Business
OptimizeRx Reports First Quarter 2021 Financial Results, Revenue Up 48% on Rising Enterprise Adoption of Digital Health
Revenue Up 48% to $11.2 million, closing on 33 enterprise contractsExpanded recurring revenue stream, reaching new base of customersCash flow positive from
About this update from Optimizerx Corporation
[{"type":"text","content":"Revenue Up 48% to $11.2 million, closing on 33 enterprise contractsExpanded recurring revenue stream, reaching new base of customersCash flow positive from operations of $1.7 million ROCHESTER, Mich., May 06, 2021 (GLOBE NEWSWIRE) -- OptimizeRx Corp. (the “Company”) (Nasdaq: OPRX), a leading provider of digital health solutions for life science companies, physicians and patients, reported results for the three months ended March 31, 2021. Quarterly comparisons are to the same year-ago period. Financial Highlights Revenue in the first quarter of 2021 increased 48% to a record $11.2 million, from $7.6 million as compared to the same year ago period.Gross profit in the first quarter of 2021 increased 41% to $6.1 million.GAAP net loss totaled $0.6 million or $(0.04) per basic and diluted share in the first quarter.Non-GAAP net income in the first quarter totaled $0.6 million or $0.04 per basic and $0.03 per fully diluted share respectively (see definition of this non-GAAP measure and reconciliation to GAAP, below).Cash and cash equivalents totaled $82.3 million as of March 31, 2021 as compared to $10.5 million as of December 31, 2020. This was a result of an equity offering in February where we raised $70.7 million. Operational Highlights Secured new enterprise-level deals for 2021 that provide access to the company’s full suite of solutions and nationwide digital healthcare platform.Enhanced our leadership team by adding a General Counsel & Chief Compliance Officer as well as elevated the Chief Technology Officer to report directly to the CEO.Secured multiple new channel partnerships outside of electronic health record companies for additional reach to oncologists and other specialties.Committed to an inclusion and diversity pledge.Enhanced our patient engagement commercial team to further scale that portion of the business.Consolidated our technology centers of excellence in Croatia.Completed all integration work for previous two acquisitions and paid last earnout payment related to acquisitions.Maintained a no travel, virtual operational plan with a particular focus on training, open communication, and great work culture. Management Commentary“We’ve had a strong start to the new year and are pleased with the Company’s financial and operational performance. We finished the quarter cash flow positive from operations, generating mea...