What's Going On With GoodRx Stock Today: Q1 Beat, Outlook Revised Downward

GoodRx Holdings Inc GDRX reported Q1 sales of $183.99 million, down 10% Y/Y, beating the consensus of $182.08 million and the management guidance of $181-183 million.

Prescription transactions revenue (PTR) decreased 13% to $134.9 million compared to $155.5 million, driven primarily by a 5% decrease in Monthly Active Consumers and an ongoing shift in the volume of prescription transactions to certain retailers with lower pricing principally due to the sustained impact of the grocer issue.

The company reported adjusted net income of $29.52, down from $41.33 million a year ago.

Adjusted EBITDA declined to $53.2 million from $64.65 million a year ago.

“The business is seeing great momentum, but we also recognize the challenges we have been facing over the past year. We are excited to welcome Scott Wagner as Interim CEO and believe this leadership transition will further accelerate our growth and performance,” said Trevor Bezdek, Chairman.

Over 450,000 prescribers engaged through Provider Mode since its launch.

The company exited the quarter with over 7 million consumers of prescription-related offerings.

Guidance: GoodRx has revised FY23 sales guidance to $750-$775 million, compared to prior guidance of $780-$790 million and consensus of $783.98 million.

For Q2, the company forecasts sales of $185-$188 million compared to a consensus of $191.66 million.

Price Action: GDRX shares are up 4.48% at $4.90 during the premarket session on the last check Wednesday.