GoodRx Holdings, Inc. Class A Common Stock (GDRX)
GoodRx Holdings, Inc. Class A (GDRX) is a healthcare technology company that provides consumers with free access to prescription drug price comparisons and discounts. Founded in 2011, it aims to make healthcare more affordable by helping users find lower-cost medication options through its digital platform, including websites and mobile apps. GoodRx collaborates with pharmacies and healthcare providers to offer savings and streamline the medication purchasing process.
Company News
The telepharmacy market is projected to grow from $10.06 billion in 2024 to $21.89 billion by 2032, with a 10.23% annual growth rate. The market is driven by technological advancements, reducing healthcare disparities, and expanding digital pharmacy access, particularly in rural areas.
GoodRx announced a collaboration with Novo Nordisk to offer Ozempic and Wegovy pens at $499/month for eligible self-paying patients, expanding medication access and meeting growing demand for GLP-1 medications.
GoodRx's Q3 2023 earnings missed analyst estimates, with revenue and guidance falling short. The company's stock price dropped nearly 19% as a result, despite growth in key metrics like prescription transactions and monthly active consumers. Increased competition, particularly from Amazon's push into same-day pharmaceutical delivery, is seen as a challenge for GoodRx's future performance.
RBC Capital maintained its Outperform rating on GoodRx Holdings Inc. with a steady price target of $10.00. The upcoming quarterly report is anticipated to focus on the growth of Monthly Active Consumers, a key metric for the firm. RBC expects this growth to support GoodRx's guidance of mid-single-digit percentage revenue growth and an EBITDA margin surpassing 30%.