Stock Track | GoodRx Stock Plunges 23% as Growth Outlook Disappoints

Stock Track2024-11-07

Shares of GoodRx Holdings, Inc. (GDRX) plummeted 23% on Tuesday after the digital healthcare platform reported third-quarter results that missed expectations and issued a disappointing growth forecast for 2024.

The company reported adjusted earnings of $0.08 per share for the quarter ended September 30, falling short of the consensus estimate of $0.09. Revenue rose 8.5% year-over-year to $195.25 million but missed analysts' expectations of $195.65 million.

The lackluster performance was compounded by GoodRx's lowered guidance for the full year. The company now expects 2024 revenue of around $794 million, down from the previous estimate of around $800 million and reflecting a slowdown in growth compared to 2023.

"While we saw solid growth in our core prescription offering during the quarter, our diversification efforts faced headwinds that impacted our overall performance," said GoodRx CEO Doug Hirsch. "We remain focused on executing our strategy and positioning the company for long-term success."

Despite the top-line miss, GoodRx's adjusted EBITDA margin improved to 33.3% in Q3, and the company raised its full-year adjusted EBITDA guidance to $255-$260 million, up 17-20% year-over-year.

Analysts noted that GoodRx's core prescription offering remains strong, but concerns linger around the company's ability to diversify its revenue streams effectively. Competition in the digital healthcare space has also been intensifying, putting pressure on GoodRx's growth and margins.

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