Theranos, Inc. and Walgreens (WAG) (WAG) today celebrate the opening of new Theranos Wellness Centers located at Walgreens stores in the Phoenix metropolitan area. This marks the next step in Theranos and Walgreens’ planned national rollout of Theranos Wellness Centers, and the first expansion of the new laboratory services outside of California. A ribbon cutting ceremony will take place at 11 a.m. today at the Walgreens store located at 6501 E. Greenway Parkway, Scottsdale.
The new Theranos Wellness Centers will provide Phoenix area consumers with access to less invasive and more affordable clinician-directed lab testing from a blood sample as small as a few drops – 1/1,000 the size of a typical blood draw. The micro-samples, collected by certified phlebotomists or trained Walgreens technicians, are taken from either a tiny finger stick or traditional methods, eliminating the need for large needles and numerous vials of blood typically required for diagnostic lab testing.
“Walgreens and Theranos' partnership can have a real impact on the health and wellbeing of the people of Phoenix,” said Phoenix Mayor Greg Stanton. “I'm proud that Phoenix was chosen for the first broad implementation of a revolutionary lab testing program that makes diagnosis of illnesses fast, inexpensive and convenient. It reflects the success of our decade long investment in the bioscience and health care industries.”
Theranos test results can be made available to physicians in a matter of hours, enabling fast diagnoses to help make informed treatment choices. Tests are low cost – always 50 percent of Medicare reimbursement rates or less – and are reimbursed by major insurance carriers, Medicare, and Medicaid. Theranos believes that tests should cost the same regardless of insurance plan or insured status, and all test prices are published on the Theranos website.
In September 2013, Theranos and Walgreens announced a long-term partnership to bring Theranos’ new lab testing service to Walgreens stores nationwide. The first Theranos Wellness Center opened that month at a Walgreens in Palo Alto, Calif., where Theranos is headquartered.
“For the past 10 years, Theranos has worked relentlessly to help make actionable information accessible to individuals and their physicians at the time it matters most. Our goal to bring high quality, affordable lab testing within 5-miles of every home in Phoenix begins today,” said Elizabeth Holmes, Founder and CEO of Theranos. “By making it possible to run laboratory tests from a tiny sample, children, elderly, and those with chronic conditions or a fear of needles will now be able to partake in a new experience."
New Theranos Wellness Centers are located at the following Walgreens stores, with plans to add additional locations on an ongoing basis:
- 3402 N. Central Avenue, Phoenix
- 6501 E. Greenway Parkway, Scottsdale
“As we work to bring Theranos’ lab testing services to more of our stores and communities nationwide, we’re excited that Phoenix area residents will be among the first to have this service available in the communities where they live and work,” said Kermit Crawford, Walgreens president of pharmacy, health and wellness. “Working with Theranos, we’re proud to offer a differentiated patient experience through this latest innovation in health care technology. It’s another way in which we’re providing comprehensive care as part of our mission to transform community pharmacy.”
As the nation’s largest retail pharmacy chain with more than 8,100 neighborhood pharmacies – including 188 in the Phoenix area – Walgreens has the infrastructure to enable Theranos to bring its services to consumers nationwide.
Headquartered in Palo Alto, California, Theranos, Inc. is working to shape the future of lab testing and the way health information is collected, analyzed, and communicated. Founded in 2003 by Elizabeth Holmes, Theranos is on a mission to make actionable health information accessible to people everywhere in the world at the time it matters, enabling early detection and intervention of disease, and empowering individuals with information to live the lives they want to live. www.theranos.com
As the nation's largest drugstore chain with fiscal 2013 sales of $72 billion, Walgreens (www.walgreens.com) vision is to be the first choice for health and daily living for everyone in America, and beyond. Each day, Walgreens provides more than 6 million customers the most convenient, multichannel access to consumer goods and services and trusted, cost-effective pharmacy, health and wellness services and advice in communities across America. Walgreens scope of pharmacy services includes retail, specialty, infusion, medical facility and mail service, along with respiratory services. These services improve health outcomes and lower costs for payers including employers, managed care organizations, health systems, pharmacy benefit managers and the public sector. The company operates 8,131 drugstores in all 50 states, the District of Columbia and Puerto Rico. Take Care Health Systems is a Walgreens subsidiary that is the largest and most comprehensive manager of worksite health and wellness centers and in-store convenient care clinics, with more than 750 locations throughout the country.
Cautionary Note Regarding Forward-Looking Statements: Statements in this release that are not historical are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as "expect," “likely,” "outlook," “forecast,” "would," "could," "should," “can,” “will,” "project," "intend," "plan," "goal,” “target,” “continue," "sustain," “synergy,” "on track," "believe," "seek," "estimate," "anticipate," "may," “possible,” "assume," and variations of such words and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are not guarantees of future performance and involve risks, assumptions and uncertainties, including, but not limited to, those relating to the speed, efficiency, cost, reliability and safety of lab testing services and results, the introduction of Theranos services at Walgreens locations including the timing, scope and financial ramifications thereof, and those described in Item 1A (Risk Factors) of our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, each of which is incorporated herein by reference, and in other documents that we file or furnish with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Except to the extent required by law, Walgreens does not undertake, and expressly disclaims, any duty or obligation to update publicly any forward-looking statement after the date of this report, whether as a result of new information, future events, changes in assumptions or otherwise.
- Health Care Industry