OptimizeRx backs FY23 revenue view at least $68M-$70M, consensus $69.85M

The company said, “The Company is working to complete its year end close and audit processes by the filing deadline for non-accelerated, smaller reporting companies. As part of that work, the Company is finalizing its financial results and year end audit that includes its October 2023 acquisition of Healthy Offers, Inc. (dba Medicx Health), the November 2023 operational realignment to focus on core business lines, and performing further remediation of the previously disclosed material weakness related to the testing and validation of internal processes tied to certain third-party vendors more fully described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022.The Company plans to hold a conference call on Thursday, March 28, 2024 to discuss its results for the fourth quarter and full-year periods ended December 31, 2023. During the audit of Medicx Health, it was determined that certain revenue streams for messages executed through Medicx Health’s channel partners, historically recognized on a gross basis, will now be recognized on a net basis. Consequently, the Company is updating its revenue guidance for this change and now anticipates revenue to be at least $100 million for 2024 as a result of this gross-to-net accounting treatment. Importantly, the Company’s adjusted EBITDA guidance remains unchanged, at greater than $11 million for 2024. Based on its preliminary, unaudited review, OptimizeRx estimates FY2023 revenue to exceed the range of $68-$70 million and adjusted EBITDA to be in the range of $3-$4 million, which is consistent with the Company’s previously announced guidance.”