MedAvail awards contract to Kitron’s US factory

(2020-08-25) MedAvail Technologies has chosen Kitron to produce automated medication dispensing equipment for pharmacies and hospitals.

The contract has a potential value of USD 50 million over a three-year period, with an extension option.

Production will take place at Kitron’s newly renovated facility in Windber, Pennsylvania, and is expected to commence in the first quarter of 2021.

"We have awarded this important contract to Kitron after a thorough process. Among the deciding factors were Kitron’s broad experience with customers in the medical devices industry and its familiarity with the particular requirements this entails. We’re extremely pleased to enter into this production partnership,” said Ed Kilroy, CEO of MedAvail Technologies.

MedAvail has developed a world leading consumer facing pharmacy automation kiosk, the MedAvail MedCenter. This technology is taken to market by MedAvail through their own retail pharmacy network, branded SpotRx Pharmacy. The MedCenter technology, combined with other features, enables SpotRx to deploy directly in-clinic providing on site dispensing and access to a live pharmacist via the MedAvail MedCenter. SpotRx is focused on the US Medicare market. MedAvail also licenses the MedCenter technology to a select group of large retailers and health systems. 

"This agreement is strategically important for Kitron. The upgrades and investments we have made at our US facility played a key role in securing this business, which significantly boosts our presence within the Medical devices market sector in North-America,” said Peter Nilsson, President and CEO of Kitron ASA.

For further information, please contact:
Kitron: Peter Nilsson, President and CEO, tel. +47 948 40 850
Israel Losada Salvador, COO and Sales Director, tel. +47 991 59 138
E-mail: investorrelations@kitron.com

MedAvail Technologies:
Ed Kilroy, CEO, tel. +1 416 347 3706
Ryan Ferguson, CFO, tel. +1 480 236 2149
E-mail: IR@medavail.com 

Kitron is a leading Scandinavian electronics manufacturing services company for the Defence/Aerospace, Energy/Telecoms, Industry, Medical devices and Offshore/Marine sectors. The company is located in Norway, Sweden, Lithuania, Germany, Poland, China and the United States. Kitron had revenues of about NOK 3.3 billion in 2019 and has about 1 700 employees. www.kitron.com 

This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.