Rite Aid Corporation Stock Price, News & Analysis

Rite Aid (NYSE: RAD) has partnered with WellSpan Health to enhance health outcomes for patients in central Pennsylvania and northern Maryland. The collaboration will focus on sharing data to improve care continuity, boost immunizations, and enhance medication adherence. The joint efforts aim to provide innovative care models and clinical services aimed at chronic disease management and preventative medicine. Rite Aid serves over 100,000 customers annually through this collaboration across 45 locations, underlining its commitment to redefining the pharmacy experience.

Rite Aid Corporation (NYSE: RAD) will host a virtual retail shareholder event on August 24 at 11 a.m. ET, featuring CEO Heyward Donigan and CFO Matt Schroeder. The event aims to engage retail shareholders with a Q&A format and will include opening remarks followed by a question-and-answer session. Shareholders can submit questions in advance via email. A replay of the event will be available from noon ET on August 25 for six months. For more information, visit Rite Aid's investor page.

Rite Aid (NYSE: RAD) has launched online scheduling for flu shots, now available at its locations, including Bartell Drugs in the Pacific Northwest. Customers can also opt for walk-in appointments. Chief Pharmacy Officer, Karen Staniforth, emphasized the importance of vaccination as children return to school.

This year, Rite Aid offers a range of flu vaccines including quadrivalent and high-dosage options for those 65 and older. The company's commitment to customer health is evident through its vaccination services, including COVID-19 shots and a convenient online scheduling tool.

Rite Aid (NYSE: RAD) has released its fourth annual Environmental, Social, and Governance (ESG) Report, detailing its progress across four key pillars: Thriving Planet, Thriving Business, Thriving Workplace, and Thriving Community. The report highlights initiatives such as expanding renewable energy usage to 150 additional stores, achieving 42% LED lighting installation by 2021, and diverting over 76,000 tons of recyclable materials. Rite Aid is committed to 100% cage-free egg sourcing by 2022 and improving community health through vaccine access and opioid crisis efforts, mapping achievements to eight United Nations Sustainable Development Goals.

Rite Aid has teamed up with Quest Diagnostics to enhance COVID-19 testing access. Qualified insured individuals can obtain testing at no cost at Rite Aid drive-thru locations. At other Rite Aid stores, customers may pick up at-home specimen collection kits. The collaboration enables PCR testing for adults and children over 2 years old, with results delivered electronically through the MyQuest platform. Quest Diagnostics has conducted over 69 million COVID-19 molecular tests since March 2020, supporting community health during the pandemic.

Rite Aid has officially opened its new headquarters, the Collaboration Center, in Philadelphia's Navy Yard district. This 23,000 square-foot facility aims to foster in-person collaboration among the company’s remote workforce. It features modern amenities like various conference rooms and a digital studio. President and CEO Heyward Donigan highlighted the center's role in transforming the company’s brand. The move signifies Rite Aid's commitment to enhancing health outcomes and strengthening community ties, with a capacity for up to 300 associates.

Elixir, a subsidiary of Rite Aid (NYSE: RAD), launched a specialty generic medication enhancement effective June 1, 2022. This allows members to access certain specialty medications at a $0 copay, potentially saving up to $40,000 annually. The program aims to address the rising costs of specialty drugs, encouraging the use of FDA-approved generics. In 2021, Elixir's managed copay solutions saved over $25 million for clients. Elixir emphasizes that this initiative not only reduces costs for plan sponsors but also improves medication adherence for members.

Rite Aid Corporation (NYSE: RAD) has announced early results for its tender offers to repurchase up to $150,000,000 of outstanding senior notes. As of June 27, 2022, a total of $558,784,000 was tendered in the 2025 offer and $26,955,000 in the 2028 offer, with acceptance ratios of 76.43% and 92.95%, respectively. The company will use available cash and borrowings to fund the purchases. Notably, no 2026 notes were accepted. Rite Aid aims to enhance its liquidity and reduce debt through this strategic move.

Rite Aid (NYSE: RAD) reported first fiscal quarter results for the period ending May 28, 2022, with revenues of $6.01 billion, down from $6.16 billion the previous year. The company faced a net loss of $110.2 million or $2.03 per share, compared to a loss of $13.1 million or $0.24 per share a year prior. Adjusted EBITDA decreased to $100.1 million from $138.9 million. Despite challenges, Rite Aid increased its fiscal 2023 revenue outlook to $23.6 - $24.0 billion while maintaining Adjusted EBITDA guidance. The rise in non-COVID prescriptions was a positive sign amid store closures.