ROCHESTER—OptimizeRx Corp. (NASDAQ: OPRX), a provider of digital health messaging to consumers for the pharmaceutical industry, reported net income of $406,617 or 3 cents a share, up 45 percent in dollar amount from $280,509 or 3 cents a share in the second quarter of 2018. (The per-share amount remained the same because the number of shares outstanding rose year over year.) Revenue was $7 million, up 37 percent from $5.1 million a year earlier.
For the six months, net income was $413,146 or 3 cents a share, up from $91,330 or 1 cent a share in the first half of 2018. Revenue was $12.2 million, up from $9.2 million a year earlier.
During the quarter, the company said it raised $21.3 million in capital in an underwritten public stock offering, and expanded its executive team, adding a new chief commercial officer, a vice president of sales to focus on the hospital market, and three additional vice presidents of sales to call on the pharmaceutical industry.
Company officials said that while the expect OptimizeRx to remain profitable on a quarterly basis, one-time expenses related to investments in growth initiatives could result in a loss in any given quarter.
“In Q2, we achieved record top and bottom-line results, along with strong gross margin expansion versus the year-ago quarter,” said OptimizeRx CEO William Febbo. “In fact, it was our ninth straight quarter of revenue growth. This performance was driven by several factors, including greater client access and broader provider reach, with this driven by solid technology and strong operational performance. While our revenue is at an all-time high and we are now connected to many manufacturers, our penetration of this market is still at the early stages in many respects. We estimate our addressable market opportunity with our traditional network is about $700 million, assuming we had all our all channel partners enabled across all of our solutions. However, since the beginning of the year, we have substantially expanded our total addressable market by adding patient adherence to our solution set. So, we are now able to go after a much larger health care provider messaging market estimated at more than $2.4 billion. This focus on adherence also aligns with our passion for helping healthcare providers create better outcomes for their patients.”
A replay of a conference call discussing these results will be available after 7 p.m. on Wednesday, Aug. 7, through the website investors.optimizerx.com, or by calling (844) 512-2921 in the United States or (412) 317-6671, using the replay ID 1609655
OptimizeRx connects pharmaceutical companies to patients and providers, promoting medication affordability, adherence to doctor-prescribed dosages, better healthcare outcomes, and brand awareness. It provides a channel for pharma companies to communicate with healthcare providers within their workflow and also directly to patients. OptimizeRx provides more than half of the ambulatory patient market with access to these benefits through leading electronic health records platforms like Allscripts, Amazing Charts and Quest, and directly via its mobile communications platform. More at www.optimizerx.com.