GoodRx files for IPO
GoodRx, a Santa Monica, California-based telemedicine and drug discount company, has filed to go public on the Nasdaq under the symbol "GDRX."
Why it matters: The company is among a flurry of tech firms that have recently filed to go public — and it's actually profitable.
By the numbers:
- GoodRx generated $388 million in revenue in 2019, up from $250 million the year prior.
- Its net income was $66 million in 2019, up from $44 million in 2018. In the first half of 2020 GoodRx generated $257 million in revenue, up from $173 million in the first half of 2019. During that same period, it had a net income of $55 million, up from $31 million in the first half of 2019.
- The company says its mobile app has 4.9 million monthly active users.
- The biggest shareholders are Silver Lake, Francisco Partners, Spectrum Equity and GoodRx's co-CEOs and co-founders.
Of note: The filing also comes as a big win for the Los Angeles area tech scene.