MedAvail Holdings, Inc. (Nasdaq: MDVL) (“MedAvail”), a
technology-enabled pharmacy company, today announced that Mark
Doerr, RPh, has joined the company as chief executive officer
(“CEO”) and director, effective January 10, 2022. Mr. Doerr
succeeds Ed Kilroy, who retired as CEO and from the board of
directors and is moving into an advisory role through March 31,
2022. The company also announced changes to its board of directors
and reported preliminary fourth quarter and full year 2021 revenue
results.
Gerard van Hamel Platerink has stepped down as chairperson of
the board of directors. Mr. van Hamel Platerink has served on
MedAvail’s board of directors since June 2012. He is succeeded by
current director, Rob Faulkner. Helen Ciesielski, who has served on
the board of directors since 2018, also stepped down. In addition
to the appointment of Mark Doerr, the board of directors has also
appointed two other new directors: Laurie McGraw and Paul Johnson.
These changes to the board became effective as of January 10,
2022.
“On behalf of the entire company and the board of directors, I
would like to thank Ed for his valuable contributions and decade of
service to MedAvail. As CEO, Ed and his team built a strong
platform to enable improved care for patients and new markets for
pharmacy technology and services which underpin MedAvail’s
sustainable growth,” said Mr. Faulkner. “We are pleased that he
will continue to work with Mark to ensure a smooth transition for
the company and wish him a happy retirement.”
On the appointment of Mr. Doerr, Mr. Faulkner continued, “The
Board and I are very pleased that Mark will be leading MedAvail
forward. He brings almost 30 years of experience in building and
scaling organizations in pharmacy technology services. As MedAvail
enters its next phase of growth, we are confident that Mark is the
right strategic leader to drive value for MedAvail
stakeholders.”
“I am honored to be joining MedAvail as CEO,” said Mr. Doerr.
“This is an exciting time for MedAvail. Our technology solutions
are unmatched, and we are uniquely positioned to provide
transformative pharmacy technology and services that can truly
benefit the lives of patients. We have an exciting pathway to
accelerate the expansion of our pharmacy solutions.”
Mr. Doerr concluded, “I am also thrilled to welcome healthcare
industry leaders, Laurie and Paul, to our board. They will be
extremely valuable as we advance our initiatives to accelerate
sustainable growth for MedAvail. I look forward to working
alongside our management team and our board members, as we execute
our strategy and deliver on our large growth opportunities
ahead.”
Preliminary Fourth Quarter and Full
Year 2021 Revenue Summary
Net sales for the fourth quarter are expected to be $6.9 million
to $7.2 million, representing an increase of more than 123%
compared to $3.1 million the same period in 2020.
Net sales for the full year are expected to be in the range of
$21.7 million to $22.0 million, representing an increase of more
than 55% compared to $14.0 million in 2020. Net sales in 2020
included a non-recurring benefit of $4.7 million recognized in
conjunction with a commercial agreement from 2018; excluding this
benefit, net sales increased more than 133% year over year.
The company deployed 46 SpotRx MedCenters in new clinic sites in
2021.
“We are pleased with our fourth quarter performance, and I am
proud of our team’s solid execution to cap the year in a position
of strength,” said Mr. Kilroy. “It has been a highlight of my
professional career to be part of the MedAvail team and to work
with dedicated colleagues to build this transformational
organization. I believe MedAvail is well positioned to create value
in pharmacy technology and services.”
The financial information in this press release is preliminary
and subject to completion of the company’s year-end financial
reporting processes and audit procedures. You should not place
undue reliance on such preliminary information and estimates
because they may prove to be materially inaccurate. The preliminary
information and estimates have not been compiled or examined by our
independent auditors and they are subject to revision as we prepare
our financial statements as of and for the quarter and fiscal year
ended December 31, 2021, including all disclosures required by U.S.
generally accepted accounting principles, and as our auditors
conduct their review of these financial statements. While we
believe that such preliminary information and estimates are based
on reasonable assumptions, actual results may vary, and such
variations may be material. MedAvail intends to report its full
year and fourth quarter 2021 financial results in February
2022.
About Mark Doerr
Mr. Doerr has nearly 30 years of leadership experience in
pharmacy services. Before MedAvail, he was Senior Vice President
and General Manager at Change Healthcare for its Pharmacy Business
Unit where he was responsible for all pharmacy business lines and
led a 400-member team. Prior to Change Healthcare, Mr. Doerr served
as CEO of the Blackstone-owned eRx Network that he successfully
grew and which was acquired by Change Healthcare. He also served as
Senior Vice President of Pharmacy at Giant Eagle. Earlier in his
career, Mr. Doerr held key leadership roles with Adheris Health,
Catalina Health and Sears Health. Mr. Doerr holds a Bachelor of
Science in Pharmacy from Ohio Northern University.
