An increasingly connected economy in healthcare is driving creation of more multifaceted digital ecosystems delivering a spectrum of care, from prescriptions to diagnostics and more.
Given pandemic disruptions, the high cost of prescriptions drugs and limited access to in-person doctor visits over the past 20 months, platforms are stepping into the breach by integrating drug discounts, telehealth, wellness content and adjacent services for consumers.
Estimating that “we have helped patients obtain at least 80 million prescriptions they otherwise might not have been able to afford,” GoodRx co-CEO Doug Hirsch noted during a Q3 2021 earnings call on Wednesday (Nov. 10) that the company has “substantially expanded our highly extensible platform to address more of the consumer healthcare journey for more Americans.”
Pointing to recent acquisitions, partnerships and new product launches, Hirsch and co-CEO Trevor Bezdek touted key initiatives that drove record revenues of $191.1 million and net adjusted income of $39.7 million in Q3, pushed higher by a 31% year-over-year increase in monthly active consumers (MACs), a key metric for GoodRx usage.
The company said Prescription Transactions Revenue rose 25% year-over-year to $155.7 million on a 31% year-over-year increase in MACs.
GoodRx has been on a growth binge all year, with acquisitions including drug price comparison competitors RxSaver and RxNXT, as well as telehealth platform HealthiNation.
See also: GoodRX: Subscriptions Revenue Up 125% YoY, Subscribers Top 1M
The company also integrated with the Fetch Rewards platform and moved into the insurance space through an exclusive pact with online Medicare-focused health insurance marketplace GoHealth.
Hirsch said GoodRx is also tackling more of its total addressable market (TAM) by “launching brand drug integrated copay cards, expanding our Gold network, entering into distribution agreements with DoorDash and USAA,” and building relationships with manufacturers.
Subscription revenue rose 111% year-over-year to $16.2 million, “driven by a 68% increase in the number of subscription plans across GoodRx Gold and Kroger Savings Club, as well as a favorable change in subscription plan mix,” according to supplemental materials.
Read more: GoodRx Reports Spike In Subscribers Seeking Drug Discounts
He added that “we increased our diagnosis capabilities through the geographical and condition expansion of our telehealth services” rebranded as GoodRx Care, and launched the GoodRx Health portal, called a “next-generation online health resource where doctors, pharmacists, and editorial experts provide authoritative answers to thousands of crucial health questions.”
These various efforts find GoodRx expanding across three distinct healthcare categories: research and prevention, diagnostics, and treatment and adherence.
Bezdek said that “in the third quarter, we helped 6.4 million monthly active consumers and 1.6 million subscription members save on their prescription medications,” adding that the combined reach “of almost 8 million represents approximately 34% year-over-year growth.”
Saying that GoodRx had expected the sector to rebound to pre-COVID levels by Q3, Bezdek added that “what we have seen so far is a continued diagnosis backlog reflecting a lag in certain areas of healthcare utilization recovery, as well as volatility in the recovery pattern.”
Chief Financial Officer Karsten Voermann told analysts and investors that GoodRx predicts Q4 revenue between $212 million and $222 million “reflecting 38% to 45% year over year growth,” with full-year 2021 revenues expected to be in the range of $744 million to $754 million.
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