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

Hi, everyone. Thanks for joining us at the 40th Annual JPMorgan Healthcare Conference. I'm Doug Anmuth, JPMorgan's Internet analyst. We're happy to have with us today, GoodRx. GoodRx is building the leading consumer-focused digital health care platform in the U.S., helping Americans get the health care they need at a price they can afford. The company connects consumers with affordable and convenient prescriptions and medical care, including telehealth, mail order prescriptions, doctor visits and lab tests, and has saved Americans more than $35 billion since 2011. The company had more than 8 million prescription consumers in 3Q, and we estimate about $750 million in total revenue in 2021. So today, we're joined by Co-Founder and Co-CEO, Doug Hirsch; and CFO, Karsten Voermann. Doug has spent his career in the consumer technology space. He was an early employee at Yahoo!, where he built early online communities. He also ran Yahoo Entertainment. He went on to Facebook as VP of Product, and later founded DailyStrength, a social network focused on health and wellness before cofounding GoodRx in 2011. Karsten has been GoodRx' CFO since March of 2020, and he previously served as CFO of Mercer Advisors, and also Ibotta. He has more than 20 years of financial experience with public and private companies. So welcome, Doug and Karsten. In terms of format, Doug and Karsten will present for about 20 minutes, and then we'll jump into another 20 minutes of Q&A. And I'll turn it over now quickly to Whitney Notaro, GoodRx's VP of Investor Relations, for a brief disclaimer.

Thank you, Doug, and thank you all for joining our presentation today. Before we begin, I would like to remind you that management's remarks in this presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by those forward-looking statements as a result of various important factors, including those discussed in the Risk Factors section of our Form 10-Q for the 3 months ended September 30, 2021, and other filings with the SEC. Any forward-looking statements made in this presentation represent our views only as of today, and we undertake no obligations to update them. For additional information, please refer back to the disclaimer slide in our presentation materials. Please note that we will not be commenting on our fourth quarter performance or providing guidance or expectations related to 2022 today. With that, I'll now turn it over to Doug. Doug, I think you might be muted.

