MedAvail Holdings slumps after lowering 2021 revenue outlook

Medavail Holdings

12/08/2021 09:51

** Shares of the health tech co  MDVL.O  fall as much as
31.03% to $5.18 premarket
    ** Stock tops pct losers among Nasdaq stocks trading
premarket  
    ** Co lowered its 2021 net revenue outlook from the prior
range of between $27 to $31 million to at least $21 million
 urn:newsml:reuters.com:*:nBwbTJ9Ksa
    ** Co says it identified 10 clinics that do not meet
expectations and have decided to exit these sites prior to 2021
    ** Co's Q2 Pharmacy Technology sales decreased 10% to $0.5
million
    ** Due to lingering COVID-19 uncertainties, co has
encountered unanticipated headwinds with the timing of Boards of
Pharmacy regulatory approvals -MDVL
    ** Stock down ~50% YTD, as of last close 
    

 (Reporting by Rithika Krishna in Bengaluru)
 ((Rithika.Krishna@thomsonreuters.com;))