OptimizeRx Corp (OPRX) Reports Q3 2023 Earnings, Raises 2023 Guidance and Introduces 2024 Guidance
OptimizeRx Corp (NASDAQ:OPRX) reported Q3 2023 financial results with total revenue of $16.3 million.
The company reported a GAAP net loss per share of $(0.17) and a Non-GAAP net income per share of $0.09.
OPRX raised its guidance for 2023 and introduced guidance for 2024.
The company completed the acquisition of Medicx Health after the quarter end.
OptimizeRx Corp (NASDAQ:OPRX), a leading provider of healthcare technology solutions, announced its financial results for the third quarter ended September 30, 2023, on November 6, 2023. The company reported total revenue of $16.3 million, a GAAP net loss per share of $(0.17), and a Non-GAAP net income per share of $0.09.
Financial Highlights and CEO Commentary
OptimizeRx CEO, Will Febbo, commented on the results, stating,
I am excited to announce third quarter results came in well above expectations. Weve seen significant momentum build up since the start of the second half of 2023, particularly around the utilization of our Dynamic Audience Activation Platform (DAAP)."
He also mentioned the successful acquisition of Medicx Health and the expected revenue surpassing $100 million over the next 12 months.
2023 and 2024 Financial Outlook
OptimizeRx Corp (NASDAQ:OPRX) increased its guidance for 2023 and expects revenue and adjusted EBITDA to come in between $68-$70 million and $3-$4 million, respectively. The company also introduced preliminary 2024 guidance, expecting revenue to be at least $110 million and adjusted EBITDA margins to be at least 10%.
Key Performance Indicators
The company reported several key performance indicators, including an average revenue per top 20 pharmaceutical manufacturer of $2,075,078, and a net revenue retention of 93%. The top 20 pharmaceutical manufacturers accounted for 59% of total net revenues.
Balance Sheet and Cash Flow Statement Summary
As of September 30, 2023, OptimizeRx Corp (NASDAQ:OPRX) had total assets of $123,929,152, including cash and cash equivalents of $9,921,475. The company reported total liabilities of $7,822,493 and total stockholders equity of $116,106,659. For the nine months ended September 30, 2023, the company used $981,935 in operating activities and provided $664,235 in investing activities.
About OptimizeRx Corp
OptimizeRx Corp provides health technology that enables care-focused engagement between life sciences organizations, healthcare providers, and patients throughout the patient care journey. The company connects over 60% of U.S. healthcare providers and millions of their patients through its technology platform.
Explore the complete 8-K earnings release (here) from OptimizeRx Corp for further details.
This article first appeared on GuruFocus.
