News Releases

OptimizeRx Corporation Reports First Quarter 2016 Results

May 9, 2016 at 9:19 AM EDT

Core Promotional Transactions Up 16%, Driving Q1 Net Revenue up 18% to $1.8 Million

ROCHESTER, Mich., May 09, 2016 (GLOBE NEWSWIRE) -- OptimizeRx Corp. (OTCQB:OPRX), a health technology software company whose premier content-delivery platform enables pharmaceutical companies to provide on-demand patient-care services, reported results for the first quarter ended March 31, 2016.

Q1 2016 Highlights

  • Promotional transactions, including eCoupons and eVouchers, up 16% in the quarter.
  • Net revenue up 18% to $1.8 million in the quarter.
  • eCoupons distributed for 73 different brands in the quarter, up from 57 brands in the first quarter of 2015.
  • Partnered with TrialCard to integrate its coupon and co-pay offerings with OptimizeRx electronic health record (EHR) technology.
  • Sponsored the ePrescribe/EHR conference held in Philadelphia in March, which generated significant leads for the company’s sales force.
  • Appointed William J. Febbo as CEO. Febbo brings to OptimizeRx more than 18 years of experience in building and managing health services and financial businesses.
  • Appointed James Brooks as SVP of business development. Brooks brings more than 20 years of experience in sales and marketing. 
  • Added sales rep on the East Coast.

Q1 2016 Financial Summary
Net revenue in the first quarter of 2016 was $1.8 million versus $1.5 million in the same year-ago quarter. The increase was due to both increased promotion of pharmaceutical brands and expanded distribution channels.

Operating expenses in the first quarter of 2016 were $1.2 million, as compared to $0.8 million in the same year-ago quarter. The increase was primarily due to an increase in expenses related to growth initiatives, including investments in the company’s executive and sales team and related marketing and travel. Since the first quarter of 2015, the company has appointed a vice president of client services, a senior vice president of business development, an additional vice president of sales, and a CEO.

Net loss was $352,000 or $(0.01) per share, as compared to net loss of $111,000 or $(0.00) per share in the same year-ago quarter.

Cash and cash equivalents totaled $7.5 million at March 31, 2016, as compared to $8.2 million at December 31, 2015. The decrease in cash and equivalents was due to the payout to the company’s former CEO for shares owed to him from prior years, in lieu of actually issuing those shares. Without that payout, the company’s cash would have increased slightly during the quarter. The company continued to operate debt-free.

Management Commentary
“OptimizeRx has generated 16 consecutive quarters of year-over-year sales growth, driven by acquiring, integrating and expanding into new promotional EHR and eRx platforms,” said William Febbo, OptimizeRx’s CEO. “Currently, our focus is on building out our internal team to expand our reach within EHR providers, pharmacies and consumers. This team will leverage our existing client engagements to drive continued top-line growth. As a first mover and developer of the eCoupon market, we are aggressively expanding our suite of products and services designed to efficiently maximize the marketing channel for our clients.”

“Looking ahead, we will continue to invest in expanding our team to scale our business. We will also invest in technology and marketing while delivering a consistent message to potential customers that we connect fragmented EHR channels with our ‘single point of access’ promotional network.”

Conference Call
OptimizeRx will host a conference call today to discuss the first quarter 2016, followed by a question and answer period.

Date: Monday, May 9, 2016
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
Toll-free dial-in number: 1-877-397-0272
International dial-in number: 1-719-325-4749
Conference ID: 2574067

A replay of the call will be available through May 30, 2016.

Toll-free replay number: 1-877-870-5176
International replay number: 1-858-384-5517
Replay ID: 2574067

The company expects to file its quarterly report on Form 10-Q today.

About OptimizeRx Corp
OptimizeRx Corporation (OTCQB:OPRX) provides unique consumer and physician platforms to help patients better afford and comply with their medicines and healthcare products, while offering pharmaceutical and healthcare companies effective ways to expand awareness, access and adherence to their medications.

