[Second Quarter 2025 Financial Results Overview](index=1&type=section&id=Second%20Quarter%202025%20Financial%20Results%20Overview) OptimizeRx reported strong Q2 2025 results with significant revenue and profit growth, positive GAAP net income, accelerated debt repayment, and increased full-year guidance [Financial Highlights & Management Commentary](index=1&type=section&id=Financial%20Highlights%20%26%20Management%20Commentary) OptimizeRx reported strong Q2 2025 results with a 55% year-over-year revenue increase to $29.2 million and a 59% rise in gross profit to $18.6 million. The company achieved a GAAP net income of $1.5 million, a significant turnaround from a $4.0 million loss in the prior year. Management highlighted profitable growth driven by operational excellence and AI technology, noting that contracted revenue is up over 30% YoY. A key operational achievement was the accelerated repayment of $4.5 million in debt Q2 2025 vs Q2 2024 Financial Performance | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | **Revenue** | $29.2 million | $18.8 million | +55% | | **Gross Profit** | $18.6 million | $11.7 million | +59% | | **GAAP Net Income (Loss)** | $1.5 million | $(4.0) million | N/A | | **GAAP EPS (diluted)** | $0.08 | $(0.22) | N/A | | **Non-GAAP Net Income** | $4.5 million | $0.3 million | +1400% | | **Adjusted EBITDA** | $5.8 million | $0.5 million | +1064% | - Management attributes the strong performance to a disciplined focus on operational excellence, exceptional customer experiences, the use of market-leading patient-finding AI technology, and deepening ecosystem partnerships[3](index=3&type=chunk) - The company paid down **$4.5 million** of principal on its term loan during Q2, which was **$4.0 million** ahead of its debt payment schedule, and intends to continue accelerated repayments[1](index=1&type=chunk)[5](index=5&type=chunk) [Key Performance Indicators (KPIs)](index=2&type=section&id=Key%20Performance%20Indicators%20(KPIs)) For the twelve months ending June 30, 2025, net revenue retention stood strong at 121%. The company saw an increase in average revenue per top 20 pharmaceutical manufacturer to $3.08 million and improved operational efficiency, with revenue per average full-time employee rising to $767,000 Key Performance Indicators (Rolling Twelve Months Ended June 30) | KPI | 2025 | 2024 | | :--- | :--- | :--- | | **Average revenue per top 20 pharma manufacturer** | $3,082,000 | $2,753,000 | | **Percent of revenue from top 20 pharma manufacturers** | 59% | 66% | | **Net revenue retention** | 121% | 124% | | **Revenue per average full-time employee** | $767,000 | $658,000 | - The definition for "top 20 pharmaceutical manufacturers" was updated to be based on Fierce Pharma's 2024 revenue list, with prior periods restated for comparability[12](index=12&type=chunk)[13](index=13&type=chunk) [Fiscal Year 2025 Financial Outlook](index=2&type=section&id=Fiscal%20Year%202025%20Financial%20Outlook) Following strong year-to-date performance, OptimizeRx has increased its full-year 2025 financial guidance. The company now projects higher revenue and Adjusted EBITDA ranges for the fiscal year Updated Full Year 2025 Guidance | Metric | New Guidance Range | | :--- | :--- | | **Revenue** | $104 million - $108 million | | **Adjusted EBITDA** | $14.5 million - $17.5 million | [Financial Statements](index=5&type=section&id=Financial%20Statements) This section presents OptimizeRx's condensed consolidated financial statements, detailing the company's balance sheet, income statement, and cash flow performance for Q2 and H1 2025 [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, OptimizeRx's balance sheet showed total assets of $169.3 million and total liabilities of $50.0 million. Cash and cash equivalents increased to $16.6 million from $13.4 million at the end of 2024, while long-term debt, net of current portion, was reduced to $25.1 million from $30.8 million Balance Sheet Summary (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $16,585 | $13,380 | | **Total current assets** | $54,080 | $53,971 | | **Total Assets** | $169,265 | $171,168 | | **Long-term debt, net** | $25,127 | $30,816 | | **Total Liabilities** | $49,981 | $54,170 | | **Total stockholders' equity** | $119,284 | $116,998 | [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the second quarter of 2025, the company generated net revenue of $29.2 million, resulting in a gross profit