Business
OptimizeRx Reports First Quarter 2020 Results; Revenue Up 46% to a Record $7.6 Million
ROCHESTER, Mich., May 04, 2020 (GLOBE NEWSWIRE) -- OptimizeRx Corp. (Nasdaq: OPRX), a leading provider of digital health solutions for life science companies,
About this update from Optimizerx Corporation
[{"type":"text","content":"ROCHESTER, Mich., May 04, 2020 (GLOBE NEWSWIRE) -- OptimizeRx Corp. (Nasdaq: OPRX), a leading provider of digital health solutions for life science companies, payers and providers, reported results for the first quarter ended March 31, 2020. Quarterly comparisons are to the same year-ago quarter.\n Q1 2020 Financial Highlights Total year over year revenue increased 46% to a record $7.6 million.Year over year gross profit increased 20% to $4.3 million.Cash and cash equivalents totaled $15.2 million at March 31, 2020. Q1 2020 Operational Highlights Secured several multi-million-dollar enterprise-level engagements for access to OptimizeRx’s fully integrated communications platform, further transitioning the company to a recurring revenue model. OptimizeRx Innovation Lab launched first health technology solution aimed at increasing speed-to-therapy for patients by providing timely access to enrollment forms within the provider workflow.Launched text message alert program that delivers coronavirus information from the Centers for Disease Control and Prevention. The alerts are distributed through the company’s digital health information network used by leading electronic health record providers.Announced appointment of Todd Inman as chief technology officer, bringing to the position more than 30 years of experience delivering innovations across the healthcare technology industry.Introduced and hosted new webinar series covering a range of topics around using digital health technology to improve patient care, engagement and outcomes. Q1 2020 Financial Summary Total revenue in the first quarter of 2020 increased 46% to a record $7.6 million versus $5.2 million in the same year-ago quarter. The quarterly increase was due to increased sales of messaging solutions. Gross margin decreased to 57.3% in the first quarter of 2020 from 69.6% in the year-ago quarter. The decrease was due to an unusually favorable product mix in the year-ago period that had a high percentage of launch assistance services and other nonrecurring revenue that was not subject to revenue share expense. The company expects its gross margin to improve on a quarter-over-quarter basis for the balance of the year. Operating expenses totaled $6.6 million, up from $3.5 million in the same year-ago quarter. The increase was related to the company building a stronger base for f...