GoodRx has not yet priced its shares but plans to list on the Nasdaq under the symbol GDRX. The company intends to use the net proceeds from this offering for general corporate purposes to support its business growth. It may also use a portion of the proceeds to acquire, or invest in, technologies, solutions, or businesses that complement its business.
According to the filing, the company’s revenue grew 48% in the first half of 2020 to $257 million, up from $173 million in the first half of 2019. The company has been consistently profitable since 2016. It reported a net income of $55 million in the first half of 2020, compared to $31 million in the first half of 2019.
GoodRx said the number of monthly active consumers has increased from 1.3 million for the first quarter of 2017 to 4.4 million for the second quarter of 2020, a 30% increase YoY.
The company also expanded into the telehealth market through the acquisition of HeyDoctor in 2019. It recently launched GoodRx Telehealth Marketplace, a telehealth platform intended to provide complete health checkups online. It competes with companies that provide savings on prescriptions and companies that offer telehealth services (such as Teladoc, Amwell, MDLIVE, and Doctor on Demand, that offer telehealth services on behalf of employers and insurance plans), and advertising and market access for pharmaceutical manufacturers.
According to GoodRx, its software platform aggregates and analyzes pricing data from various sources, including pharmaceutical manufacturers, wholesalers, pharmacy benefit managers, and pharmacies.
Other IPO news
Recently, Amwell filed with SEC for an initial public offering and announced a $100 million strategic investment from Google’s cloud division. Google’s strategic investment will be a concurrent private placement at the IPO price. Hims, a telemedicine company that sells wellness and health-care products, is in talks to go public through a merger with blank-check company Oaktree Acquisition Corp.
Specialists On Call (dba SOC Telemed), a telemedicine technology provider, agreed to be acquired and taken public by Healthcare Merger Corporation, a special purpose acquisition company. The transaction implies an initial enterprise value for SOC of approximately $720 million. Israeli medical imaging startup Nano-X Imaging raised $165.2 million in an initial public offering on the Nasdaq. Accolade, a startup that helps workers navigate their health benefits and dealings with insurance companies, has hired banks including Goldman Sachs and Morgan Stanley to advise ahead of a possible initial public offering.