https://assets.capyfin.com/instruments/678fdc13234e27009c5d5f23.png avatar
GoodRx
🇺🇸 NASDAQ:GDRX
View Company
OverviewEarningsDividends
•
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.

Total Revenue
$198M
Previous year: $184M
+7.6%
EPS
$0.08
Previous year: $0.07
+14.3%
Gross Profit
$170M
Previous year: $167M
+1.5%
Cash and Equivalents
$533M
Previous year: $761M
-29.9%
Free Cash Flow
$42.2M
Previous year: $32.3M
+30.6%
Total Assets
$1.45B
Previous year: $1.61B
-9.8%

GoodRx

GoodRx

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.

Company Overview

Full financial data and analysis

View GoodRx