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Mar 31, 2024
GoodRx Q1 2024 Earnings Report
GoodRx reported its Q1 2024 financial results, showing revenue growth and progress towards becoming a 'Rule of 40' company.
Key Takeaways
GoodRx's Q1 2024 results showed positive momentum with revenue increasing by 8% to $197.9 million. The company is focused on reigniting growth and strengthening its business model, aiming to return to being a 'Rule of 40' company.
Revenue and Adjusted Revenue reached $197.9 million, an 8% increase year-over-year.
Net loss was $1.0 million, with a net loss margin of 0.5%.
Adjusted EBITDA was $62.8 million, resulting in an Adjusted EBITDA Margin of 31.7%.
The company exited the quarter with approximately 8 million consumers of prescription-related offerings.
GoodRx
GoodRx
GoodRx Revenue by Segment
Revenue by Segment
Prescription Transactions Revenue
CapyFin.comSubscription Revenue
CapyFin.comPharma Manufacturer Solutions Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
For Q2 2024, GoodRx anticipates revenue and Adjusted Revenue of approximately $200 million and an Adjusted EBITDA Margin in the low thirty-percent range. For the full year 2024, the company is raising its guidance for revenue and Adjusted Revenue to be between $800 million and $810 million and expects to achieve over $250 million of Adjusted EBITDA.
Positive Outlook
- Revenue and Adjusted Revenue are expected to grow by approximately 5% year-over-year in Q2 2024.
- Full year revenue and Adjusted Revenue guidance raised to $800 million - $810 million.
- Adjusted EBITDA for the full year is expected to be over $250 million, up about 15% from 2023.
- Balance sheet and liquidity position remained strong in Q1 2024.
- Prioritizing cash conversion and disciplined capital deployment to support strategic priorities and accelerate value creation.
Challenges Ahead
- Full year growth rate tempered by approximately $15 million of top-line impact associated with the de-prioritization of vitaCare.
- Anticipated sunset of the Kroger Savings Club is expected to impact revenue.
- Contra-revenue related to consumer incentives is expected to increase by almost $10 million this year.
- Change Healthcare outage expected to have a low-single-digit million-dollar impact on revenue.
- Approximately $25 million of top-line impact is absorbed in the full year $800 million to $810 million revenue and Adjusted Revenue guidance.
Revenue & Expenses
Visualization of income flow from segment revenue to net income