GoodRx Holdings Inc (NASDAQ:GDRX) reported Q2 sales of $189.7 million, down 1% Y/Y, beating the consensus of $186.82 million and the management guidance of $185-$188 million.
Prescription transactions revenue increased 2% to $136.5 million, primarily driven by a 5% increase in Monthly Active Consumers.
Pharma manufacturer solutions revenue decreased 8% to $24.3 million, primarily driven by an increased focus on prioritizing service arrangements with high recurring revenue potential and moderation in spending across pharma manufacturers.
The company reported adjusted net income of $28.4 million, slightly above the $27.2 million a year ago. Adjusted EPS of $0.07, bet the consensus of $0.06.
Adjusted EBITDA reached $53.5 million from $47.2 million a year ago.
Over 500,000 prescribers engaged through Provider Mode since its launch.
The company exited the quarter with over 7 million consumers of prescription-related offerings.
“I’m encouraged by the progress made during the second quarter,” said Interim Chief Executive Officer Scott Wagner. “We exceeded our Revenue and Adjusted EBITDA expectations with prescription transactions revenue and volume returning to year-over-year growth.
Guidance: GoodRx has revised FY23 sales guidance to $750- $760 million, compared to prior guidance of $750-$775 million and consensus of $762.25 million.
For Q3, the company forecasts sales of $186 – $190 million compared to a consensus of $192.58 million, with an adjusted EBITDA margin mid-to-high 20% range.
Price Action: GDRX shares are down 4% at $8.39 on the last check Wednesday.
