GoodRX Subscription Revenue Down 8% but Active User Numbers Are Up

Core Insights - GoodRx experienced mixed results in Q2, with an 8% increase in monthly active users and a 7% rise in prescription transactions revenue, totaling $146.7 million [1] - Overall revenue rose 6% to $200.6 million, but subscription revenue fell 8% to $22 million due to the end of the Kroger Savings Club partnership [2] Financial Performance - The company reported a total revenue of $200.6 million for Q2, with a notable decline in subscription revenue [2] - GoodRx anticipates a $5 million loss from Rite Aid's store closures, which have exceeded 650 since Rite Aid's Chapter 11 bankruptcy filing [2] Management Commentary - CFO Karsten Voermann indicated that the impact of Rite Aid's closures on revenue and prescription volume is significant but expected to stabilize over time [3] - Interim CEO Scott Wagner emphasized GoodRx's commitment to enhancing its value proposition within the pharmacy ecosystem despite short-term challenges [3] Strategic Focus - GoodRx aims to deliver affordable medication access and strengthen relationships with retail and pharmacy benefit manager partners [4] - The number of subscribers decreased from 778,000 in Q1 to 696,000 in Q2, reflecting an 8% drop [4] Market Positioning - Wagner highlighted GoodRx's role in the pharmacy ecosystem, providing value to consumers, healthcare professionals, pharmaceutical manufacturers, pharmacies, and pharmacy benefit managers [5] - In 2023, GoodRx's site and app received approximately 350 million visits, with drug price pages viewed nearly 140 million times [5] Future Opportunities - The company is considering increasing its engagement with independent pharmacies, which have not been a significant part of its platform historically [6]