of $18.6 million. This led to an income from operations of $3.2 million and a net income of $1.5 million, or $0.08 per diluted share, marking a significant improvement from the net loss of $4.0 million in Q2 2024 Q2 Statement of Operations Summary (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | **Net revenue** | $29,195 | $18,812 | | **Gross profit** | $18,635 | $11,704 | | **Income (loss) from operations** | $3,189 | $(3,749) | | **Net income (loss)** | $1,532 | $(4,008) | | **Income (loss) per share – diluted** | $0.08 | $(0.22) | Six Months Statement of Operations Summary (in thousands, except per share data) | Metric | H1 2025 | H1 2024 | | :--- | :--- | :--- | | **Net revenue** | $51,123 | $38,502 | | **Gross profit** | $31,979 | $23,907 | | **Income (loss) from operations** | $1,075 | $(8,778) | | **Net income (loss)** | $(667) | $(10,908) | | **Income (loss) per share – diluted** | $(0.04) | $(0.60) | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the first six months of 2025, net cash provided by operating activities was $8.4 million, a significant increase from $2.9 million in the same period of 2024. The company used $5.1 million in financing activities, which included a $5.0 million repayment of long-term debt. This resulted in a net increase in cash and cash equivalents of $3.2 million Six Months Cash Flow Summary (in thousands) | Activity | H1 2025 | H1 2024 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $8,425 | $2,900 | | **Net cash used in investing activities** | $(128) | $(238) | | **Net cash used in financing activities** | $(5,092) | $(1,555) | | **Net increase in cash and cash equivalents** | $3,205 | $1,107 | | **Cash and cash equivalents - end of period** | $16,585 | $14,959 | - The primary financing activity during the first six months of 2025 was the repayment of **$5.0 million** in long-term debt[25](index=25&type=chunk) [Non-GAAP Financial Measures](index=11&type=section&id=Non-GAAP%20Financial%20Measures) This section provides reconciliations of GAAP financial measures to Non-GAAP measures, including Non-GAAP Net Income and Adjusted EBITDA, detailing adjustments for non-cash items [Reconciliation of GAAP to Non-GAAP Net Income](index=11&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Net%20Income) The company's Non-GAAP net income for Q2 2025 was $4.5 million ($0.24 per diluted share), a substantial increase from $0.3 million ($0.02 per diluted share) in Q2 2024. The reconciliation from GAAP net income involved adjusting for non-cash items like depreciation & amortization ($1.1 million) and stock-based compensation ($1.5 million), among others Q2 GAAP to Non-GAAP Net Income Reconciliation (in thousands) | Description | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | **Net income (loss) (GAAP)** | $1,532 | $(4,008) | | Depreciation and amortization | $1,074 | $1,073 | | Stock-based compensation | $1,488 | $2,903 | | Amortization of debt issuance costs | $437 | $182 | | Other adjustments | $(37) | $166 | | **Non-GAAP net income** | $4,494 | $316 | [Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA](index=12&type=section&id=Reconciliation%20of%20GAAP%20Net%20Income%20(Loss)%20to%20Adjusted%20EBITDA) Adjusted EBITDA for Q2 2025 surged to $5.8 million, compared to $0.5 million in the same period of 2024. This non-GAAP measure is derived by adjusting GAAP net income for interest, taxes, depreciation, amortization, stock-based compensation, and other non-recurring or non-cash items Q2 GAAP Net Income to Adjusted EBITDA Reconciliation (in thousands) | Description | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | **Net income (loss) (GAAP)** | $1,532 | $(4,008) | | Depreciation and amortization | $1,074 | $1,073 | | Income tax (benefit) expense | $181 | $(1,088) | | Stock-based compensation | $1,488 | $2,903 | | Interest expense, net | $1,513 | $1,422 | | Other adjustments | $(37) | $166 | | **Adjusted EBITDA** | $5,751 | $468 | [Company Information and Forward-Looking Statements](index=3&type=section&id=Company%20Information%20and%20Forward-Looking%20Statements) This section provides an overview of OptimizeRx's business and includes important cautions regarding forward-looking statements and associated risks [About OptimizeRx](index=3&type=section&id=About%20OptimizeRx) OptimizeRx is a healthcare technology company focused on connecting life science brands with patients and healthcare providers. Its