MedAvail Technologies Inc.
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MedAvail Technologies Inc. - overview
Established
2006
Location
Phoenix, AZ, US
Primary Industry
Healthcare IT
About
MedAvail Technologies Inc. is a US-based healthcare technology company specializing in automated pharmacy solutions that enhance medication access and patient adherence through innovative dispensing kiosks. MedAvail Technologies Inc. was founded in 2006 and is headquartered in Phoenix, US.
The company focuses on revolutionizing pharmacy access with its automated dispensing technology. Ed Kilroy and Mark Doerr serve as the CEO. In March 2023, MedAvail raised USD 16 mn in PIPE funding, marking a significant milestone in their growth journey, with a total amount raised of USD 16 mn from a total of 7 deals. MedAvail offers a pharmacy technology platform designed to improve medication access and patient adherence.
Their flagship product, the MedAvail MedCenter, is an automated pharmacy kiosk that allows for prescription dispensing in various healthcare environments such as hospitals, clinics, and retail locations. This system addresses medication non-adherence by providing secure and immediate access to prescriptions, enhancing overall patient care and operational efficiency for healthcare providers and pharmacies. For the most recent year, 2021, MedAvail reported a revenue of USD 22. 12 mn, with an EBITDA of USD -40.
93 mn. The company's revenue model is built on partnerships and direct transactions with healthcare providers and pharmacies, primarily through the deployment of MedCenter units and related services. In March 2023, MedAvail Technologies Inc. raised USD 16 mn in PIPE funding, which will be utilized for one-time costs associated with a restructuring, repayment of outstanding debt, and further financing.
The company aims to expand its market presence by launching new products and enhancing its existing offerings, with specific details on new releases expected in the coming months. Additionally, MedAvail plans to target expansion into new geographic regions to broaden its healthcare partnerships.
Current Investors
Adage Capital Management, Redmile Group, Heights Capital Management
Primary Industry
Healthcare IT
Sub Industries
Drug Stores/Convenience Stores, Healthcare IT, Pharmaceuticals
Website
www.medavail.com
Verticals
HealthTech
Total Amount Raised
Subscriber access only
MedAvail Technologies Inc. - timeline of key events
MedAvail Technologies Inc. - financials
| Fiscal Year Ended | Dec 31, 2012 | Dec 31, 2013 | Dec 31, 2014 | Dec 31, 2015 | Dec 31, 2016 | Dec 31, 2017 | Dec 31, 2018 | Dec 31, 2019 | Dec 31, 2020 | Dec 31, 2021 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (USD) | 911,727 | 3,317,885 | 3,343,000 | 159,000 | 327,000 | 526,000 | 360,000 | - | - | - |
| % Revenue Growth (YoY) | - | 263.9% | 0.8% | (95.2%) | 105.7% | 60.9% | (31.6%) | - | - | - |
| EBITDA (USD) | (2,964,869) | (4,229,797) | (5,001,000) | (4,799,000) | (4,043,000) | (3,750,000) | (3,899,000) | - | - | - |
| Operating Income (USD) | (3,035,493) | (4,267,189) | (5,205,000) | (5,062,000) | (4,307,000) | (4,068,000) | (4,329,000) | - | - | - |
| Operating Margin | (332.9%) | (128.6%) | (155.7%) | (3183.6%) | (1317.1%) | (773.4%) | (1202.5%) | - | - | - |
| % EBITDA Margin | (325.2%) | (127.5%) | (149.6%) | (3018.2%) | (1236.4%) | (712.9%) | (1083.1%) | - | - | - |
| NET Income (USD) | (3,914,460) | (4,262,796) | (4,459,000) | (5,078,000) | (4,341,000) | (4,058,000) | (3,223,000) | - | - | - |
| % Net Margin | (429.3%) | (128.5%) | (133.4%) | (3193.7%) | (1327.5%) | (771.5%) | (895.3%) | - | - | - |
MedAvail Technologies Inc. - employee data
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