MedAvail Holdings, Inc.: restructuring charge — MedAvail exits pharmacy services, cuts 75% of staff; reaffirms 2022 revenue guidance of at least $42M

MedAvail Holdings, Inc.

Exiting pharmacy services and SpotRx business; hired broker to sell related pharmacy assets.
Reduction in force of approximately 75% of full-time employees, effective January 18, 2023.
Expected annualized operating expense savings of $35 million to $37 million compared to full year 2022.
Reaffirms FY2022 revenue guidance of at least $42 million (90% YoY growth) and 40 net new dispensing deployments.
FY2022 pharmacy technology sales expected $1.2M-$1.4M with gross margin >45%.

item 2.02 item 2.05 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.85

MedAvail Holdings, Inc. updated its 2022 guidance (reaffirmed).

Period: 2022
Guidance: reaffirmed
Result: preliminary results

Exact text from the filing

On January 19, 2023, MedAvail Holdings, Inc. (the “Company”) reaffirmed guidance and announced certain preliminary estimates of selected financial results for 2022.

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

MedAvail Holdings, Inc. announced a restructuring affecting Pharmacy Services Business (approximately 75% of the Company’s full-time employees).

Type: restructuring
Affected area: Pharmacy Services Business
Headcount: approximately 75% of the Company’s full-time employees

Exact text from the filing

On January 18, 2023, and in connection with the Company's exit from the Pharmacy Services Business to focus on the Pharmacy Technology Business, the Company initiated a reduction in force (the “Reduction”), in which approximately 75% of the Company’s full-time employees were immediately terminated, effective January 18, 2023

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Source: SEC EDGAR

accession 0001402479-23-000002

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