GoodRx Holdings, Inc. (GDRX) Earnings Call Transcript & Summary

Hi, everyone, and welcome back to our next session here at the 30th Annual Goldman Sachs Communacopia Conference. For those who don't know, my name is Eric Sheridan. I'm a Goldman Sachs' U.S. large cap Internet equity research analyst. And it's my pleasure to host the team from GoodRx today as part of the conference, Doug Hirsch, Co-Founder and Co-CEO; Karsten Voermann, CFO; and Whitney Notaro, Investor Relations. I'm going to turn it over to Whitney first to read a disclaimer, and then we're going to get into a fireside chat. Whitney, take it away.

Thank you for having us, Eric. Before we begin, I just want to remind the audience that this webcast may contain forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any forward-looking statements are based on management's current expectations and are subject to certain risks and uncertainties. Please review our SEC filings for risk factors that could impact our future performance. Thanks. Back to you, Eric.

Thanks, Whitney, and thank you, Doug and Karsten, for being part of the conference.

Doug, I want to start with you. For those who don't know the GoodRx story as well, maybe just set the table for us. You and the team there, what are you building? What have you built in the last few years? Where are we taking this against the opportunity set in the years ahead?

Sure. And thank you, Eric, and thank you, everyone, for taking the time to spend a little bit of time with us today. Trevor and I started GoodRx to provide affordable and accessible health care for all. We just wanted to demystify an incredibly complex industry. I think at this point, all Americans know that our health care system is just a mess. And getting basic information like how much does something cost is almost impossible to find. And that's really what the genesis of GoodRx was. I literally was just a regular American consumer with insurance who [indiscernible] the prescription in hand about 10 years ago, and the pharmacist said it'd be $500. And I was just shocked. My doctor had warned me. And because I'm curious and maybe a little thrifty, I took that prescription back and I went to a pharmacy down the street, they said $250. I went to a third pharmacy where they said $450, but then they ran into the parking lot and said, "Yes, I really want you to get your meds. Let's work on a deal." And sort of by accident, I discovered that there was actually this market and the most opaque market of all and the biggest market of all, which is health care, a $4 trillion industry. And so GoodRx was really just born from a very simple idea. It was really just the premise of, could we find people information, prices and potentially discounts that they could actually just afford their prescriptions at the time. 10 years later, we've saved Americans over $30 billion on prescriptions. And honestly, I'm so proud of that. That's what gets me up every morning. Our business is stronger than ever. As you may have seen, we have record revenue, record profit, record users in Q2. All of this just positive momentum and the spinning wheel has allowed us to extend our platform from our focus on prescription discounts to now we have a really successful subscription business. We have a huge pharma manufacturer solutions offering and then telehealth as well. And all these different categories are growing rapidly, and I hope to talk to you about them today. Today, we impact almost 20 million Americans a month, and that includes a lot of health care professionals. About almost 20% of the people that come to GoodRx actually are doctors who are just trying to help their patients or other health care professionals who just want to close that gap so that people can get their care and their prescriptions that they're prescribing. This platform is the foundation to allow us to continue to offer more valuable services. And every day, these days, I'm focused on trying to fix the rest of this $4 trillion industry. At the end of the day, we're really just empowering Americans with the knowledge, choice and care that they need to stay healthy, regardless of their income or insurance status. We really want to just reinvent health and really reinvent digital health as best as we can. And so I guess, look, for me, it's all about this highly extensible platform and offerings, and we think we're just in this incredible position as America's trusted advocate when it comes to this really confusing and often frustrating massive market.

And maybe jumping off that answer there, you guys have talked going back to the IPO and even most recently, where you did a lot of disclosure and laying things out for folks in the most recent earnings report about the addressable market you're going after. I think it's about $800 billion plus in total across a number of different opportunities. Can you unpack the prescription opportunity, the manufacturer solution opportunity and the telehealth opportunity so people know sort of how you're aligning the business against the broader end market?

