OptimizeRx Corp (OPRX) 2023 Q3 法說會逐字稿

Good morning, everyone, and thank you for joining OptimizeRx third-quarter fiscal 2023 earnings discussion. With us today is the Chief Executive Officer of OptimizeRx, William Febbo. He's joined by Chief Financial Officer, Ed Stelmakh; President, Steve Silvestro; General Counsel, Marion Odence-Ford; and Senior Vice President of Corporate Finance, Andrew D'Silva.

大家早安，感謝您參加 OptimizeRx 2023 財年第三季財報討論。今天與我們在一起的是 OptimizeRx 的執行長 William Febbo。財務長 Ed Stelmakh 也加入了他的行列；總裁：史蒂夫·西爾維斯特羅；總法律顧問 Marion Odence-Ford；以及企業財務資深副總裁 Andrew D'Silva。

At the conclusion of today's earnings call, I will provide some important cautions regarding the forward-looking statements made by the management during today's call. I would like to remind everyone that today's call is being recorded and will be available for replay via webcast only. Instructions are included in today's press release and in the Investors Section of the company's website. Now I would like to turn the call over to OptimizeRx's CEO, William Febbo. Sir, please go ahead.

在今天的財報電話會議結束時，我將對管理層在今天的電話會議期間發表的前瞻性聲明提出一些重要的警告。我想提醒大家，今天的電話會議正在錄音，只能透過網路廣播重播。說明包含在今天的新聞稿和公司網站的投資者部分。現在我想將電話轉給 OptimizeRx 的執行長 William Febbo。先生，請繼續。

Good afternoon and thank you for joining our third-quarter earnings call. I'm pleased to note that Q3 has been an exciting fiscal and operational turning point for OptimizeRx. As noted in today's press release, the quarter's financial results came in better than initially expected with revenue growing 8% year over year to $16.3 million, which is a record third quarter for the company. The improvement was driven by strong organic growth in messaging led by our DAAP enhancement, offset our total RWD deals for the year now stands at 16, ahead of our original 2023 expectation of approximately 10 deals and a clear sign of client adoption.

下午好，感謝您參加我們的第三季財報電話會議。我很高興地註意到，第三季對於 OptimizeRx 來說是一個令人興奮的財務和營運轉折點。正如今天的新聞稿所述，該季度的財務表現優於最初預期，營收年增 8% 至 1,630 萬美元，這是該公司第三季的創紀錄水準。這項改善是由我們的DAAP 增強帶來的消息傳遞的強勁有機增長推動的，抵消了我們今年的RWD 交易總數目前為16 筆，超出了我們最初預計2023 年約10 筆交易，並且有明顯的客戶採用跡象。

We're also increasing our guidance for 2023 in introducing preliminary guidance for 2024. Ed will go into more detail. But for '23, we're now looking for revenue to come in between $68 million and $70 million with an adjusted EBITDA between $3 million and $4 million. $63 million to $65 million of the 2023 revenue guidance expect to come through OptimizeRx business and the remainder is expected to come through our acquisition of Medicx. For 2024, we believe our revenue will be at least $110 million with an adjusted EBITDA margin of at least 10%.

我們還在引入 2024 年初步指導的同時增加了 2023 年的指導。Ed 將詳細介紹。但對於 23 年，我們現在預計營收在 6,800 萬美元到 7,000 萬美元之間，調整後的 EBITDA 在 300 萬美元到 400 萬美元之間。 2023 年收入指引中的 6,300 萬至 6,500 萬美元預計將透過 OptimizeRx 業務實現，其餘部分預計將透過我們對 Medicx 的收購實現。到 2024 年，我們相信我們的營收將至少達到 1.1 億美元，調整後的 EBITDA 利潤率至少為 10%。

Before we go further, I want to thank the OptimizeRx team for their tireless commitment and continuous effort to put into advancing our mission. In recent years, our efforts have created one of the most scalable industry solutions available to pharmaceutical marketers. Directionally, this has been no easy feat as OptimizeRx results have come about through the shifting sense of both the industry changes as well as the early adoption of advancements related to the digital shift, which has permanently altered the way pharma patients and prescribers engage with one another.

在我們進一步討論之前，我要感謝 OptimizeRx 團隊為推進我們的使命所做的不懈承諾和持續努力。近年來，我們的努力為藥品行銷人員創造了最具擴展性的行業解決方案之一。從方向上來說，這並不是一件容易的事，因為OptimizeRx 的結果是透過行業變化的轉變以及與數位化轉變相關的進步的早期採用而實現的，這永久地改變了製藥患者和處方者與患者互動的方式其他。

With that being said, we're seeing very encouraging momentum heading into the end of the year and going into 2024. The macro headwinds that we identified last year have begun to normalize. Moreover, our clients that had started initial pilot programs with companies that had newly entered this space over the last 12 to 18 months are now completing the measurement of these programs, and as we expected, have learned that these solutions are not scalable and are beginning to drive them back our way.

話雖如此，我們看到進入年底和 2024 年的勢頭非常令人鼓舞。我們去年發現的宏觀阻力已經開始正常化。此外，我們的客戶已經與過去12 到18 個月內新進入該領域的公司啟動了初步試點計劃，現在正在完成對這些計劃的衡量，正如我們預期的那樣，他們了解到這些解決方案不可擴展，並且正在開始把他們趕回我們的路。

Progress here is pacing ahead of what we anticipated, which is best evidenced by the strong DAAP or RWD momentum we've seen during the second half of 2023. These deals by their nature are larger, stickier, and more strategically targeted, making us a more relevant partner with our client base.

這方面的進展超出了我們的預期，我們在2023 年下半年看到的強勁DAAP 或RWD 勢頭就是最好的證明。這些交易本質上規模更大、粘性更強、更具戰略針對性，使我們成為與我們的客戶群更相關的合作夥伴。

In September, we unveiled a significant enhancement to our omnichannel health care engagement platform. This new AI directed capability unites point of care and traditional digital media to provide a comprehensive solution for pharmaceutical marketing. This announcement was the culmination of years of learning how to integrate AI and to OptimizeRx access customer use cases subsequently transforming our HCP engagement platform along the way.

九月，我們推出了全通路醫療保健參與平台的重大增強功能。這種新的人工智慧導向功能將護理點和傳統數位媒體結合起來，為藥品行銷提供全面的解決方案。此次發布是我們多年來學習如何整合 AI 和 OptimizeRx 存取客戶用例的結晶，隨後我們的 HCP 參與平台也隨之發生了轉變。

The new AI-driven platform expands on our patent-pending HCP engagement technology. They now include social, web display channel, and CRM alerts, which create more efficiencies directly with sales forces. With this development, OptimizeRx has renamed the HCP engagement platform, the dynamic audience activation platform or DAAP for sure to mark the merger of our former RWD-AI capability with our full omnichannel network and new proprietary physician engagement dataset.