platform utilizes AI-driven tools, such as the Dynamic Audience Activation Platform (DAAP) and Micro-Neighborhood Targeting (MNT), to facilitate timely and relevant engagement, aiming to accelerate treatment decisions and improve patient outcomes - The company's core business involves providing an AI-driven technology platform to create synchronized marketing solutions for life science brands, bridging the gap between healthcare professional (HCP) and direct-to-consumer (DTC) strategies[15](index=15&type=chunk) [Important Cautions Regarding Forward-Looking Statements](index=3&type=section&id=Important%20Cautions%20Regarding%20Forward-Looking%20Statements) This section provides a standard safe harbor statement, cautioning that the press release contains forward-looking statements, including financial guidance and plans for growth. It warns that these statements are based on current expectations and are subject to significant risks and uncertainties that could cause actual results to differ materially - Forward-looking statements in the report include expectations for future revenue, Adjusted EBITDA, plans to become a "**Rule of 40**" company, and intentions to pay down debt at an accelerated rate[17](index=17&type=chunk) - Investors are cautioned not to place undue reliance on these statements as they are subject to risks such as government regulation, cybersecurity incidents, and competition[17](index=17&type=chunk)

Core Viewpoint - OptimizeRX (OPRX) is a small-cap company with a strong growth outlook, currently holding a Zacks Rank 1 (Strong Buy) and an A for Growth, despite having an F for Value [1] Company Overview - OptimizeRX Corporation operates a health solutions platform aimed at helping patients and physicians afford and comply with medications and healthcare products [2] - The company connects patients, physicians, and pharmaceutical manufacturers through its consumer websites, providing marketing and advertising solutions [2] Earnings History - OptimizeRX has achieved four consecutive earnings beats against the Zacks Consensus Estimate, with an average positive earnings surprise of 105% over the last year [4] - The latest earnings report showed a profit of $0.08, surpassing the consensus estimate of -$0.11 by 19 cents, resulting in a positive earnings surprise of 172% [4] Earnings Estimates Revisions - Earnings estimates for OptimizeRX have been revised upward, with the full year 2025 estimate increasing from $0.51 to $0.54 and the 2026 estimate rising from $0.66 to $0.68 over the past 60 days [5] Growth Projections - Analysts project revenue of $103 million for the current fiscal year, reflecting a 12.7% growth [6] - For the next fiscal year, the consensus anticipates revenue of $117 million, indicating a growth rate of 12.6% [6] Valuation Metrics - The forward price-to-earnings (PE) ratio for OptimizeRX is slightly above the market average at 23x, while the price-to-book ratio is low at 2x, appealing to value-oriented investors [7] - The price-to-sales ratio stands at 2.5x, and margins have improved from -3.1% to -0.2% over the last two quarters, with expectations for positive margins in the upcoming earnings report [7]

OptimizeRx (OPRX) - OptimizeRx is establishing a secure niche in the HealthTech landscape, showing a developing moat based on scale, data, and execution, with double-digit top-line growth over the last two quarters [1][8] - The company's transition from transactional to subscription-based revenues is projected to account for 5% of 2025's revenues, enhancing visibility and margin structure [1][8] - The core strength of OptimizeRx lies in its proprietary omnichannel platform that integrates point-of-care and direct-to-consumer marketing, leading to a 25% average script lift and ROIs exceeding 10:1 on six-month campaigns [2][8] - The net revenue retention rate has improved to 121% in fiscal 2024 and 114% in the first quarter of fiscal 2025, indicating strong client relationships and growing revenue per top client [2][8] - The company's competitive edge is supported by its data-rich execution and the ability to target both healthcare professionals and consumers effectively [3] - Gross margins were 68.2% in Q4 fiscal 2024 but decreased to 60.9% in Q1 fiscal 2025 due to increased DTC managed services, highlighting margin volatility [4][8] - Overall, OptimizeRx is solidifying its moat through a unique value proposition and growing recurring