I am not muted. Sorry. I apologize. Welcome to a virtual JPM. Thank you, again, Whitney, and thanks for having us, Doug. At GoodRx, our mission is and has always been to help Americans get the health care they need at a price they can afford. These founding principles were shaped by an experience I had at a pharmacy back in 2010 when I presented a prescription at my local chain pharmacy, and was told it would be $500. Now I'm pretty cheap. So of course, I just was shock and my doctor and I hadn't talked about it. And so I actually took the prescription back. And I went to another pharmacy down the street where they asked -- they said, it would just be $250. And it was half the price. And I had no idea there was any variation in pharmacy pricing. I took it to a third pharmacist who told me about $400. And when I walked out, she chased me the parking lot because she really wanted me to fill my prescription and wanted to come up with a solution, so I could find the care that I was looking for. And this was an incredibly eye-opening experience for me. I have no idea of the health care pricing varied. And with my technology experience, I just was shocked to learn that there was just such a wide variety in this incredibly important market. And they discovered that not just pharmacy prices vary but also that they were incredibly easy ways to save, but you had to know where to look. I never wanted anyone to feel is helpless and frustrated as I did that day. At GoodRx, we believe everyone has the right to know what their health care will cost. We also believe Americans need -- actually deserve tools and strategies to navigate our overly complex health care system. 10 years later, the need for our services is only increased, not just for prescriptions, but for all of health care. Today, the U.S. comes in at #11 in the developed world when it comes to health care quality, #11. That's just awful. And that's not even the bad news. We spend twice as much per capita compared to other OECD countries. We pay more, we get less, way less. Many people simply avoid care. Those that do get care can be overwhelmed with debt, often experiencing bankruptcy because of their medical bills. In fact, 2/3 of bankruptcies in the U.S. are actually linked to medical costs. Health care access and affordability are significant challenges for most Americans, whether they are insured or uninsured. It takes an average of over 24 days for a new patient to see a doctor in the U.S. Almost 30% of prescribed medications aren't ever picked up by patients because they simply cost too much. When people don't or can't afford to take their meds, it's both dangerous and expensive. Every year, our nation spends $300 billion in costs related to non-adherence. Lack of preventative care leads to hospital visits, ambulance rides and far more expensive acute care. Most importantly, non-adherence results in many avoidable deaths in the U.S. One person dies every 4 minutes from inability to basically adhere to the care that they need to they need to adhere to. Our lives have been forever changed and improved by consumer-focused debt-enabled solutions. With just a few clicks, consumers are simply smarter when shopping for travel, food, education, real estate and more. Today, families can manage a household budget, comparison shop and anticipate future spending all from a few apps on their phone, except when it comes to health care. You likely already know that health care is a massive market. It's one of the American economy's largest sectors, $4 trillion spent every year, and an increasing amount comes from consumers' own pockets. But most of health care remains stuck in the past. Good luck trying to figure out what a procedure will cost, good luck to deciphering an EOB or any of the other wonderful acronyms that health care will throw at you. Prepare yourself for unpleasant surprises as you try to figure out what insurance will and likely won't cover. It's a massive market that's obviously a massive mass. This challenge is where GoodRx starts. We started with one of the largest submarkets in health care, prescriptions. Prescriptions has a total addressable market of over $500 billion. If you want to empower consumers, prescriptions are the best place to start. You buy them at a counter with a credit card, you do it often, and it's an item, not a service. It's relatively easy for consumers to understand and know the name of and look up. After reshaping the way consumers purchase generic prescriptions, we turned our attention to brand name prescriptions, connecting patients and providers to manufacturers and savings opportunities. That's a $30 billion market. We've also made significant inroads in care navigation, which is a fancy way of saying we connect patients to doctors and relevant medical services via online and in-person solutions. And we're not stopping there. When you're a patient's trusted advocate, you've earned the right to help patients navigate their entire health care journey. We already talk to patients about the cost of their prescriptions and care. So it makes perfect sense for us to help them choose and navigate insurance. Then there are so many additional opportunities for GoodRx to engage with patients across, again, all those pain points, all those questions that they have when it comes to their care. One of the keys to our success is that we make the complicated is simple. Every day, we ingest 230 billion price points from a wide variety of different data sources, including multiple PBM networks pharmacies, pharmacy savings programs, Medicare and more. But the consumer doesn't know any of this. They just know that with the GoodRx app, they can quickly and easily find a great price, a savings opportunity or just a more convenient option. These options may mean the difference between getting care, and well just not getting care and living with all the downstream consequences of that. With every prescription filled, our data set becomes more comprehensive and accurate. Our massive volume ensures that we can confirm our data's accuracy and our algorithms help us create actionable insights and continuously improve our customer experience. In short, our scale plus our data access creates a deeply competitive moat. Some people aren't aware of how easy it is to use GoodRx and how it can help, even if you have insurance. Honestly, if you don't have our app on your phone, you should and if we weren't in a virtual setting, I'd go around the entire room making sure you all had it on your phone. For the consumer, GoodRx is as easy to use as searching Google or Yelp. You literally download the app. You can start a search or just browse for the name of your drug if you can't remember what it is, and then it will help you choose the right dosage form and quantity, which can be very hard for many Americans. Then we show you pharmacy prices, savings programs, manufactured discounts, mailer options, educational articles, videos and so much more. GoodRx is free to use and we deliver massive consumer savings, as Doug said, $35 billion to date, while improving health outcomes dramatically. GoodRx consumers save approximately 80% compared to pharmacy retail prices. We beat the average insurance co-pay by over 50% of the time -- for over 50% of many popular drugs. It really is that easy. Consumers like us, and that's why we have a 90 NPS. We also provide tools and deliver value to health care professionals through GoodRx for providers. Doctors, pharmacists and other HCPs have been our allies from the beginning. After all, they just want their patients to follow through with the medications they prescribe and dispense. Our brand awareness among health care providers is 88%. 88% of HCPs recommend GoodRx patients according to a survey we recently conducted. Over 2 million prescribers have a patient who has used GoodRx. We offer providers digital tools to easily communicate savings to their patients including access to real-time GoodRx prices; educational materials and quality videos that health care professionals can share with their patients; in-office presence in over 400,000 physician offices. Here's an example, we provided expert-created videos and content around how to safely administer insulin injections. So we can help the doctor to have an effective short time with the patient and then move on and we'll help fill those gaps for the doctor. We are working on new feature specific HCPs such as the ability to request drug samples or virtual pharma sales rep visits as well. I think it's important to highlight how effectively we partner with and bring value to all the major constituents in health care. For consumers, as I've said, we saved Americans over $35 billion since GoodRx launched, and we've helped fill important prescriptions that may not otherwise have been filled due to cost as well as offer access to telehealth services. For providers, we help providers help patients start and stay on their therapy quickly and efficiently. For payers, their costs are reduced through better patient adherence and education. For pharmacies, they benefit from increased foot traffic and customer satisfaction. For PBMs, they receive incremental volume at a high margin. I should note that the number of PBMs we work with has continued to grow since our inception. For pharma manufacturers, they can leverage the GoodRx platform to reach more users who are typically ready to purchase. Then we help patients stay on their prescribed therapies. We continue to expand our offerings to help more consumers with more of their health care pain points. For prevention and research, we launched GoodRx Health last September, which has fantastic content about conditions and treatments. We also acquired HealthiNation last April, providing best-in-class video content for patients and prescribers. In the diagnosis category, getting to a doctor can be both difficult and expensive. Today, we offer access to affordable and convenient cash pay diagnosis services through GoodRx Care and our care marketplace. For treatment and adherence, our bread and butter is helping consumers fill and refill prescriptions at a low price. Our GoodRx Gold and Kroger subscription programs often (sic) [offer] even greater savings and access to mail delivery options as well. For brand drugs, our manufacturer, our pharma manufacturer solutions offering connects consumers with massive savings on expensive brand drugs. I'm very, very excited about our road map for 2022 and beyond. There are still many adjacent categories for us to enter. We will approach each of the goal -- each with the goals of making health care easier, more transparent and more affordable for consumers. The relationships and trust we built with millions of Americans, both consumers and health care providers, have put us in an advantaged position to build the leading digital platform for consumer health care. Our goal is to help Americans wherever they may be along their health care journey by providing consumer-first options regardless of their insurance status. With that, I'll turn it over to Karsten, who will highlight the ways we're making our vision a reality.

