MedAvail Holdings, Inc. (MDVL), a technology-enabled pharmacy company, has surged by 12% in aftermarket trading session and consequently is trading at $1.40 at the time of the writing. The increase has come in the wake of management changes in the company as well as the announcement of preliminary fourth-quarter 2021 and full year 2021 results. On Tuesday, MDVL closed the day at $1.25 after a slight increase of 0.81% during the mid-day session.
Management Changes in MDVL
In the late hours of Tuesday, MDVL announced that Mark Doerr, RPh has joined the company in the role of Chief Executive Officer. The appointment of Mr Doerr became effective on the 10th of January 2021. He succeeds Ed Kilroy, who has retired as CEO and also from the Board of Directors. He is moving toward an advisory role for the company and would begin the phase from the 31st of March 2022. The company also announced some changes to its Board of Directors. Gerard van Hamel Platerink stepped down as the chairperson of the board of directors and is replaced by the current director, Rob Faulkner. Helen Ciesielski, who is serving on the board since 2018, has also stepped down. The board also appointed two new members, Laurie McGraw and Paul Johnson.
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Preliminary Q4 and FY2021 Results
Alongside that, MDVL also released the preliminary fourth-quarter and full-year 2021 results. The company expected the net sales for the three months to stand in between the range of $6.9 and $7.2 million. That would represent an increase of 123% when compared with the stats of the same period of 2020. For the full year of 2021, the company expects the net sales to be in the range of $21.7 to $22 million. That would represent an increase of approximately 55% when compared with the statistics of 2020.
While commenting on the developments, Ed Kilroy said that the company is pleased with the quarterly results. The company believes that it is well-positioned to create value in pharmacy technology and services. On the other hand, Mark Doerr said that he is honored to join MDVL. The company’s technology-related solutions are unmatched and it is uniquely positioned to provide transformative pharmacy technology and services that can truly benefit the lives of patients.
Future Outlook for MDVL
The last three months have seen MDVL stock decline by approximately 55%. Analysts however are of the view that the stock tends to attract investors in coming times. Hence, potential investors should keep a close eye on the developments related to the stock to make an informed decision about their investments.