10-Q - OptimizeRx Corp (0001448431) (Filer)

Thu, Nov 14, 8:33 PM (121 days ago)

OptimizeRx Corporation (OPRX) reported its Q3 2024 results, showcasing a significant revenue increase of 30% year-over-year to $21,309,000, driven by the acquisition of Medicx Health and growth in DAAP-related sales. However, the company incurred a net loss of $9,124,000, compared to a loss of $2,865,000 in Q3 2023, largely due to a $7.5 million goodwill impairment charge. Operating expenses surged by 65% to $22,009,000, influenced by increased depreciation and general administrative costs associated with the Medicx acquisition. Despite a reduction in profit margins, gross profit improved to 63.1% of revenue, up from 60.0% in the prior year. Cash flow from operations turned positive at $4,691,000, contrasting with a cash outflow of $982,000 in the same period last year. Current assets totaled $46,906,000 against current liabilities of $14,502,000, indicating a solid liquidity position. The company remains focused on strategic growth and improving profitability, although it faces uncertainties stemming from market conditions and customer concentration risks.