Thanks so much, Doug. In fact, thanks so much both, Dougs. I appreciate you handing off, Doug. And Doug Anmuth, thank you so much for hosting us. I'm excited to talk through some of the metrics. The results of our last 10 years of work and having relentlessly pursuing the vision that Doug just highlighted, to build the leading digital platform for consumer health care have been exceptional, and they fall into 2 broad categories: the first address our scale, and the second address our loyalty. So looking at scale, we currently have almost 20 million monthly visitors to our platform. And I might add here that approximately 25% of our website visitors are health care providers, which goes to show the value we deliver to that important constituency. We have over 8 million prescription-related consumers each month. We have saved those consumers cumulatively $35 billion over time. And on top of that, that's generated for us, relationships with 19 of the top 20 manufacturers in our manufacturer solutions business, helping connect health care -- drug manufacturers to both health care providers and their patients. And that's resulted in strong revenue at $686 million for the LTM period through third quarter at a 32% margin. And if we shift to metrics that are more focused on loyalty and underscore how much we're valued by our different constituencies, both our consumer and our health care provider NPSs are 90 and the level of repeat activity we have across our platform is over 80%, again, indicating how loyal our users are to us. And not only are the metrics really solid, the economics are actually improving as we continue to scale as well. So what we see is that as we've continued to grow, our take rate has also grown. It's now up to a full 16% as we discussed in the last quarterly earnings call, and we've continued to expand our Pharmacy Benefit Manager, or PBM, network over time as well. The PBMs love us, and we've grown that network consistently over the years, giving us more access to more low prices to help serve our consumer and health care provider constituencies. In fact, many of our agreements with our pharmacy benefits managers are tiered, so that means as their volume grows, both the savings for consumers can get bigger and bigger, and their take rate also has the opportunity to get bigger as well. Given that pharmacy benefit managers are largely pretty fixed cost players, that's one of the reasons why they're so eager to benefit from the incremental volume that we provide them through the relationships we have with our consumers and health care providers. And that's important because that keeps us relevant to the pharmacy benefit managers, the pharmacies, the consumer, the providers that allows GoodRx to be used in over 70,000 pharmacies across the U.S. Moving on to -- from our prescription transaction business to our subscription business. When we look outside our prescription transactions business, our economics are better for us and better for consumers, too. The reason I say that is we offer up to 1,000 prescriptions-plus for under $10 or at an over 90% savings right off list prices in our subscription program. That compares favorably with offering savings of almost 80% on our prescription program. So we offer consumers even better savings through our subscription program, and they create even more LTV for us because they're using us every single month in the form of the subscription fees they pay. We also include things like free mail delivery in with our subscriptions and discounted access to our telehealth services as well, making an incredibly compelling offering. Another offering, GoodRx Gold, is available at a slew of different pharmacies across the United States, but we also offer specific subscription programs with some partners, including Kroger, where we power their Kroger Rx Savings Club which allows them and us to provide over 100 medications for free and some for $3 or $6 as well as providing additional discounts. So our subscriptions program is very, very compelling for consumers and great for us too. And that's one of the big reasons our subscription business is growing even faster at 68% than our prescription transaction business at an already fast 31% year-over-year when we look at the growth of our users. We're very excited about that because that shows the compelling value we provide, and it allows us to offer 2 complementary offerings. On the one end, we offer our prescription transaction services, again, about 80% savings rates for consumers, and no friction at all. We don't have to join. We don't have to give us account information. You can just type in a drug name, as Doug showed earlier, heck, you can even misspell it, and you'll still save a significant amount on your medications. Then on the subscription side, if you want to save even more and have a continuing relationship with GoodRx, then we can save you even more money and give you an alternative opportunity to continue to be able to use GoodRx for not just prescriptions but telehealth and other services, too. Our pharma manufacturer solutions offering is one of the ones I'm most excited about. And the reason I'm excited about it is because it's both our fastest grower at 3x year-over-year through the third quarter, and also because it just has such high contribution associated with that. Just to add some stats on it. Again, 3x year-over-year growth, over 150% net revenue retention in our Pharma Manufacturer Solutions offering and we work with 19 of the top 20 pharma manufacturers, and over 100 medications. And the reason the business is so exciting isn't only the fact that it's growing so fast and that the manufacturers reward us with high net revenue retention and incremental purchases of our different offerings that I'll talk to in coming slides, it's also