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GoodRx subscription revenue surges 39% as company expands beyond prescriptions

GoodRx ( GDRX ) CEO & president Wendy Barnes joins Josh Lipton on Market Domination to discuss the company's strategy to expand beyond prescription savings. Highlighting strong growth across the business, with subscription revenue up 39% and direct-to-pharma sales rising 76% year over year.

00:00 Speaker A

We do anticipate returning to top line year-over-year growth this year, which was earlier than anticipated. It will be low single digit, but based upon what we were seeing last January compared to performance in Q1 and Q2, we do fully anticipate returning to top-line growth within this fiscal year.

00:23 Speaker B

I'm curious what are you seeing um, more users right now or is it more a function of existing users just, you know, being more active on the platform?

00:40 Speaker A

Sure. Well, you know, GoodRx continues to be the the number one um digital prescription app for US consumers to check drug pricing in. We regularly have around uh like 280 million site visits across our platform. What we're seeing though is a meaningful shift in how consumers are availing themselves um of the opportunities on our platform. Unsurprisingly, there's been a considerable increase in the number of users uh pursuing GLP1 coverage. Again, pointing back to the number of employers who just simply aren't covering them at all and or consumers who don't have coverage at all, period. Therefore they're paying cash for all of their prescriptions. And so, overall, we continue to see the user base, I would say stay fairly steady. We have a good, good, consistent number of eyeballs on our platform, but the way in which they're engaging is changing. They're starting to look for longer-term value. They're also starting to look for an ability to fill their entire medicine cabinet as opposed to kind of a one-off instance of which there are a multitude of uh applications in the space and or competitors that offer, you know, legitimate services that that perhaps are uh um uh good for consumers, to be clear. But we're aimed and we're focused on making sure that consumers can fill their entire medicine cabinet end to end and that they don't have to shop with all of these different point solutions uh to take care of all of their prescription needs.

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