MedAvail Holdings, Inc.: M&A transaction — MedAvail substantially completes exit from pharmacy services; focuses on pharmacy tech business

MedAvail Holdings, Inc.

As of March 31, 2023, MedAvail substantially completed exit from pharmacy services; future focus solely on pharmacy tech.
Closed asset sale to CVS on Feb 10, 2023 for $2.9M final purchase price (up to $4.4M originally) with $0.1M fees and $0.2M holdback.
Pro forma shows elimination of pharmacy services revenue: $30.7M for 9mo Sep2022, $20.2M for FY2021.
Pro forma net loss reduced to $15.4M (9mo Sep2022) from historical $36.5M; discontinued ops treatment in Q1 2023 10-Q.
Company now solely a pharmacy technology business after exiting retail pharmacy operations.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

MedAvail Holdings, Inc. completed a disposition involving German Dobson CVS, L.L.C., Garfield Beach CVS, L.L.C., Longs Drug Stores California, L.L.C., Woodward Detroit CVS, L.L.C. and Holiday CVS, L.L.C. (collectively, "CVS") for final purchase price of $2.9 million (closed 2023-02-10).

Action: disposition
Counterparty: German Dobson CVS, L.L.C., Garfield Beach CVS, L.L.C., Longs Drug Stores California, L.L.C., Woodward Detroit CVS, L.L.C. and Holiday CVS, L.L.C. (collectively, "CVS")
Consideration: final purchase price of $2.9 million
Closing: 2023-02-10

Exact text from the filing

On February 10, 2023, the Company closed the CVS Transaction for a final purchase price of $2.9 million; subject to $0.1 million fees and a $0.2 million holdback.

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Source: SEC EDGAR

accession 0001402479-23-000023

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