Sure, I can probably take that one. Yes. Thanks, Doug. I appreciate it, and thanks for having us as well. With respect to the market opportunity, we view the market opportunity as fundamentally, I think, the simple answer is huge. It's a $4 trillion health care market, and we believe we have a massive near-term opportunity across prescriptions, telehealth and manufacturer solutions to penetrate it quite deeply indeed. I'll break each of those down as quickly as I can, starting with the prescription drug side. On the prescription side, consumers can find discounts for both generic and brand medications through GoodRx. The prescriptions drug market has a TAM of over $500 billion. And that TAM is one that we've only captured around $2.5 billion of or we had that as of 2019. So a tiny portion of this very, very large TAM indeed. And that's where we have so much runway ahead of us. The biggest challenge, frankly, is that 70% of consumers aren't necessarily aware that prescription drug prices can vary between pharmacy, let alone that they can use tools like GoodRx actually to save money on them. So we monetize the prescription business via a take rate on the GMV, so on all the transactions that we can aggregate and help consumers fill. And we get paid by the PBMs, the pharmacy benefit managers, who are the ones who benefit from us driving incremental volume to them. In that context, the prescription transaction volume is mostly made up of generic medications today and lower-priced branded [ WAMs ]. The primary reason for that, frankly, is even if we take the price of a very expensive medication, like say, a $2,000 a month specialty drug down by the almost 80% we save consumer, that's still at $400 and often more than a consumer can afford. So in a moment, I'll get into how we help and solve consumer problems in that area. But before I go there, let me touch briefly on GoodRx Care. GoodRx Care is our telehealth offering, and that offering is one that we rebranded after we bought an entity called HeyDoctor a couple of years ago. It continues to be a growth engine for us, and it has an exceptional user experience that's incredibly highly rated. Last time I checked on the App Store, it was a full 5 star, which is pretty hard. 4.9, doable, but a full 5 is hard to achieve. And GoodRx Care focuses on low-cost, prescription-associated, low-risk condition that provides really another entry point for consumers to our platform, and it allows us to be with consumers with a critical point in their health care journey. It also drives incremental volume for our prescription subscription and manufacturer solutions offering. The rebrand of it and the unified experience we created means that actually over 40% of telehealth business converted to GoodRx Gold or into subscription. So there's a great attach rate. And more broadly, approximately 60% of Care visits drive some kind of incremental revenue for us. So a great way to think of telehealth is not that we necessarily want to be Teladoc, it's more that this is an incremental great avenue into the GoodRx platform, broadly speaking, and a great way to acquire new users without us having to spend marketing dollars to do so. Then finally, I think we want to touch on our manufacturing solution. I'm really excited about this business, both because it's 3x year-over-year growth and also because it's just such a high-margin business. The business has a $30 billion TAM by both the consumer and the provider segments of it. And today, we only have relationships with about 10% of the 550 manufacturers serving the U.S. market. Pointedly, we're in 19 of the top 20 manufacturers with reference deals of, which allows us to rapidly expand horizontally into more medications at those manufacturers from the roughly 4% we serve today to a much greater number. So again, among the top 20, we could theoretically expand almost 25x. And then we have beyond the top 20, another 500-plus manufacturers that we can still penetrate into. And because the TAM is so large in both HCP targeted for about $20 billion of the $30 billion, and consumer targeted for the other $10 billion, we believe we're uniquely situated to help both constituencies because most entities focus either on health care providers or on consumers, but that intersection is quite rare and one that we can serve quite well. Again, it's all about empowering Americans and their health care providers with the knowledge, choice and the care they need to stay healthy, and we've made tremendous progress penetrating into the TAM over the last decade. But we've got a heck of a long way to go given that we're still single-digit penetrated at most into any of the markets I talked about, giving us a ton of room to move forward.

