MedAvail Shares Jump After Hours on Raised Revenue Outlook

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By Kimberly Chin
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After the company raised its full-year revenue target and named a new chief executive officer, MedAvail Holdings Inc. shares were up 8% after hours at $1.35.

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The technology-enabled pharmacy company said it expects net sales to be $21.7 million to $22 million from its November forecast of $21 million for the year ended December 31, 2021. This would represent over 55% revenue growth. Compared to 2020 , it said.

For the fourth quarter, it forecast revenue of approximately $6.9 million to $7.2 million, up from $3.1 million in the year-ago period.

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The company plans to report its quarterly financial results in February.

MedAvail has also named Mark Doerr as its next CEO. Madewell said Mr Doerr will replace Ed Kilroy, who has retired from his role as CEO and board member, and will remain with the company in an advisory role until March 31.

The company also reshuffled its board, with Mr. Doerr joining as a director.

Gerard van Hamel Platerink, who has served on the board since 2012, has stepped down from his role as chairman and is succeeded by current board member Rob Faulkner. Helen Sisilsky, who has been director since 2018, will also step down. The company said it has also added two new members to the board, Laurie McGraw and Paul Johnson.

The leadership and board changes went into effect Monday.

Write to Kimberly Chin at [email protected]

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