Business
OptimizeRx Reports Third Quarter 2021 Financial Results, Revenue Increased 53% in Continued Scale Up for Accelerated Growth
Revenue Up 53% to $16.1 million, closing on 11 enterprise contractsBrands adopting OptimizeRx solutions increases to 182 from 140 in the past 6
About this update from Optimizerx Corporation
[{"type":"text","content":"Revenue Up 53% to $16.1 million, closing on 11 enterprise contractsBrands adopting OptimizeRx solutions increases to 182 from 140 in the past 6 monthsReal-world evidence (“RWE”) continues to gain traction and build revenue generating momentumCash flow positive from operations of $2.1 million for the nine months of 2021 ROCHESTER, Mich., Nov. 09, 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 September 30, 2021. Financial Highlights Revenue in the third quarter of 2021 increased 53% to a record $16.1 million, from $10.5 million in the same period of 2020, with the first nine months of 2021 up 52% to a record $41.0 million as compared to the same year-ago period.Gross profit in the third quarter of 2021 increased 51% to $9.1 million as compared to the same year-ago period.Gross profit margin in the third quarter of 2021 decreased slightly to 56.3% from 57.2% as compared to the same year-ago period.GAAP net income totaled $0.04 million or $0.00 per basic and diluted share in the third quarter as compared to a net loss of $0.3 million or ($0.02) per basic and fully diluted share in the year ago period.Non-GAAP net income in the third quarter totaled $1.6 million or $0.09 per basic and fully diluted share respectively (see definition of this non-GAAP measure and reconciliation to GAAP, below).Cash and cash equivalents totaled $85.0 million as of September 30, 2021 as compared to $83.9 million as of June 30, 2021. Operational Highlights Enhanced senior leadership team by adding Chief Financial Officer/Chief Operating Officer, as well as SVP of Corporate Finance.Expanded operations team with new hires to position the Company for the next phase of growth.Enhanced market access and adherence commercial teams to accelerate those portions of the business.Published physician survey results demonstrating the value of digital solutions to address unmet patient and provider needs in the area of type 2 diabetes.Recognized as a finalist in Questex’s Fierce Pharma marketing awards 2021.Formed exclusive partnership with Demandbase to deliver the industry’s most powerful account-based-experience solution. Management CommentaryWill Febbo, OptimizeRx CEO commented, “We are pleased w...