GoodRx’s subscription programs now have over 1 million subscribers, co-CEO says
GoodRx co-CEO Doug Hirsch on Friday told CNBC’s Jim Cramer the company has amassed more than a million subscribers across its subscription offerings, while expressing confidence about future growth for the programs.
GoodRx, which offers prescription drug coupons to customers, has two subscription programs: the four-year-old GoodRx Gold and the Kroger Rx Savings Club, which was developed in partnership with the grocer and launched in 2018.
“It’s great. We have over a million subscribers to GoodRx Gold and the Kroger Rx Savings Club,” Hirsch said in an interview on “Mad Money.”
“We continue to add more benefits and features to Gold to make it as valuable as we can because, again, we want to help consumers and provide more and more value when they become a subscriber,” Hirsch added. The executive, who co-founded the company, noted the Gold program has expanded to also include discounted telehealth services and a mail-order pharmacy.
GoodRx Gold costs $5.99 per month for one person, or $9.99 for a family, and it promises to deliver subscribers up to 90% discounts on prescriptions.
In its most-recent quarter, GoodRx reported subscription revenues of $14.3 million, up 125% on a year-over-year basis. “We’re really proud of the momentum there. It continues to be one of the fastest growing parts of our business,” Hirsch said.
The company’s overall second-quarter revenue was $176.6 million, up 43% compared with the same period in 2020. Net income came in at $31.1 million.
Shares of GoodRx fell more than 4% Friday to close at $44.13 apiece. However, the stock has been on fire since reporting earnings Aug. 12. In the past month alone, GoodRx shares have risen 22.48%. The S&P 500, for comparison, is down about 0.7% over that stretch.