Theranos, Inc. and Walgreens (NYSE: WAG) (Nasdaq: WAG) today
announced a long-term partnership to bring access to Theranos’ new
lab testing service through Walgreens pharmacies nationwide. As the
service becomes available through Theranos Wellness Centers inside
Walgreens stores, consumers will be able to access less invasive
and more affordable clinician-directed lab testing, from a blood
sample as small as a few drops, or 1/1,000 the size of a typical
blood draw. The samples are either taken from a tiny finger stick
or a micro-sample taken from traditional methods, eliminating the
need for larger needles and numerous vials of blood required for
most diagnostic lab testing.
Theranos and Walgreens are taking the first step in making this
service available to consumers with the first Theranos Wellness
Center location opening this month at Walgreens drugstore at 300
University Ave. in Palo Alto, Calif., in the heart of Silicon
Valley. The companies plan to offer the service at Walgreens
locations nationwide.
For the first time, Theranos is introducing CLIA-certified
laboratory services with the ability to run its tests on
micro-samples. Theranos’ proprietary laboratory infrastructure
minimizes human error through extensive automation to produce high
quality results. Test results are available to physicians in a
matter of hours, enabling fast diagnoses to help informed treatment
choices. Theranos tests are low cost – always 50 percent of
Medicare reimbursement rates or less – and are reimbursed by major
insurance carriers, Medicare, and Medicaid. Developed to be
accessible to everyone, Theranos tests cost the same amount for
everyone, regardless of insurance plan or whether they are
uninsured.
“For the past 10 years, Theranos has worked relentlessly to
reach a point at which we could help make actionable information
accessible to physicians and patients at the time it matters most.
Clinicians can now see their patients having received lab results
from fresh samples in a matter of hours,” said Elizabeth Holmes,
Chairman, CEO and Founder of Theranos. “This partnership will
further our goal to bring high quality, affordable lab testing to
people everywhere, with our new Wellness Centers in Walgreens
retail locations closest to homes and workplaces.”
By minimizing the volume of blood required from patient draws,
Theranos helps clinicians provide a new standard of care across all
specialties and treatment areas. Kind, minimally invasive
collection has the potential to benefit everyone, including
oncology, pediatric and geriatric patient populations that require
frequent blood draws. Theranos seamlessly integrates with existing
practice workflows and offers a full spectrum of laboratory tests,
from the most common panels to highly specialized tests. Collection
for Theranos tests will be performed in Theranos Wellness Centers
by licensed phlebotomists or appropriately state certified
personnel.
“Theranos’ service offers affordable certified lab testing with
quicker response times, and furthers our mission to provide a
differentiated patient experience,” said Kermit Crawford, Walgreens
president of pharmacy, health and wellness. “This is the next step
in Walgreens' efforts to transform community pharmacy, giving our
patients and customers convenient access to the comprehensive care
they need, right in their communities.”
As the nation’s largest retail pharmacy chain with more than
8,100 neighborhood pharmacies, Walgreens has the infrastructure to
help bring Theranos to consumers nationwide.
About Theranos
Headquartered in Palo Alto, 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
About Walgreens
As the nation's largest drugstore chain with fiscal 2012 sales
of $72 billion, Walgreens (www.walgreens.com) vision is to become
America’s first choice for health and daily living. 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 8,117
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 700 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.
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