GoodRx, the company known for locating lower-cost prescription drugs, filed to go public on Friday, revealing its history of strong profitability.
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The company, which is based in Santa Monica, collects drug prices from pharmacies across the U.S. and helps users find the cheapest option for the medication they’re seeking. It also offers and applies coupons.
GoodRx reported having 4.9 million monthly active consumers with 80 percent repeat activity, per its S-1 filing with the United States Securities and Exchange Commission.
The company stands out among other companies filing to go public these days because of its history of profitability. It reported nearly $55 million in profit for the first half of 2020, up 75 percent from the $31 million it recorded for the same period the year prior, according to the filing. Total revenue came to $256.7 million for the first half of 2020, up from $173.2 million for the first half of 2019.
The company is backed by investors including Silver Lake, Founders Fund and Francisco Partners, according to Crunchbase. GoodRx last had a pre-money valuation of $2.8 billion ahead of an August 2018 funding round.
Silver Lake, Spectrum Equity, Francisco Partners and Idea Men LLC are among the largest shareholders of the company, according to the S-1 filing.
With its S-1, GoodRx is one of a slew of companies filing to go public within the last week or so. It joins high-profile companies like Snowflake, Palantir and Asana, along with fellow health care company Amwell Health.
While the IPO market had been sluggish during the spring, it’s certainly picked back up and looks to be a busy fall season. GoodRx stands out in the crowd for how profitable it is–and has been for the past several years. According to the S-1 filing, the company has been profitable since at least 2016, when it reported nearly $9 million in profit for the year.
Illustration: Li-Anne Dias
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