goodrx

goodrx

Image courtesy of GoodRx

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Prescription drug platform GoodRx has made its latest foray into the lucrative world of name-brand drugs with the $150 million acquisition of pharmacy services platform VitaCare, it announced Monday.

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Los Angeles is seeing a renaissance in medical technology.

Earlier this month a venture capital firm headed by two former Amgen executives announced they raised $500 million to boost and incubate new life science and biotech companies across Los Angeles. And the firm, Westlake Village Biopartners, is working to develop a 30,000 square foot campus in Thousand Oaks.

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By all accounts, Santa Monica-based GoodRx delivered a strong first quarter as a public company. Year-over-year revenue beat analyst expectations, soaring 38%. Monthly active users increased a robust 29%. As the pandemic continued to rage across the United States, a record 4.9 million consumers used GoodRx to fill prescriptions.

"I think across the board I was really happy," said co-founder and CEO Doug Hirsch.

But Wall Street was not as pleased, with the stock closing down more than 6%. After mostly zigzagging since their September debut, shares now trade near where they did the first day of trading.

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