Cameron Harbilas

Cameron Harbilas asked for clarification on the previously mentioned volume reduction in Integrated Savings Programs (ISP), inquiring what aspects are structural versus fixable, and what PBM activities are causing this, specifically if it's a conscious shift away or other behaviors.

Answer

Chris McGinnis (CFO, GoodRx) clarified that the previous reference to volume reduction was a headwind faced in 2025 relative to initial projections, not a new reduction for 2026. He stated that Monthly Active Consumers (MAC) are expected to be relatively stable to slightly down in 2026, with early signs of positive volumes. He mentioned macroeconomic factors like increasing unemployment, Medicaid eligibility changes, and ACA enrollment as potential drivers for future cash pay demand. Wendy Barnes (CEO, GoodRx) added that while ISP is a metered product, regulatory pressure on payers to integrate cash pricing positions GoodRx well, especially with some larger PBMs identifying GoodRx as their integration option.

Cameron Harbilas noted that this was the second quarter GoodRx had mentioned a volume reduction in Integrated Savings Programs (ISP). He asked for clarification on what aspects are structural versus fixable, and what PBM activities or behaviors are contributing to this trend.

Answer

Chris McGinnis, Chief Financial Officer, clarified that the reference was to the 2025 headwind for context on 2026 lapping impacts, not a new volume reduction, with Monthly Active Consumers (MACs) expected to be relatively flat sequentially. He discussed macroeconomic factors like unemployment, Medicaid eligibility changes, and ACA enrollment potentially impacting volumes, but noted early positive signs. Wendy Barnes, Chief Executive Officer, added that while ISP is a metered product, access to more commercial lives creates possibilities. She contended that regulatory pressure on payers to integrate cash pricing positions GoodRx well, especially with PBMs naming GoodRx as an integration option.