2023 Q2 Form 10-Q Financial Statement

#000121390023039060 Filed on May 12, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $13.82M $13.00M $13.73M
YoY Change -1.15% -5.31% 22.28%
Cost Of Revenue $5.993M $5.570M $5.630M
YoY Change 20.13% -1.07% 10.39%
Gross Profit $7.825M $7.433M $8.102M
YoY Change -12.96% -8.25% 32.38%
Gross Profit Margin 56.63% 57.17% 59.0%
Selling, General & Admin $12.24M $14.03M $11.39M
YoY Change -0.63% 23.19% 90.49%
% of Gross Profit 156.45% 188.78% 140.6%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $464.8K $463.9K $471.5K
YoY Change -19.61% -1.61% -11.03%
% of Gross Profit 5.94% 6.24% 5.82%
Operating Expenses $12.71M $14.50M $11.86M
YoY Change -1.49% 22.2% 75.23%
Operating Profit -$4.882M -$7.063M -$3.761M
YoY Change 24.9% 87.8% 478.63%
Interest Expense $720.4K $665.5K $0.00
YoY Change 2924.43%
% of Operating Profit
Other Income/Expense, Net $720.4K $665.5K $3.00
YoY Change 2924.94% 22182300.0%
Pretax Income -$4.161M -$6.398M -$3.761M
YoY Change 7.12% 70.1% 487.67%
Income Tax
% Of Pretax Income
Net Earnings -$4.161M -$6.398M -$3.761M
YoY Change 7.12% 70.1% 487.67%
Net Earnings / Revenue -30.12% -49.2% -27.39%
Basic Earnings Per Share -$0.24 -$0.37 -$0.21
Diluted Earnings Per Share -$0.24 -$0.37 -$210.4K
COMMON SHARES
Basic Shares Outstanding 17.13M shares 17.10M shares 17.88M shares
Diluted Shares Outstanding 16.99M shares 17.09M shares 17.88M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $62.74M $73.70M $88.95M
YoY Change -28.21% -17.15% 8.09%
Cash & Equivalents $9.808M $16.44M $88.95M
Short-Term Investments $52.93M $57.26M
Other Short-Term Assets $4.053M $4.015M $4.609M
YoY Change -5.33% -12.9% 31.7%
Inventory
Prepaid Expenses
Receivables $18.28M $18.16M $19.14M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $85.07M $95.88M $112.7M
YoY Change -22.94% -14.92% 12.14%
LONG-TERM ASSETS
Property, Plant & Equipment $141.0K $143.9K $137.4K
YoY Change -66.58% 4.72% -77.09%
Goodwill $22.67M $22.67M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $12.86K
YoY Change
Total Long-Term Assets $36.25M $35.81M $25.44M
YoY Change -2.13% 40.77% -6.13%
TOTAL ASSETS
Total Short-Term Assets $85.07M $95.88M $112.7M
Total Long-Term Assets $36.25M $35.81M $25.44M
Total Assets $121.3M $131.7M $138.1M
YoY Change -17.72% -4.67% 8.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $817.8K $1.289M $600.7K
YoY Change -36.9% 114.55% 20.15%
Accrued Expenses $1.503M $2.125M $1.806M
YoY Change -12.92% 17.67% 80.56%
Deferred Revenue $451.0K $735.0K
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.510M $7.606M $6.875M
YoY Change -14.46% 10.62% 27.32%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $123.2K $213.0K
YoY Change -100.0% -42.13% -29.02%
Total Long-Term Liabilities $0.00 $123.2K $213.0K
YoY Change -100.0% -42.13% -29.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.510M $7.606M $6.875M
Total Long-Term Liabilities $0.00 $123.2K $213.0K
Total Liabilities $5.510M $7.729M $7.088M
YoY Change -16.91% 9.04% 24.35%
SHAREHOLDERS EQUITY
Retained Earnings -$57.25M -$53.09M
YoY Change
Common Stock $18.38K $18.33K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.741K $1.214K
YoY Change
Treasury Stock Shares
Shareholders Equity $115.8M $124.0M $131.1M
YoY Change
Total Liabilities & Shareholders Equity $121.3M $131.7M $138.1M
YoY Change -17.72% -4.67% 8.26%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$4.161M -$6.398M -$3.761M
YoY Change 7.12% 70.1% 487.67%
Depreciation, Depletion And Amortization $464.8K $463.9K $471.5K
YoY Change -19.61% -1.61% -11.03%
Cash From Operating Activities -$2.368M -$86.33K $4.080M
YoY Change -868.56% -102.12% 144.33%
INVESTING ACTIVITIES
Capital Expenditures $1.103M $28.58K -$14.48K
YoY Change -4207.56% -297.38% -81.9%
Acquisitions
YoY Change
Other Investing Activities $4.326M -$1.326M -$51.27K
YoY Change -306.61% 2487.11%
Cash From Investing Activities $3.223M -$1.549M -$65.75K
YoY Change -251.97% 2255.73% -17.81%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -7.490M -$129.8K 258.1K
YoY Change -3080.74% -150.28% -99.63%
NET CHANGE
Cash From Operating Activities -2.368M -$86.33K 4.080M
Cash From Investing Activities 3.223M -$1.549M -65.75K
Cash From Financing Activities -7.490M -$129.8K 258.1K
Net Change In Cash -6.635M -$1.765M 4.273M
YoY Change 324.96% -141.31% -94.05%
FREE CASH FLOW
Cash From Operating Activities -$2.368M -$86.33K $4.080M
Capital Expenditures $1.103M $28.58K -$14.48K
Free Cash Flow -$3.471M -$114.9K $4.095M
YoY Change -1136.28% -102.81% 133.98%