新的人工智慧驅動平台擴展了我們正在申請專利的 HCP 參與技術。它們現在包括社交、網路顯示管道和 CRM 警報，可直接提高銷售人員的效率。隨著這一發展，OptimizeRx 已更名為HCP 參與平台、動態受眾激活平台或DAAP，這肯定標誌著我們以前的RWD-AI 功能與我們完整的全渠道網絡和新的專有醫生參與數據集的合併。

The new DAAP solution advances our land-and-expand strategy enabling clients to gain maximum market penetration through scaling of outreach in real-time across the company's network of over 2 million HCPs across multiple major digital media channels and a point of care via electronic health records, EHRs, e-prescribing, and the telehealth platforms.

新的 DAAP 解決方案推進了我們的土地擴張策略，使客戶能夠透過跨多個主要數位媒體管道的超過 200 萬 HCP 的公司網路以及電子健康護理點即時擴展外展範圍，從而獲得最大的市場滲透率記錄、電子病歷、電子處方和遠距醫療平台。

DAAP helps our clients find patients best suited for their medications. As noted in multiple independent studies. this is one of the top challenges in today's specialty medication driven market. In a recent engagement, the company reported 19% script lift among AI identified HCP seeing relevant patients, including early impact physicians who had historically high script writing behaviors. In other words, we helped our clients grow their business by enabling alignment of HCP and patient awareness when the clinical decisions are being made.

DAAP 幫助我們的客戶找到最適合其藥物治療的患者。正如多項獨立研究中所指出的。這是當今特殊藥物驅動市場的最大挑戰之一。在最近的合作中，該公司報告稱，在 AI 識別的 HCP 就診相關患者中，腳本提升了 19%，其中包括歷史上具有較高腳本編寫行為的早期影響醫生。換句話說，我們在做出臨床決策時使 HCP 和患者意識保持一致，從而幫助客戶發展業務。

Customers who have been exposed to DAAP quickly become our strongest advocates. And this success is quickly moving us up the decision-maker hierarchy with our larger customers. This is increasing our visibility cross-functionally and across brands, and we currently have 100% renewal rate.

接觸過DAAP的客戶很快就成為我們最強而有力的支持者。這項成功正在迅速提升我們與大客戶的決策者層級。這提高了我們跨職能和跨品牌的知名度，目前我們的續約率為 100%。

Given the improving macro environment and the recent customer traction we're seeing with the DAAP enhancement. we believe last month's acquisition of Medicx was perfect timing. Both business lines are showing growth, are seeing significant client engagement, and we are moving forward as planned on executing against the numerous technological and operational synergies we mapped out during the due diligence period. The transaction further expands our M&A channel reach beyond HCPs to patients while adding multiple channels we haven't accessed previously, which includes streaming, and connected TV as well as various digital channels such as display, audio, online video, and mobile among others.

鑑於宏觀環境的改善以及近期我們看到 DAAP 增強帶來的客戶吸引力。我們相信上個月收購 Medicx 的時機非常完美。兩條業務線都呈現成長，客戶參與度很高，我們正在按計劃推進，以執行我們在盡職調查期間制定的眾多技術和營運協同效應。此次交易進一步將我們的併購管道擴展到HCP 以外的患者，同時增加了我們以前從未訪問過的多個管道，其中包括串流媒體和聯網電視以及各種數位管道，例如顯示器、音訊、線上視訊和移動等。

Medicx technology is not only proven but profitable. And we are transforming our organization into the most comprehensive healthcare marketing platform in the nation. As we highlighted last month, the majority of Medicx revenue similar to that of OPRX is generated through the world's largest pharmaceutical manufacturer but focused on patient marketing where OptimizeRx has historically focused on HCPs. The combination provides a significant unlock for brands within this pharma customer base by seamlessly connecting the brands, patient, and HCP marketing team.

Medicx 技術不僅經過驗證，而且有利可圖。我們正在將我們的組織轉變為全國最全面的醫療保健行銷平台。正如我們上個月強調的那樣，Medicx 的大部分收入與 OPRX 類似，都是透過全球最大的製藥製造商產生的，但主要集中在患者行銷上，而 OptimizeRx 歷來專注於 HCP。該組合透過無縫連接品牌、患者和 HCP 行銷團隊，為該製藥客戶群中的品牌提供了重要的解鎖機會。

I believe this aligns strongly with our land-and-expand strategy and enables significant upselling and cross-selling opportunities, particular when you couple this fact that over 80% of the brands our respective companies support do not overlap. We've already seen success with the combined team and secured our first cross-sell deal with the top five pharma manufacture and have numerous others deals in sight.

我相信這與我們的土地擴張策略高度契合，並帶來了顯著的追加銷售和交叉銷售機會，特別是當你考慮到我們各自公司支持的超過 80% 的品牌不重疊這一事實時。我們已經看到了合併團隊的成功，並與排名前五的製藥製造商達成了第一個交叉銷售交易，並且還有許多其他交易在望。

With the closing of the Medicx acquisition, we have expanded our executive team with the addition of Medicx's President, Theresa Greco, who is now our new Chief Commercial Officer. He will lead the commercial strategy and execution for the company and report directly to Steve Silvestro. As a result, Steve has been promoted to President and will lead all aspects of Corporate Strategy and daily business management.

隨著 Medicx 收購的完成，我們擴大了執行團隊，增加了 Medicx 總裁 Theresa Greco，她現在是我們新任首席商務官。他將領導公司的商業策略和執行，並直接向史蒂夫·西爾維斯特報告。因此，史蒂夫被晉升為總裁，並將領導公司策略和日常業務管理的各個方面。

This will be a very natural transition for both Steve and the company. Steve's leadership style has always extended organizationally, and in my eyes, this is a testament to his commitment strategically positioning us with our customers and partners, which has been transformative to our go-to-market over the last four years.

對於史蒂夫和公司來說，這將是一個非常自然的過渡。史蒂夫的領導風格始終在組織上延伸，在我看來，這證明了他致力於為我們與客戶和合作夥伴進行策略定位，這對我們過去四年的市場進入產生了變革。

Finally, I'd like to give an update on our cost-cutting measures. I'm happy to report, we're ahead of schedule, and we have already completed over half our planned cost reductions and have identified the remaining cuts and are in the final stages of executing against our objectives. While some of this benefit will be seen in '23, the full benefits of these cost cuts will be seen in our P&L in 2024.

最後，我想介紹一下我們削減成本措施的最新情況。我很高興地向大家報告，我們比計劃提前了，我們已經完成了計劃成本削減的一半以上，並確定了剩餘的削減，目前正處於執行目標的最後階段。雖然部分收益將在 23 年顯現出來，但這些成本削減的全部收益將在 2024 年的損益表中顯現出來。

We believe we've turned a significant corner since the start of the second half of the year and have incredible momentum going into 2024. And with that, I'd like to turn the call over to our CFO, Ed Stelmakh, who will walk us through the financial details for Q3 as well as the Medicx transaction. Ed?

