OptimizeRx(US:OPRX)2024-11-13 21:10Financial Performance - Q3 2024 revenue increased by 30% year-over-year to $21.3 million, compared to $16.3 million in Q3 2023[2] - Q3 2024 gross profit rose by 37% year-over-year to $13.4 million, with a gross margin of 63%[1] - Non-GAAP net income for Q3 2024 was $2.3 million, or $0.12 per diluted share, up from $1.6 million or $0.09 per diluted share in Q3 2023[3] - Adjusted EBITDA for Q3 2024 was $2.7 million, compared to $0.9 million in the same period last year[3] - GAAP net loss for Q3 2024 was $(9.1) million, or $(0.50) per share, compared to $(2.9) million or $(0.17) per share in Q3 2023[4] - Net revenue for the three months ended September 30, 2024, was $21,309 thousand, a 30.5% increase from $16,331 thousand for the same period in 2023[24] - Gross profit for the nine months ended September 30, 2024, was $37,355 thousand, up 48.8% from $25,059 thousand in the prior year[24] - The net loss for the three months ended September 30, 2024, was $(9,124) thousand, compared to $(2,865) thousand for the same period in 2023, indicating a significant increase in losses[24] Cash and Investments - Cash, cash equivalents, and short-term investments totaled $16.1 million as of September 30, 2024, up from $13.9 million at the end of 2023[4] - Cash provided by operating activities was $4,691 thousand for the nine months ended September 30, 2024, compared to $(982) thousand in the same period of 2023[25] - Cash and cash equivalents at the end of the period were $16,126 thousand, up from $9,923 thousand at the end of September 2023[25] Debt and Equity - The company has paid down an additional $2.0 million of principal on its term loan since the end of Q3 2024[5] - Total stockholders' equity decreased to $114,465 thousand as of September 30, 2024, down from $126,553 thousand at the end of 2023[22] - The company incurred interest expense of $(1,524) thousand for the three months ended September 30, 2024, with total other income (expense) netting to $(1,379) thousand[24] Revenue Expectations and Retention - The company expects full-year 2024 revenue to be between $88 million and $92 million, with Adjusted EBITDA between $8 million and $10 million[7] - The company achieved a net revenue retention rate of 93% for the top 20 pharmaceutical manufacturers[6] - The average revenue per top 20 pharmaceutical manufacturer decreased to $1.902 million from $2.824 million year-over-year[6] Operating Expenses and Impairments - Operating expenses increased to $54,695 thousand for the nine months ended September 30, 2024, compared to $40,557 thousand in the same period of 2023, representing a 35% rise[24] - The company reported a goodwill impairment of $7,489 thousand for the three months ended September 30, 2024[24] Share Information - The weighted average number of shares outstanding for basic loss per share was 18,323,542 for the three months ended September 30, 2024, compared to 16,637,606 for the same period in 2023[24]