About Laurie McGraw
Ms. McGraw is currently Senior Vice President, Health Solutions,
a division of the American Medical Associations (“AMA”), where she
is responsible for AMA’s data solutions used for innovation and
standard-setting across the entire healthcare industry, which is a
position she has held since February 2016. From 2013 to 2015, Ms.
McGraw served as Chief Executive Officer of Shareable Ink, a
clinical documentation and data solutions company. From 2000 to
2013, Ms. McGraw served in various leadership roles at Allscripts
including President, Enterprise Solutions and Chief Client Officer.
Ms. McGraw also spent ten years as a development leader and head of
client success at ChannelHealth/IDX before its sale to Allscripts.
Ms. McGraw received an Sc. B. with honors from Brown
University.
About Paul Johnson
Mr. Johnson is currently Vice President, General Manager,
Consumer of 23andMe Holding Co. (Nasdaq: ME) (“23andMe”), a leading
consumer genetics and research company, a position he has held
since November 2021. From November 2013 until November 2021, Mr.
Johnson served in various roles at Lemonaid Health, an online
health company, prior to its acquisition by 23andMe, including as
Chief Executive Officer from February 2018 until November 2021,
Co-CEO from June 2015 until February 2018, and Chief Operating
Officer from November 2013 until June 2015. In this capacity, Mr.
Johnson developed and oversaw the company’s growth and exit. Prior
to Lemonaid Health, he held roles as Head of Online at Lloyds
Pharmacy and Director, UK at Zooplus AG. Mr. Johnson holds a
Bachelors of Science, with honors in IT and Business Management
from the University of Worcester.
About MedAvail
MedAvail Holdings, Inc. (NASDAQ: MDVL) is a technology-enabled
pharmacy organization, providing turnkey in-clinic pharmacy
services through its proprietary robotic dispensing platform, the
MedAvail MedCenter, and home delivery operations, to Medicare
clinics. MedAvail helps patients to optimize drug adherence,
resulting in better health outcomes. Learn more at
www.medavail.com.
About SpotRx
SpotRx places control of the pharmacy experience back in the
hands of consumers. SpotRx is a telehealth platform that delivers
remote pharmacist consultations through an on-site dispensing
kiosk, supplemented with home delivery capability.
Forward Looking Statements
Certain statements included in this press release that are not
historical facts are forward-looking statements for purposes of the
safe harbor provisions under the Private Securities Litigation
Reform Act of 1995. Forward-looking statements generally are
accompanied by words such as "believe," "may," "will," "estimate,"
"continue," "anticipate," "intend," "expect," "should," "would,"
"plan," "predict," "potential," "seem," "seek," "future,"
"outlook," "project," and similar expressions that predict or
indicate future events or trends or that are not statements of
historical matters. These forward-looking statements include, but
are not limited to, statements regarding MedAvail's preliminary
financial results; planned leadership changes; business strategy;
market opportunity; expectations for growth; expansion plans; and
customer partnerships. These statements are based on various
assumptions, whether or not identified in this press release, and
on the current expectations of MedAvail's management and are not
predictions of actual performance. Forward-looking statements are
subject to a number of risks and uncertainties that could cause
actual results to differ materially from the forward-looking
statements, including but not limited to risks discussed under the
heading "Risk Factors" in both our Annual Report on Form 10-K,
filed with the Securities and Exchange Commission (“SEC”) on March
31, 2021, and our Quarterly Report on Form 10-Q, filed with the SEC
on November 9, 2021, and other filings MedAvail makes with the SEC
in the future. If any of these risks materialize or our assumptions
prove incorrect, actual results could differ materially from the
results implied by these forward-looking statements. Thus, no one
should assume that the Company’s silence over time means that
actual events are bearing out as expressed or implied in such
forward-looking statements. These forward-looking statements speak
only as of the date hereof and MedAvail specifically disclaims any
obligation to update these forward-looking statements.
SOURCE MedAvail Holdings Inc.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220111006086/en/
Investor Relations Caroline Paul Gilmartin Group
ir@medavail.com
MedAvail (NASDAQ:MDVL)
Historical Stock Chart
From Jun 2024 to Jul 2024
MedAvail (NASDAQ:MDVL)
Historical Stock Chart
From Jul 2023 to Jul 2024