MedAvail Holdings, Inc. (MDVL) Stock Surged 43.97% Pre-Market, Here’s Why

MedAvail Holdings, Inc. (MDVL) stock soared 43.97% in the pre-market trading session at the price of $2.03 despite no fundamental development.


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MDVL Closed Private Placement

On 4th April 2022, MDVL reported the first closure of its private placement to sell roughly 37.6M common stock shares. The shares had an offering price of US$1.0625 each share. Cowen served as the placement agent, and Lake Street worked as a financial advisor for the private placement.

MedAvail generated gross proceeds of US$40M (subtracting agent charges and other costs) from the first closure of its private placement. The company plans to utilize the net proceeds from the offering to fund its strategic projects and other corporate purposes. The private placement is subject to customary closing conditions.

MDVL Stock

MedAvail Holdings is a technology-based pharmaceutical firm that delivers clinical pharmacy products and services. The company leverages its MedCenter, robotic dispensing technology, and home delivery technique to provide services across multiple Medicare clinics. MDVL enables patients to optimize drug compliance, fostering better health and fitness outcomes.

MDVL Business Outlook

MDVL stock is witnessing a growing demand for pharmacy solutions to provide its customers with pharmacy services. Looking forward to 2022, the company will be well-positioned given the upsurge in its dispensing deployments and collaborations underway. These initiatives will present a clear roadmap to yield sustainable and profitable growth in the long term.

MedAvail anticipates revenue for Q1 of 2022 to be around US$8.8M, representing more than double compared to the total revenue in Q1 of 2021. The stock expects an improvement in its gross margin during Q1 of 2022.

Conclusion

The stock has remained at a high search during the last couple of weeks. Some of the facts could shape the stock’s performance in the short term. The media sometimes make rumors about a significant change in a stock’s business prospects that makes the stock trending and leads to a quick price change.

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