a remarkable business for us because we already have almost 20 million monthly visitors. And again, as I mentioned earlier, about 25% of our website visitors are health care professionals, which means we already have all of the users that the pharma manufacturers are looking to reach with their messaging around new and different medications. In fact, 20% of the searches on GoodRx are for brand and drugs. And that means that in many cases, we get over 10x more traffic to GoodRx are for a specific drug, than a drug manufacturer on their own website may get for that location. And that's a really compelling reason that manufacturers have elected to partner with us so tightly and at such a high rate of growth. This business has really been so successful for us because of our deep provider and consumer relationships. I hit the high-level stats on the last slide, just talking about how many consumers come to our platforms and the health care providers who visit us as well. But to take that just to a little bit greater level of granularity and to cite some examples, over 400,000 health care providers and health care provider offices are still loyal to actually distribute materials on behalf of GoodRx. And even larger number, 88% are aware of GoodRx and 80% recommend GoodRx. And there are over 2 million prescribers who have a patient who has used GoodRx. That's really important because health care providers are a key constituency for manufacturers as are consumers. Some of the stats on that side are that access to medication is improved by use -- through the use of GoodRx for 93% of consumers, again, according to health care providers, and adherences improved according to 87% of HCPs or health care providers. The reason these statistics in these numbers are so important is because GoodRx is somewhat unique in terms of being able to access both health care providers and consumers and allow manufacturers to provide coordinated messaging to both of those 2 constituencies. That's an exciting reality for us, and one that we've been able to leverage very successfully. As we look forward though, we don't believe that we're anywhere near to being done with penetrating into this market. While we do have 95% of the top 20 or 19 out of 20, there's so many more pharma manufacturers in the U.S. that we can still penetrate. So our first growth vector is penetrating deeper into more manufacturer relationships. Then our second growth vector is that we can expand into more brands or more medications in each manufacturer. Right now, we're only penetrated into about 4% of all the medications that the manufacturers we already work with today have. So that gives us a second amazing growth vector. The third growth vector that we're excited about is the ability to upsell into manufacturers more and more of the solutions we're developing. When we look back a year ago, we were only selling approximately 1.5 solutions into each manufacturer, whereas today, we're selling approximately 3 solutions into each manufacturer. So that too has been an exciting growth vector for us and when that we'll continue to keep a focus on going forward. Outside of those offerings, we also have a few more I'd like to touch on. The first of them is GoodRx Care. GoodRx Care provides a second entry point into our platform, and a great way to create cross-sell opportunities for ourselves. A good way to think about it is that it's almost like breakeven marketing dollars because in our GoodRx Care business, about 65% of the visits that occur result in monetization through other GoodRx revenue-generating solutions. About 40% of the time, folks end up attaching or subscribing to one of our subscription services, which is very exciting for us, and it's an area we're going to continue to focus on. And it's important for us as a business because it allows us to hit a lot of low-risk, very easily addressable health care conditions, things like, for example, the reality that some folks have prescriptions run out and aren't able to see a health care professional is in some cases, for several days or weeks, we can provide refills through GoodRx Care that allow them to fill sooner, stay on medication, stay adherent and frankly, generate revenue for us as they fill those prescriptions using the GoodRx savings tools that we have on the subscription and on the prescription solutions side. We've also continued to focus on expanding our GoodRx Health offering. And this is really important because it helps address our vision of being the leading digital platform for consumer health care. And we have over 350 health care conditions that we cover, and we have a video library of over 2,500 videos. The reason that's so important is we're seeing significant shifts in how consumers interact with content more and more on mobile devices and more and more in the form of video versus written content as well, and we're at the forefront of leading health care into that new area. All of this together, when we take it as a whole, has led to incredibly strong momentum across our business, especially because we continue to diversify into even higher growth areas than our already high-growth core business and prescription transactions. So while our overall growth rate is 39% year-over-year through the third quarter, our growth rates on our subscription business were significantly higher in terms of revenue growth at 11% and our other revenue, which includes our high-growth Manufacturing Solutions business, grew a full 177% year-over-year driven by the 3x growth in manufacturer solutions. So they're growing even faster than our prescription transactions business, which is growing at a healthy 25% Y-o-Y. We're excited about all these businesses, and we're excited about what the future holds. So with that, I think I'll turn it back to Doug.

