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OptimizeRx Corporation (OPRX-5.65%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net revenue to $21,309,000 from $16,331,000 in the same quarter the previous year. This increase is attributed to the acquisition of Medicx Health and growth in DAAP related sales.
Cost of revenues for the quarter was $7,862,000, representing 36.9% of net revenue, compared to 40% in the same quarter of the previous year. The decrease in cost ratio is due to a shift towards higher margin revenue solutions.
The company reported a gross profit of $13,447,000 for the quarter, compared to $9,800,000 in the previous year, with the improvement attributed to increased delivery of higher margin solutions.
Operating expenses increased to $22,009,000 from $13,353,000, primarily due to goodwill impairment and higher general and administrative expenses following the acquisition.
A non-cash goodwill impairment charge of $7,489,000 was recorded during the quarter due to a sustained decline in stock price.
Interest expense for the quarter was $1,524,000, primarily related to the Term Loan used to fund the acquisition of Medicx Health.
Net loss for the quarter was $9,124,000, compared to $2,865,000 in the previous year. The increase in net loss is primarily due to the goodwill impairment charge.
Cash provided by operating activities was $4,691,000, while cash used in investing and financing activities was $330,000 and $2,087,000, respectively.
OptimizeRx had a working capital of $32,404,000 as of September 30, 2024. The company believes it has sufficient funds to finance current operations and meet obligations for the next twelve months.
The filing also details a change in accounting estimate related to the valuation of program design and consulting services, which was immaterial for the quarter but may become material in future periods.
OptimizeRx continues to focus on expanding its digital health technology solutions and leveraging the acquisition of Medicx Health to enhance its market position.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the OptimizeRx Corporation quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.