OptimizeRx Reports Second Quarter 2024 Financial Results
OptimizeRx Corp (Nasdaq: OPRX) reported its Q2 2024 financial results, highlighting significant growth despite some challenges. Revenue increased by 36% year-over-year to $18.8 million, while gross profit surged 50% to $11.7 million with a gross margin of 62%. The company secured eight new DAAP deals in Q2. However, GAAP net loss remained at $(4.0) million, slightly improved from $(4.1) million in Q2 2023. Non-GAAP net income was $0.3 million, or $0.02 per diluted share, compared to a non-GAAP net loss of $(0.2) million, or $(0.01) per diluted share, in the year-ago period. Adjusted EBITDA turned positive at $0.5 million from $(0.8) million. Cash holdings increased to $15.0 million as of June 30, 2024. The company reiterated its 2024 guidance for revenue of at least $100 million and Adjusted EBITDA of $11 million. Notable was a timing issue with a $6 million DAAP deal that impacted expected revenues.
OptimizeRx Corp (Nasdaq: OPRX) ha riportato i risultati finanziari del secondo trimestre 2024, evidenziando una crescita significativa nonostante alcune difficoltà. I ricavi sono aumentati del 36% rispetto all'anno precedente, raggiungendo i 18,8 milioni di dollari, mentre l'utile lordo è salito del 50% a 11,7 milioni di dollari, con un margine lordo del 62%. L'azienda ha ottenuto otto nuovi accordi DAAP nel secondo trimestre. Tuttavia, la perdita netta GAAP è rimasta a $(4,0) milioni, leggermente migliorata rispetto a $(4,1) milioni nel secondo trimestre 2023. L'utile netto non GAAP era di 0,3 milioni di dollari, ovvero 0,02 dollari per azione diluita, rispetto a una perdita netta non GAAP di $(0,2) milioni, o $(0,01) per azione diluita, nello stesso periodo dell'anno scorso. L'EBITDA rettificato è diventato positivo, raggiungendo 0,5 milioni di dollari da $(0,8) milioni. Le disponibilità liquide sono aumentate a 15,0 milioni di dollari al 30 giugno 2024. L'azienda ha ribadito le sue prospettive per il 2024, prevedendo ricavi di almeno 100 milioni di dollari e un EBITDA rettificato di 11 milioni. Da notare un problema di tempistica legato a un accordo DAAP da 6 milioni di dollari che ha influito sui ricavi attesi.
OptimizeRx Corp (Nasdaq: OPRX) reportó sus resultados financieros del segundo trimestre de 2024, destacando un crecimiento significativo a pesar de algunos desafíos. Los ingresos aumentaron un 36% en comparación con el año anterior, alcanzando los 18.8 millones de dólares, mientras que la ganancia bruta se disparó un 50% a 11.7 millones de dólares, con un margen bruto del 62%. La compañía aseguró ocho nuevos acuerdos DAAP en el segundo trimestre. Sin embargo, la pérdida neta GAAP se mantuvo en $(4.0) millones, ligeramente mejorada de $(4.1) millones en el segundo trimestre de 2023. La ganancia neta no GAAP fue de 0.3 millones de dólares, o 0.02 dólares por acción diluida, en comparación con una pérdida neta no GAAP de $(0.2) millones, o $(0.01) por acción diluida, en el mismo período del año anterior. El EBITDA ajustado se volvió positivo en 0.5 millones de dólares, frente a $(0.8) millones. Las reservas de efectivo aumentaron a 15.0 millones de dólares al 30 de junio de 2024. La compañía reafirmó su guía para 2024, con un pronóstico de ingresos de al menos 100 millones de dólares y un EBITDA ajustado de 11 millones. Destacó un problema de tiempo con un acuerdo DAAP de 6 millones de dólares que impactó los ingresos esperados.