我們相信，自今年下半年開始以來，我們已經發生了重大轉變，並且在進入 2024 年時擁有令人難以置信的勢頭。因此，我想將電話轉給我們的首席財務官 Ed Stelmakh，他將步行我們透過第三季的財務細節以及Medicx 交易。艾德？

Thanks, Will. And with all our call, a press release was issued with the results of our third quarter ended September 30, 2023. A copy is available for viewing and may be downloaded from the Investor Relations section of our website and additional information can be obtained through our forthcoming 10-Q.

謝謝，威爾。經過我們的多次電話會議，我們發布了一份新聞稿，其中包含截至2023 年9 月30 日的第三季度業績。副本可供查看，也可以從我們網站的投資者關係部分下載，更多資訊可以透過我們的即將推出的 10-Q。

Third-quarter revenue was $16.3 million, an increase of 8% from the $15.1 million generated in the same period in 2022. Meanwhile, gross margin decreased slightly from 62.4% in the quarter ended September 30, 2022, to 60% in quarter ended September 30, 2023, the difference being largely due to solution and channel partner mix. We're encouraged by the quarter-over-quarter improvement on gross margins and it reflects the increase in business associated with DAAP.

第三季營收為 1,630 萬美元，較 2022 年同期的 1,510 萬美元成長 8%。同時，毛利率從截至 2022 年 9 月 30 日止季度的 62.4% 略有下降至截至 9 月止季度的 60% 2023 年12 月30 日，差異主要歸因於解決方案和通路合作夥伴組合。我們對毛利率的環比改善感到鼓舞，這反映了與 DAAP 相關業務的成長。

Our operating expenses remained relatively consistent year over year and came in at $13.4 million for the three months ended September 30, 2023. We had a net loss of $2.9 million or $0.17 per basic and fully diluted share for the three months ended September 30, 2023 as compared to a net loss of $3.5 million during the same period in 2022.

我們的營運費用比去年同期保持相對穩定，截至2023 年9 月30 日的三個月為1,340 萬美元。截至2023 年9 月30 日的三個月，我們的淨虧損為290 萬美元，即每股基本股和完全稀釋股0.17 美元相比之下，2022 年同期淨虧損為 350 萬美元。

On a non-GAAP basis, net income for the third quarter of 2023 was $1.6 million, or $0.09 per fully diluted share outstanding as compared to non-GAAP net income of $1.3 million or $0.47 per fully diluted share in the same year-ago period. Meanwhile, our adjusted EBITDA came in at $9.9 million for the quarter and was effectively flat year over year.

以非 GAAP 計算，2023 年第三季淨利為 160 萬美元，即每股完全稀釋流通股 0.09 美元，而去年同期非 GAAP 淨利潤為 130 萬美元，即每股完全稀釋每股 0.47 美元。同時，本季調整後的 EBITDA 為 990 萬美元，與去年同期基本持平。

Operating cash flow came in at a positive $1.5 million for the quarter. We ended the quarter with a strong balance sheet and cash and short-term investments totaling $63.5 million for September 30, 2023 compared to $74.1 million on December 31, 2022. The majority of the decline was due to our share repurchase program. I wish we bought back 526,999 shares of common stock for $7.5 million.

本季營運現金流為正 150 萬美元。截至本季末，我們的資產負債表強勁，截至2023 年9 月30 日，現金和短期投資總額為6,350 萬美元，而2022 年12 月31 日為7,410 萬美元。下降的主要原因是我們的股票回購計劃。我希望我們能以 750 萬美元回購 526,999 股普通股。

Subsequent to the quarter's end, we acquired Medicx for $95 million. The cash portion of the transaction with approximately $84.5 million and was funded through cash on our balance sheet as well as $40 million in debt financing. We currently have over $30 million in the bank. We're well funded to execute against operational growth.

本季末後，我們以 9,500 萬美元收購了 Medicx。交易的現金部分約為 8,450 萬美元，透過我們資產負債表上的現金以及 4,000 萬美元的債務融資提供資金。目前我們銀行存款超過 3000 萬美元。我們有充足的資金來執行業務成長。

We remain confident in our long-term growth outlook and are happy to say we are increasing our guidance for 2023 and are now expecting revenue to come in between $68 million and $70 million. We have adjusted EBITDA between $3 million and $4 million. In addition, our preliminary 2024 guidance for revenue is expected to be at least $110 million with an adjusted EBITDA margin of at least 10%. So we'll have more details to share once we get through the RFP season, but early indicators are very encouraging as we bring our combined value prop to the market.

我們對長期成長前景仍然充滿信心，並很高興地說我們正在提高 2023 年的指導，目前預計收入將在 6800 萬美元至 7000 萬美元之間。我們已將 EBITDA 調整為 300 萬至 400 萬美元。此外，我們對 2024 年營收的初步指引預計至少為 1.1 億美元，調整後的 EBITDA 利潤率至少為 10%。因此，一旦 RFP 季節結束，我們將分享更多細節，但隨著我們將綜合價值支柱推向市場，早期指標非常令人鼓舞。

Now let's turn to the KPIs for the third quarter of 2023, which have largely stabilized and have started to show improvements when compared to the prior quarter. Average revenue for top 20 pharmaceutical manufacturer now stands at $2.1 million as we continue to work with 18 of the top 20 largest pharma companies in the world and 100% of the top 20 that don't have the majority of their sales tied to COVID-19 vaccines.

現在讓我們來看看 2023 年第三季的 KPI，與上一季相比，該指標已基本穩定並開始出現改善。隨著我們繼續與全球20 強製藥公司中的18 家以及100% 的20 強製藥公司中100% 的大部分銷售額與新冠疫情無關的公司，前20 名強制藥製造商的平均收入目前為210 萬美元。19種疫苗。

Net revenue retention rate is showing improvement at 93%, up from 89% in Q2 2023. Meanwhile, revenue per FTE came in at $571,000, topping the $560,000 reported in Q2 2023. It's also worth mentioning that Medicx has a net revenue retention rate of 130% and an average revenue rate, revenue per FTE of $851,000. We're encouraged by the continuing improvement in our KPIs as we move fast to external market challenges and return to growth and profitability as a leader in that space. Now, with that, I'd like to turn the call back over to Will. Will?

淨收入保留率從2023 年第二季的89% 上升至93%。同時，每FTE 的收入為571,000 美元，高於2023 年第二季報告的560,000 美元。還值得一提的是，Medicx 的淨收入保留率為130%，平均收入率，每 FTE 收入為 851,000 美元。隨著我們快速應對外部市場挑戰並恢復成長和獲利能力，成為該領域的領導者，我們對 KPI 的持續改善感到鼓舞。現在，我想把電話轉回給威爾。將要？

Thank you, Ed. Operator, now let's move to Q&A.

謝謝你，艾德。接線員，現在我們進入問答環節。

(Operator Instructions) Sean Dodge, RBC Capital Markets.

