Business
OptimizeRx Reports Fourth Quarter and Full Year 2019 Results; Full Year Revenue up 16% to a Record $24.6 Million
ROCHESTER, Mich., Feb. 27, 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., Feb. 27, 2020 (GLOBE NEWSWIRE) -- OptimizeRx Corp. (Nasdaq: OPRX), a leading provider of digital health solutions for life science companies and payers, reported results for the fourth quarter and year ended December 31, 2019, with all comparisons to the same year-ago period unless otherwise noted.\n Financial and Operational Highlights Total revenue in Q4 2019 increased 12% to a record $7.4 million.Total revenue for the full year 2019 was up 16% to a record $24.6 million, with gross margin improving 520 basis points from 57.6% to 62.8% due to a more favorable product mix.Cash and cash equivalents totaled $18.9 million at December 31, 2019.Acquired digital therapeutics SaaS platform provider, RMDY Health, adding three new client segments to OptimizeRx’s existing patient engagement platform: payers, medtech and medical associations.Launched newly integrated platform and secured several enterprise deals to more effectively address the need for greater patient-provider-pharma-payer collaboration and improvement in medication affordability and adherence.Signed an exclusive three year agreement with NewCrop, a provider of integrated electronic prescribing software, to deliver real-time digital health messages to NewCrop’s e-prescribing network of more than 65,000 healthcare professionals. Q4 2019 Financial Summary Net revenue in the fourth quarter of 2019 increased 12% to a record $7.4 million from $6.6 million in the same year-ago quarter. The quarterly increase was primarily due to increased sales of messaging and patient engagement solutions. Over the last year the company has introduced and acquired products and services that have diversified its customer base and revenue streams. Gross margin in the fourth quarter of 2019 was 60.6% versus 62.2% in the year-ago quarter. The decrease in gross margin was due to a shift in product mix. The company expects to maintain gross margins of at least 60% on a quarterly basis. Operating expenses in the fourth quarter of 2019 totaled $6.8 million, increasing from $4.2 million in the same year-ago quarter. The increase was due to additional expenses related to the company’s growth initiatives, including its introduced and acquired products and services such as patient engagement solutions, as well as new hires over the last year. Expenses related to the company’s recent acqui...