OptimizeRx Corp (Nasdaq: OPRX)는 2024년 2분기 재무 결과를 보고하며 일부 어려움에도 불구하고 상당한 성장을 강조했습니다. 수익은 1년 전 대비 36% 증가하여 1,880만 달러에 달했으며, 총 이익은 50% 증가하여 1,170만 달러에 도달했으며 총 마진은 62%입니다. 회사는 2분기 동안 8개의 새로운 DAAP 거래를 확보했습니다. 그러나 GAAP 기준 순손실은 $(4.0) 백만에 머물러 있으며, 2023년 2분기의 $(4.1) 백만에서 약간 개선되었습니다. 비 GAAP 기준 순이익은 30만 달러, 즉 희석 주당 0.02달러로, 작년 동기와 비교하면 비 GAAP 기준 순손실 $(20만) 또는 희석 주당 $(0.01)입니다. 조정된 EBITDA는 $(80만)에서 50만 달러로 긍정적인 전환을 이뤘습니다. 현금 보유액은 2024년 6월 30일 기준 1,500만 달러로 증가했습니다. 회사는 2024년 매출이 최소 1억 달러, 조정된 EBITDA가 1,100만 달러에 이를 것이라는 전망을 재확인했습니다. 6백만 달러 DAAP 거래와 관련된 타이밍 문제가 예상 수익에 영향을 미쳤습니다.
OptimizeRx Corp (Nasdaq: OPRX) a annoncé ses résultats financiers du deuxième trimestre 2024, soulignant une croissance significative malgré quelques défis. Les revenus ont augmenté de 36% par rapport à l'année précédente pour atteindre 18,8 millions de dollars, tandis que le bénéfice brut a bondi de 50% à 11,7 millions de dollars, avec une marge brute de 62%. L'entreprise a sécurisé huit nouveaux contrats DAAP au deuxième trimestre. Cependant, la perte nette GAAP est restée à $(4,0) millions, légèrement améliorée par rapport à $(4,1) millions au deuxième trimestre 2023. Le bénéfice net non-GAAP était de 0,3 million de dollars, soit 0,02 dollar par action diluée, comparé à une perte nette non-GAAP de $(0,2) million, ou $(0,01) par action diluée, sur la même période de l'année précédente. L'EBITDA ajusté est devenu positif, atteignant 0,5 million de dollars contre $(0,8) million. Les liquidités ont augmenté à 15,0 millions de dollars au 30 juin 2024. L'entreprise a réaffirmé ses prévisions pour 2024, avec des revenus d'au moins 100 millions de dollars et un EBITDA ajusté de 11 millions. Un problème de calendrier lié à un contrat DAAP de 6 millions de dollars a eu un impact sur les revenus attendus.
OptimizeRx Corp (Nasdaq: OPRX) hat seine finanziellen Ergebnisse für das zweite Quartal 2024 veröffentlicht und dabei signifikantes Wachstum trotz einiger Herausforderungen hervorgehoben. Der Umsatz stieg im Vergleich zum Vorjahr um 36% auf 18,8 Millionen Dollar, während der Bruttogewinn um 50% auf 11,7 Millionen Dollar anstieg, mit einer Bruttomarge von 62%. Das Unternehmen sicherte sich im zweiten Quartal acht neue DAAP-Deals. Allerdings blieb der GAAP-Nettoverlust bei $(4,0) Millionen, was eine leichte Verbesserung gegenüber $(4,1) Millionen im zweiten Quartal 2023 darstellt. Der Non-GAAP-Nettoertrag betrug 0,3 Millionen Dollar oder 0,02 Dollar pro verwässerter Aktie im Vergleich zu einem Non-GAAP-Nettoverlust von $(0,2) Millionen oder $(0,01) pro verwässerter Aktie im Vorjahreszeitraum. Das bereinigte EBITDA wurde positiv mit 0,5 Millionen Dollar gegenüber $(0,8) Millionen. Die Barmittel beliefen sich am 30. Juni 2024 auf 15,0 Millionen Dollar. Das Unternehmen bekräftigte seine Prognose für 2024 mit einem Umsatz von mindestens 100 Millionen Dollar und einem bereinigten EBITDA von 11 Millionen Dollar. Bemerkenswert war ein zeitliches Problem mit einem DAAP-Deal über 6 Millionen Dollar, das sich auf die erwarteten Einnahmen auswirkte.
- Revenue increased by 36% to $18.8 million year-over-year.
- Gross profit rose 50% to $11.7 million.
- Gross margin was 62%, indicating strong profitability.
- Non-GAAP net income of $0.3 million, compared to a loss in Q2 2023.
- Adjusted EBITDA was $0.5 million, up from $(0.8) million.
- Cash and short-term investments totaled $15.0 million, up from $13.9 million.
- Secured eight DAAP deals in Q2.