Thank you, Karsten. GoodRx is building the leading digital platform for consumer health care. We help consumers find affordable care at every stage of their health care journey, whether that's researching and preventing conditions through our free online resources, diagnosing the problem by accessing our affordable care navigation solutions or treating the problem by accessing savings in both generic and branded prescriptions. We have built a trusted brand with a variety of consumers and providers. With each new GoodRx consumer and transaction, our advantage in scale, data and pricing power grows larger. Our improving pricing results in stronger consumer savings per prescription, which drives better unit economics through both user acquisition and lifetime usage of our expanding product line. These growing unit economics support strong profitability, which, in turn, allows us to further invest in and extend our platform and expand our suite of products and services. Our growing business then accelerates our efforts to build a leading digital platform for consumer health care. Basically, our success amplifies our opportunities. As we grow, we further leverage our scale to find deeper consumer savings across more health care journeys. We continue to expand our subscription, pharma manufacturer solutions and telehealth offerings to provide a platform for more future offerings. We believe these advantages combine to create a deeply competitive moat that would be difficult to replicate. At GoodRx, we're building the leading digital platform for consumer health care. We have over a decade of building transparency and trust with consumers. We believe we have a unique ability to make American health care, consumer-friendly. We see macro trends that are pushing more consumers to become smarter, more active participants than their health care decisions. Our first-mover advantage and deep industry relationships create a deeply competitive moat. Each transaction reinforces our value proposition to consumers, health care professionals and the entire health care ecosystem. Our business offers a unique combination of scale, high growth and profitability. We hope you'll join us in our mission. Thank you so much for your time today.