The company’s core product, SampleMD, replaces drug samples with electronic trial vouchers and copay coupon savings that are electronically added to an e-Prescription and sent electronically to the pharmacy and is integrated within leading electronic health record (EHR) platforms in the country, including Allscripts, Quest Diagnostics, Practice Fusion and over 350 other EHRs to reach over 250,000 healthcare providers. In turn, OptimizeRx promotes patient savings and support from the world’s largest pharmaceutical companies, including Pfizer, Lilly, Novartis, AstraZeneca and many others. For more information, please go to www.optimizerxcorp.com.

Important Cautions Regarding Forward Looking Statements
This press release contains forward-looking statements within the definition of Section 27A of the Securities Act of 1933, as amended and such section 21E of the Securities Act of 1934, amended. These forward-looking statements should not be used to make an investment decision. The words 'estimate,' 'possible' and 'seeking' and similar expressions identify forward-looking statements, which speak only as to the date the statement was made. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted, or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the effect of government regulation, competition and other material risks.

 
OPTIMIZERx CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED)
AS OF MARCH 31, 2016 AND DECEMBER 31, 2015
         
    March 31, 2016   December 31, 2015
ASSETS        
Current Assets                
Cash and cash equivalents   $ 7,548,261     $ 8,207,565  
Accounts receivable     2,340,765       2,847,450  
Prepaid expenses     54,555       70,623  
Total Current Assets     9,943,581       11,125,638  
Property and equipment, net     23,076       10,239  
Other Assets                
Patent rights, net     817,239       832,884  
Web development costs, net     308,812       340,470  
Security deposit     5,049       5,049  
Total Other Assets     1,131,100       1,178,403  
TOTAL ASSETS   $ 11,097,757     $ 12,314,280  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY                
Current Liabilities                
Accounts payable - trade   $ 195,076     $ 212,191  
Accounts payable - related party     -       570,000  
Accrued expenses     8,090       6,983  
Revenue share payable     1,502,816       2,355,608  
Deferred revenue     845,226       227,002  
Total Liabilities     2,551,208       3,371,784  
Stockholders' Equity                
Common stock, $.001 par value, 500,000,000 shares authorized, 29,043,425 and 29,030,925 shares issued and outstanding, respectively     29,043       29,031  
Preferred stock, $.001 par value, 10,000,000 shares authorized, 0 and 65 shares issued and outstanding, respectively     -       -  
Stock warrants     2,294,416       2,329,508  
Additional paid-in-capital     32,631,226       32,185,499  
Stock payable     663,670       1,132,148  
Deferred stock compensation     -       (13,800 )
Accumulated deficit     (27,071,806 )     (26,719,890 )
Total Stockholders' Equity     8,546,549       8,942,496  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 11,097,757     $ 12,314,280  
                 

 

OPTIMIZERx CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 2016 AND 2015
     
    For the Three Months Ended
    March 31
        2016         2015  
             
NET REVENUE   $   1,759,528     $   1,487,553  
             
COST OF SALES       892,793         756,440  
             
GROSS MARGIN       866,735         731,113  
             
OPERATING EXPENSES       1,228,564         842,610  
             
LOSS FROM OPERATIONS       (361,829 )       (111,497 )
             
OTHER INCOME (EXPENSE)            
Interest income       10,076         296  
Interest Expense       (163 )       -  
             
TOTAL OTHER INCOME (EXPENSE)       9,913         296  
             
LOSS BEFORE PROVISION            
FOR INCOME TAXES       (351,916 )       (111,201 )
             
PROVISION FOR INCOME TAXES       -         -  
             
NET LOSS   $   (351,916 )   $   (111,201 )
             
WEIGHTED AVERAGE SHARES OUTSTANDING  
     
BASIC AND DILUTED       29,030,925         22,897,819  
             
NET LOSS PER SHARE            
             
BASIC AND DILUTED   $   (0.01 )   $   (0.00 )
             

Company Contact:
OptimizeRx
Doug Baker
dbaker@samplemd.com
248-651-6568 x807 

Investor Relations Contact:
Liolios Group
Ron Both, Senior Managing Director
oprx@liolios.com 
949-574-3860

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