revenues, with sustained execution being crucial for future success [5] Doximity (DOCS) - Doximity's defensibility is anchored in its professional network of over 2 million verified U.S. medical professionals, resembling a LinkedIn for doctors [6] - The company is focusing on product innovation within core workflow tools, leading to a 20% year-over-year revenue increase with larger average contract sizes [6] - Doximity is expanding into new verticals in payer and hospital systems, indicating potential growth opportunities beyond pharma [6] Veeva Systems (VEEV) - Veeva's moat is based on its vertical SaaS dominance in life sciences, with a reported 16.7% year-over-year revenue growth in Q1 fiscal 2026 [7] - The company is migrating to Vault CRM and aims for 200 live customers by next year, with its data and audience measurement unit, Crossix, growing over 30% year over year [7] - Veeva AI is being integrated into core products to achieve over 15% productivity gains by 2030, enhancing customer stickiness [7]

Market Overview - The U.S. markets have shown an upward trend, with the S&P 500 and Nasdaq Composite reaching all-time highs, increasing by 1.32% and 0.64% respectively last week [1] - Positive corporate earnings and expectations of easing tariffs and trade policies have bolstered investor confidence [1] - Concerns over inflation and signs of a potential economic slowdown are influencing the Federal Reserve's cautious stance on interest rates [1] Economic Indicators - The Conference Board's Leading Economic Indicator fell by 0.3% in June, indicating early signs of a slowdown, with weakened consumer expectations and fewer manufacturing orders [2] - The S&P Global's U.S. flash PMI data for July indicated an acceleration in business activity driven by the services sector, while the manufacturing PMI dropped to 49.5 [2] - Initial jobless claims decreased by 4,000 to 217,000 for the week ending July 19, suggesting a resilient labor market with limited layoffs [2] Stock Performance - AngloGold Ashanti plc's shares increased by 23.1% since its upgrade to Zacks Rank 1 on May 19, outperforming the S&P 500's 7.2% increase [3][4] - NN Group N.V. saw a return of 12.1% since its upgrade to Zacks Rank 1 on May 29, compared to the S&P 500's 8.4% increase [4] - Zacks Rank 1 stocks returned +6.51% in May 2025, outperforming the S&P 500's +4.47% [5] Portfolio Performance - A hypothetical portfolio of Zacks Rank 1 stocks has outperformed the S&P 500 index by more than 12 percentage points since 1988 [6] - The Zacks Focus List portfolio returned +8.84% in 2025 (through June 30) compared to +6.21% for the S&P 500 [14] - The Zacks Earnings Certain Admiral Portfolio (ECAP) returned +3.20% in Q1 2025, outperforming the S&P 500's -4.30% decline [18] Notable Stocks - Intellia Therapeutics, Inc. gained 60.3% over the past 12 weeks, while Caterpillar Inc. returned 41.3% in the same period [13][14] - OptimizeRx Corporation and Artisan Partners Asset Management saw increases of 18.2% and 14.6% respectively since their upgrades to Outperform [10] - Hershey Company returned 17.8% over the past 12 weeks, benefiting from investor interest in quality dividend stocks [20]

Core Insights - OptimizeRx (OPRX) reported a strong first-quarter 2025 performance, with revenues increasing by 11% year-over-year to $21.9 million and adjusted EBITDA reaching $1.5 million, indicating solid financial health [1][9] - The company's growth is increasingly dependent on the adoption of its proprietary digital health tools, particularly the Dynamic Audience Activation Platform (DAAP), which enhances engagement for pharmaceutical clients [2][5] Financial Performance - OPRX's revenues for Q1 2025 were $21.9 million, reflecting an 11% increase from the previous year, while adjusted EBITDA turned positive at $1.5 million [1][9] - Over 5% of projected annual revenues have transitioned to a subscription-based model, which is expected to enhance margin potential and revenue visibility [3][9] Strategic Initiatives - The DAAP platform allows for real-time patient identification and targeted messaging, claiming a return on investment (ROI) exceeding 10:1 and a 25% increase in script lift for active programs [2][5] - OPRX is shifting towards a subscription-based revenue model, which is scalable and offers higher margins, with the potential for multi-year contracts to further strengthen recurring revenue streams [3][5] Competitive