OptimizeRx Corporation Says 1Q24 Revenue Expected To Grow Over 40% YoY And Come In Between $18.5M-$19.2M Vs. $17.03M Estimate; Company Says DAAP Adoption And Cross Selling Activities Are Tracking Ahead Of Internal Expectations

Author: Benzinga Newsdesk | April 26, 2024 07:37am

For the first quarter, the Company expects revenue to increase over 40% year-over-year and come in between $18.5 million and $19.2 million with a GAAP net loss and Adjusted EBITDA loss between $(8.2) - $(7.0) million and $(1.0) - $(0.7) million, respectively (see definition of this non-GAAP measure and reconciliation to GAAP, below). The year-over-year revenue increase was primarily driven by strong organic growth due to our Dynamic Audience Activation Platform (DAAP) as well as from our October 2023 acquisition of Medicx Health.

Steve Silvestro, OptimizeRx President commented, "The momentum from the fourth quarter has carried into the first quarter of 2024 with the signing of 9 new DAAP deals. Current industry trends favor our approach with pharma looking to partner with scalable platforms that have agile precision-marketing capabilities which at its core is what our AI enabled platform delivers."

"Our commercial integration strategy between OptimizeRx and Medicx is also progressing ahead of our expectations, with numerous new cross-sell opportunities in late-stage negotiations. The integration of the two businesses is ahead of schedule and we are optimistic about our performance. With the addition of Medicx, we stand out as the only scalable platform with both HCP and direct-to-consumer reach. This unique positioning enhances our ability to cross-sell and upsell, unlocking significant value. We estimate the potential opportunity with existing brands alone to be nearly $2.8 billion, with even greater potential for brands we don't yet support. This favorable environment strengthens our confidence in meeting or exceeding our financial targets."

Posted In: OPRX