OptimizeRx Corporation (NASDAQ:OPRX) Q1 2023 Earnings Conference Call May 10, 2023 4:30 PM ET

Company Participants

Will Febbo - Chief Executive Officer

Ed Stelmakh - Chief Financial and Operating Officer

Steve Silvestro - Chief Commercial Officer

Marion Odence-Ford - General Counsel and Chief Compliance Officer

Andrew D’Silva - Senior Vice President, Corporate Finance

Conference Call Participants

Jared Haase - William Blair

Sean Dodge - RBC

Stephanie Davis - SVB

David Grossman - Stifel

Neil Chatterji - B. Riley

Max Michaels - Lake Street Capital Markets

Operator

Good afternoon, everyone. And thank you for joining OptimizeRx’s First Quarter Fiscal 2023 Earnings Discussion. With us today is the Chief Executive Officer of OptimizeRx, Will Febbo. He is joined by company Chief Financial and Operating Officer, Ed Stelmakh; Chief Commercial Officer, Steve Silvestro; General Counsel and Chief Compliance Officer; Marion Odence-Ford; and Senior Vice President of Corporate Finance, Andrew D’Silva.

At the conclusion of today’s earnings call, some important cautions regarding the forward-looking statements made by management during today’s call will be provided. I would like to remind everyone that today’s call is being recorded and will be made available for replay via webcast only. Instructions are included in today’s press release and in the Investors section of the company’s website.

In addition, management will discuss certain non-GAAP financial measures today that they believe aid in the understanding of the company’s financial results. A reconciliation to comparable GAAP financial measures can be found in today’s press release.

Now I’d like to turn the call over to OptimizeRx CEO, Will Febbo. Sir, please go ahead.

Will Febbo

Thank you, Operator. Good afternoon, everyone. And thank you for joining our first quarter fiscal 2023 earnings call. Our first quarter results were in line with our expectations and revenue came in at $13 million, which was at the top end of our Q1 revenue guidance range of $11.5 million to $13 million.

As a result, we are maintaining our full year revenue outlook, which calls for our topline to increase at least 10% year-over-year. We believe executing against our guidance will also result in year-over-year improvements to our KPIs by the end of 2023.

While the macro environment hasn’t fully normalized, the industry trough appears to be behind us now and we continue to return to normalcy. This is the case despite the banking crisis that began to emerge at the end of Q1 and while there was some short-term disruption with our customer base as top-down focus moved towards understanding the potential macro overhang, that was short-lived. And by early in the second quarter, pharma gained comfort by the resolutions that were implemented to address the fallout.