Business
OptimizeRx Reports Second Quarter 2023 Financial Results
– RWD.AI-enabled portion of the core business sees 186% YOY growth during the first half of 2023 – Non-core business is lagging – Total revenue of $13.8
About this update from Optimizerx Corporation
[{"type":"text","content":"– RWD.AI-enabled portion of the core business sees 186% YOY growth during the first half of 2023 – Non-core business is lagging – Total revenue of $13.8 million – GAAP net loss per share of $(0.24) – Non-GAAP net loss per share of $(0.01) ROCHESTER, Mich., Aug. 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, reported results for the three months ended June 30, 2023. Quarterly comparisons are to the same year-ago period. Financial Highlights Revenue in the second quarter of 2023 decreased 1% to $13.8 million, as compared to $14.0 million in the same year ago period.Gross profit in the second quarter of 2023 decreased 13% year-over-year to $7.8 million, from $9.0 million during the second quarter of 2022.GAAP net loss totaled $(4.2) million or $(0.24) per basic and diluted shares outstanding in the second quarter, as compared to $(3.9) million or $(0.21) during the second quarter of 2022.Non-GAAP net loss in the second quarter totaled $(0.2) million or $(0.01) per fully diluted shares outstanding, as compared to $0.7 million or $0.04 per fully diluted shares outstanding during the second quarter of 2022 (see definition of this non-GAAP measure and reconciliation to GAAP, below).The Company repurchased 526,999 shares at an average price of $14.27 per share in the second quarter of 2023 for a total of $7.5 million.Cash, cash equivalents and short-term investments totaled $62.7 million as of June 30, 2023 as compared to $74.1 million as of December 31, 2022 Will Febbo, OptimizeRx CEO commented, “I am disappointed to report second quarter results fell below the internal expectations underlying our May strategic update. The primary impact was due to a revenue shortfall in certain non-core business lines as well as longer than expected MLR reviews that pushed revenue into the second half of the year. Moreover, we are still being affected by the macro headwinds we identified last year and expect this will persist through 2023, as we continue to pursue larger scale RWD.AI enterprise deals. Despite these events, there were several bright spots in the period which speak to our land and expand strategy including the securing of three additional AI contracts with existing clients. We will continue to build upon a ...