（操作員指令）Sean Dodge，RBC 資本市場。

Hey, good morning. This is Thomas Keller on for Sean. Thanks for taking the questions, and congrats on strong results. On the preliminary '24 outlook, looking for somewhat of a bridge from '23. Are you all able to share any of the expected revenue contribution from Medicx or any sort of general growth rate assumptions that are embedded within that? And then maybe just generally anything you can share around the visibility on the low end of that range. Thanks.

嗨，早安。我是 Thomas Keller 替肖恩 (Sean) 發言。感謝您提出問題，並祝賀取得了優異的成績。關於 24 年的初步前景，我們正在尋找 23 世紀的橋樑。你們能否分享 Medicx 的任何預期收入貢獻或其中包含的任何總體成長率假設？然後，也許您可以分享圍繞該範圍低端可見性的任何內容。謝謝。

You're talking about '24, Tom? That's your question, not '23?

你說的是'24，湯姆？這是你的問題，不是'23？

Yeah. Preliminary '24 outlook.

是的。 '24 初步展望。

Yeah, it's a little early. That's why we said up to $110 million and up to EBITDA of 10%. We just did the full integration all of a few weeks ago. So want to get our hands around that more, get a sense of our RFP season in full swing and also how the year is going to end with open contracts into the next year. But feel fairly encouraged, feel like we'll be able to do that early in the year next year. Ed, you want to add anything to that?

是啊，有點早了。這就是為什麼我們說高達 1.1 億美元，EBITDA 高達 10%。我們幾週前剛完成了全面整合。因此，我們希望能夠更多地了解這一點，了解我們全面展開的 RFP 季節，以及今年將如何以未平倉合約進入明年結束。但我感到相當鼓舞，感覺我們能夠在明年年初做到這一點。艾德，你想補充什麼嗎？

No. Thank you. That's it. Yeah, once we get through our RFP season, close of the year, we'll get to a lot more details around [visibility].

不，謝謝。就是這樣。是的，一旦我們度過了 RFP 季節，即年底，我們將獲得有關 [可見性] 的更多詳細資訊。

Yeah, understood. Thank you. And then you all have quite a few deals recently. How should we think about the average size of those? Are those still sort of hovering in that $1 million to $2 million on an annualized basis? And then how might that average sort of change? We could think about a combined offering with Medicx come in the future. Thank you.

是的，明白了。謝謝。然後你們最近都有很多交易。我們應該如何考慮它們的平均大小？以年化計算，這些金額是否仍徘徊在 100 萬至 200 萬美元之間？那麼平均數會發生什麼樣的變化呢？我們可以考慮將來與 Medicx 聯合提供產品。謝謝。

Tom, hey, this is Steve. Yeah, the deals are still in the same range that $1 million to $2 million range. Although what we're seeing is on the deals that are renewing, that have been in place, the scale is larger simply because they're finding more patients. So it's tied to the dynamic audience finding more patients over time so that build happens, which means every time we renew the deal, it's not starting from zero, it's starting from an existing patient base.

湯姆，嘿，這是史蒂夫。是的，交易仍然在 100 萬至 200 萬美元的範圍內。儘管我們看到的是正在續簽的、已經到位的交易，但規模更大隻是因為他們發現了更多的患者。因此，它與動態受眾隨著時間的推移找到更多患者有關，從而實現構建，這意味著每次我們續簽交易時，都不是從零開始，而是從現有的患者基礎開始。

So as we march on into '24, you'll see that deal size trickle up northward. And then with the addition of Medicx, what that does is enables direct to patient communication in addition to direct to HCP communication. So it's the other side of that of that transaction between the HCP and the patient. So you could think of it as almost a near double over time as we start the communication between both sides.

因此，當我們進入 24 年時，您會看到交易規模逐漸向北增加。然後，隨著 Medicx 的加入，除了與 HCP 的直接溝通之外，還可以實現與患者的直接溝通。因此，這是 HCP 和患者之間交易的另一面。因此，當我們開始雙方之間的溝通時，您可以認為隨著時間的推移，它幾乎增加了一倍。

All right. Great. Appreciate the color. Congrats again.

好的。偉大的。欣賞顏色。再次恭喜。

Jared Hassey, William Blair.

賈里德·哈西，威廉·布萊爾。

Yeah, good morning, guys. This is Jared on for Ryan Daniels. Thanks for taking our questions. You will, maybe for you, yah, nice to see the rebound in the performance after last quarter. So maybe a two-part question on some of the recent trends. Number one, I'm curious if you could speak to the differences just in how the quarter ended up versus the preliminary release that you gave in mid-October. I think you came in about $1 million ahead of that original preliminary outlook. So would love to hear any specifics around that.

是的，早上好，夥計們。這是賈里德替補瑞恩丹尼爾斯的發言。感謝您回答我們的問題。也許對你來說，你會很高興看到上季後表現的反彈。所以也許是關於最近一些趨勢的兩部分問題。第一，我很好奇您是否能談談本季的結果與 10 月中旬發布的初步版本之間的差異。我認為您比最初的初步展望提前了大約 100 萬美元。所以很想聽聽這方面的任何細節。

And then second part here, it's nice to hear the macro headwinds are alleviating for you guys. Would be curious to hear a bit more of what you're seeing with the client base. Maybe, what's driving that underlying improvement because it seems like others in this space are certainly still calling out some of those headwinds with pharmas that have been in place last handful of quarters. So would love to just get any more specific details as to what you're seeing on that side of things. Thanks.

然後是第二部分，很高興聽到宏觀逆風正在為你們減輕。我很想了解更多您在客戶群中看到的情況。也許，是什麼推動了這種根本性的改善，因為這個領域的其他人似乎仍然在呼籲製藥公司在過去幾個季度中遇到的一些阻力。因此，我很想獲得有關您在這方面所看到的內容的更多具體細節。謝謝。

Yeah, Jared, no problem. So on the first question around coming in beyond the pre-release, all attributed to DAAP and successfully pulling through many more deals than anticipated towards the end of the quarter and getting that work done inside of the quarter, we got more work done than we thought we would, which is good. That's starting to show scale there. Really thrilled on the client reaction.

是的，賈里德，沒問題。因此，關於預發布之後的第一個問題，所有這些都歸功於DAAP，並在本季度末成功完成了比預期更多的交易，並在本季度內完成了工作，我們完成的工作比我們完成的工作還要多。我想我們會的，這很好。這已經開始顯現規模。對客戶的反應感到非常興奮。

I think we're finally hitting that tipping point where clients understand the value. Enough of them have tried it. We have 100% renewal rate on it. We've done a spectacular job marketing it. Real thought leadership. We had people on the team up on stages talking about real world examples of why this is a powerful tool. And it was presented in a way I have to call out the marketing team, just acular presentation of information that was digested, understood, and acted on.

我認為我們終於達到了客戶理解其價值的臨界點。他們已經嘗試過足夠多的人了。我們的續訂率為 100%。我們在行銷方面做得非常出色。真正的思想領導力。我們讓團隊成員在台上討論現實世界中的例子，說明為什麼這是一個強大的工具。它的呈現方式我必須召集行銷團隊，只是對被消化、理解和採取行動的訊息進行了敏銳的呈現。

I also will say that internal to one of our clients, which we can't disclose, we were able to win awards and recognition around an innovative solution, which is DAAP basically. And that got us in dollars that was not anticipated. And so again, hats off to the team and the gang. And Steve, anything to add on that from a client perspective?