Great. Maybe building upon that, when you see these kind of market opportunities and you see the level of growth and margin you guys put up as a company, naturally, competition tends to rise in different industries, and there's been a lot of back and forths in the press around competition in the space since last fall. Doug, maybe you can give us your perspective on what you see in the competitive landscape versus what you're trying to build at GoodRx and how you sort of measure yourself from a competitive advantage standpoint against some of those competitors you see coming into various elements of your marketplace.

Sure. It's interesting. When I think of competition, I really think our primary competition is people who just don't know. People who don't understand that drug prices vary, who assume that just because they have a job which offers them insurance, that they're good to go until they have that awful experience at a pharmacy or at a hospital or a doctor's office, and suddenly, they simply can't afford the care that they need. And so I think really about competition is just the old way of doing things as opposed to the new. In our entire history, no competitor has had a material impact on our growth trajectory. Companies have tried to copy our model. I can't -- I'm sure there's like all variations of GoodRx, but none of them have actually impacted our business. Amazon, as we all know, has been trying to grow a pharmacy delivery business. We believe that they have not been successful to date. And some of the reasons for that are it's sort of counterintuitive. I know in a day when everyone gets a package every day on their doorstep. But mail-order prescriptions still only make up about 5% of the fill count in the U.S. Even with COVID, which you think would be the ultimate jet pack for mail-order prescriptions, mail remains a very small piece of overall volume and is actually starting to decrease as COVID eases. As we said in the past, Amazon's PrimeRx card was really launched to just enable Amazon Pharmacy to display third-party cash prices on their site, not because they actually think that someone's going to walk into a Walmart with an Amazon discount and get a lower price. And we haven't seen a lot of evidence of any third-party surveys or any volume data from any constituent in the industry that says there's any traction here. I really believe there's almost no usage of this PrimeRx discount at retail. More broadly, if you think about our competition, it's really kind of fragmented and it consists of competitors that are way smaller than GoodRx in terms of revenue or even just recognition. We've seen other players try to enter the space in a whole bunch of different shapes and sizes, consumer brands, health plans, and they all try to replicate our business model. But really, honestly, we don't see any traction from anyone else. Again, we have record revenue, record profit, record users. We're simply just America's leading resource for health care savings. And again, over $30 billion in savings so far, about 20 million visitors a month. One of the most important things that we have, which would fend off, I'd argue, any significant competitor, is our NPS scores, where we have an NPS score of 90 with consumers and HCPs about 86. And this is just a flywheel which every positive transaction means they tell their friends, they tell their family, their doctors spread the word. And so it just strengthens the GoodRx brand and ultimately makes a more formidable moat. This leading platform and leading brand allows us to reach more consumers. And with all this volume, we get better pricing and more consumer savings. So ultimately, I just think -- I'm an entrepreneur. I've been running this company for 10 years. I'm that same guy that walked into a pharmacy 10 years ago, and I remain constantly paranoid and always working to make sure that we have the best product out there. But I believe very strongly that we're in a great position with a virtuous cycle and honestly, a deeply competitive moat.

Maybe following up that as sort of an output of the competitive dynamic. When you think about what you've built, you have sort of a multisided platform model where there's a lot of different participants that gain a mix of savings and volumes depending on where they play in that platform. How do you think about take rate on the platform and unit economics and driving monetization from the platform, the benefit you deliver to the participants on the platform and how that might evolve over the medium to long term?

Karsten, do you want to take that?