Landscape - The digital health sector is highly competitive, and while current client engagement is strong, future regulatory changes and economic constraints on pharmaceutical marketing budgets could impact long-term growth [4] - OPRX's technology and strategic positioning align well with the evolving needs of pharmaceutical commercialization, suggesting potential for sustained growth if subscription base and gross margins improve [5] Peer Performance - Health Catalyst (HCAT) reported Q1 2025 revenues of $79.4 million, a 6.3% year-over-year increase, with a narrowed adjusted EBITDA loss of $6.3 million, indicating strong customer retention and growth potential [6] - HealthStream (HSTM) saw Q1 2025 revenues of $73.5 million, up 1% year-over-year, with a notable multi-year deal contributing to its SaaS product growth despite macroeconomic challenges [7][8] Valuation Metrics - OPRX's stock has surged 186.9% year-to-date, significantly outperforming the industry average growth of 18.3% [12] - The forward 12-month price-to-sales (P/S) ratio for OPRX is 2.32X, lower than the industry average of 8.88X and its five-year median of 3.56X, indicating potential undervaluation [12]

Core Insights - The article emphasizes the focus on growth and momentum stocks that are reasonably priced and expected to outperform the market in the long term [1] - It highlights a significant investment opportunity, noting that the S&P 500 increased by 367% and the Nasdaq by 685% from 2009 to 2019, following a recommendation to buy at the financial crisis's bottom [1] Investment Strategy - The investment strategy involves long-term investment in quality stocks, with the use of options to enhance returns [1] - The goal is to assist investors in making money through investments in high-quality growth stocks [1]

Core Insights - OptimizeRx (OPRX) reported a strong first-quarter 2025 performance, with revenues increasing by 11% year-over-year to $21.9 million and adjusted EBITDA reaching $1.5 million, indicating a significant turnaround [1] - The company is increasingly recognized as a strategic commercialization partner, with a reported ROI of over 10:1 and a 25% script lift in six months, highlighting its value in a selective pharma spending environment [2] - More than 80% of OPRX's 2025 revenues are contracted, and the company is transitioning to a subscription-based model, which may enhance margin stability and predictability [3] - OPRX has not experienced significant regulatory pressures or pharma budget volatility, instead benefiting from a client focus on cost-effective digital solutions [4] - In a competitive digital health landscape, OPRX's integration of scalable omnichannel tools and data-driven insights may provide a sustainable advantage if executed effectively [5] Financial Performance - OPRX's shares have surged by 187.9% year-to-date, significantly outperforming the industry growth of 18% [10] - The forward 12-month price-to-sales (P/S) ratio for OPRX is 2.33X, lower than the industry average of 8.86X and its five-year median of 3.57X, indicating potential undervaluation [13] - The Zacks Consensus Estimate for OPRX's 2025 earnings per share suggests a 63.6% improvement from the 2024 level, with estimates ranging from $0.42 to $0.84 for the next year [15][16]

Core Viewpoint - OptimizeRx Corp. is set to discuss its second quarter financial results for the period ending June 30, 2025, during a conference call scheduled for August 7, 2025 [1][2]. Company Overview - OptimizeRx is a leading healthcare technology company that focuses on connecting life science brands with patients and healthcare providers through innovative solutions [4]. - The company utilizes AI-driven tools such as the Dynamic Audience Activation Platform (DAAP) and Micro-Neighborhood Targeting (MNT) to enhance engagement and improve patient outcomes [4]. - OptimizeRx is committed to privacy-safe, patient-centric technology, ensuring impactful interactions that deliver therapies to the right patients at the right time [5]. Conference Call Details - The conference call will take place on August 7, 2025, at 4:30 p.m. Eastern Time, with a question-and-answer session following the management's presentation [2]. - Participants can join the call via toll-free and international numbers, and a webcast will also be available [2]. - A replay of the call will be accessible for 12 months on the company's investor relations website [3].