我還要說的是，在我們的一位客戶內部（我們無法透露），我們能夠圍繞創新解決方案（基本上就是 DAAP）贏得獎項和認可。這給我們帶來了意想不到的美元。再次向團隊和團夥致敬。史蒂夫，從客戶的角度來看，有什麼補充嗎？

No, I think you covered it. The only thing I would say in terms of headwinds, which was the second part of your question was the market headwinds are still there in terms of prevailing issues in the industry that we've highlighted, some of the stuff that we've seen subside. I think the more important thing to probably note here is to put punctuation around the fact that our return-on-investment measurements have happened.

不，我想你已經涵蓋了。關於逆風，我唯一要說的是，這是你問題的第二部分，就我們強調的行業中普遍存在的問題而言，市場逆風仍然存在，我們已經看到一些問題已經消退。我認為這裡可能需要注意的更重要的事情是在我們的投資回報率衡量已經發生的事實周圍加上標點符號。

And so we've been clear about we would start to see those that were over-promising under-delivering in the competitive landscape to start to get sifted out of the market that definitely happened in the first half of this year. And so now in Q3, we're starting to see investment come back based on the fact that we have delivered an honest ROI and are a proven partner. And I think that's a real key indication for scale going into the second half of the year and into '24?

因此，我們已經明確表示，我們將開始看到那些在競爭格局中承諾過度但交付不足的公司開始被淘汰出市場，這肯定發生在今年上半年。因此，現在在第三季度，我們開始看到投資回來，因為我們已經提供了誠實的投資回報率並且是經過驗證的合作夥伴。我認為這是進入今年下半年和 24 世紀規模的真正關鍵指標？

Yes, I'd say, just add to the headwinds. We have seen normalization on the FDA approval rate back to '21. I think given the economy, the turnover rate in general, if you track LinkedIn, you can see people are jumping around a lot less. And all those things were headwinds.

是的，我想說，只是增加了阻力。我們看到 FDA 批准率回到了 21 世紀的正常化水平。我認為考慮到經濟狀況和整體流動率，如果你追蹤LinkedIn，你會發現人們跳來跳去的情況要少得多。所有這些都是逆風。

And as Steve said, there are still headwinds for a lot of firms. And if you're a boater, all depends on where your boat is when you have the headwind. So I think we're in a good place. We're in that harbor where we have something that's needed. It works, and we're starting to see that come back. Really happy to see it.

正如史蒂夫所說，許多公司仍然面臨阻力。如果您是划船者，一切都取決於逆風時您的船所在的位置。所以我認為我們處於一個很好的位置。我們就在那個港口，那裡有我們需要的東西。它有效，而且我們開始看到它的回歸。真的很高興看到它。

Okay, great. I think that all makes sense. And nice to hear that good execution on the marketing side of things as well. One quick follow-up, and this is a related question to the first one, just around 2024 visibility. Given some of the moving parts here with the acquisition and some of the changes that you've made on the product side, can you just level set with us as we think about the pro-forma business in 2024, that $110 million or so target. How much of that is a pure transactional volume-based revenue stream? And how much of it is more of a subscription revenue recognized over time where you'd have a backlog of visibility going into next year?

好的，太好了。我認為這一切都有道理。很高興聽到行銷的良好執行力。快速跟進，這是與第一個問題相關的問題，大約在 2024 年可見性。考慮到收購帶來的一些變化以及您在產品方面所做的一些改變，您能否在我們考慮 2024 年預計業務（即 1.1 億美元左右的目標）時與我們進行交流？ 。其中有多少是純粹基於交易量的收入流？其中有多少是隨著時間的推移而確認的訂閱收入，而您在明年會有積壓的可見性？

Well, we're not changing our business. There will still be the architectural fees and then transaction fees related to DAAP programs or tactical programs that we are -- we are not a SaaS business, right? But what we are is a highly recurring revenue rate because what we do works, and it's been tried through, and it has scale. And I think ultimately, that's what's going to make the difference here. And you've seen it in other companies out there that are three or four years ahead of us.

好吧，我們不會改變我們的業務。仍然會有與 DAAP 程序或戰術程序相關的架構費和交易費——我們不是 SaaS 業務，對嗎？但我們的經常性收入率很高，因為我們所做的事情有效，並且已經嘗試，並且具有規模。我認為這最終會帶來改變。你已經在其他比我們領先三、四年的公司中看到了這一點。

Once you can prove that be reliable, get the data back to the client, have the measurement in place, and compliance in place, then basically do what you say, say what you do constantly, then pharma really starts to invest in you (technical difficulty) that place. So we don't foresee a substantial shift in the P&L model, but we do expect to have a better visibility.

一旦你能夠證明這是可靠的，將數據回傳給客戶，進行適當的測量，並遵守適當的規定，然後基本上做你所說的，不斷說出你所做的，那麼製藥公司就真正開始對你進行投資（技術困難）那個地方。因此，我們預期損益模型不會發生重大變化，但我們確實希望有更好的可見度。

One of the things we liked about Medicx when they go into the year. Again, not going to comment on it now, but as we get into Q1, we will -- so they just had more visibility on their year. Given the increase in DAAP and some of these wins that we're seeing in Q3 and Q4, we'll have better visibility as well. So the two will come together nicely. And ultimately, if you think of that size business, now we've got lots of seats at the table. Then as we've mentioned, there's fairly limited overlap, and that just gives us a lot of opportunity to go in land and expand and grow seems pretty fired up about that.

當 Medicx 進入今年時，我們喜歡的事情之一是。再說一次，現在不打算對此發表評論，但當我們進入第一季時，我們會——所以他們對這一年有了更多的了解。鑑於 DAAP 的增加以及我們在第三季和第四季看到的一些勝利，我們也將獲得更好的可見度。所以兩個人一定會好好地走到一起。最終，如果你考慮到這個規模的企業，現在我們在談判桌上擁有很多席位。正如我們所提到的，重疊相當有限，這給了我們很多進入土地、擴張和發展的機會，這似乎讓我們非常興奮。

Okay, perfect. And congrats again on momentum and I'll go ahead and hop back in the queue.

好的，完美。再次恭喜你的勢頭，我將繼續並跳回到隊列中。

Thanks.

謝謝。

David Grossman, Stifel Financial Corp.

大衛‧格羅斯曼 (David Grossman)，Stifel 金融公司

Good morning, guys. Thank you. Don't want to go back to the comments that were made about clients coming back after experimenting with some other vendors in the marketplace. Can you perhaps just drill down a little bit into that? Maybe give us some data points that would help us better understand that dynamic. And when they do come back, what's the cadence spending when they come back?

