GoodRx drops 23% to hit new 52-week low after Q3 update

seekingalpha2022-11-10

GoodRx Holdings (NASDAQ:GDRX) lost ~23% to approach a new 52-week low on Wednesday despite reporting better than expected financials for Q3 2022 as the drugs savings platform cited ongoing impact from...

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However, with its Q2 2022 results in August, GoodRx (GDRX) said it resolved the dispute, which had impacted the acceptance of discounts for a group of drugs. “While we continued to see some impact from the grocer issue as we expected, the third quarter was highlighted by double-digit growth in our subscription and pharma manufacturer solutions platforms,” co-Chief Executive Doug Hirsch remarked. Q3 revenue at $187.3M exceeded previous guidance but dropped ~4% YoY as prescription transactions revenue fell YoY to $131.2M. Monthly Active Consumers slumped ~9% YoY, and the grocer issue led to a shift in prescription transactions to other retailers hurting the price. Meanwhile, net loss more than doubled from the previous year’s period to $41.7M, mainly due to a ~38% YoY rise in general and administrative expenses and a non-cash charge related to the vitaCare acquisition. GoodRx (GDRX) projects $175M – $180M in net revenue for the current quarter, which stands below the ~$204.9M in consensus. After the results, JPMorgan analyst Doug Anmuth with a Neutral rating on the stock, reduced his $8 per share target on GoodRx (GDRX) to $6 as management expects the grocer issue to hurt its prescription transactions revenue until 3Q 2023. “We expect to continue seeing the year-over-year impact of the grocer issue until 3Q 2023 when we left 3Q 2022, which was the first quarter with full impact of the disruption,” finance chief of GoodRx (GDRX) Karsten Voermann noted during the earnings call on Tuesday.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2282208130"}