Sure, Doug. Thank you, and thanks for the question. Yes, GoodRx's take rate has been consistent to moderately increasing over time. And we believe it's very sustainable because the volume we drive through our PBM partners is incremental to them and goes almost directly to their bottom line. Take rate is driven by its scale, and we leverage our really big volume as savings to consumers and to keep some of those savings for us, frankly, in the form of a take rate. PBMs are happy to pay for the volume. And given they're essentially fixed cost players and the volume is largely incremental, the benefits to them are somewhat obvious. The PBM level of happiness with the relationship that we have is evidenced by, I think, a couple of things empirically. The first growing -- the first is our growing count of PBMs. Over time, we've announced that we've had more and more PBMs, including a couple more in the last quarter. So we have well over a dozen today. Unless PBMs come to GoodRx, we tend to continue to have a relationship with them essentially forever. They -- we haven't had PBM certainly who've expressed a desire who have actually -- who've actually elected to leave the GoodRx platform. We should also note that PBMs and take rate aren't really a KPI we manage to. It's really a byproduct of other things we do. We grow our scale as much as possible to help consumers. And growing that scale has allowed us, even though our take rate has increased, to ensure that PBMs on the other side are -- even though their margins might be decreasing our GoodRx business, they're actually getting more and more nominal dollars year-over-year in both cases. I think the other reality that's helpful is that in the context of the PBMs and our deep relationship with them, the fact that we're giving PBMs more volume doesn't just help them make money out of GoodRx, but incremental volume positions them to negotiate well with drug manufacturers and make all of their other business more profitable, too, as they leverage our volume to push manufacturers to lower pricing for [indiscernible]. So overall, we really appreciate our deep and robust relationship with the PBMs. We look forward to continuing to work with them.

Great. And maybe coming back to growth of the business, but zooming in on adding net additions, new buyers, new consumers onto the platform and that element of it. That metric has been fairly volatile through the pandemic. And I think if you go back over the last couple of quarters, you guys have talked about various elements of the business, doctor visits, foot traffic into pharmacies, things like that. Can you talk about some of the key learnings from the pandemic environment and how that's impacted net additions into the model? And as the world begins to reopen, how investors should be thinking about putting some of that in the rearview mirror and seeing more linearity maybe going forward in terms of net additions on the consumer side?

Karsten, I think that's another good one for you.

Yes. Thanks for the great question. I really appreciate it. And yes, I think we -- you summed it up well when you talked about linearity going forward, I think. So COVID generally changed how health care is consumed broadly with a bigger shift to digital, more people interacting with one another remotely and an accelerated, of course, consumers' adoption of telehealth, some of which will probably be permanent, though I think we've seen the usage decrease a little. That said, and as we said on our second quarter earnings call, we've seen sequential improvements in usage generally since the beginning of this year. So as health care has reopened, we've seen new therapy starts and new prescription volumes increase, but there's still a normal level as we see it and as a lot of the third-party data shows it, too. So there's a diagnosis gap or backlog that we're certainly still growing through the second quarter and when we did our last big earnings call, which means that we continue to have a growth inflection or effectively have a coiled spring of these undiagnosed conditions that are ahead of us. And as they become diagnosed, that energy will be released and that volume will also become manifested. The significant number of them are tied to conditions that you just don't get better from, like cardiac conditions or even cancer-related diagnoses. So we know that, ultimately, that as those consumers are helped by their providers, those medications will be needed and we'll be standing by to serve them. I think as more time has elapsed, that gap has decreased. So it's starting to level off. So we're returning to normal, but we haven't yet benefited from the effect of the backlog actually shrinking and the additional demand that, that causes. In terms of timing of back to normal, I think that remains a little uncertain. We're getting closer now. And I think things like the schools remaining open and health care broadly remaining open, unlike during the pandemic, leaves us well positioned to capitalize on the recovery as it continues further. And the headwinds that we've seen previously are going to become a tailwind moving forward. So we don't expect that big backlog to be cleared super quickly either. It will take a period of time. But ultimately, certain to be a tailwind, and we'll just be there to meet consumers when they need us, to meet health care providers when they're referring their patients to us. We'll play a leadership role post pandemic, just like we did before, and we'll help Americans reengage with their physicians and help physicians be ever more efficient in getting their patients on the medications they need at a price they can afford.

Great. On the last earnings call, you spent a lot of time on the manufacturer solutions part of the business as well as we talked about a little bit earlier against one of the big market opportunities. I wanted to come at this from 2 different angles. One being, what kind of growth can we expect from that business from adding new brands, new participants in manufacturer solutions versus the opportunity purely from just gaining wallet share of your existing manufacturer solutions customers? How should investors think about both elements of driving growth in that business longer term? And then the second part of the question, which is in terms of your asset portfolio, you recently acquired HealthiNation to add health content to the platform. How should we think about aligning investment and growing the asset base when thought -- when thinking about manufacturer solutions and the opportunity set there? So really a growth component and an investment component to that business.

