OptimizeRx Corporation (NASDAQ:OPRX) Q4 2023 Earnings Conference Call March 28, 2024 8:30 AM ET
Company Participants
William Febbo - CEO
Edward Stelmakh - Chief Financial and Operating Officer
Steve Silvestro - Chief Commercial Office
Conference Call Participants
Sean Dodge - RBC Capital Markets
Stephanie Davis - Barclays
William Wood - B. Riley Securities
Operator
Good morning, everyone and thank you for joining OptimizeRx’s Fourth Quarter Fiscal 2023 Conference Call. With us today is the Chief Executive Officer of OptimizeRx, William Febbo. He is joined by 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 made available for replay via webcast. And a transcript and a link to the audio recording of this conference call, will be provided on 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 morning. And thank you for joining our conference call to discuss fourth quarter 2023 preliminary unaudited financials. As already communicated our audit is taking longer than previous years due to the October 2023 acquisition of Healthy Offers Inc. which does business under the name of Medicx Health. The November 2023 solutions portfolio streamlining around core business lines in the validation and testing of certain third party vendors, internal processes that are part of our previously disclosed material weakness remediation plan. The audit is in the final stages, and we are confident that we will be in a position to file our 10-K and audited financials no later than April 15.
I'm pleased to note that Q4 represented a strong end to 2023 and has favorably positioned us to start 2024. The quarter's financial results came in better than our initial expectations and topped analyst estimates, with Q4 revenue growing 44% year-over-year to $28.4 million. The improvement was driven by strong organic growth in messaging, led by our Dynamic Audience Activation platform or DAAP death for short, as well as from approximately two months of contribution from our acquisition of Medicx Health.
Notably, our legacy core HCP business grew by over 30% when compared to the fourth quarter of 2022. We are excited about the many business highlights from the fourth quarter. We continue to validate our thesis on DAAP, as we increase the number of deals in 2023 to '24 deals, providing us with a significant revenue launch pad this year. Progress coming in ahead of what we had anticipated is very favorable as by their nature, these DAAP deals are larger, stickier and more strategically targeted, making us more relevant partner with our client base.