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84681770 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
16443667 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
88954391 usd
CY2023Q1 oprx Us Healthcare Providers Percentage
USHealthcareProvidersPercentage
0.60 pure
CY2023Q1 us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
We also had a lease on office space in Cranbury, New Jersey, which expired in January 2022. For leases that contain renewal options, we have only assumed renewal for the headquarters lease.
CY2023Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
2992909 usd
CY2022Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
3582735 usd
CY2023Q1 us-gaap Deferred Revenue
DeferredRevenue
735140 usd
CY2022Q4 us-gaap Deferred Revenue
DeferredRevenue
164309 usd
CY2022Q4 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
164309 usd
CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
-8778893 usd
CY2023Q1 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
9349724 usd
CY2023Q1 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
735140 usd
CY2023Q1 us-gaap Revenue Not From Contract With Customer
RevenueNotFromContractWithCustomer
13002910 usd
CY2022Q1 us-gaap Revenue Not From Contract With Customer
RevenueNotFromContractWithCustomer
13731530 usd
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
24696 usd
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
28023 usd
CY2023Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
8063 usd
CY2022Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
8092 usd
CY2023Q1 us-gaap Lease Cost
LeaseCost
32759 usd
CY2022Q1 us-gaap Lease Cost
LeaseCost
36115 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
73860 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
80253 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
70224 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
224337 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
11823 usd
CY2023Q1 oprx Total Lease Liability
TotalLeaseLiability
212514 usd
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y6M
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.045 pure
CY2023Q1 oprx Measurement Of Lease Liabilities
MeasurementOfLeaseLiabilities
22185 usd
CY2022Q1 oprx Measurement Of Lease Liabilities
MeasurementOfLeaseLiabilities
24493 usd
CY2023Q1 oprx Repayments Of Short Term Capital Lease Obligations
RepaymentsOfShortTermCapitalLeaseObligations
24620 usd
CY2022Q1 oprx Repayments Of Short Term Capital Lease Obligations
RepaymentsOfShortTermCapitalLeaseObligations
27898 usd
CY2023Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
24696 usd
CY2022Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
28023 usd
CY2023Q1 us-gaap Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
9668 shares
CY2023Q1 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
170400 usd
CY2022Q4 us-gaap Common Stock Other Value Outstanding
CommonStockOtherValueOutstanding
20000000 usd
CY2022 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
1214398 shares
CY2022 us-gaap Insurance Commissions
InsuranceCommissions
20021830 usd
CY2023Q1 oprx Remaining Expenses
RemainingExpenses
11021446 usd
CY2023Q1 oprx Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm2
P1Y10M28D
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Outstanding
SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding
392669 usd
CY2023Q1 oprx Restricted Stock Granted Remains Value
RestrictedStockGrantedRemainsValue
14830343 usd
CY2023Q1 oprx Remains To Be Recognized Over A Period
RemainsToBeRecognizedOverAPeriod
P1Y10M24D
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2913809 usd
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2268354 usd
CY2023Q1 oprx Market Based Equity Grants
MarketBasedEquityGrants
1503359 usd
CY2023Q1 us-gaap Net Income Loss Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossAttributableToNonredeemableNoncontrollingInterest
-6397714 usd
CY2022Q1 us-gaap Net Income Loss Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossAttributableToNonredeemableNoncontrollingInterest
-3761098 usd
CY2023Q1 oprx Weighted Average Number Of Share Outstanding Basic
WeightedAverageNumberOfShareOutstandingBasic
17094676 shares
CY2022Q1 oprx Weighted Average Number Of Share Outstanding Basic
WeightedAverageNumberOfShareOutstandingBasic
17878068 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17094676 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17878068 shares
CY2023Q1 oprx Basicin Per Share
BasicinPerShare
-0.37
CY2022Q1 oprx Basicin Per Share
BasicinPerShare
-0.21
CY2023Q1 oprx Dilutedin Per Share
DilutedinPerShare
-0.37
CY2022Q1 oprx Dilutedin Per Share
DilutedinPerShare
-0.21
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
93804 shares
CY2022Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
298697 shares
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
21500000 usd
CY2023Q1 dei Entity Registrant Name
EntityRegistrantName
OptimizeRx Corp
CY2022Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
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CY2022Q1 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
usd
CY2022Q1 oprx Redemptions Of Heldtomaturity Investments
RedemptionsOfHeldtomaturityInvestments
usd
CY2023Q1 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
usd
CY2022Q1 us-gaap Payments For Software
PaymentsForSoftware
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CY2022Q1 oprx Reduction Of Evince Med Purchase Price For Amounts Previously Paid
ReductionOfEvinceMedPurchasePriceForAmountsPreviouslyPaid
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CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
usd
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
usd
CY2023Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
usd
CY2022Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
usd
CY2023Q1 oprx Effect Of Dilutive Stock Options Warrants And Stock Grants
EffectOfDilutiveStockOptionsWarrantsAndStockGrants
shares
CY2022Q1 oprx Effect Of Dilutive Stock Options Warrants And Stock Grants
EffectOfDilutiveStockOptionsWarrantsAndStockGrants
shares
CY2023Q1 dei Amendment Flag
AmendmentFlag
false
CY2023Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2023Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2023Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001448431

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oprx-20230331_pre.xml Edgar Link unprocessable
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