早上好傢伙。謝謝。不想回到關於客戶在與市場上的其他一些供應商進行試驗後回來的評論。能否深入研究一下？也許給我們一些數據點可以幫助我們更好地理解這種動態。當他們回來時，他們回來時的節奏支出是多少？

David, good to hear your voice. This is Steve. Just analogous (technical difficulty) give you some key data points as you said, there are -- the experimentation was around return on investment. And so it takes a couple of quarters for clients to be able to run programs, measure them, see how effective they were, what the impact was, and then make a subsequent decision.

大衛，很高興聽到你的聲音。這是史蒂夫。正如您所說，類似（技術難度）會給您一些關鍵數據點，實驗是圍繞投資回報進行的。因此，客戶需要幾個季度的時間才能運行計劃、對其進行衡量、了解其有效性、影響是什麼，然後做出後續決定。

I think in most cases, those decisions are being made on a couple of things. One is the reach and the execution. The other is the ability to report back on what actually happened. We call that in the industry (technical difficulty) data for the HCP side. There are other DTC components for measurement.

我認為在大多數情況下，這些決定是根據幾件事做出的。一是影響力和執行力。另一個是報告實際發生情況的能力。我們將其稱為 HCP 方的產業（技術難度）數據。還有其他 DTC 組件可供測量。

Universally, what we're hearing is that other competitors' ability to measure effectively, accurately, and timely is really lacking. And so for brands, that's problematic because the measurement of the first half determines and dictates the amount of spend they have for the second half. And so when a competitor didn't deliver on what they articulated, they would in the first half, it actually cause the brand to lose funds for marketing in the second half of the year, which is a big problem.

總的來說，我們聽到的是其他競爭對手確實缺乏有效、準確和及時衡量的能力。因此，對於品牌來說，這是有問題的，因為上半年的衡量決定並決定了他們下半年的支出金額。因此，當競爭對手在上半年沒有兌現他們所闡述的內容時，實際上會導致該品牌在下半年失去行銷資金，這是一個大問題。

And so that's the pivot back. And that's what you're seeing. They know that our solution is really tried and true. They know that we've delivered a consistent return on investment. Actually, the return on investments have improved with the addition of DAAP because the audiences are dynamic, so real time. And they've seen that. And that's really what has contributed to that scale from 2 deals to 16 very rapidly. And all of the 100% renewables that you heard Will state earlier.

這就是樞軸回歸。這就是你所看到的。他們知道我們的解決方案確實經過驗證並且是正確的。他們知道我們提供了穩定的投資回報。事實上，隨著 DAAP 的加入，投資回報率有所提高，因為受眾是動態的、即時的。他們已經看到了。這確實是促成交易規模迅速從 2 筆增加到 16 筆的原因。您之前聽過的所有 100% 再生能源。

So Stephen, the funding can be shifted to that quickly in the sense that they're not satisfied with the results. They can shift that funding immediately to the spend in the back half of the year. Is that pretty much how this (multiple speakers)

所以史蒂芬，資金可以很快轉移到那個地方，因為他們對結果不滿意。他們可以立即將資金轉移到下半年的支出。是這樣嗎（多個發言者）

It is how the dynamic works. I wouldn't say -- I would caution you to to say they can shift it immediately like a buy up. It's not a buy-up scenario. Okay. What it is is a strategic decision to pivot away from someone who can't deliver on the reporting, meaning they can't measure the programs. They have no ability to tell whether or not their spend was effective over to a solution where they know they're going to have a solid reporting capability by the end of the year and give the deliver backup to their senior management, here's what we spent, here's what our return on investment was, and here's what we're plugging in for '24.

這就是動態的運作方式。我不會說——我會提醒你說他們可以像買入一樣立即轉移它。這不是一個收購場景。好的。這是一個策略決策，要擺脫那些無法交付報告的人，這意味著他們無法衡量專案。他們無法判斷他們的支出對於解決方案是否有效，他們知道他們將在年底前擁有可靠的報告能力，並向高階管理層提供交付備份，這就是我們的支出，這是我們的投資回報，這是我們為24 年插入的內容。

And right now as you know, David, everybody's in the middle of brand planning season. So it couldn't be more critical to have accurate reports that Project 24 and the potential for them to have success as they're building their budgets. So those migrations are happening.

如你所知，大衛，現在每個人都處於品牌規劃季節的中期。因此，獲得 Project 24 的準確報告以及他們在預算制定時成功的潛力至關重要。所以這些遷移正在發生。

Got it. Great. Thanks for Steve. That's actually really helpful. Thank you for that. And then the second question is back to the Medicx acquisition. It sounds like -- yeah, there's some pretty exciting opportunities now that you're operating as a combined company. And maybe if you could just explain a little more detail, just how the decision made (technical difficulty) brand. So for example, are we leveraging the same types of contracts? Are they different? And also, maybe explain a little bit about their channels versus your channels? And how do you compare and contrast and how that impacts the growth of the business going forward?

知道了。偉大的。謝謝史蒂夫。這實際上非常有幫助。謝謝你。然後第二個問題回到 Medicx 收購。聽起來——是的，現在你們作為一家合併公司運營，有一些非常令人興奮的機會。也許您可以更詳細地解釋這個決定是如何做出的（技術難度）品牌。例如，我們是否利用相同類型的合約？它們有什麼不同嗎？另外，也許可以解釋一下他們的頻道與您的頻道的情況？您如何比較和對比以及這如何影響未來業務的成長？

Okay. Hi, this is Will. I'll start on the channels, and I'll hand it over to Steve on the first part of the question.

好的。嗨，這是威爾。我將從頻道開始，並將問題的第一部分交給史蒂夫。

Yes, so because they're focused exclusively on the consumer or the patient and where they come across content digitally, right? So think digital TV, think social, think screens and pharmacies, screens and waiting rooms, wherever they will be. We know we basically can target content. The content is like us. It's generated by agencies for pharma, goes through the same approval process. It's more consumer oriented. And they've done a spectacular job similar to our model.

是的，因為他們只關註消費者或患者以及他們在哪裡遇到數位內容，對嗎？因此，想想數位電視、社交媒體、螢幕和藥房、螢幕和候診室，無論它們在哪裡。我們知道我們基本上可以定位內容。內容就像我們一樣。它由製藥機構生成，經過相同的審批流程。它更以消費者為導向。他們做了與我們的模型類似的出色工作。

They have a cost on their P&L to the partnerships. And then they have a team that measures that effectiveness and manages it. Again, like us, they do not generate any content. So, again, a true tech play, tech enablement of helping pharma connect directly to consumers. And what we love about this is, as you know, David, we've been working on the consumer patient side for a while. We hadn't figured it out right.

他們對合夥企業的損益產生了成本。然後他們有一個團隊來衡量有效性並對其進行管理。同樣，像我們一樣，他們不生成任何內容。因此，這又是一次真正的科技遊戲，幫助製藥公司直接與消費者建立聯繫的技術支援。我們喜歡這一點的是，正如你所知，大衛，我們已經在消費者患者方面工作了一段時間。我們沒有想清楚。

We met this company and saw how well they did and thought, okay, channel partnership enabled. We know that kind of business. We really like that kind of business. They can measure it's true connectivity. We know that's a key variable. They also have a patent on the process which as we'll get into in subsequent quarters will be very relevant relative to the reliance on the cookie going down or away into next year in 2025. So we think we're going to have a competitive advantage there.

