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GoodRx co-CEO Doug Hirsch told CNBC’s Jim Cramer on Friday that the company has racked up more than one million subscribers through its subscription offerings, while expressing confidence in the future growth of programs.
GoodRx, which offers prescription drug coupons to customers, offers two subscription programs: the four-year GoodRx Gold and the Kroger Rx Savings Club, which was developed in partnership with the grocer and launched in 2018.
“It’s great. We have over a million subscribers to GoodRx Gold and the Kroger Rx Savings Club,” Hirsch said in an interview on “Mad Money”.
“We continue to add more benefits and features to Gold to make it as valuable as possible because, again, we want to help consumers and deliver more and more value when they become subscribers,” Hirsch adds. . The executive, who co-founded the company, noted that the Gold program has expanded to also include discount telehealth services and a mail-order pharmacy.
GoodRx Gold costs $ 5.99 per month for one person or $ 9.99 for a family, and it promises to offer subscribers up to 90% off prescriptions.
In its most recent quarter, GoodRx reported subscription revenue of $ 14.3 million, up 125% year-over-year. “We’re really proud of the momentum there. It continues to be one of the fastest growing parts of our business,” Hirsch said.
The company’s overall second-quarter revenue was $ 176.6 million, up 43% from the same period in 2020. Net profit was $ 31.1 million of dollars.
GoodRx shares fell more than 4% on Friday to close at $ 44.13 each. However, the stock has been on fire since reporting earnings on August 12. In the last month alone, GoodRx shares rose 22.48%. The S&P 500, for comparison, is down about 0.7% over this period.
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