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GoodRx Gains As More Users Drive Revenue Growth

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By Dhirendra Tripathi

Investing.com – GoodRx stock (NASDAQ:GDRX) rose 5% Thursday as the company expanded its user base in the second quarter and topped revenue estimates.

The company closed the second quarter with a user base of more than 7.5 million that includes both its monthly active users and subscribers. It had closed the March quarter at over 7 million.

More active users using its app to buy prescription drugs at cheaper rates and subscribers helped boost revenue 43% year-on-year to $176.6 million.

According to the company, many consumers are still deferring physician visits due to Covid-19. That means therapies are being delayed as are new prescriptions.

Operating expenses more than doubled to $176.98 million and exceeded revenue. This was mostly due to higher spending on marketing and stock-based compensation.

An income tax benefit saved the company’s bottom line and helped it report a 14% growth in net income to $31.1 million.

The company has forecast revenue to come in between $193 million and $197 million and adjusted earnings margin to be 30%.

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