Great. Thanks, Doug and Karsten. I appreciate the presentation. That was great. So let's jump into some Q&A. I'd like to start just with how GoodRx has evolved as a company. The bread and butter, Doug, as you mentioned, is still prescriptions. But Karsten laid out in more detail, a lot of the ways you're expanding the platform, with brand advertising through manufacturer solutions, and telehealth through GoodRx Care, and content through GoodRx Health. So just curious, Doug, what stands out to you, I guess, most in terms of the early traction there in those initiatives? And also maybe if you could talk a little bit about how they tie back to the core prescription business?

Sure. Happy to. Thank you for the question. As you said, we began with prescriptions, which is a $500 billion market, and over 5 billion prescriptions are filled every year in this country, right? We have since extended our platform to help more consumers across more stages of their health care journey from research and prevention to diagnosis and treatment adherence like I spoke about before. But some of the categories I'm really, really excited about, and Karsten touched on these as well. GoodRx Care is just super, super exciting for me. 20% of consumers who came to GoodRx didn't have a prescription at the time of their search. To help consumers with care navigation, we acquired HeyDoctor in 2019, and rebranded it as GoodRx Care in 2021. We really focus on low-risk prescription associated conditions, and it's a great additional entry point into our platform. 65% of those care visits cross-sell to other offerings. So it's a natural thing. It's great for consumers, and we're really, really proud of the progress we've made. On the pharma manufacturer solutions business, which Karsten touched on as well, we provide a highly effective way for pharma manufacturers to reach patients and providers. 20% of GoodRx searches are for brand drugs there's approximately 20 million high-intent monthly visitors, which includes consumers and HCPs. 10x more traffic than pharma manufacturers get to their own website for some brand drugs comes to us, right? I just -- I think sometimes it's underappreciated how tight and wonderful the relationship is between us to health care professionals. We scaled this offering rapidly over the last 2 years. In Q3, we grew revenue by 3x year-over-year with highly attractive economics. We delivered over 150% net revenue retention. And now we work with 19 of the top 20 U.S. pharma manufacturers on over 100 brands across more than 550 manufacturers in the U.S. We're really proud of the effort and the progress and growth of our pharma manufacturer solutions offering. We believe we're still in the early stages of penetrating this $30 billion TAM, both from the consumer and the provider standpoint. We're also very excited about the 177% year-over-year growth of our other revenue offerings. They further extend our reach beyond the 8 million consumers we serve through our prescription-related offerings and leverage our significant reach across millions of monthly visitors. We expect them to become more meaningful in our financial results soon. For GoodRx Health, we launched it in September. It allows us to help even more consumers navigate more stages of their health care journey. And I should be clear, this is not about pricing at all at GoodRx Health. It's about education and really best-in-class content for consumers. It's just a great health resource for consumers and providers can find answers to crucial health questions. There's over 2,500 videos, covering 350 conditions. It's already making an impact. We have a 60% year-over-year increase in our content traffic. Our newsletter sign-ups are over 5 million as of November. GoodRx Health will further support the great momentum in pharma manufacturer solutions, and it's an opportunity to leverage content to help consumers navigate brand medications and increase awareness, access and adherence. We built the GoodRx platform, a business to be highly extensible and scalable. I think these are great examples of that. Today, we offer prescription savings, care navigation services and pharma manufacturer solutions, but we still see so many more opportunities to help on more gaps of the consumer health care journey.

Great. Just a follow-up on manufacturer solutions, certainly, high-growth, high-margin business, really just a single-digit percentage of revenue today. Maybe if you could talk in a little bit more detail just about how you think about the growth potential here given that it really lets you capture this interest, this strong interest in branded drugs. And then how do you see the potential over time for the fee structure to evolve from flat rate fees?