Sure. I can probably tackle the first part, and I think Doug is probably great to tackle the second part. So we'll take this one together, if that's okay. I think with respect to the first part, we're really excited about the tremendous progress on manufacturer solutions to date. And we believe we're still in the early stages of penetrating the $30 billion TAM that we're talking about a couple of questions ago, both on the consumer side and on the health care provider side for that matter. We have relationships with about 10% of the roughly 550 manufacturers that serve the U.S. market. So there's a big opportunity just on counts of manufacturers to interact with. I think the other piece is we've made a strategic decision to focus on targeting the top 20 and all of the top 20 manufacturers first. And while that's not necessarily the way to optimize near-term revenue insofar as sometimes it's easier to get more volume out of 1 or 2 of the top 20 than as we did penetrating all 19 of the top 20, we believe it situates us better for long-term growth for a couple of reasons. First, we have a reference deal in each of those accounts that's throwing off nice ROIs, and those nice ROIs are what's caused many factories to keep on reinvesting with us with great renewal rates well in excess of 90% and great net revenue retention rates well in excess of 150%. We think it's also important because the top 20 active bellwethers where they help show other manufacturers how they also should be investing. And that's one of the reasons we took this approach. But we're only in about 4% of their brands. So even among the top 20, in theory, we could grow to be 25x bigger. And then we've got the other manufacturers behind those as well. The trusted brand and the increasing scale and reach and the deep relationships with providers, especially as well as consumers, are what's allowed us to penetrate this market so successfully so far and why we think we'll see similar growth trajectories, as we said in the last earnings call, for some time to come just of volume even before we start leveraging price and the fact that we're providing such great ROI to manufacturers today. With that, Doug, you should probably jump in on HealthiNation and investment broadly.

Yes. I mean I think we've proven through our history that we're actively engaged in M&A. And when we see opportunities, we will strike. Our themes around M&A are really just focused on innovation on 3 key principles. Number one is awareness. Number two is access. And number three is adherence. In awareness, we're looking for ways to reach and engage consumers and HCPs to deliver just the best compelling and exceptional experience, which obviously is so hard to find in health care. When we see something special, we will make a move to try and bring them into the GoodRx platform. HealthiNation is a great example of this. It just got incredible editorial with award-winning content producers and a unique and deep video library. It's just a perfect complement to our user base and helps educate consumers beyond price, right, and starts to talk about other aspects of the patient journey. In terms of access, we're always looking at new and innovative ways for consumers and HCPs to access their medications, right? And so we'll continue to look at opportunities there to ultimately just get more prescriptions and more folks' hands and get more access to care as well. And then on adherence, once someone has a plan, we got to keep people on plans because adherence, as you may know in America, is generally pretty poor. And we believe that, that trusted relationship we have allows us to engage with our large audience to find new and creative ways to keep people on their medications and to keep people ultimately staying healthy and doing those positive behaviors. And so again, those are the kind of the 3 principles that we use as we look out into the market and look at M&A opportunities.

Okay. And then the other big opportunity you talked about in the first part of the fireside was the telehealth opportunity. Obviously, telehealth benefited from the environment we found ourselves with the pandemic. You've also, to Doug's last point, been acquisitive around telehealth. Talk a little bit about what you've learned about the telehealth opportunity, how you expect the telehealth opportunity to just fit into your broader offering, what it might do for growth of the customer base or amplification of the customer base over time and how it fits into your broader acquisition strategy as well.

