Q4 revenue of $28.4 million, increasing 44% year-over-year Q4 gross profit increased 43% year-over-year to $17.8 million with gross margins coming in at 63% for both periods Acquired Healthy Offers, Inc. (dba Medicx Health), a leading healthcare consumer-focused omnichannel marketing and analytics company that significantly expands our footprint with consumers and patients Meaningfully increased our DAAP footprint: 24 DAAP deals in 2023 compared to six deals in 2022 WALTHAM, Mass., April 16, 2024 (GLOBE NEWSWIRE) -- OptimizeRx Corp. (the "Company") (NASDAQ:OPRX), a leading provider of healthcare technology solutions helping life sciences companies reach and engage healthcare professionals (HCPs) and patients, reported results for the fourth quarter and full year ended December 31, 2023.   Twelve Months Ended December 31, Key Performance Indicators (KPIs)*   2023       2022   Average revenue per top 20 pharmaceutical manufacturer $ 2,566,832     $ 2,136,746   Percent of top 20 pharmaceutical manufacturers that are customers   90 %     90 % Percent of total revenue attributable to top 20 pharmaceutical manufacturers   65 %     62 % Net revenue retention   105 %     90 % Revenue per average full-time employee $ 586,242     $ 606,312   Will Febbo, OptimizeRx CEO commented, "Q4 of 2023 ended strongly, setting the Company up well for 2024. Our revenue for the quarter exceeded expectations, reaching $28.4 million, a 44% increase year-over-year. This was fueled by organic growth through our Dynamic Audience Activation Platform (DAAP) and a two-month contribution from the Medicx Health acquisition. Notably, our core HCP business saw an over 30% growth compared to Q4 2022. I'm extremely proud of everything we accomplished last year. DAAP deals quadrupled to 24, aligning with our strategic goals and providing a solid revenue base and momentum for 2024. Meanwhile, the acquisition of Medicx Health merged a leading Direct-to-Consumer (DTC) audience activation and messaging execution business with our HCP-focused, omnichannel, digital point-of-care pharma marketing business, unlocking new markets and cross-selling opportunities. Additionally, we successfully completed our operational realignment to focus on core business lines and streamlining our operations to align with our profitable growth strategy." Financial Highlights Revenue in the fourth quarter of 2023 increased 44% to $28.4 million, from $19.7 million in the same period of 2022, with the full year revenue coming in at $71.5 million, a 15% increase when compared to the same year-ago period. Gross profit in the fourth quarter of 2023 increased 43% year-over-year to $17.8 million. Gross profit for the full year came in at $42.9 million. GAAP net loss totaled $(4.1) million or $(0.23) per basic and diluted share in the fourth quarter and totaled $(17.6) million or $(1.03) per basic and diluted share for the full year. Non-GAAP net income in the fourth quarter totaled $4.6 million or $0.26 per fully diluted shares outstanding and came in at $4.4 million or $0.26 per fully diluted shares outstanding for the full year (see definition of this non-GAAP measure and reconciliation to GAAP, below). Adjusted EBITDA for the fourth quarter came in at $5.8 million a 50% increase from the $3.9 million we recognized during the same year-ago period. Adjusted EBITDA for the full year came in at $3.6 million. Financial OutlookFor the full year 2024, the Company is reiterating its 2024 guidance and expects revenue to be at least $100 million with an Adjusted EBITDA of at least $11 million. Definition and Use of Non-GAAP Financial MeasuresThis earnings release includes a presentation of non-GAAP net income (loss) and non-GAAP net income (loss) per diluted share or non-GAAP EPS, Adjusted EBITDA, all of which are non-GAAP financial measures. The Company defines non-GAAP net income (loss) as GAAP net income (loss) with an adjustment to add back depreciation, amortization, amortization of debt issuance costs, stock-based compensation, acquisition expenses, severance expense related to a reduction in force, 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 deferred income taxes. Non-GAAP EPS is defined as non-GAAP net income (loss) divided by the number of weighted average shares outstanding on a diluted basis. Adjusted EBITDA is defined as GAAP net income (loss) with an adjustment to add back depreciation, amortization, interest, stock-based compensation, acquisition expenses, severance expense related to a reduction in force, 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 deferred income taxes. The Company has provided non-GAAP financial measures to aid investors in better understanding its performance. Management believes that these non-GAAP financial measures provide additional insight into the operations and cash flow of the Company. Because of varying available valuation methodologies, subjective assumptions and the variety of equity instruments that can impact a Company's non-cash operating expenses, management believes that providing non-GAAP financial measures that exclude non-cash expenses allows for meaningful comparisons between the Company's business operating results and those of other companies, as well as provides an important tool for financial and operational decision making and for evaluating the Company's business operating results over different periods of time. The Company's non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in the Company's industry, as other companies in the industry may calculate such non-GAAP financial results differently. The Company's non-GAAP net income (loss), non-GAAP EPS and Adjusted EBITDA are not measurements of financial performance under GAAP and should not be considered as an alternative to operating income or as an indication of operating performance or any other measure of performance derived in accordance with GAAP. The Company does not consider these non-GAAP measures to be substitutes for or superior to the information provided by its GAAP financial results. The table, "Reconciliation of Non-GAAP to GAAP Financial Measures," included below, provides a reconciliation of Non-GAAP net income, Non-GAAP EPS and Adjusted EBITDA for the fourth quarter and full year ended December 31, 2023 and 2022. Although the Company provides guidance for Adjusted EBITDA, it is not able to provide guidance to the most directly comparable GAAP measures. Reconciliations for forward-looking figures would require unreasonable efforts at this time because of the uncertainty and variability of the nature and amount of certain components of various necessary GAAP components, including, for example, those related to compensation, acquisition expenses, amortization or others that may arise during the year, and the Company's management believes such reconciliations would imply a degree of precision that would be confusing or misleading to investors. