Walgreens books hefty charge as the drugstore chain adjusts the value of struggling clinics
Time:2024-05-22 02:02:10 Source:entertainmentViews(143)
Walgreens lost nearly $6 billion in its second quarter mainly due to a drop in value for the VillageMD clinic business it controls.
Excluding that charge, the drugstore chain reported results Thursday that topped Wall Street expectations.
Walgreens spent more than $5 billion a few years ago to acquire a majority stake in VillageMD and launch a plan to add hundreds of clinics to its stores and grow its ability to provide care.
But the drugstore chain said Thursday that it recorded a $5.8 billion, after-tax impairment charge for VillageMD in its most recent quarter as it adjusted the asset’s value.
VillageMD says on its website that it runs 680 locations. It specializes in clinics that deliver value-based care. That approach, which is growing popular with some insurers, essentially rewards doctors for keeping patients healthy instead of paying them for every service they perform.
You may also like
- Elon Musk gets approval from FDA to implant his Neuralink brain chip into a second patient
- Alexa Chung puts on a leggy display in a sexy silk co
- German retirees will get an inflation
- Man accused of firing a gun on a North Carolina university campus taken into custody
- Tamara Ecclestone is criticised as her daughter Fifi, 10, heads out wearing heavy make
- Cheyenne Tozzi flaunts her incredible physique in a one
- Witt's 2
- Comedian Elayne Boosler says she was arrested at a Los Angeles Dodgers game because of a 'power
- Target starts price war with Walmart by slashing the cost of 5,000 popular items