我們見到了這家公司，看到他們做得有多好，並認為，好吧，通路合作夥伴關係已啟用。我們了解這種業務。我們真的很喜歡這種生意。他們可以測量其真實的連接性。我們知道這是一個關鍵變數。他們還擁有該流程的專利，正如我們將在接下來的幾個季度中討論的那樣，該專利與明年 2025 年對 cookie 的依賴非常相關。因此，我們認為我們將擁有一個有競爭力的技術優勢在那裡。

So think about what pharma is dealing with. It's very hard to get to the consumer. It always has been a challenge. Adherence is one of the largest challenges they have. But our hope is we will be messaging to the doctors, we will be messing to the patients. And when the two come together, you get a higher outcome, you get a good communication path between the two, which just means the patient is more likely to start and stay on therapy. Let me hand it over to Steve relative to the first part.

所以想想製藥公司正在處理什麼。很難接觸到消費者。這一直是個挑戰。堅持是他們面臨的最大挑戰之一。但我們希望我們能夠向醫生傳達訊息，向患者傳達訊息。當兩者結合在一起時，你會得到更好的結果，兩者之間會得到良好的溝通路徑，這意味著患者更有可能開始並繼續接受治療。讓我把第一部分的相關內容交給史蒂夫。

Yeah. Some of the synergy that we saw immediately in terms of revenue potential was Medicx. A jewel in the crown of the Medicx business is the audience creation component. So they're using a methodology very similar to ours that's tech enabled to create the audiences of patients that they want to subsequently target and message. What we've done on our side, David, as you know with DAAP, is we've done that same creation of audiences, but it's dynamic. Meaning it's real time, it's refreshing on a real time basis. So bringing those two methodologies of audience creation together with disparate execution capabilities is really the unlock in the business. So I think that's where we see it.

是的。我們在收入潛力方面立即看到的一些協同效應是 Medicx。 Medicx 業務皇冠上的一顆寶石是受眾創作部分。因此，他們使用的方法與我們的方法非常相似，透過科技來創建他們想要隨後定位和傳達訊息的患者受眾。大衛，正如你所知，我們在 DAAP 方面所做的就是我們對受眾進行了同樣的創造，但它是動態的。這意味著它是即時的，它是即時刷新的。因此，將這兩種受眾創建方法與不同的執行能力結合在一起確實是業務的解鎖點。所以我認為這就是我們所看到的。

On the pharma side, the DTC spend, so the patient marketing dollars generally are four to five times that of HCP. And so we see that we're getting that growth back. Now on the HCP front, we're encouraged by the capability and the opportunity we see on the DTC front.

在製藥方面，DTC 花費較多，因此患者行銷費用通常是 HCP 的四到五倍。所以我們看到我們正在恢復成長。現在，在 HCP 方面，我們對 DTC 方面的能力和機會感到鼓舞。

And as you heard Will say really now, we're communicating in a closed loop fashion. Meaning we're communicating from the same audience structure or technology to the HCP, to the patient and then measuring the transaction between those individuals in a feedback loop that enables us to optimize the communication going forward and again in real time. So I think it's really an exciting time for the business on the product front, the marketing front, and the revenue potential growth is really exciting.

正如你現在聽到威爾所說的那樣，我們正在以閉環方式進行溝通。這意味著我們從相同的受眾結構或技術與 HCP、患者進行溝通，然後在反饋循環中測量這些人之間的交易，這使我們能夠即時優化未來的溝通。所以我認為這對產品、行銷方面的業務來說確實是一個令人興奮的時刻，而且收入的潛在成長確實令人興奮。

And just to be clear, Steve, so are the decision makers on the DTC versus the HCP side within the brand, are they different infrastructure, same organization or different?

Steve，需要澄清的是，品牌內 DTC 與 HCP 方面的決策者是不同的基礎設施、相同的組織還是不同的？

Yeah. So within a brand. We've got an HCP marketing lead and you've got a patient marketing lead. Both reports generally to the P&L owner of the brand. And so at a high level, as you know, we've been dealing mostly with brand managers, not HCP marketers. That's been a deliberate choice on the OptimizeRx front. We've seen, obviously, the growth now from that.

是的。所以在一個品牌內。我們有一位 HCP 行銷主管，您也有一位耐心的行銷主管。兩者通常都會向品牌的損益所有者報告。因此，如您所知，從高層次來看，我們主要與品牌經理打交道，而不是 HCP 行銷人員。這是 OptimizeRx 方面經過深思熟慮的選擇。顯然，我們現在已經看到了成長。

The good news is that's the same decision maker that would make the decision on the patient front, albeit they've got a delegate in the patient marketing company, patient marketing spot, but it's those three folks that you want to engage in the conversation.

好消息是，這也是在患者方面做出決定的同一位決策者，儘管他們在患者行銷公司、患者行銷點有一名代表，但您希望參與對話的是這三個人。

Got it. And sorry to ask one more question here, but just for Ed, just on the cost side. I think maybe Will, you had said that you were halfway through the cuts. Can you just mention at all what kind of cost tailwind we have in '24 versus '23?

知道了。很抱歉在這裡再問一個問題，但只是針對艾德，只是關於成本方面的問題。我想也許威爾，你說過你已經完成一半了。您能簡單提一下我們在 24 年與 23 年相比有什麼樣的成本優勢嗎？

Yeah. So as Will said, we're more than halfway done with the cost cutting initiatives. We've got the rest of it figured out and well on its way to be pulled through this year. It's all baked into our current projections for next year. So the guidance of being 10% or better adjusted EBITDA has that baked in.

是的。正如威爾所說，我們的成本削減計劃已完成一半以上。我們已經解決了剩下的問題，並有望在今年順利完成。這一切都已納入我們目前對明年的預測。因此，調整後 EBITDA 為 10% 或更好的指導方針已融入其中。

Got it. Okay, guys, thanks again.

知道了。好的，夥計們，再次感謝。

Neil Chatterji, B. Riley.

尼爾·查特吉，B·萊利。

Good morning, guys. Thanks for taking the questions. A lot of mine were already asked, but just in terms of gross margins, we saw some improvement there in the quarter. Maybe just how should we think about gross margins kind of closing out the year and into '24 post the acquisition?

早上好傢伙。感謝您提出問題。我的許多人已經被問到了，但就毛利率而言，我們在本季看到了一些改善。也許我們應該如何考慮收購後 24 年結束時的毛利率？

Yes. Hey, Neil, good to hear your voice. Because of the pick up on the DAAP, which has some architectural work up front, we had a nice positive impact on gross margin. We should see that through the end of the year. And I would say we will stay within our current ranges on gross margin just because at this stage when we're starting to see growth come back, it's going to be important to do what the clients need.

