedAvail expects complete income for full 12 months 2022 to be at the very least $42 million, representing development of at the very least 90% over full 12 months 2021 income.

The corporate is elevating steering of 25-30 internet new allotting deployments for full 12 months 2022 to 30-35 internet new allotting deployments.

Convention Name

MedAvail will host a convention name at 1:30 p.m. PT / 4:30 p.m. ET on Thursday, August 11, 2022, to debate its second quarter 2022 monetary outcomes. A webcast of the convention name might be accessed at https://traders.medavail.com. The webcast will likely be archived and accessible for replay for at the very least 90 days after the occasion.

Definition of Key Metrics

Web Allotting Deployments

We outline internet allotting deployments as websites which are dwell, which means that such websites have payer community acceptance, pharmacy board approvals and educated medical employees or medical account managers.

Web Cumulative Deployments

Web cumulative deployments contains allotting deployments and put in not but allotting deployments, however excludes decommissioned clinics, pilots and demo websites.

About MedAvail

MedAvail Holdings, Inc. (NASDAQ: MDVL) is a technology-enabled pharmacy firm, offering turnkey in-clinic pharmacy providers by way of its proprietary robotic allotting platform, the MedAvail MedCenter, and residential supply operations, to Medicare clinics. MedAvail helps sufferers to optimize drug adherence, leading to higher well being outcomes. Be taught extra at www.medavail.com.

Non-GAAP Monetary Measures

MedAvail refers to sure monetary measures that aren’t acknowledged beneath U.S. usually accepted accounting rules (“GAAP”) on this press launch, together with adjusted EBITDA. See the schedules to this press launch for added info and reconciliations of such non-GAAP monetary measures.

Ahead-Wanting Statements

Sure statements included on this press launch that aren’t historic information are forward-looking statements for functions of the protected harbor provisions beneath the Personal Securities Litigation Reform Act of 1995. Ahead-looking statements usually are accompanied by phrases reminiscent of “imagine,” “might,” “will,” “estimate,” “proceed,” “anticipate,” “intend,” “anticipate,” “ought to,” “would,” “plan,” “predict,” “potential,” “appear,” “search,” “future,” “outlook,” “mission,” and related expressions that predict or point out future occasions or traits or that aren’t statements of historic issues. These forward-looking statements embrace, however should not restricted to, statements relating to MedAvail’s enterprise technique and market alternative; potential future income and value financial savings projections and expectations for development and profitability; buyer demand and enlargement plans; margin, utilization and value discount enhancements; enhancements in deployment effectivity and velocity; and buyer partnerships. These statements are based mostly on numerous assumptions, whether or not or not recognized on this press launch, and on the present expectations of MedAvail’s administration and should not predictions of precise efficiency. Ahead-looking statements are topic to quite a lot of dangers and uncertainties that would trigger precise outcomes to vary materially from the forward-looking statements, together with however not restricted to dangers mentioned beneath the heading “Threat Elements” in MedAvail’s Annual Report on Type 10-Okay for the 12 months ended December 31, 2021, filed with the Securities and Trade Fee (“SEC”) on March 29, 2022, MedAvail’s Quarterly Report on Type 10-Q for the quarter ended March 31, 2022, filed with the SEC on Might 13, 2022, and different filings MedAvail makes with the SEC sooner or later. Further info can be set forth in MedAvail’s Annual Report on Type 10-Okay for the 12 months ended December 31, 2021, MedAvail’s Quarterly Report on Type 10-Q for the quarter ended March 31, 2022, and different filings MedAvail makes with the SEC sooner or later. If any of those dangers materialize or our assumptions show incorrect, precise outcomes may differ materially from the outcomes implied by these forward-looking statements. These forward-looking statements communicate solely as of the date hereof and MedAvail particularly disclaims any obligation to replace these forward-looking statements.

SOURCE MedAvail Holdings, Inc.

MEDAVAIL HOLDINGS, INC.

Condensed Consolidated Statements of Operations

(in hundreds, besides share and per share information)

(Unaudited)

Three Months Ended June 30,

2022

2021 (1)

Income:

Pharmacy and {hardware} income

$

10,930

$

4,725

Service income

254

305

Whole income

11,184

5,030

Value of merchandise offered and providers:

Pharmacy and {hardware} price of merchandise offered

10,151

4,679

Service prices

115

178

Whole price of merchandise offered and providers

10,266

4,857

Working expense:

Pharmacy operations

3,648

3,085

Basic and administrative

6,100

5,737

Promoting and advertising and marketing

2,307

1,613

Analysis and growth

281

201

Whole working expense

12,336

10,636

Working loss

(11,418

)

(10,463

)

Different achieve (loss), internet

38

Curiosity revenue

27

Curiosity expense

(276

)

(66

)

Loss earlier than revenue taxes

(11,694

)

(10,464

)

Earnings tax expense

(24

)

Web loss and complete loss

$

(11,718

)

$

(10,464

)

Web loss per share – primary and diluted

$

(0.17

)

$

(0.32

)

Weighted common shares excellent – primary and diluted

69,356,723

32,546,395

(1) Sure exercise was reclassified to be in keeping with the present presentation, see comparative tables that observe.

MEDAVAIL HOLDINGS, INC.

Working Expense Reclassifications

(in hundreds)

(Unaudited)

Three Months Ended June 30, 2021

Present presentation

As beforehand reported

Change

Pharmacy operations

$

3,085

$

2,292

$

793

Basic and administrative

5,737

6,646

(909

)

Promoting and advertising and marketing

1,613

1,497

116

$

10,435

$

10,435

$

MEDAVAIL HOLDINGS, INC.