- Reiterated 2024 guidance: revenue of at least $100 million and Adjusted EBITDA of $11 million.
- GAAP net loss remained high at $(4.0) million.
- Revenue fell short of expectations due to a delay in closing a major $6 million DAAP deal.
Insights
OptimizeRx's Q2 2024 results show mixed performance. While revenue grew
The company's focus on DAAP (Digital Awareness and Activation Programs) is yielding results, with 8 new deals won in Q2. The revenue concentration among top clients is notable, with the top 3 pharma clients generating an average of
Despite the revenue miss, OptimizeRx maintained its 2024 guidance of at least
OptimizeRx's Q2 results highlight the growing importance of digital solutions in pharmaceutical marketing. The company's DAAP offering is gaining traction, evidenced by the 8 new deals and strong adoption among top clients. This aligns with the industry trend of pharma companies shifting budgets towards more targeted, data-driven engagement strategies.
The revenue retention rate of
The increase in revenue per average full-time employee from
– Q2 revenue of
– Q2 gross profit increased
– Won 8 DAAP deals during Q2
WALTHAM, Mass., Aug. 08, 2024 (GLOBE NEWSWIRE) -- OptimizeRx Corp. (the “Company”) (Nasdaq: OPRX), the leading provider of healthcare technology solutions helping life sciences companies reach and engage healthcare professionals (HCPs) and patients, reported results for the three months ended June 30, 2024. Quarterly comparisons are to the same year-ago period.
Financial Highlights
- Revenue in the second quarter of 2024 increased
36% to$18.8 million , as compared to$13.8 million in the same year ago period. - Gross profit in the second quarter of 2024 increased
50% year-over-year to$11.7 million , from$7.8 million during the second quarter of 2023. - GAAP net loss totaled
$(4.0) million or$(0.22) per basic and diluted share in the second quarter, as compared to$(4.1) million or$(0.24) during the second quarter of 2023. - Non-GAAP net income in the second quarter totaled
$0.3 million , or$0.02 per diluted share, as compared to non-GAAP net loss of$(0.2) million or$(0.01) per diluted share during the second quarter of 2023 (see definition of these non-GAAP measures and reconciliation to GAAP below). - Adjusted EBITDA for the second quarter of 2024 came in at
$0.5 million compared to$(0.8) million in the same year ago period (see definition of this non-GAAP measure and reconciliation to GAAP below). - Cash, cash equivalents and short-term investments totaled
$15.0 million as of June 30, 2024 as compared to$13.9 million as of December 31, 2023.
Will Febbo, OptimizeRx CEO commented, “In the second quarter, revenue came in short of our expectations and consensus midpoint while adjusted EBITDA came in above consensus. This was primarily a result of a timing issue with closing one of our largest DAAP deals. We are having success in converting our DAAP pipeline into closed deals; however, because DAAP is a new, innovative solution in the market, there are additional approvals at the pharma customer level required to close out all the items that would allow us to take the revenue in the quarter. To be more specific, one of our long-standing customers committed to moving forward with an approximately
"In the meantime, we've observed a significant distinction among our top 3 pharma clients, with an average revenue per client at approximately
| Key Performance Indicators (KPIs)* | Rolling Twelve Months Ended 6/30/2024 | Rolling Twelve Months Ended 6/30/2023 | |||||
| (in thousands, except percentages) | |||||||
| Average revenue per top 20 pharmaceutical manufacturer | $ | 2,699 | $ | 1,804 | |||
| Percent of top 20 pharmaceutical manufacturers that are customers | 100 | % | 100 | % | |||
| Top 20 pharmaceutical manufacturers as percent of total net revenues | 65 | % | 59 | % | |||
| Net revenue retention | 124 | % | 89 | % | |||
| Revenue per averages full-time employee (FTE) | $ | 658 | $ | 565 | |||
2024 Financial Outlook
For the full year 2024, the Company is reiterating its 2024 guidance and expects revenue to be at least
Conference Call
Date: Thursday, August 8, 2024
Time: 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time)
Toll Free: 1-800-343-4849
International: 1-203-518-9848
Conference ID: "OPRXQ2"
Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1679004&tp_key=4b22d66114
Definition and Use of Non-GAAP Financial Measures
This earnings release includes a presentation of non-GAAP net loss and non-GAAP net loss per diluted share or non-GAAP EPS, and Adjusted EBITDA, all of which are non-GAAP financial measures.