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Definition of Key Performance Indicators* Top 20 pharmaceutical manufacturers: Top 20 pharmaceutical manufacturers are based on Fierce Pharma's "The top 20 pharma companies by 2022 revenue." We previously used "The top 20 pharma companies by 2020 revenue". As a result of this change, prior periods have been restated for comparative purposes. Net revenue retention: Net revenue retention is a comparison of revenue generated from all clients in the previous period to total revenue generated from the same clients in the following year (i.e., excludes new client relationships for the most recent year). Revenue per average full-time employee: We define revenue per average full-time employee (FTE) as total revenue over the last 12 months (LTM) divided by the average number of employees over the LTM, which is calculated by taking our total number of FTEs at the end of the prior year period by our total FTE headcount at the end of the most recent period. About OptimizeRxOptimizeRx provides best-in-class health technology that enables care-focused engagement between life sciences organizations, healthcare providers, and patients at critical junctures throughout the patient care journey. Connecting over two million of U.S. healthcare providers and millions of their patients through an intelligent technology platform embedded within a proprietary digital point-of-care network, OptimizeRx helps patients start and stay on their medications.  For more information, follow the Company on Twitter, LinkedIn or visit www.optimizerx.com.  Important Cautions Regarding Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "anticipates", "believes", "estimates", "expects", "forecasts", "intends", "plans", "projects", "targets", "designed", "could", "may", "should", "will" or other similar words and expressions are intended to identify these forward-looking statements. All statements that reflect the Company's expectations, assumptions, projections, beliefs or opinions about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements relating to the Company's growth, business plans, future performance, expected revenues, expected Adjusted EBITDA and prospects. These forward-looking statements are based on the Company's current expectations and assumptions regarding the Company's business, the economy, and other future conditions. The Company disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise, except as required by applicable law. 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, seasonal trends, our ability to maintain our contracts with electronic prescription platforms, competition, and other risks summarized in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, its subsequent Quarterly Reports on Form 10-Q, and its other filings with the Securities and Exchange Commission. OptimizeRx ContactAndy D'Silva, SVP Corporate Investor Relations ContactAshley RobinsonLifeSci Advisors, OPTIMIZERx CORPORATIONCONSOLIDATED BALANCE SHEETS   December 31,     2023       2022   ASSETS       Current Assets       Cash and cash equivalents $ 13,852,456     $ 18,208,685   Short-term investments   —       55,931,821   Accounts receivable, net of allowance for credit losses of $239,172 and $352,043 at December 31 2023 and 2022, respectively   36,253,214       22,155,301   Taxes receivable   1,035,754       —   Prepaid expenses and other   3,189,468       2,280,828   Total Current Assets   54,330,892       98,576,635   Property and equipment, net   149,407       137,448   Other Assets       Goodwill   78,357,074       22,673,820   Patent rights, net   6,184,742       1,940,178   Technology assets, net   9,012,756       7,702,895   Tradename and customer relationships, net   34,198,084       3,379,838   Operating lease right-of-use assets   572,895       235,320   Security deposits and other assets   568,048       5,051   Total Other Assets   128,893,599       35,937,102   TOTAL ASSETS $ 183,373,898     $ 134,651,185           LIABILITIES AND STOCKHOLDERS' EQUITY       Current Liabilities       Current portion of long-term debt $ 2,000,000     $ —   Accounts payable – trade   2,227,177       1,549,979   Accrued expenses   7,754,781       2,601,246   Revenue share payable   5,505,701       3,990,440   Current portion of lease liabilities   221,625       89,902   Deferred revenue   171,841       164,309   Total Current Liabilities   17,881,125       8,395,876   Non-Current Liabilities       Long-term debt, net   34,230,737       —   Lease liabilities, net of current portion   371,438       144,532   Deferred tax liabilities, net   4,337,424       —   Total Liabilities   56,820,724       8,540,408   Commitments and contingencies       Stockholders' Equity       Preferred stock, $0.001 par value, 10,000,000 shares authorized, none issued and outstanding at December 31, 2023 and 2022, respectively   —       —   Common stock, $0.001 par value, 166,666,667 shares authorized, 19,899,679 and 18,288,571 shares issued at December 31, 2023 and 2022, respectively   19,899       18,289   Treasury stock, $0.001 par value, 1,741,397 and 1,214,398 purchased at December 31, 2023 and 2022, respectively   (1,741 )     (1,214 ) Additional paid-in-capital   190,792,980       172,785,800   Accumulated deficit   (64,257,964 )     (46,692,098 ) Total Stockholders' Equity $ 126,553,174     $ 126,110,777   TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 183,373,898     $ 134,651,185   OPTIMIZERx CORPORATIONCONSOLIDATED STATEMENTS OF OPERATIONS   For the three months ended December 31,   For the year ended December 31,     2023       2022       2023       2022                   Net revenue $ 28,368,946     $ 19,654,457     $ 71,521,506     $ 62,450,156   Cost of revenues, exclusive of depreciation and amortization presented separately below   10,527,640