OptimizeRx Corporation (NASDAQ:OPRX) Q3 2023 Earnings Conference Call November 6, 2023 8:30 AM ET

Company Participants

William Febbo - Chief Executive Officer

Edward 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

Thomas Schuyler - RBC Capital Markets

David Grossman - Stifel

Neil Chatterji - B. Riley

Eric Martinuzzi - Lake Street Capital Markets

Richard Baldry - ROTH Capital Partners

Operator

Good morning, everyone and thank you for joining OptimizeRx’s Third Quarter Fiscal 2023 Earnings Discussion. With us today is the Chief Executive Officer of OptimizeRx, William Febbo. He is joined by company Chief Financial Officer, Ed Stelmakh; President Steve Silvestro; General Counsel 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 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 I would like to turn the call over to OptimizeRx CEO, William Febbo. Sir, please go ahead.

William Febbo

Good afternoon. Thank you for joining our third quarter earnings call. I'm pleased to note that Q3 has been an exciting fiscal and operational turning point for OptimizeRx. As noted in today's press release, the quarter's financial results came in better than initially expected with revenue growing 8% year-over-year to $16.3 million, which is a record third quarter for the company. The improvement was driven by strong organic growth in messaging led by our DAAP enhancement.

All said, our total RWD deals for the year now stands at 16, ahead of our original 2023 expectation of approximately 10 deals and a clear sign of client adoption. We're also increasing our guidance for 2023 and introducing preliminary guidance for 2024. Ed will go into more detail, but for 2023 we're now looking for revenue to come in between $68 million and $70 million with an adjusted EBITDA between $3 million and $4 million. $63 million to $65 million of the 2023 revenue guidance expected to come through OptimizeRx business and the remainder is expected to come through our acquisition of Medicx. For 2024, we believe our revenue will be at least $110 million with an adjusted EBITDA margin of at least 10%.