Sure. I can take that one. I'm pretty excited about this business. As a CFO, there are not that many businesses that you run across that have more attractive characteristics and -- than this one, as we talked about before, given the existing base of health care providers and consumers, the existing inventory in the app, et cetera. When we think about manufacturer solutions and branded drugs generally, I think the first part of it is that our original focus was helping make generic medications more affordable for millions of Americans. The challenge with brand prescriptions is that even if you have the same kind of savings rate, 80% to 90%, depending on whether folks are using our prescription or subscriptions offering. They're often priced so high, that they still remain out of reach for consumers. But pharma manufacturers actually want to provide affordable options. And even with the $30 billion they're spending annually to reach consumers directly through providers, they struggle to gain awareness. Some of the studies we've seen that target and focus on co-pay and deductible assistance programs indicate that only low single-digit percentages of consumers who are actually eligible for these programs, take advantage of them. And that's a big problem, both for the consumers who aren't getting on medication, but equally for the manufacturers, where maybe if the consumer were using the co-pay or the deductible assistance program, they'd get on a chronic medication -- be able to afford to get on a chronic medication. And then be on it, effectively and definitely making manufacturers a significant amount of revenue. That's really the core problem here is that manufacturers want to be able to get consumers on medication even if there are hurdles in front of them like deductibles, copays or other issues that manufacturers have built tools to solve. We can help that by creating much more awareness of the programs in both helping health care providers and their patients navigate them. Like one of the stats I mentioned in the presentation, I think, is that health care providers spend according to the AMA, about 15 hours a week trying to get patients on medication because patients either can afford it or it's not covered by their insurance or for a variety of other reasons. And that's why providing both the generic medication discounts, but a pathway for patients to be able to save in order to get on medication on branded drugs is so important. So that's really the fundamental underlying reality of why the business matters so much for consumers and health care providers. When we think about growth, the other part of your question and how we think about the growth potential, broadly. It's been our fastest grower of all of our significant business lines at 3x year-over-year, growing as a greater and greater percentage of total revenue, which is great just both because it's growing fast and also because the business, given we already have the users already have the inventory has potential benefits as revenue mix shifts more towards it to also pull up overall margins for GoodRx as a whole. And the growth really reflects our brand strength with consumers and health care providers, and the brand strength we have with manufacturers now, too. Being in partnerships with 19 of the top 20 manufacturers is critical because the smaller manufacturers often look to the activity of the larger manufacturers, the top 20 effectively, to think about how they deploy capital and how they'll use different tools. So our ability to be able to access those top 20 and then from there, penetrate into the hundreds of manufacturers that sit beside them is an important growth vector for us. The other thing that's an important growth vector for us is that we're also able to deploy not just into more manufacturers, but into more manufacturers' medications. That's one of the reasons our net revenue retention is well over 150% because we can add new medications on to the manufacturers that we already serve today. And on top of that, we're also excited about the fact that even with this growth, we feel like we're just scratching the surface today. So we feel like we have a lot of incremental progress to make. With respect to the specific flat fee question you asked. I think today, we like the flat fee model, and there are a couple of different reasons for it. One is that it's really a model that makes sure we're aligned with health care providers and with patients, meaning that as we monetize this business -- we're not monetizing inherently by necessarily driving more scripts to a patient or through a health care provider; we're taking a more consultative role and they're, therefore, more trustworthy to the patients and providers because we're not getting paid script-by-script in almost all cases. The other reason that it's attractive is because it creates a lot of predictability for people like me, like I get great line of sight on revenue when it's flat fee. And because we are able to align the incentives of all the parties and because we're able to estimate the amount of value we'll deliver for a given manufacturer, you have to remember, all of this marketing happens on our own platform, which means number one, there are none of these weird IDFA issues. But on the other hand, too, it means we have perfect data in terms of how we can deliver value so we can also price in a manner that delivers the right ROI to manufacturers. They expect at least the 2x to 3x ROI, and we can exceed that quite heavily, especially at this point, where we're trying to penetrate deeper in the market, and haven't really pulled the price lever at all. we can exceed that quite heavily, and we can confidently exceed it because we see all of the traffic and all the transactions and all the interactions between manufacturers and consumers and health care providers. Overall, we're really here to help manufacturers solve and struggle to reach the right audience at the right time. This is a way better way and a way more targeted way to be able to reach even really niche sets of users relative to yet another pharma add-on, the Golf Channel, for example. Hopefully that answers that, Doug.

No. That's helpful. So we only have about 2 more minutes. But maybe try to sneak in another 1 or 2 here. Doug, you highlighted that about 25% of your website visitors are health care providers, and you've built strong relationships there since the founding of the company. What's the value proposition for those health care providers? And then how do you expand your presence with them over time?

Sure. And thank you for the question. I am so, so proud of the relationship we've had with health care providers. When we started GoodRx way back when -- I remember very clearly the first people that have resonated, the first audience was doctors who were just looking for help. And I've met so many doctors over the last decade, and they do share this common bond of just wanting to help patients, and they feel that we are their ally on that. And I just -- that is one of the best and greatest joys of having started this company. Over 2 million prescribers has a patient who has used us, 80% of these health care professionals recommend us, and we have an 86 NPS among health care professionals. It's just an incredible score, and I just want to highlight how great that is. Actually, I think it went up to 90 in the most recent survey as well. Health care professionals are a start of the prescription journey, and many doctors say that the best medicine is the medicine that the patient will fill. Too often, cost is a barrier to medication adherence, and we help HCPs help their patients. We've integrated into different EHRs, a whole bunch of different EHRs to improve how HCPs are able to communicate with their patients and share discounts. And we're building way more HCP tools, as we talked about earlier on our digital assets so that we can provide HCPs with content savings opportunities for patients and other assets. Basically, we're just making it so much easier for doctors and other health care professionals to help their patients. It's something we've seen. It's -- so much of what we do at GoodRx is really just responding to the feedback that we get from health care professionals who want to use GoodRx for more of their patients within their practice. And so that's a huge focus for us. And I think you're going to see some exciting stuff from us on this front in the future.

Great. Okay. We are pretty much out of time, so we're going to wrap up. But thank you, Doug and Karsten, and Whitney as well, and thanks, everybody, for joining today.

Thank you.

Appreciate it, Doug. And look forward to seeing you in New York soon.

You too.