“This action is part of the company’s initiatives to re-balance its investments and cost structure into prioritized areas that the company believes will drive incremental long-term growth and improve margins,” the firm wrote.
The job cuts will center on the tech-focused and marketing teams, according to the filing. GoodRx’s workforce had more than doubled since the company went public in June 2020. The firm said it will instead concentrate on “growing its core prescriptions business, accelerating its pharma manufacturer solutions business, and doubling down on consumer engagement.”
GoodRx said it expects the staff reduction to be completed within 60 days and result in about $23 million to $25 million of annualized run-rate cash savings.
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