Medavail to focus on pharmacy technology, exit pharmacy services, SpotRx

MedAvail Holdings announced the execution of a strategic restructuring and reprioritization of its business targeted to deliver profitability. Following an extensive review of the market landscape, growth strategy and structure of the business, the company is taking actions and restructuring its organization to focus on its pharmacy technology business and exit its pharmacy services and SpotRx business. With respect to the pharmacy services and SpotRx business, the company has hired a broker and is in active negotiations regarding the sale of its pharmacy assets. These actions aim to significantly reduce headcount and cash burn, which position the company to achieve its goals of delivering profitable growth and positive cash flow sooner. In connection with the restructuring, the company is also evaluating multiple financing options, including with existing investors. "We believe that the critical steps we are taking to focus on our pharmacy technology business provide a clear roadmap to delivering profitable and sustainable growth and to maximizing value of the Pharmacy Tech business for our shareholders," said Mark Doerr, CEO of MedAvail.