GoodRx Acquisition Highlights Strong 1Q Despite Amazon Threat
Prescription drug shopping app GoodRx, Inc.’s 2021 is off to a good start, with strong growth in its first publicly traded quarter yielding enough liquidity for the startup to purchase one of its competitors, RxSaver, for $50 million in cash. Experts say the deal and the company’s strong results are proof that it is here to stay, regardless of how retail giants like CVS Health Corp. and Amazon.com Inc. try to shake up the prescription drug market.
GoodRx reported 20% revenue growth year over year for the first quarter of 2021 and 9% growth in prescription volume, although income was only $1.7 million due to the acquisition of RxSaver and expenses related to the firm’s initial public offering. It acquired health and wellness video production company HealthiNation in April.
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