OptimizeRx Expects Record Revenue Exceeding $10.0 Million in Q3 2020, up 100%
October 13 2020 - 7:31AM
OptimizeRx Corp. (Nasdaq: OPRX), a leading provider of digital
health solutions for life science companies, physicians and
patients, reported preliminary unaudited revenue for its third
quarter ended September 30, 2020.
Revenue for the quarter is expected to total more than $10.0
million, up over 100% versus the same year-ago quarter. The company
also expects to report positive non-GAAP net income for the
quarter.
“Our topline growth was driven organically with a combination of
enterprise deals and tactical programs, as our customers
increasingly see the value in transparent access to physicians and
patients via our digital health platform,” said OptimizeRx CEO
William Febbo. “Our growth in the quarter further validates
investments we made last year in our commercial team, acquisition
strategy and platform extensions, as well as the size of the
markets we are successfully penetrating.”
According to OptimizeRx’s chief commercial officer, Steve
Silvestro, the company’s early transition to more enterprise
agreements combined with a land-and-expand strategy is also fueling
growth. “The expanding reach of our digital communication platform
has enabled our clients to stay connected to more doctors at the
point-of-care in a time of extreme disruption,” said Silvestro. “As
a result, our clients continue to select us over competitors and
increased the number of internal referrals of our platform to their
peers.”
“Some of our newer solutions introduced during the year were
born from our Innovation Lab, where our partners have been helping
us to bring new ideas to life to cement our relevancy at the
point-of-care,” added Silvestro. “With more programs and more
customers compared to last year, we expect to apply all our
solutions to help more physicians and patients improve their health
in more affordable ways while continuing to scale the business at
this early stage of our development.”
For the first nine months of the year, the company’s revenue
also grew at a faster pace than anticipated, up over 53% to more
than $26.4 million.
“These strong results also reflect the fine-tuning of our
patient engagement market strategy at a time when demand has never
been greater due to COVID-19,” said Febbo. “As we begin the final
quarter of the year, we continue to hit on all our growth drivers,
including expanded physician and patient reach, new and scaling
clients, and additional solutions. This is all working together to
keep us on course for a strong finish to the year. We see this
momentum continuing into 2021, as our sales pipeline continues to
expand as anticipated.”
The company plans to report its full third quarter 2020 results
in the first week of November.
About OptimizeRxOptimizeRx is a digital health
company that provides communications solutions for life science
companies, physicians and patients. Connecting over half of
healthcare providers in the U.S. and millions of patients through a
proprietary network, the OptimizeRx digital health platform helps
patients afford and stay on medications. The platform unlocks new
patient and physician touchpoints for life science companies along
the patient journey, from point-of-care, to retail pharmacy,
through mobile patient engagement.
For more information, follow the company
on Twitter, LinkedIn or
visit www.optimizerx.com.
Important Cautions Regarding Forward Looking
StatementsThis press release contains forward-looking
statements within the definition of Section 27A of the Securities
Act of 1933, as amended, and such as in section 21E of the
Securities Act of 1934, as amended. These forward-looking
statements should not be used to make an investment decision. The
words 'estimate,' 'possible' and 'seeking' and similar expressions
identify forward-looking statements, which speak only as to the
date the statement was made. The company undertakes no obligation
to publicly update or revise any forward-looking statements,
whether because of new information, future events, or otherwise.
Forward-looking statements are inherently subject to risks and
uncertainties, some of which cannot be predicted, or quantified.
Future events and actual results could differ materially from those
set forth in, contemplated by, or underlying the forward-looking
statements. The risks and uncertainties to which forward-looking
statements are subject include, but are not limited to, the effect
of government regulation, competition and other material risks.
Definition and Use of Non-GAAP Financial
MeasuresThis press release includes a presentation of
non-GAAP net income (loss) and non-GAAP earnings (loss) per share
or non-GAAP EPS, both of which are non-GAAP financial measures.
The company defines non-GAAP net income (loss) as GAAP net
income (loss) with an adjustment to add back depreciation,
amortization, non-cash lease expense, stock-based compensation,
acquisition expenses, income or loss related to the fair value of
contingent consideration, and deferred income taxes. Non-GAAP EPS
is defined as non-GAAP net income (loss) divided by the number of
weighted average shares outstanding on a basic and diluted basis.
The company has provided non-GAAP financial measures to aid
investors in better understanding its performance. Management
believes that these non-GAAP financial measures provide additional
insight into the operations and cashflow of the company.
Because of varying available valuation methodologies, subjective
assumptions and the variety of equity instruments that can impact a
company’s non-cash operating expenses, management believes that
providing non-GAAP financial measures that excludes non-cash
expenses allows for meaningful comparisons between the company’s
core business operating results and those of other companies, as
well as provides an important tool for financial and operational
decision making and for evaluating the company’s own core business
operating results over different periods of time.
The company’s non-GAAP net income (loss) and non-GAAP EPS
measures may not provide information that is directly comparable to
that provided by other companies in the company’s industry, as
other companies in the industry may calculate such non-GAAP
financial results differently. The company’s non-GAAP net income
(loss) and non-GAAP EPS are not measurements of financial
performance under GAAP and should not be considered as an
alternative to operating income or as an indication of operating
performance or any other measure of performance derived in
accordance with GAAP. The company does not consider these non-GAAP
measures to be substitutes for or superior to the information
provided by its GAAP financial results.
OptimizeRx Contact Doug Baker, CFOTel
(248) 651-6568 (x807)dbaker@optimizerx.com
Media Relations Contact Maira Alejandra,
Media Relations ManagerTel (754)
245-7070 malejandra@optimizerx.com
Investor Relations Contact Ron Both,
CMA Tel (949) 432-7557 oprx@cma.team
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