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Stocks in this article: WAG

Theranos, Inc. and Walgreens (NYSE: WAG) (Nasdaq: 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.

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