OptimizeRx Authorizes $15 Million Share Repurchase Program

Rhea-AI Summary

OptimizeRx (Nasdaq: OPRX) has announced a share repurchase program, allowing for the buyback of up to $15 million of its common stock. The Board of Directors unanimously approved this decision, reflecting the company's solid working capital and belief that its shares are undervalued. CEO Will Febbo highlighted the long-term confidence in OptimizeRx's business, emphasizing the scalability offered by its extensive point-of-care network, which connects over 60% of U.S. healthcare providers.

Positive

• Authorized share repurchase program of up to $15 million.
• Strong working capital position enhances financial stability.
• Confidence in stock undervaluation indicates management's positive outlook.

Negative

• None.

ROCHESTER, Mich., March 14, 2023 (GLOBE NEWSWIRE) -- OptimizeRx Corp. (the “Company”) (Nasdaq: OPRX), a leading provider of point-of-care technology solutions helping patients start and stay on therapy, announced today that its Board of Directors has unanimously authorized a share repurchase program, under which OptimizeRx may repurchase up to $15 million of its outstanding common stock.

“We are fortunate to start 2023 with a strong working capital position and believe we are firmly placed to benefit from the scalability inherent in having the nation’s largest in workflow point-of-care network; this share repurchase program reflects the long-term confidence we have in our business and our belief that our shares are undervalued,” commented Will Febbo, OptimizeRx CEO.

About OptimizeRx

OptimizeRx provides best-in-class health technology that enables care-focused engagement between life sciences organizations, healthcare providers, and patients at critical junctures throughout the patient care journey. Connecting over 60% of U.S. healthcare providers and millions of their patients through an intelligent technology platform embedded within a proprietary digital point-of-care network, OptimizeRx helps patients start and stay on their medications.

For more information, follow the Company on Twitter, LinkedIn or visit www.optimizerx.com. 

Important Cautions Regarding Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “anticipates”, “believes”, “estimates”, “expects”, “forecasts”, “intends”, “plans”, “projects”, “targets”, “designed”, “could”, “may”, “should”, “will” or other similar words and expressions are intended to identify these forward-looking statements. All statements that reflect the Company’s expectations, assumptions, projections, beliefs, or opinions about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements relating to the Company’s growth, business plans, and future performance. These forward-looking statements are based on the Company’s current expectations and assumptions regarding the Company’s business, the economy, and other future conditions. The Company disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise, except as required by applicable law. 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 risks summarized in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, its subsequent Quarterly Reports on Form 10-Q, and its other filings with the Securities and Exchange Commission.

OptimizeRx Contact 

Andy D’Silva, SVP Corporate Finance

adsilva@optimizerx.com

Media Relations Contact 

Kimberley Sirk, Media Relations Manager 

ksirk@optimizerx.com 

Investor Relations Contact

Ashley Robinson

LifeSci Advisors, LLC

arr@lifesciadvisors.com

FAQ

What is the share repurchase program announced by OptimizeRx on March 14, 2023?

OptimizeRx announced a share repurchase program allowing the company to buy back up to $15 million of its outstanding common stock.

Why did OptimizeRx's Board authorize the buyback program?

The Board authorized the buyback program to demonstrate long-term confidence in the business and to address perceived undervaluation of the company's shares.

How does the share repurchase program impact OptimizeRx's stock price?

The share repurchase program may positively impact OptimizeRx's stock price by reducing the number of shares outstanding and signaling management's confidence in the company's value.

When was the share repurchase program for OPRX announced?

The share repurchase program for OptimizeRx was announced on March 14, 2023.