Condensed Consolidated Steadiness Sheets

(in hundreds, besides share and per share quantities)

June 30,

December 31,

2022

2021

Property

Present property:

Money and money equivalents

$

29,202

$

19,689

Restricted money

676

400

Accounts receivable (internet of allowance for uncertain accounts of $123 thousand for June 30, 2022, $66 thousand for December 31, 2021)

2,076

1,189

Inventories

5,620

3,916

Pay as you go bills and different present property

3,376

2,191

Whole present property

40,950

27,385

Property, plant and tools, internet

6,366

5,692

Intangible property, internet

2,851

2,300

Proper-of-use property

2,433

2,538

Different property

233

228

Whole property

$

52,833

$

38,143

Liabilities and Stockholders’ Fairness

Present liabilities:

Accounts payable

$

2,873

$

2,477

Accrued liabilities

1,696

1,530

Accrued payroll and advantages

3,047

2,733

Deferred income

91

83

Present portion of lease obligations

743

682

Whole present liabilities

8,450

7,505

Lengthy-term debt, internet

9,679

9,538

Lengthy-term portion of lease obligations

1,917

2,027

Whole liabilities

20,046

19,070

Commitments and contingencies

Stockholders’ deficit:

Widespread shares ($0.001 par worth, 300,000,000 shares approved, 70,609,972 and 32,902,048 shares issued and excellent at June 30, 2022 and December 31, 2021, respectively)

71

33

Warrants

8,876

1,373

Further paid-in-capital

247,598

216,685

Collected different complete loss

(6,928

)

(6,928

)

Collected deficit

(216,830

)

(192,090

)

Whole stockholders’ fairness

32,787

19,073

Whole liabilities and stockholders’ fairness

$

52,833

$

38,143

MEDAVAIL HOLDINGS, INC.

Supplemental Monetary Data – Segments

(in hundreds)

(Unaudited)

Retail Pharmacy

Providers

Pharmacy

Expertise

Whole

Three Months Ended June 30, 2022

Income:

Pharmacy and {hardware} income:

Retail pharmacy income

10,641

$

$

10,641

{Hardware}

180

180

Subscription

109

109

Whole pharmacy and {hardware} income

10,641

289

10,930

Service income:

Software program

86

86

Upkeep and help

47

47

Set up

71

71

Skilled providers and different

50

50

Whole service income

254

254

Whole income

10,641

543

11,184

Value of merchandise offered and providers

9,930

336

10,266

Section gross revenue

711

$

207

918

Retail Pharmacy

Providers

Pharmacy

Expertise

Whole

Three Months Ended June 30, 2021

Income:

Pharmacy and {hardware} income:

Retail pharmacy income

4,494

$

$

4,494

{Hardware}

123

123

Subscription

108

108

Whole pharmacy and {hardware} income

4,494

231

4,725

Service income:

Software program

41

41

Upkeep and help

40

40

Set up

12

12

Skilled providers and different

212

212

Whole service income

305

305

Whole income

4,494

536

5,030

Value of merchandise offered and providers

4,435

422

4,857

Section gross revenue

59

$

114

173

Non-GAAP Monetary Measures

To complement our consolidated condensed monetary statements, that are ready and introduced in accordance with GAAP, we use the next non-GAAP monetary measures: EBITDA, and adjusted EBITDA. The presentation of this monetary info is just not meant to be thought-about in isolation or as an alternative to, or superior to, the monetary info ready and introduced in accordance with GAAP.

We outline Adjusted EBITDA for a specific interval as internet (loss) revenue earlier than curiosity, taxes, depreciation and amortization, and as additional adjusted for non-recurring income from stock-based compensation expense.

We use these non-GAAP monetary measures for monetary and operational decision-making and as a way to judge period-to-period comparisons. We imagine that these non-GAAP monetary measures present significant supplemental info relating to our efficiency by excluding sure gadgets that will not be indicative of our recurring core enterprise working outcomes, like one-time transaction prices associated to the reverse merger. We imagine that each administration and traders profit from referring to those non-GAAP monetary measures in assessing our efficiency and when planning, forecasting, and analyzing future intervals. These non-GAAP monetary measures additionally facilitate administration’s inner comparisons to our historic efficiency and liquidity in addition to comparisons to our rivals’ working outcomes. We imagine these non-GAAP monetary measures are helpful to traders each as a result of (1) they permit for larger transparency with respect to key metrics utilized by administration in its monetary and operational decision-making and (2) they’re utilized by our institutional traders and the analyst group to assist them analyze the well being of our enterprise.

There are a selection of limitations associated to using non-GAAP monetary measures. We compensate for these limitations by offering particular info relating to the GAAP quantities excluded from these non-GAAP monetary measures and evaluating these non-GAAP monetary measures along with their related monetary measures in accordance with GAAP.

MEDAVAIL HOLDINGS, INC.

Unaudited Reconciliation of GAAP to Non-GAAP Measures

(in hundreds)

Three Months Ended June 30,

2022

2021

Web loss

$

(11,718

)

$

(10,464

)

Changes to calculate EBITDA:

Curiosity revenue

(27

)

Curiosity expense

276

66

Earnings tax expense

24

Depreciation and amortization (1)

485

392

EBITDA

$

(10,933

)

$

(10,033

)

Changes as follows:

Share-based compensation expense

612

323

Adjusted EBITDA

$

(10,321

)

$

(9,710

)

(1) Excludes $169 thousand and $538 thousand in working lease amortization for the three months ended June 30, 2022, and 2021, respectively.

View supply model on businesswire.com: https://www.businesswire.com/information/house/20220811005662/en/

Contacts

Investor Relations
Caroline Paul
Gilmartin Group
ir@medavail.com



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