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MarketScreener Homepage  >  Equities  >  Nyse  >  Snowflake Inc.    SNOW

SNOWFLAKE INC.

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GoodRx shares jump 40% in Nasdaq debut after $1 billion IPO

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09/23/2020 | 05:15pm EDT

Shares of private-equity-backed GoodRx Holdings Inc surged 40% in their debut on the Nasdaq on Wednesday after the online prescription drug platform raised $1.14 billion in its initial public offering.

The stock opened at $46, compared with the IPO price of $33 per share, which was above its targeted range. At the opening price, GoodRx is valued at nearly $18 billion, more than six times the valuation it commanded during its last private fundraise in 2018.

GoodRx's shares hit a session high of $49.57, a jump of over 50%.

The California-based company gathers information for more than 70,000 U.S. pharmacies to track drug prices and offers discount coupons. It makes money by charging fees to partnering pharmacy benefits managers.

"We just think now is really a fantastic time to raise our profile, sure, but more importantly to be able to offer these services to people at a time when they need it," Doug Hirsch, GoodRx's co-chief executive and co-founder, said in an interview.

GoodRx's debut comes on the heels of the successful IPOs of data warehouse company Snowflake Inc and Unity Software Inc, underscoring investor appetite for new stocks which promise rapid revenue growth.

Moreover, shelter-in-place restrictions to control the pandemic have prompted people to turn to virtual consultations and online purchases of medicines, benefiting companies like GoodRx, which is among the few startups to be profitable at the time of its IPO.

"Healthcare companies have been the most active segment of the IPO market this year," said Kathleen Smith of IPO research firm Renaissance Capital. "Investors had a strong interest in GoodRx due to its 50%+ revenue growth and superior 40%+ EBITDA margins."

GoodRx posted $257 million in revenue for the first six months of 2020, up from $173 million a year earlier. Net income totaled $55 million, compared with $31 million last year.

By Niket Nishant


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Financials (USD)
Sales 2021 566 M - -
Net income 2021 -373 M - -
Net cash 2021 4 489 M - -
P/E ratio 2021 -190x
Yield 2021 -
Capitalization 83 451 M 83 451 M -
EV / Sales 2021 140x
EV / Sales 2022 73,4x
Nbr of Employees 2 037
Free-Float 13,1%
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 277,00 $
Last Close Price 270,61 $
Spread / Highest target 90,3%
Spread / Average Target 2,36%
Spread / Lowest Target -35,3%
EPS Revisions
Managers
NameTitle
Frank Slootman Chairman & Chief Executive Officer
Michael P. Scarpelli Chief Financial Officer
Thierry Cruanes Chief Technology Officer & Director
John L. Walecka Director
Mike L. Speiser Director
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