GoodRx, an organization finest identified for its prescription worth transparency instruments, will lay off roughly 140 workers, making up about 16% of its workforce.
In keeping with a filing with the Securities and Exchange Commission, the discount will primarily have an effect on its technology-focused and advertising and marketing segments.
“The corporate is concentrated on effectively rising its core prescriptions enterprise, accelerating its pharma producer options enterprise and doubling down on shopper engagement,” Karsten Voermann, GoodRx’s chief monetary officer, wrote within the SEC submitting. “As the corporate focuses on these objectives, it’s consolidating features and eliminating or decreasing funding in areas of decrease focus.”
THE LARGER TREND
GoodRx posted a $1.4 million internet loss through the second quarter, in contrast with $31.1 million in revenue through the prior-year quarter. It reported income of $191.8 million, a 9% enhance from $176.6 million within the second quarter final yr.
The corporate additionally stated it had resolved an issue with an unnamed national grocery chain – which analysts suspected was Kroger – that had affected the acceptance of pharmacy profit reductions for some medicine.
Throughout its second quarter earnings name, GoodRx stated it was specializing in creating new companies and incentives to make sure customers would create accounts on their platform, which it would not require to offer a “frictionless” expertise.
“We consider the advantages of deeper relationships with our shoppers will enable us to assist them higher navigate their healthcare journey with much more compelling GoodRx worth proposition and consumer expertise,” cofounder and co-CEO Trevor Bezdek stated.
“We additionally consider that permitting customers to offer us extra info will enhance the LTV [lifetime value] of every consumer in prescription transactions and different areas of the enterprise over time as we leverage it to create new instruments and merchandise for our customers in quarters and years to come back.”
GoodRx’s announcement marks the newest in a line of digital well being and well being tech firms which have laid off employees this summer time. Insider recently reported that telehealth companies vendor Wheel lower 17% of its workforce in mid-August.
AI-backed genomic and scientific knowledge firm Sema4 introduced it had laid off around 250 workers, about 13% of its workforce, final month. Its founder Eric Schadt additionally stepped down from his roles on the firm. Meditation app Calm additionally recently let go of 20% of its staffers.