Great. I'm happy to take it. I think Karsten will probably fill in the second half of that question. So yes, COVID has honestly changed how health care is consumed, right? And there's this incredible acceleration of consumers' adoption towards telehealth. Some of which, I think, but not all, will be permanent. One of the reasons we got into telehealth was we learned that 20% of the people that were coming to GoodRx looking for prescription didn't actually have a prescription in their hand. And we wanted to give them a consumer-friendly and affordable way for someone to simply get from point A to point B and get that prescription to be able to ultimately get the care and the drug that they were looking for. So GoodRx Care, which is our telehealth offering, which we rebranded from HeyDoctor, the company we acquired earlier this year, is a great growth engine for us, and it has just an exceptional user experience. If you haven't tried it, it's just honestly incredibly simple and exactly what a doctor business should be for the kinds of services and drugs that we're prescribing. Care focuses on low-cost prescription-associated conditions. It's another entry point for consumers to access our platform and allows us to be with consumers at a critical point in their health care journey. And lastly, it drives incremental volume to our prescription, subscription and manufacturer solutions offerings. The rebranding from HeyDoctor to Care, in combination with the continued work on all these cross-platform integrations and unified user experiences we're pushing out now, are delivering strong results with over 40% of telehealth visits now converting into Gold subscription. We're very proud of that. More broadly, about 60% of the Care visits drive incremental revenue through other offerings, up from about 30% just earlier in 2021. We think that these cross-platform integrated experiences will continue to enhance our ability to cross-sell even more going forward, which increases the stickiness in the LTV of our users. Karsten, do you want to take the questions on GoodRx Care?

Absolutely. So when we think about margin broadly, the margins of GoodRx overall continue to be very strong at the mid-90s level. Certain elements, like our manufacturer solutions offering, really just have sales costs associated with them. So as that continues its rapid growth, 3x year-over-year that we discussed in the last earnings call, that has an effect of potentially amplifying margins further as it becomes a bigger percentage of revenue, like we talked about back then. I think Care is a little different because it's inherently a lower-margin business than our other offerings. And our focus since the acquisition of HeyDoc that we rebranded as GoodRx Care has really been on growth, increasing our reach and touching more consumers by increasing the number of conditions we can treat and expanding into more geographies now across the whole U.S. So we're in all 50 states. We continue to add conditions. And we've added services like mail. And we've continued to improve the product in a whole bunch of different dimensions. And we've already improved the gross margins pretty significantly since going public. And we expect those margins to improve even further long term. And we continue to view it as when that's continue -- that it will continue to be integral to our offering. I think that said, it's always going to be lower margin than some of our other GoodRx services. And when we think about telehealth, we think of it almost as not only just an important piece of our platform from its ability to help consumers, but because it allows us to help consumers and meet their demand for timely, convenient and affordable access to care. It also provides an incredibly important second entry point into the GoodRx platform. It's almost like another marketing channel, but instead of costing us given the margins on it are such that it's roughly breakeven, it allows us to market effectively at almost no cost to us and create tighter relationships with our consumers and be at the site throughout their health care journey. And then as other products and services attach, be they subscriptions or be they other GoodRx offerings like our prescription transactions offering, we benefit even more from the margin that those offerings provide, which is, of course, higher. Is that helpful?

Yes, it is. And I wanted to use that as a jumping off point because I think, obviously, one of the biggest themes in consumer Internet is this concept of the rising penetration of subscriptions. And you guys have seen a lot of success with folks adopting subscriptions on your platform. It has a lot of elements of lowering churn, increasing LTV to CAC and how value-added services get layered in there. Maybe just talk about your own subscription offering, what you've learned since its inception to date and how it informs where you want to take the platform and what the outputs might be for monetization, margin structure over the long term. I don't know which one of you want to take that. Maybe both of you want to touch upon it.