The Company defines non-GAAP net loss as GAAP net loss with an adjustment, as applicable, to add back depreciation, amortization, amortization of debt issuance costs, stock-based compensation, acquisition expenses, severance expenses, income or loss related to the fair value of contingent consideration, gain or loss from the disposal of a business, asset impairment charges, other income (loss), and deferred income taxes. Non-GAAP EPS is defined as non-GAAP net loss divided by the number of weighted average shares outstanding on a diluted basis. Adjusted EBITDA is defined as GAAP net loss with an adjustment, as applicable, to add back depreciation, amortization, interest, stock-based compensation, acquisition expenses, severance expenses, income or loss related to the fair value of contingent consideration, gain or loss from the disposal of a business, asset impairment charges, other income (loss), and deferred income taxes. 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 cash flow 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 exclude non-cash expenses allows for meaningful comparisons between the Company’s 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 business operating results over different periods of time.
The Company’s non-GAAP financial 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 loss, non-GAAP EPS and Adjusted EBITDA 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.
The table, “Reconciliation of Non-GAAP to GAAP Financial Measures,” included below, provides a reconciliation of Non-GAAP net (loss), Non-GAAP EPS and Adjusted EBITDA for the three and six months ended June 30, 2024 and 2023. Although the Company provides guidance for Adjusted EBITDA, it is not able to provide guidance to the most directly comparable GAAP measures. Reconciliations for forward-looking figures would require unreasonable efforts at this time because of the uncertainty and variability of the nature and amount of certain components of various necessary GAAP components, including, for example, those related to compensation, acquisition expenses, amortization or others that may arise during the year, and the Company’s management believes such reconciliations would imply a degree of precision that would be confusing or misleading to investors. For the same reasons, the Company is unable to address the probable significance of the unavailable information.
Definition of Key Performance Indicators*
Top 20 pharmaceutical manufacturers: We have updated the definition of “top 20 pharmaceutical manufacturers” in our key performance indicators to be based upon Fierce Pharma’s most updated list of “The top 20 pharma companies by 2023 revenue”. We previously used “The top 20 pharma companies by 2022 revenue”. As a result of this change, prior periods have been restated for comparative purposes.
Net revenue retention: Net revenue retention is a comparison of revenue generated from all clients in the previous period to total revenue generated from the same clients in the following year (i.e., excludes new client relationships for the most recent year).
Revenue per average Full Time Employee: We define revenue per average full-time employee (FTE) as total revenue over the last 12 months (LTM) divided by the average number of employees over the LTM, which is calculated by taking our total number of FTEs at the end of the prior year period by our total FTE headcount at the end of the most recent.
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 2 million U.S. healthcare providers and millions of their patients through an intelligent technology platform embedded within a proprietary digital point-of-care network, as well as mass digital communication channels, OptimizeRx helps life sciences organizations engage and support their customers.
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, 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, seasonal trends, our ability to maintain our contracts with electronic prescription platforms, competition, and other risks summarized in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, 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
