Q1 2024 OPTIMIZERx Corp Earnings Call Transcript
Key Points
- Q1 revenues increased by 51% year-over-year to $19.7 million, surpassing the high end of the preannounced revenue range.
- Strong customer engagement driven by integrated precision offerings, enhancing scalability and interoperability across multiple points of care.
- Successful integration of Medix Health acquisition, contributing to revenue growth and expanding the customer base with minimal overlap.
- Signed nine DAS deals in Q1 2024, building on the 24 deals from the previous year, indicating strong sales momentum.
- Improved gross margin to 62% in Q1 2024 from 57.2% in Q1 2023, reflecting higher data-related revenue and favorable channel partner mix.
- Reported a net loss of $6.9 million in Q1 2024, slightly higher than the $6.4 million net loss in Q1 2023.
- Despite revenue growth, the company still faces challenges in achieving profitability, with a non-GAAP net loss of $2 million in Q1 2024.
- Operating expenses, although decreased by $2.7 million year-over-year, included costs related to acquisitions and severance.
- The company is carrying a significant debt balance of $37.8 million, which could impact financial flexibility.
- Adjusted EBITDA was at a loss of $0.3 million for Q1 2024, although an improvement from a $2.2 million loss in Q1 2023, indicating ongoing challenges in operational efficiency.
good afternoon, everyone. And thank you for joining Optimiz Rx First Quarter Fiscal 2024 earnings discussion. With us today is the Chief Executive Officer of Optimiz Rx, 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 DâSilva.
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'd 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 in the Investors section of the company's website. Now I would like to turn the call over to optimized our CEO, William Febbo, sir, please go ahead.
Thank you, operator, and good afternoon to everyone joining today's first quarter 2024 earnings call. I'm delighted to share today's results, which came in ahead of
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