Yes. Maybe I can take a bit of it first and then leave some for Doug. That sounds perfect. We're really excited about our subscription offering and its growth. The nearly doubling 86% growth year-over-year is great. And it's a really important offering for us because one of the most exciting things about it is that while our core prescriptions offering is almost friction-free from a conversion of a funnel perspective, we don't need to know much about you at all. All we need is a drug name, and we can save you a lot of money and make you a very, very happy customer. Hence, our 90 NPS with consumers. Our subscription offering is important, too, because the growth, the 86% I mentioned, the scale, the fact that we're over 1.05 million subscribers and over 1.5 million members, so people are represented by those subscriptions given some of them are family plans, has really helped our business and helped us drive more deep and intimate relationships with our customers. Subscriptions are a natural extension of our prescription transactions offering. And they really allow us to deliver more savings and more value to consumers while increasing LTV both in the near term for us and through those deeper relationships we're driving, increasing LTV in the longer term, too. The tighter relationships that we develop with the prescribe -- with the subscribers also mean that we have a different way of interacting with them that allows us to both cross-sell more services today, but even more importantly, have a different dialogue than with our prescription transactions offering, which is more 1 way because of its frictionless nature and because of the way we interact with consumers there. When we compare the subscription revenue for a subscriber to the prescription transaction revenue for MAC, I think one of the things a lot of people struggle with is why the LTV is so great on the subscription side. But it's important to remember how we monetize subscriber versus MAC and the relative frequency of each of those monetization events. On our subscriptions, subscription fees on Gold are invoiced or paid monthly, so we get that revenue every single month. With our Kroger plan, very similarly, we get the [indiscernible] upfront. But again, it's for an annual subscription so that revenue comes in ratably each month as well. And that frequency is what leads to higher monetization and ultimately LTV than our MACs because the MAC frequency can be a little different. It can vary. Some folks are on 30-day pill, which is like a subscription, but many are also in 60- or 90-day pills or maybe even acute. And that's even less frequent. And that's why the subscriptions offering, ultimately, is so valuable to us in the immediate term, along with giving us that great relationship we can leverage for more cross-sell as we add more and more services in the longer term. So from a customer acquisition perspective, we haven't had to spend a lot to get people on board for Gold. And of course, on Kroger, that most of the marketing is at the point of sale by Kroger, so that's even lower cost. And yet we still get this very attractive return through this monthly monetization that's more frequent than in our core MAC business. So with that, I think what I'll do is I'll also turn over to Doug to talk about Gold and some of the other examples that we really think will be just positive to the question.

So one of the things that's most exciting about being here is when you provide a valuable service like we do, we often get inbound interest from all sorts of parties who want to basically incorporate GoodRx into their workflows and further constituencies. And honestly, over the course of the 10 years that GoodRx has been in business, we've been approached by many constituents, especially companies like DoorDash and USAA, who are saying, "Hey, I want to offer this value and this benefit to my constituents." And so finally, we're so excited to be able to talk about partnerships like DoorDash and USAA, where, in this case, Dashers and USAA's 13 million members can pay $10 or less for over 1,000 prescriptions, connect with health care providers for a really low rate and get free meal delivery for certain prescriptions. These 2 agreements are great examples of how we can reach even more Americans, including those in the gig economy through DoorDash and those in active service are veterans of USAA. Look, historically, most new subscribers came to direct-to-consumer marketing or through upsells from our existing prescription user base. But we really believe that there's just incredible inbound demand and interest in offering gold on a B2B basis and ultimately just driving more consumers and more subscribers to our program. We're just getting started with this. I want to be honest. I think this is quite early. There's so much interest and inbound interest for Gold, and we're really, really excited to grow the program, to grow the benefits within the program. And we expect to see more opportunities like this real soon.

And Doug, I want to stick with you. I know we only have a few minutes left, but maybe I can touch upon a few key points towards the end here. You talked a lot about capital allocation and M&A and partnerships in areas where you're trying to build the business and build partnerships. Last quarter, you announced agreements with GoHealth and Surescripts. Can you give us a sense of why those made sense for GoodRx as a platform and how you think they benefit your company as a result of those agreements?

