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GoodRx Holdings readies $100M IPO

August 28, 2020

GoodRx Holdings (GDRX) has filed a prospectus for a $100M IPO.

The Santa Monica, CA-based company has developed a platform aimed at helping consumers find lower prescription drug prices based on data gathered from more than 70K U.S. pharmacies. It experienced 15M monthly visitors last quarter. The company boasts that it is the most downloaded medical app in the Apple and Google Play App Stores.

Since consumers use the app for free, the company makes money by taking a cut of the cost each prescription, mostly from pharmacy benefit managers (PBMs). Almost all of the prescription volume is generated through brick and mortar pharmacies.

2020 Financials (6 mo.): Revenue: $256.7M (+48%); Net Income: $54.7M (+75%); Non-GAAP EBITDA: $101.2M (+36%); Cash Flow Ops: $83.8M (+67%).

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