OptimizeRx Recurring Revenue Grows as it Secures 19 New Enterprise-Level Engagements in Q1 2021
Of the 46 deals in pipeline shared during the fourth quarter of 2020 earnings call, the company has closed 19 deals. This conversion success rate is in addition to a higher-than-average renewal rate of existing engagements over the same period. In 2021, the company expects to exceed the 86% renewal rate it experienced last year.
“These many new wins further demonstrate the exceptional capabilities and reach of our solutions, and especially how they deliver exceptional value to our clients,” stated
The elements driving the shift in commercial models are expected to persist beyond the pandemic, creating a sustained increase in demand for digital enablement tools that can swiftly respond to real-world events through advanced analytic methods. A recent MM+M/Healthlink Dimensions survey of healthcare marketers revealed a 29.5% budget increase for digital sales rep engagement in 2020. Further, while traditional engagement methods declined in popularity, remote sales rep engagement increased to 66.7%.
“Our engagement with pharma clients has evolved to focus on key elements of their commercialization process that over the past year has had to adapt to the next normal,” continued Silvestro. “By using OptimizeRx’s proprietary platform, our clients have been able to reach more HCPs in a much shorter period, providing them with the necessary information and tools to help treat their patients. These closed loop execution efforts have a clear and demonstrated return on investment.”
“We expect the first half of the year to continue to show strong growth, and this has historically positioned the company for an even better second half,” added Febbo. “The platform we have built over the years continues to bring us closer to our clients, especially with the unprecedented shift in budgets to digital. We plan to continue scaling and leveraging the strength of our platform to address the sizable market opportunities ahead.”
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 as in section 21E of the Securities Act of 1934, as 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.
Tel (248) 651-6568 (x807)
Media Relations Contact
Tel (754) 245-7070
Investor Relations Contact
Tel (949) 432-7557
Source: OptimizeRx Corporation