SANTA MONICA, Calif. - GoodRx Holdings, Inc. (NASDAQ:GDRX), the leading prescription savings platform in the U.S., reported third-quarter 2024 results that fell short of analyst expectations and lowered its full-year revenue guidance.
The company posted adjusted earnings per share of $0.08, missing the analyst consensus of $0.09. Revenue for the quarter came in at $195.3 million, slightly below the estimated $195.66 million and up 8% YoY.
GoodRx's prescription transactions revenue, its largest segment, increased 4% to $140.4 million, driven by a 7% rise in Monthly Active Consumers. However, subscription revenue declined 8% to $21.3 million due to the sunset of the Kroger (NYSE:KR) Savings Club partnership.
The company's pharma manufacturer solutions revenue saw significant growth, jumping 77% to $28.1 million. This increase was primarily due to a $10.0 million client contract termination payment recognized as a reduction of revenue in the prior year quarter.
"We continue to build momentum on our programs with brand manufacturers and anticipate about 20% YoY top-line growth in our pharma manufacturer solutions offering for Q4 2024, and 20%+ for full year 2025," said Scott Wagner, Interim Chief Executive Officer of GoodRx.
Looking ahead, GoodRx lowered its full-year 2024 revenue guidance to approximately $794 million, down from the previous analyst consensus of $800.7 million. For the fourth quarter, the company expects revenue of about $200 million, below the consensus estimate of $206.2 million.
Despite the revenue shortfall, GoodRx maintained a positive outlook on profitability. The company projects full-year 2024 Adjusted EBITDA between $255 million and $260 million, representing a 17% to 20% increase from 2023.
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