The stock price of OptimizeRx (OPRX) fell by over 20% pre-market today. These are the highlights.
– Revenue in the second quarter of 2022 increased 3% to $14.0 million, from $13.6 million as compared to the same year-ago period.
– Gross profit in the second quarter of 2022 increased 12% year-over-year to $9.0 million.
– Non-GAAP net income in the second quarter totaled $0.7 million or $0.04 per basic and fully diluted shares outstanding. (see definition of this non-GAAP measure and reconciliation to GAAP, below).
– Cash and cash equivalents totaled $87.4 million as of June 30, 2022, as compared to $84.7 million as of December 31, 2021.
2022 Financial Outlook
Based on first half results, the company is updating its full year financial outlook for 2022 and now expects net revenue of $62 million to $68 million, representing year-over-year growth of 1% to 11%, respectively, and gross margins to be between 59% and 62%.
The change to the second half 2022’s outlook is driven by what is perceived to be temporary life sciences industry challenges related to a slowdown in the number of new drug approvals, increased turnover rates at client companies and longer sales cycles associated with larger deal sizes in the funnel.
https://pulse2.com/optimizerx-oprx-stock-why-it-fell-over-20-today/
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