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Rite Aid Continues Expansion of Coronavirus Testing Sites

Zacks Equity Research

Rite Aid Corporation RAD has been contributing to the society in these times by opening various COVID-19 testing locations across the United States in collaboration with the U.S. Department of Health and Human Services (HHS). In this regard, the company has now added 161 drive-through locations in California, Washington, Idaho, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania and Virginia.  

These new sites will be open from today and operate from 10 am to 8 pm on the weekdays and from 10 am to 5 pm during weekends. This brings the total number of testing facilities to 258. Also, these testing locations can now perform roughly 94,000 tests each week, which is double the prior figure. The self-swab nasal tests will be monitored by Rite Aid pharmacists.

Moreover, individuals can take online appointments to avail this facility. Keeping in these lines, the company has joined hands with Verily in order to use the latter’s Baseline COVID-19 Program for the purpose of screening, scheduling and returning of results to patients. In addition, asymptotic adults can also avail the testing facility at these sites. Such patients will be dealt with keeping in mind the guidance issued by the Centers for Disease Control and Prevention.

Its rivals, CVS Health Corporation CVS, Walgreens WBA and Walmart WMT, also trod the same path. Notably, CVS Health has 1,416 COVID-19 testing sites across more than 30 states and Washington, DC. Walgreens now has 31 testing locations in Alabama, Arizona, Arkansas, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Missouri, Nevada, New Jersey, New York, North Carolina, Ohio, Oregon, Rhode Island, South Carolina, Tennessee, Texas, Utah, Virginia, Washington and Wisconsin. Walmart also crossed more than 100 testing sites on May 15.

The company’s 21 no-charge testing sites became operational on Jun 11. These sites can perform roughly 47,000 tests each day. Earlier, it announced the opening of 46 more locations that became operational on May 11 with the ability to perform roughly 10,000 tests each day.

Apart from these, it is providing home delivery services to customers with an eligible prescription. Also, the customers will have the benefit of zero delivery fees and pick-up services for prescriptions and over-the-counter products. Customers can use the drive-through option available at more than 50% of its retail locations. Moreover, it is progressing well with the rollout of the Buy Online Pickup In Store initiative, which will offer better drive-through and curbside pickup options. Further, Rite Aid expanded the Instacart delivery facility to more than 2,400 locations and received positive feedback for the same. Moving on, customers who belong to the Rite Aid wellness+ reward program have access to healthcare professionals and pharmacists at 1-800-Rite Aid or via live chat on the website. In this context, the surge in demand for Tele Health in the wake of COVID-19 has led the company to accelerate the launch of Rite Aid Virtual Care.

These efforts have been boosting investors’ confidence in the stock. In the past three months, shares of this Zacks Rank #1 (Strong Buy) company have rallied 37.5% compared with the industry’s growth of 3.2%. You can see the complete list of today’s Zacks #1 Rank stocks here.



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Rite Aid Corporation (RAD) : Free Stock Analysis Report
 
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