Investor Relations Contact
Ashley Robinson
LifeSci Advisors, LLC
arr@lifesciadvisors.com
| OPTIMIZERX CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands except share and per share data) (UNAUDITED) | |||||||
| June 30, 2024 | December 31, 2023 | ||||||
| ASSETS | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 14,959 | $ | 13,852 | |||
| Accounts receivable, net | 24,521 | 36,253 | |||||
| Taxes receivable | 1,842 | 1,036 | |||||
| Prepaid expenses and other | 4,647 | 3,190 | |||||
| Total current assets | 45,969 | 54,331 | |||||
| Property and equipment, net | 171 | 149 | |||||
| Other assets | |||||||
| Goodwill | 78,357 | 78,357 | |||||
| Other intangibles, net | 14,470 | 15,198 | |||||
| Tradename and customer relationships, net | 33,003 | 34,198 | |||||
| Operating lease right of use assets, net | 472 | 573 | |||||
| Security deposits and other assets | 435 | 568 | |||||
| Total other assets | 126,736 | 128,894 | |||||
| TOTAL ASSETS | $ | 172,876 | $ | 183,374 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| Current liabilities | |||||||
| Current portion of long-term debt | $ | 3,300 | $ | 2,000 | |||
| Accounts payable – trade | 2,980 | 2,227 | |||||
| Accrued expenses | 5,310 | 7,706 | |||||
| Revenue share payable | 2,094 | 5,506 | |||||
| Taxes payable | — | 49 | |||||
| Current portion of lease liabilities | 219 | 222 | |||||
| Deferred revenue | 1,053 | 172 | |||||
| Total current liabilities | 14,956 | 17,881 | |||||
| Non-current liabilities | |||||||
| Long-term debt, net | 32,296 | 34,231 | |||||
| Lease liabilities, net of current portion | 271 | 371 | |||||
| Deferred tax liabilities, net | 4,337 | 4,337 | |||||
| Total liabilities | 51,860 | 56,821 | |||||
| Stockholders’ equity | |||||||
| Preferred stock, | — | — | |||||
| Common stock, | 20 | 20 | |||||
| Treasury stock, | (2 | ) | (2 | ) | |||
| Additional paid-in-capital | 196,164 | 190,793 | |||||
| Accumulated deficit | (75,166 | ) | (64,258 | ) | |||
| Total stockholders’ equity | 121,016 | 126,553 | |||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 172,876 | $ | 183,374 | |||
| OPTIMIZERX CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands except share and per share data) (UNAUDITED) | |||||||||||||||
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net revenue | $ | 18,812 | $ | 13,818 | $ | 38,502 | $ | 26,821 | |||||||
| Cost of revenues, exclusive of depreciation and amortization presented separately below | 7,108 | 5,993 | 14,595 | 11,563 | |||||||||||
| Gross profit | 11,704 | 7,825 | 23,907 | 15,258 | |||||||||||
| Operating expenses | |||||||||||||||
| General and administrative expenses | 14,380 | 12,242 | 30,545 | 26,274 | |||||||||||
| Depreciation and amortization | 1,073 | 465 | 2,140 | 929 | |||||||||||
| Total operating expenses | 15,453 | 12,707 | 32,685 | 27,203 | |||||||||||
| Loss from operations | (3,749 | ) | (4,882 | ) | (8,778 | ) | (11,945 | ) | |||||||
| Other income (expense) | |||||||||||||||
| Interest expense | (1,528 | ) | — | (3,074 | ) | — | |||||||||
| Other income | 75 | — | 75 | — | |||||||||||
| Interest income | 105 | 721 | 125 | 1,386 | |||||||||||
| Total other income (expense), net | (1,347 | ) | 721 | (2,874 | ) | 1,386 | |||||||||
| Loss before provision for income taxes | (5,097 | ) | (4,161 | ) | (11,652 | ) | (10,559 | ) | |||||||
| Expense (benefit) from income taxes | 1,088 | 33 | 744 | 66 | |||||||||||
| Net loss | $ | (4,008 | ) | $ | (4,128 | ) | $ | (10,908 | ) | $ | (10,493 | ) | |||
| Weighted average number of shares outstanding – basic | 18,257,879 | 16,992,100 | 18,213,992 | 17,043,493 | |||||||||||
| Weighted average number of shares outstanding – diluted | 18,257,879 | 16,992,100 | 18,213,922 | 17,043,493 | |||||||||||
| Loss per share – basic | $ | (0.22 | ) | $ | (0.24 | ) | $ | (0.60 | ) | $ | (0.62 | ) | |||
| Loss per share – diluted | $ | (0.22 | ) | $ | (0.24 | ) | $ | (0.60 | ) | $ | (0.62 | ) | |||
| OPTIMIZERX CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (UNAUDITED) | |||||||
| For the Six Months Ended June 30, | |||||||
| 2024 | 2023 | ||||||
| OPERATING ACTIVITIES: | |||||||