Sure. And I know we're short on time, so I'll give you a short answer. And I'm the expert on GoHealth and I'll pass to Karsten for Surescripts. On GoHealth case, insurance is something that -- look, remember, we're the trusted advocate for Americans, for 20 million Americans. Almost 20 million Americans a month are coming to GoodRx. We're helping them buy the prescriptions. But for a lot of drugs and certainly for care, insurance is an important conversation to have with anyone. And so it's really just a category we haven't addressed before, but the reality is that 75% of the people that come to GoodRx have insurance and over 30% are in Medicare, right? We have almost 20 million Americans who come to our platform every month, and we're their trusted advocate. And our mission ultimately is to find the care in whatever capacity we can do that. The GoHealth agreement is super exciting to me because it delivers more value to our users and opens up a whole new acquisition channel for us, where a Medicare-eligible person can find and enroll the best Medicare plan on GoodRx. It expands our reach by giving GoHealth members access to the affordable choices offered by GoodRx. It's really just an exciting step for us because when I think about solving care, there's prescriptions, there's care, and of course, there's insurance. And this is an exciting step into that marketplace and it creates significant value for us. And it's just one of many platform extensions you should expect from us in the future as we continue to offer more value, more benefits to our growing audience of users. I'll throw it over to Karsten to talk about Surescripts real quick.

Yes. Thank you, Doug. We're -- on Surescripts, we are proud of our agreement with them, and we believe it creates a great opportunity to continue to strengthen our physician relationships because it makes it easier than ever for health care professionals to recommend GoodRx. By working with Surescripts, we can help prescribers make informed decisions and address prescription cost concerns for uninsured patients, in patients whose coverage is not available otherwise. So Surescripts really helps in that scenario where we can do the most good. And we're proud of the deep relationships that we've built with health care providers over the past decade. They're a really critical driver of consumer awareness for GoodRx and a great referral channel on our behalf. We've got about 2 million prescribers in the U.S. that have patients that's used GoodRx, and 80% of physicians recommend us. With more health care professionals and consumers accessing GoodRx and GoodRx prices in a simple and easy way, such as through the [indiscernible] that Surescripts integrates with, we look forward to continuing to partner up to support providers at the point of care. This is one of the many platform extensions that you should expect that we'll continue to make over time as well. We're really excited about the opportunity to support our providers the best possible way.

Great. I know we've got just a few minutes left, but I want to put a finer point and give each of you an opportunity to weigh in, in the last few minutes here. We've talked a lot about growth opportunities. We've talked a lot about the evolving margin structure of the company. What are the key messages you want to leave investors with as a mixture of both the growth opportunity and the margin opportunity as this platform continues to scale over the next sort of 5-plus years?

Well, first of all, I want to thank you guys for your time today. Eric, I really appreciate you having us here today, and it's always a pleasure to talk to you. Look, I could not be more excited. Again, it's been a decade I've been doing this. And I'm just -- I feel like the potential is incredible. We have record revenue, record profit, record users in Q2. Our business is simply stronger than ever. We're empowering Americans with the knowledge, the choice and the care they need to stay healthy regardless of insurance status. We've made so much progress in the last 10 years, but honestly, it's just a start. There's so much exciting stuff that I'm looking forward to showing you real soon. We just believe that the runway and the opportunities we intend to capture are massive. Our health care system [indiscernible] remains broken. It's still a $4 trillion market. And we believe that we can be that force to honestly just improve health care and improve outcomes for everybody. And we've got an incredible slate of products coming, and we're excited to show them to you in the near future.

Karsten, anything you wanted to add there? Or should we...

I think that sums it up. And given that we're out of time, I'll [indiscernible].

That's tough to follow, but I wanted to give you the last word if you want to weigh in on anything.

No, I just want to thank you for the opportunity to be here and give GoodRx, Doug and give me a chance to participate. We're very grateful and look forward to talking soon again.

Great. And investors and to everyone on the webcast, thanks so much for tuning in to listen to the GoodRx management team talking about their company today. And personally, for me, thanks to Doug, Karsten and Whitney for being part of the conference. I look forward to connecting soon. And everyone, have a great day.

Thank you, everybody.

Thank you.