Core Insights - The healthcare sector is undergoing digital transformation, with investors focusing on platforms that enhance access, reduce costs, and improve pharmaceutical engagement [1] - OptimizeRx (OPRX) and GoodRx (GDRX) are highlighted as key players, each with unique strategies to enhance patient outcomes and affordability [1] OptimizeRx Overview - OptimizeRx integrates pharma and provider communications, offering real-time digital messaging within electronic health records (EHRs) to support medication adherence and clinical decision-making [2] - In Q1 2025, OptimizeRx reported revenues of $21.9 million, an 11% increase year-over-year, exceeding expectations [4] - The company has over $70 million in committed revenue for the year, a 25% increase from Q1 2024, providing over 80% revenue visibility for the latter half of 2025 [5] - A transition to a subscription-based model is underway, expected to represent over 5% of projected 2025 revenues, enhancing revenue predictability and gross margins [6] - OptimizeRx is focusing on its Digital Audience Activation Platform (DAAP) and micro-targeted data capabilities, which could unlock new upsell opportunities within its top clients [7] - The company reports a high return on investment (10:1) and aims to sustain revenue momentum while expanding market share [8] GoodRx Overview - GoodRx targets consumers directly, helping them save on prescription drugs through price transparency and discount programs [2] - In Q1 2025, GoodRx's revenues reached $202.9 million, a 2.6% year-over-year increase, with adjusted EBITDA up 11% to $69.8 million [9] - Despite a decline in monthly active consumers (MACs), GoodRx experienced a 7% increase in revenue per MAC, driven by a favorable shift towards higher-margin prescription fills [10][11] - Future growth initiatives include scaling its e-commerce platform, expanding point-of-sale discount programs, and integrating non-covered drug prices into PBM plans [12][13] - GoodRx has $301 million in cash and a strong partner network, positioning it well to navigate macro uncertainties [14] Comparative Analysis - Year-to-date, OPRX shares have increased by 166.8%, while GDRX shares have only grown by 2.1% [15] - In terms of valuation, OptimizeRx trades at 2.16X forward Price/Sales, compared to GoodRx's 2.02X, with OptimizeRx holding a Value Score of D and GoodRx a Value Score of B [18] - Earnings estimates for 2025 show OPRX at 54 cents per share (63.6% increase) and GDRX at 38 cents per share (11.8% increase) [22] - OptimizeRx is gaining momentum through its subscription model and data-driven solutions, while GoodRx remains a strong consumer brand with retail and pharma integrations [23]

Core Insights - OptimizeRx (OPRX) is transitioning towards AI-driven, workflow-integrated solutions, indicating a strategic evolution in digital pharma communications [1] - The company reported a year-over-year revenue growth of 11% to $21.9 million and a positive adjusted EBITDA of $1.5 million, showcasing a significant turnaround from the previous year's loss [1][11] Revenue and Growth Strategy - OPRX's investment in its Dynamic Audience Activation Platform (DAAP) and micro-targeting capabilities enhances patient and prescriber engagement [2] - The company is moving towards subscription-based data services, with over 5% of projected 2025 revenues secured in recurring contracts, which supports revenue predictability and higher margins [2] - OPRX has cut operating expenses by $5 million in 2024 and aims for a revenue guidance of $101-$106 million for the full year 2025, with adjusted EBITDA projected at $13-$15 million [3] Market Position and Competitive Landscape - OPRX is positioning itself as a platform rather than just a media vendor, aligning with the pharma industry's shift towards data-rich, cost-efficient digital strategies [5] - Peers like Doximity (DOCS) are also scaling AI investments, with significant growth in AI tool usage, indicating a competitive landscape focused on workflow integration [6][7] Financial Performance and Valuation - OPRX's shares have surged 173.3% year to date, outperforming the industry's growth of 17.8% [12] - The forward 12-month price-to-sales ratio for OPRX is 2.22X, lower than the industry average of 8.86X and its five-year median of 3.59X, indicating potential undervaluation [13] - The Zacks Consensus Estimate suggests a 63.6% improvement in OPRX's earnings per share for 2025 compared to 2024 [14]