OptimizeRx Expects Record Revenue Exceeding $10.0 Million in Q3...

OptimizeRx Expects Record Revenue Exceeding $10.0 Million in Q3 2020, up 100%

By Healthcare Tech Outlook | Wednesday, October 14, 2020

ROCHESTER, Mich. - OptimizeRx Corp. (Nasdaq: OPRX), a leading provider of digital health solutions for life science companies, physicians and patients, reported preliminary unaudited revenue for its third quarter ended September 30, 2020.

Revenue for the quarter is expected to total more than $10.0 million, up over 100% versus the same year-ago quarter. The company also expects to report positive non-GAAP net income for the quarter.

“Our topline growth was driven organically with a combination of enterprise deals and tactical programs, as our customers increasingly see the value in transparent access to physicians and patients via our digital health platform,” said OptimizeRx CEO William Febbo. “Our growth in the quarter further validates investments we made last year in our commercial team, acquisition strategy and platform extensions, as well as the size of the markets we are successfully penetrating.”

According to OptimizeRx’s chief commercial officer, Steve Silvestro, the company’s early transition to more enterprise agreements combined with a land-and-expand strategy is also fueling growth. “The expanding reach of our digital communication platform has enabled our clients to stay connected to more doctors at the point-of-care in a time of extreme disruption,” said Silvestro. “As a result, our clients continue to select us over competitors and increased the number of internal referrals of our platform to their peers.”

“Some of our newer solutions introduced during the year were born from our Innovation Lab, where our partners have been helping us to bring new ideas to life to cement our relevancy at the point-of-care,” added Silvestro. “With more programs and more customers compared to last year, we expect to apply all our solutions to help more physicians and patients improve their health in more affordable ways while continuing to scale the business at this early stage of our development.”

For the first nine months of the year, the company’s revenue also grew at a faster pace than anticipated, up over 53% to more than $26.4 million.

“These strong results also reflect the fine-tuning of our patient engagement market strategy at a time when demand has never been greater due to

COVID-19,” said Febbo. “As we begin the final quarter of the year, we continue to hit on all our growth drivers, including expanded physician and patient reach, new and scaling clients, and additional solutions. This is all working together to keep us on course for a strong finish to the year. We see this momentum continuing into 2021, as our sales pipeline continues to expand as anticipated.”

The company plans to report its full third quarter 2020 results in the first week of November.

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