GoodRx, an online platform that offers users coupons for price cuts on prescription drugs, recently filed a registration statement with the U.S. Securities and Exchange Commission for a public offering of up to $100 million worth of shares, according to a Sept. 7 Los Angeles Business Journal report.
Seven things to know:
1. With the IPO, GoodRx plans to fund its expansion into telemedicine, which it began last year after acquiring telehealth service HeyDoctor and launching its comparison telehealth shopping platform.
2. GoodRx can price drugs at 70,000 pharmacies across the U.S. The company makes money from the fees it charges on individual prescription purchase transactions or pharmacy benefit managers.
3. GoodRx co-founder and co-CEO Doug Hirsch told the publication that telehealth is "a natural extension" of the company's platform. "Our goal has always been to provide access to affordable and convenient healthcare to all Americans," he said. "We started by helping people find lower prices on prescriptions, but we've long wanted to help make doctor visits and other healthcare services affordable as well."
4. In fiscal year 2019, the company posted $388 million in revenue, and for the first six months of 2020, GoodRx reported $256.7 million in revenue, surpassing the $173.2 million it recorded during the same time period last year.
5. GoodRx also reported a rise in net income for the first six months of 2020, increasing from $31.2 million in the first half of 2019 to $54.7 million during the same time period this year.
6. According to its Aug. 28 IPO registration filing, Morgan Stanley, Goldman Sachs, JPMorgan Chase and Barclays Group will serve as lead bookrunners for the proposed offering.
7. Under the IPO, Mr. Hirsch and Trevor Bezdeck, co-founder and co-CEO of GoodRx, will each be awarded 4.5 million shares of Class B stock to maintain stake in company policy decisions.