OptimizeRx Corporation (NASDAQ:OPRX) Q2 2022 Earnings Conference Call August 9, 2022 4:30 PM ET
Company Participants
William Febbo - CEO and Director
Ed Stelmakh - CFO and COO
Stephen Silvestro - Chief Commercial Officer
Conference Call Participants
Ryan Daniels - William Blair
Joy Zhang - SVB Securities
Sean Dodge - RBC Capital Markets
Eric Martinuzzi - Lake Street
Marc Wiesenberger - B. Riley Securities
Jeff Garro - Piper Sandler
Operator
Good afternoon, everyone. Thank you for joining OptimizeRx's Second Quarter Fiscal 2022 Earnings Discussion.
With us today is the Chief Executive Officer, OptimizeRx, William Febbo. He is joined by company's Chief Financial 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, I will provide some important cautions regarding the forward-looking statements made by management during today's call. 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.
Now with that, I'd like to turn the call over to OptimizeRx CEO, William Febbo. Sir, please go ahead.
William Febbo
Thank you, operator. Good afternoon to all, and I hope you've had a good start to the summer season with friends and family. As it relates to today's earnings release, while we continue to report strong KPIs as a measurement of long-term execution and growth potential, we have experienced some short-term headwinds as reflected in our quarterly results. While growth slowed considerably in Q2, we are confident that we have made the necessary investments, which will yield profitable growth while sustaining a competitive differentiation.
Based on the first half results, we are adjusting our forecasted revenue growth down to approximately 10% at the high-end of our range for the year. While this is below where we expected to be this year, we believe it is primarily a timing issue related to some of the issues I will discuss in detail. Our 2022 challenges are closely tied to three macro factors. Significant year-over-year reduction in FDA drug approvals impacting timing of new product launches, higher turnover of decision-makers within pharma on the back-end of COVID-19, and a longer sales cycle for larger technology spend opportunities that need internal alignment and approvals and routine periodic legal and regulatory reassessments of commercial tactics.