Business
OptimizeRx Reports Third Quarter 2022 Financial Results
Q3 Revenue of $15.1 million, down 6% year-over-year and up 8% quarter-over-quarterGross profit increased 4% year-over-year to $9.4 million as gross margins
About this update from Optimizerx Corporation
[{"type":"text","content":"Q3 Revenue of $15.1 million, down 6% year-over-year and up 8% quarter-over-quarterGross profit increased 4% year-over-year to $9.4 million as gross margins increased from 56% to 62%Generated $7.9 million in cash flow from operations during the first nine months of 2022Repurchased 1.1 million shares - year to date - at an average price of $16.70 per share ROCHESTER, Mich., Nov. 08, 2022 (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 September 30, 2022. Quarterly comparisons are to the same year-ago period. Rolling Twelve Months Ended September 30,Key Performance Indicators (KPIs)* 2022 2021 Average revenue per top 20 pharmaceutical manufacturer$2,188,300 $2,516,515 Percent of top 20 pharmaceutical manufacturers that are customers 95% 90%Percent of total revenue attributable to top 20 pharmaceutical manufacturers 66% 79%Net revenue retention 96% 161%Revenue per average full-time employee$618,711 $740,728 Will Febbo, OptimizeRx CEO commented, “We are seeing significant momentum off the mid-year trough, and are confident that we are gaining traction across our business in particular with our Real World Evidence (RWE) solutions. RWE is an important growth driver, and we believe it aligns well with digital trends across the life sciences industry including pharma manufacturers moving a greater percentage of their commercial spend towards omni-channel digital solutions. We believe smarter solutions - such as OptimizeRx’s RWE - will capture the lion’s share of the pharma legacy commercial dollars that are reallocated to digital. We believe executing on just the RWE opportunities we have in front of us today could position us to grow our topline by over 20% next year.\" Financial Highlights Revenue in the third quarter of 2022 decreased 6% to $15.1 million, from $16.1 million as compared to the same year ago period.Gross profit in the third quarter of 2022 increased 4% year-over-year to $9.4 million.GAAP net loss totaled $3.5 million or $(0.19) per basic and diluted share in the third quarter.Non-GAAP net income in the third quarter totaled $1.3 million or $0.07 per fully diluted shares outstanding. (see definition of this non-GAAP measure and reconciliation to GAAP, below)...