Drug cost and telehealth platform GoodRx has appointed previous GoDaddy leader Scott Wagner as interim chief executive officer, replacing cofounders Doug Hirsch and Trevor Bezdek as co-CEOs.
Hirsch and Bezdek will remain within GoodRx’s leadership team, with Hirsch acting as chief mission officer and Bezdek as chairman.
Hirsch will work with the company’s community of healthcare providers and pharma partners, while Bezdek will advise the company’s healthcare strategy, develop relationships with industry partners and help pinpoint product and growth opportunities.
Wagner spent eight years at GoDaddy, holding positions of CEO and president, chief operating officer and chief financial officer.
He also sits on the board of Kajabi, a platform that allows individuals to create, market and sell digital content; DoubleVerify, which helps companies improve their online advertising; crowdfunding platform GoFundMe; and BILL, which offers bill payment and receivables software online.
“I look forward to helping the company expand its core consumer marketplace to serve more people with a richer, engaging experience for their healthcare needs. GoodRx has a number of exciting opportunities to add value across the ecosystem of healthcare professionals, pharmacies, insurers and manufacturers – all in service of getting the consumer the right medication affordably and easily,” Wagner said in a statement.
THE LARGER TREND
In February, GoodRx came under fire by the Federal Trade Commission, which alleged the company shared consumers’ personal health information with third parties like Google and Facebook for advertising purposes.
The agency also said the drug cost transparency platform allowed third parties to use that data for their own internal purposes, failed to set policies on how it should protect its users’ personal health information and misrepresented its HIPAA compliance.
The company agreed to pay a $1.5 million fine to settle the case but admitted no wrongdoing.
GoodRx reported its fourth-quarter earnings in March, posting $184.1 million in revenue compared with $213.3 million in the prior-year period, a 14% drop. Net loss for the quarter was $2 million, compared to $39.9 million last year, which the company said was due to a decrease in their provision for income taxes.
In 2022, GoodRx reported revenue of $766.6 million and a net loss of $32.81 million. In 2021, the company posted $745.4 million in revenue and a $25.3 million net loss.
The company was not immune to the massive layoffs in the tech industry last year. In September, it let go of 16% of its workforce or approximately 140 employees, primarily affecting its technology-focused and marketing segments.