Why Is Telemedicine Firm GoodRx's Stock Trading Lower Today?

GoodRx Holdings Inc's GDRX Q3 sales decreased 4% Y/Y to $180.0 million compared to $187.3 million, primarily due to a $10.0 million contract termination payment to a client, partially offset by organic growth in prescription transactions revenue. Analysts estimated sales of $188.28 million.

Adjusted revenue increased 1% to $190.0 million, primarily driven by prescription transaction revenue growth. 

Prescription transactions revenue increased 3% to $135.4 million compared to $131.2 million, primarily driven by a 5% increase in Monthly Active Consumers partially offset by lower fees per transaction. 

GoodRx exited Q3 with over 7 million consumers of prescription-related offerings.

"We achieved an important milestone with year-over-year Adjusted Revenue growth, while strengthening and expanding our retail pharmacy relationships, announcing two additional integrated savings programs with MedImpact and Navitus as well as an exciting collaboration with Sanofi to help make insulin more accessible to all Americans," said Scott Wagner, interim CFO.

Monthly Active Consumers were 6.1 million compared to 5.8 million a year ago.

Guidance: GoodRx expects FY23 adjusted revenue of $752 million-$758 million versus a consensus of $754.94 million.

It sees Q4 FY23 adjusted revenue of $188 million-$194 million versus the consensus of $192.67 million.

GoodRx forecasts FY23 adjusted EBITDA margin in the high 20% range and mid-to-high 20% range for Q4 FY23.

Price Action: GDRX shares are down 20.90% at $4.33 on the last check Thursday.