Rite Aid Corporation - RAD STOCK NEWS

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.

Rite Aid (NYSE: RAD) announced it will provide Pfizer-BioNTech COVID-19 vaccinations for children ages 3 and over following new FDA and CDC approvals. Appointments can be made at select Rite Aid and Bartell Drugs locations starting this week. With over 16 million COVID-19 vaccinations administered, Rite Aid emphasizes the importance of immunization in preventing severe illness amid ongoing COVID variants. Parents of children under 3 are advised to consult pediatricians for vaccination options as Rite Aid focuses on expanding access to vaccines.

Rite Aid Corporation (NYSE: RAD) has launched tender offers to purchase up to $150,000,000 in senior notes, aimed at reducing outstanding debt and interest costs while retaining liquidity. The tender offers involve multiple series of notes including 7.50% Senior Secured Notes due 2025, 6.875% Debentures due 2028, and others, with varying acceptance priority levels and total considerations. The offers will expire on July 12, 2022, and early tender submissions by June 27, 2022 will receive additional consideration. The funding will come from available cash and revolving credit borrowings.

Rite Aid Corporation (NYSE: RAD) will announce its Fiscal 2023 First Quarter financial results on June 23, 2022, following the close of its fiscal period on May 28, 2022. The company's management team will conduct an analyst call at 8:30 a.m. Eastern Time, which will be accessible online. A telephone replay will be available later in the day, and the webcast will be accessible until the next call. Rite Aid operates over 2,400 pharmacy locations across 17 states and offers a range of health products and services.

Rite Aid has partnered with Homeward to enhance healthcare access in rural areas of the U.S., targeting the needs of underserved seniors. Rite Aid, with 6,300 pharmacists across 2,300 locations, aims to connect Medicare-eligible customers to Homeward's services, including wellness visits and screenings. The partnership will deploy mobile care units in select Michigan locations, with plans to expand nationwide. This initiative addresses healthcare disparities exacerbated by rural hospital closures and physician shortages, and it aims to deliver integrated, technology-enabled care.

Rite Aid (NYSE: RAD) has announced the administration of Pfizer’s COVID-19 vaccine booster for children ages 5 to 11, following CDC and FDA approval. Appointments are available through Rite Aid's scheduling tool and at select locations in Seattle and Western Washington via Bartell Drugs. Eligible children may receive a booster at least five months after their primary vaccination series. The company has administered over 16 million COVID-19 vaccinations to date, emphasizing the importance of vaccination in combating COVID-19 variants.

Rite Aid has partnered with Afterpay, becoming the first national drugstore chain to offer their 'Buy Now, Pay Later' (BNPL) service. This allows customers to purchase household essentials online and pay in four installments without extra fees when paid on time. Approximately 39% of consumers are using BNPL services more frequently due to recent economic pressures. Rite Aid plans to expand this service to its physical locations soon, targeting a younger demographic consisting mainly of Gen Z and Millennials.

Rite Aid (NYSE: RAD) has expanded access to COVID-19 oral antiviral medications, now available at nearly 98% of its pharmacies across 17 states. Patients with a prescription can access Pfizer's Paxlovid for ages 12 and up, and Merck's Molnupiravir for ages 18 and up, enhancing treatment options for those at high risk for severe COVID-19. The Chief Pharmacy Officer emphasized Rite Aid's commitment to community health and urged vaccinations, highlighting the role of these treatments not as substitutes for vaccines but as critical aids in combating severe illness.

Rite Aid Corporation (NYSE: RAD) has declined a non-binding acquisition offer from Spear Point Capital Management, citing significant deficiencies. The Board found the proposal unfeasible, lacking evidence of financing, and imposing unreasonable exclusivity terms. The proposal also contradicted existing debt terms that could trigger payments upon a change of control. Despite the rejection, Rite Aid remains committed to enhancing shareholder value through its growth strategy as a full-service pharmacy.