CVS' MinuteClinic sees 18% revenue growth during Q3

WOONSOCKET, R.I. — CVS Caremark posted “solid” results during its third quarter, and its MinuteClinic business was no exception.

During the quarter ended Sept. 30, the retail clinic business enjoyed revenue growth of 18%.

From a comp perspective, MinuteClinic has, most recently, been comping in the teens to low 20s, Dave Denton, EVP, CFO, controller and chief accounting officer, told analysts during the company’s third-quarter conference call Tuesday morning.

Meanwhile, the company continues to see a high rate of adoption from health plans and government-sponsored programs.

During the quarter, the company opened 42 net new clinics including clinics in two new states — Hawaii and Louisiana. It ended the quarter with 726 clinics in 27 states and the District of Columbia.

“Our long-term goal is to create a platform that supports primary care by providing integrated, high-quality care that is convenient, accessible and affordable,” said CVS Caremark president and CEO Larry Merlo.

 

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