The Pharmacy Services segment’s Adjusted EBITDA is forecast to be $90-$100 million due to rising drug costs and a higher medical loss ratio at Elixir Insurance. The Retail Pharmacy segment’s revenues are anticipated to be $18-$18.3 billion, whereas the Pharmacy Services segment’s revenues are predicted to be $4.6-$4.7 billionĪdjusted EBITDA is envisioned to be $330-$360 million. Managememnt expects revenues of $22.6-$23.0 billion for fiscal 2024. Rite Aid Corporation price-consensus-eps-surprise-chart | Rite Aid Corporation Quote FY24 Outlook Rite Aid Corporation Price, Consensus and EPS Surprise For fiscal 2024, capital expenditure is anticipated to be $175 million. Rite Aid ended the reported quarter with cash and cash equivalents of $135.5 million, long-term debt (net of current maturities) of $3,328 million, and a total shareholders' equity deficit of $947.4 million. SG&A expenses increased 3.1% from the year-ago period to $1,255.2 million. The adjusted EBITDA margin expanded 30 basis points to 1.8% in the quarter under review.
In the reported quarter, adjusted EBITDA fell 18% from the year-ago period to $21.7 million. In the Pharmacy Services segment, revenues declined 31% due to the client loss announced earlier and reduced Elixir Insurance membership, partly offset by increased utilization and a rise in drug costs. The total store count at the end of the reported quarter was 2,284. Prescription sales constituted 73.9% of overall drugstore sales. Prescription count at same-store sales, adjusted to 30-day equivalent, rose 4.7% on the back of non-COVID-19 prescriptions (up 7.4%), acute prescriptions (up 6.8%) and maintenance prescriptions (up 7.6%). Excluding cigarettes and tobacco products, front-end same-store sales fell 3.8% from the year-ago period’s reading. Retail Pharmacy same-store sales moved up 8.4%, driven by a 13.3% rise in pharmacy sales, somewhat offset by a 4.4% decline in front-end same-store sales. In the fiscal first quarter, the Retail Pharmacy segment's revenues rose 3.4%, driven by an increase in acute and maintenance prescriptions, somewhat offset by reduced COVID-19 vaccine and testing revenues, and store closures. This was mainly due to the reduction in the company’s Prescription Drug Plan membership and the loss of commercial clients at Elixir, partly offset by increased Retail Pharmacy segment revenues stemming from higher pharmacy sales. Revenues declined 6% from the year-ago quarter to $5,356.2 million but surpassed the Zacks Consensus Estimate of $5,352 million.
However, the figure was wider than the prior-year quarter’s loss of 60 cents. Rite Aid incurred an adjusted loss of 73 cents per share, narrower than the Zacks Consensus Estimate of a loss of $1.49.
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