| Net loss | $ | (10,908 | ) | $ | (10,493 | ) | |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||
| Depreciation and amortization | 2,140 | 929 | |||||
| Stock-based compensation | 5,926 | 7,884 | |||||
| Increase in bad debt reserve | 132 | 239 | |||||
| Amortization of debt issuance costs | 365 | — | |||||
| Changes in: | |||||||
| Accounts receivable | 11,600 | 3,635 | |||||
| Prepaid expenses and other assets | (1,457 | ) | (1,772 | ) | |||
| Accounts payable | 752 | (732 | ) | ||||
| Revenue share payable | (3,412 | ) | (1,269 | ) | |||
| Accrued expenses and other liabilities | (2,264 | ) | (1,097 | ) | |||
| Taxes payable | (855 | ) | — | ||||
| Deferred revenue | 881 | 287 | |||||
| NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 2,900 | (2,389 | ) | ||||
| INVESTING ACTIVITIES: | |||||||
| Purchase of property and equipment | (77 | ) | (49 | ) | |||
| Purchases of held-to-maturity investments | — | (109,501 | ) | ||||
| Redemptions of held-to-maturity investments | — | 112,501 | |||||
| Acquisition of intangible assets, including intellectual property rights | — | (3 | ) | ||||
| Capitalized software development costs | (162 | ) | (1,274 | ) | |||
| NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES | (239 | ) | 1,674 | ||||
| FINANCING ACTIVITIES: | |||||||
| Cash paid for employee withholding taxes related to the vesting of restricted stock units | (555 | ) | (244 | ) | |||
| Proceeds from exercise of stock options | — | 145 | |||||
| Repurchase of common stock | — | (7,522 | ) | ||||
| Repayment of long-term debt | (1,000 | ) | — | ||||
| NET CASH USED IN FINANCING ACTIVITIES | (1,555 | ) | (7,621 | ) | |||
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 1,106 | (8,335 | ) | ||||
| CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD | 13,852 | 18,209 | |||||
| CASH AND CASH EQUIVALENTS - END OF PERIOD | $ | 14,958 | $ | 9,874 | |||
| SUPPLEMENTAL CASH FLOW INFORMATION: | |||||||
| Cash paid for interest | $ | 2,710 | $ | — | |||
| Cash paid for income taxes | $ | 110 | $ | — | |||
| OPTIMIZERX CORPORATION RECONCILIATION of GAAP to NON-GAAP FINANCIAL MEASURES (in thousands, except share and per share data) (UNAUDITED) | |||||||||||||||
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net loss | $ | (4,008 | ) | $ | (4,128 | ) | $ | (10,908 | ) | $ | (10,493 | ) | |||
| Depreciation and amortization | 1,073 | 465 | 2,140 | 929 | |||||||||||
| Stock-based compensation | 2,903 | 3,503 | 5,926 | 7,884 | |||||||||||
| Severance expenses | 241 | — | 660 | — | |||||||||||
| Other Income | (75 | ) | — | (75 | ) | — | |||||||||
| Amortization of debt issuance costs | 182 | — | 365 | — | |||||||||||
| Acquisition expenses | — | — | 243 | — | |||||||||||
| Non-GAAP net income (loss) | $ | 316 | $ | (160 | ) | $ | (1,649 | ) | $ | (1,681 | ) | ||||
| Non-GAAP net income (loss) per share | |||||||||||||||
| Diluted | $ | 0.02 | $ | (0.01 | ) | $ | (0.09 | ) | $ | (0.10 | ) | ||||
| Weighted average shares outstanding: | |||||||||||||||
| Diluted | 18,358,543 | 16,992,100 | 18,213,922 | 17,043,793 | |||||||||||
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net loss | $ | (4,008 | ) | $ | (4,128 | ) | $ | (10,908 | ) | $ | (10,493 | ) | |||
| Depreciation and amortization | 1,073 | 465 | 2,140 | 929 | |||||||||||
| Expense (benefit) from income taxes | (1,088 | ) | 33 | (744 | ) | 66 | |||||||||
| Stock-based compensation | 2,903 | 3,503 | 5,926 | 7,884 | |||||||||||
| Severance expenses | 241 | — | 660 | — | |||||||||||
| Acquisition expenses | — | — | 243 | — | |||||||||||
| Other Income | (75 | ) | — | (75 | ) | — | |||||||||
| Interest (income) expense, net | 1,422 | (721 | ) | 2,949 | (1,386 | ) | |||||||||
| Adjusted EBITDA | $ | 468 | $ | (848 | ) | $ | 191 | $ | (3,000 | ) | |||||
FAQ
What were OptimizeRx's Q2 2024 revenue results?
How did OptimizeRx's gross profit perform in Q2 2024?
What was OptimizeRx's net income in Q2 2024?
What was OptimizeRx's Adjusted EBITDA for Q2 2024?
What guidance did OptimizeRx provide for 2024?
How many DAAP deals did OptimizeRx secure in Q2 2024?
What was the impact of the delayed DAAP deal on OptimizeRx's revenue?
