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GoodRx, a company best known for its price transparency tools, snapped up RxSaver, a startup that gives users discounts on prescription medicines for a cool $50 million, Bloomberg first reported. You know, the RxSaver acquisition allows us to extend our reach and prescription transactions by adding a small consumer base and a brand that s known and resonates with a subset of consumers. The company has a talented team and knows the prescription transaction space well. We think they ll be highly complementary to GoodRx, Karsten Voermann, GoodRx s chief financial officer, said during the earnings call.
RxSaver has some similar functions to GoodRx. Users are able to search for prescription drugs and compare prices at local pharmacies. The site also offers free coupons to bring to a pharmacy. According to the company s webpage, the savings can be up to 85% off.
A day earlier, GoodRx reported a 20% increase in first-quarter revenue, which rose to $160.4 million from $133.4 million a year earlier. Net income came in at $1.7 million, down sharply from $27.3 million in net income in Q1 2020. However, the company which offers prescription drug coupons to customers said the most recent figure was impacted by $46.5 million in stock-based compensation expenses.
Shares of GoodRx were up around 10% on Friday. We re transitioning from the Covid crisis into the other health-care crisis, which is that people simply just cannot afford their care, Hirsch said in an interview on The Exchange. We feel like our business is rock solid and just getting better.