OptimizeRx ContactAndy D’Silva, SVP Corporate Financeadsilva@optimizerx.com Investor Relations ContactAshley RobinsonLifeSci Advisors, LLCarr@lifesciadvisors.com OPTIMIZERX CORPORATIONCONDENSED CONSOLIDATED BALANCE SHEETS(in thousands except share and per share data)(UNAUDITED) September 30,2024 December 31,2023 ASSETS Current assets Cash and cash equivalents$16,126 $13,852 Accounts receivable, net 26,327 36,253 Taxes receivable 64 1,036 Prepaid expenses and other 4,389 3,190 Total current assets 46,906 54,331 Property and equipment, net 161 149 Other assets Goodwill 70,869 78,357 Technology assets, net 8,383 9,013 Patent rights, net 5,685 6,185 Tradename and customer relationships, net 32,411 34,198 Operating lease right of use assets, net 422 573 Security deposits and other assets 362 568 Total other assets 118,132 128,894 TOTAL ASSETS$165,199 $183,374 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities Current portion of long-term debt$2,000 $2,000 Accounts payable – trade 2,754 2,227 Accrued expenses 5,557 7,755 Revenue share payable 3,210 5,506 Current portion of lease liabilities 195 222 Deferred revenue 786 172 Total current liabilities 14,502 17,882 Non-current liabilities Long-term debt, net 33,278 34,231 Lease liabilities, net of current portion 242 371 Deferred tax liabilities, net 2,712 4,337 Total liabilities 50,734 56,821 Stockholders’ equity Preferred stock, $0.001 par value, 10,000,000 shares authorized, none issued and outstanding at September 30, 2024 or December 31, 2023 — — Common stock, $0.001 par value, 166,666,667 shares authorized, 20,069,432 and 19,899,679 shares issued at September 30, 2024 and December 31, 2023, respectively 20 20 Treasury stock, $0.001 par value, 1,741,397 shares held at September 30, 2024 and December 31, 2023. (2) (2)Additional paid-in-capital 198,737 190,793 Accumulated deficit (84,290) (64,258)Total stockholders’ equity 114,465 126,553 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$165,199 $183,374 OPTIMIZERX CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands except share and per share data)(UNAUDITED) For the Three Months EndedSeptember 30, For the Nine Months EndedSeptember 30, 2024 2023 2024 2023 Net revenue$21,309 $16,331 $59,811 $43,153 Cost of revenues, exclusive of depreciation and amortization presented separately below 7,862 6,531 22,456 18,094 Gross profit 13,447 9,800 37,355 25,059 Operating expenses General and administrative expenses 13,425 12,886 43,971 39,162 Goodwill impairment 7,489 — 7,489 — Depreciation and amortization 1,095 467 3,235 1,395 Total operating expenses 22,009 13,353 54,695 40,557 Loss from operations (8,562) (3,553) (17,340) (15,499)Other income (expense) Interest expense (1,524) — (4,597) — Other income 38 — 113 — Interest income 107 688 231 2,074 Total other income (expense), net (1,379) 688 (4,253) 2,074 Loss before provision for income taxes (9,941) (2,865) (21,593) (13,424)Benefit from income taxes 817 — 1,561 — Net loss$(9,124) $(2,865) $(20,032) $(13,424)Weighted average number of shares outstanding – basic 18,323,542 16,637,606 18,250,775 16,907,482 Weighted average number of shares outstanding – diluted 18,323,542 16,637,606 18,250,775 16,907,482 Loss per share – basic$(0.50) $(0.17) $(1.10) $(0.79)Loss per share – diluted$(0.50) $(0.17) $(1.10) $(0.79) OPTIMIZERX CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands)(UNAUDITED) For the Nine Months EndedSeptember 30, 2024 2023 OPERATING ACTIVITIES: Net loss$(20,032) $(13,424)Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 3,235 1,395 Stock-based compensation 8,530 11,090 Goodwill impairment 7,489 — Deferred income taxes (1,625) — Bad debt expense 131 478 Amortization of debt issuance costs 547 — Changes in: Accounts receivable 9,795 838 Prepaid expenses and other assets (1,200) (728)Accounts payable 527 (859)Revenue share payable (2,296) (305)Accrued expenses and other liabilities (1,997) 509 Tax receivable 972 — Deferred revenue 615 24 NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 4,691 (982) INVESTING ACTIVITIES: Purchase of property and equipment (95) (82)Purchases of held-to-maturity investments — (162,778)Redemptions of held-to-maturity investments — 165,089 Acquisition of intangible assets, including intellectual property rights — (4)Capitalized software development costs (235) (1,561)NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES (330) 664 FINANCING ACTIVITIES: Cash paid for employee withholding taxes related to the vesting of restricted stock units (587) (293)Proceeds from exercise of stock options — 146 Repurchase of common stock — (7,522)Loan origination costs — (300)Repayment of long-term debt (1,500) — NET CASH USED IN FINANCING ACTIVITIES (2,087) (7,969)NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 2,274 (8,287)CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD 13,852 18,209 CASH AND CASH EQUIVALENTS - END OF PERIOD$16,126 $9,923 SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid for interest$4,081 $— ROU assets obtained in exchange for lease obligations$— $158 Cash paid for income taxes$— $— OPTIMIZERX CORPORATIONRECONCILIATION of GAAP to NON-GAAP FINANCIAL MEASURES(in thousands, except share and per share data)(UNAUDITED) For the Three Months EndedSeptember 30, For the Nine Months EndedSeptember 30, 2024 2023 2024 2023 Net loss$(9,124) $(2,865) $(20,032) $(13,424)Depreciation and amortization 1,095 467 3,235 1,395 Stock-based compensation 2,604 3,206 8,530 11,090 Goodwill impairment 7,489 — 7,489 — Severance expenses 64 206 724 206 Other income (38) — (113) — Amortization of debt issuance costs 182 — 547 — Acquisition expenses — 555 243 581 Non-GAAP net income (loss)$2,272 $1,569 $623 $(152) Non-GAAP net income (loss) per share Diluted$0.12 $0.09 $0.03 $(0.
While it may take a little longer than we thought to grow the business into what we believe it can become, there is a clear large market opportunity, and we are squarely focused on capturing market share as a leader in the digital marketing space.” Key Performance Indicators (KPIs)*Rolling Twelve Months Ended 9/30/2024 Rolling Twelve Months Ended 9/30/2023 (in thousands, except percentages)Average revenue per top 20 pharmaceutical manufacturer$2,824 $1,902 Percent of top 20 pharmaceutical manufacturers that are customers 100% 100%Top 20 pharmaceutical manufacturers as percent of total net revenues 64% 61%Net revenue retention 127% 93%Revenue per averages full-time employee (FTE)$630 $568 2024 Financial Outlook For the full year 2024, the Company is updating its 2024 guidance and expects revenue to be between $88 million and $92 million with an Adjusted EBITDA to be between $8 million and $10 million.
The Company defines non-GAAP net income (loss) as GAAP net loss with an adjustment, as applicable, to add back depreciation, amortization, amortization of debt issuance costs, stock-based compensation, acquisition expenses, severance expenses, income or loss related to the fair value of contingent consideration, gain or loss from the disposal of a business, asset impairment charges, other income (loss), and reversal of deferred tax valuation allowance.
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