是的。嘿，尼爾，很高興聽到你的聲音。由於 DAAP 的回升（它預先進行了一些架構工作），我們對毛利率產生了良好的正面影響。我們應該在今年年底前看到這一點。我想說，我們的毛利率將保持在目前的範圍內，因為在現階段，當我們開始看到成長回升時，滿足客戶的需求將變得非常重要。

But if we look at the seasonality, I think you're going to see a very similar trend. We'll have a lot started going into Q1, which is great. And then we'll probably start more in Q2 on new clients that come out of the RFP season. But really happy with the improvement to the range we're in with gross margin and obviously see it drops right down. We also think Medicx should have a positive impact as well, but it's still early on that one.

但如果我們看看季節性，我想你會看到非常相似的趨勢。我們將在第一季開始做很多事情，這很棒。然後我們可能會在第二季開始為 RFP 季節結束的新客戶提供更多服務。但我們對毛利率範圍的改善感到非常滿意，顯然看到它下降了。我們也認為 Medicx 也應該產生正面的影響，但現在還處於早期階段。

Got it. And you might have answered my follow up, but just in terms of the seasonality for the business, just given the growing DAAP pipeline and the Medicx acquisition, how should we think about that in line with the historic seasonality or would that perhaps change a little bit next year?

知道了。你可能已經回答了我的後續問題，但就業務的季節性而言，鑑於 DAAP 管道的不斷增長和 Medicx 的收購，我們應該如何根據歷史季節性來考慮這一點，或者可能會發生一些變化明年有點嗎？

Yeah. I think Andy can give you the percentages by quarter. We're going to probably stick with seasonality just because Pharma operates that way. We obviously hope to do better in that seasonality, but it's probably safer for modeling to keep the seasonality. Andy, you want to share the percentages just to have them on record?

是的。我想安迪可以給你一個季度的百分比。我們可能會堅持季節性，因為製藥公司就是這樣運作的。我們顯然希望在季節性方面做得更好，但對於建模來說保持季節性可能更安全。安迪，您想分享百分比只是為了將其記錄下來嗎？

Yeah. I would say just roughly 35% to 40% of the business will be in the first half of the year, and 60% to 65% of the business will be in the second half of the year. I think that's a fair way to think about in 2024. We're still getting our hands around the acquisition, but they seem to follow a fairly similar cadence as well.

是的。我想說大約35%到40%的業務將在上半年進行，60%到65%的業務將在下半年進行。我認為在 2024 年，這是一個公平的思考方式。我們仍在處理收購事宜，但他們似乎也遵循了相當相似的節奏。

We're still getting our hands around the acquisition, but they seem to buffer similar cadence as well.

我們仍在著手進行收購，但他們似乎也緩衝了類似的節奏。

Great. That's it for me. Thanks.

偉大的。對我來說就是這樣。謝謝。

Thanks, Neil.

謝謝，尼爾。

Eric Martinuzzi, Lake Street.

埃里克·馬丁努齊，湖街。

Yeah, wanted to tease out the Medicx revenue for 2023 here. I think when you talked about it on the acquisition, that it was about a $37 million business growing, better than 20%. What is implied in 2023 for revenue from Medicx on a full-year basis?

是的，我想在這裡整理一下 2023 年 Medicx 的收入。我認為當您談到收購時，業務增長了約 3700 萬美元，增幅超過 20%。 2023 年 Medicx 的全年收入意味著什麼？

Andy, do you want to take that one?

安迪，你想買那個嗎？

I can take. Yes. As we said, $63 million to $65 million of the full-year projection will be coming from OptimizeRx, but the rest is basically the Q4 impact of Medicx acquisition. The new guidance is $68 million to $75 million or so in Q4.

我可以做。是的。正如我們所說，全年預測中的 6,300 萬至 6,500 萬美元將來自 OptimizeRx，但其餘的基本上是 Medicx 收購對第四季的影響。新的第四季指引值為 6800 萬至 7500 萬美元左右。

Right. I was asking what was standalone Medicx for the twelve months 2023.

正確的。我問的是 2023 年 12 個月的獨立 Medicx 是什麼。

Standalone. We are not doing full power guidance. Yeah. Basically, the Q4 impact is what I just mentioned, but we're not going to report on the two just separately. Going forward, we plan to combine the two and basically operate as one company.

獨立。我們沒有進行全功率引導。是的。基本上，第四季的影響就是我剛才提到的，但我們不會單獨報告兩者。展望未來，我們計劃將兩者合併，基本上作為一家公司運作。

Okay. And then regarding the competitors. Are they being turned off completely? Is there a scale back that's happening? And then secondarily, is it a situation where they're immeasurable ROI or is it just not scalable enough to meet the demands of the brands?

好的。然後關於競爭對手。它們被完全關閉了嗎？這種情況是否會出現縮減？其次，他們的投資報酬率是不可估量的，還是只是沒有足夠的可擴展性來滿足品牌的需求？

I'll take that one. Yeah, it's a little bit of both, Eric. Outside of us and connective as you know, there's not really a meaningful marketing network out there right now. So it's really just [1Z, 2Z]. So the scale is an issue. Scale meaning reach of physicians. Marketers are deciding to go with people that have got a proper network because they get a much broader reach. So every time they deploy a program, it just simplifies things for them.

我會接受那個。是的，兩者都有一點，艾瑞克。如您所知，除了我們之外，目前還沒有真正有意義的行銷網絡。所以它實際上只是 [1Z,​​ 2Z]。所以規模是一個問題。規模意味著醫生的能力範圍。行銷人員決定與擁有適當人脈的人合作，因為他們的影響範圍更廣。因此，每次他們部署一個程式時，都會簡化他們的事情。

And then in terms of measurement, if they don't have the ability to actually deliver that physician level data, which is the ultimate success metric of the campaigns that they're running, they don't have an ability to justify the investment going forward. They found that to be a huge problem. But we invested.

然後在衡量方面，如果他們沒有能力實際提供醫生級別的數據（這是他們正在進行的活動的最終成功指標），他們就沒有能力證明投資的合理性向前邁進。他們發現這是一個大問題。但我們投資了。

Luckily, we had the foresight at the beginning of -- really the end, middle of last year to invest and double down on the physician level data exercise. And that's enabled us to be able to report back to these brands in an accurate, timely way on how the programs are going. And also, to partner with other companies that do measurement, that are third-party independent providers to validate the findings that we're providing.

幸運的是，我們在去年年初（實際上是去年年末）就具有先見之明，對醫生級別的數據練習進行了投資和加倍努力。這使我們能夠準確、及時地向這些品牌報告計劃的進展。此外，與其他進行測量的公司（第三方獨立提供者）合作，以驗證我們提供的調查結果。

Got it. And then, and one last one for you a housekeeping item here. Post the close of Medicx, what was the post-closing cash balance and then what hare count post closed?

知道了。然後，最後一件是為您準備的家務用品。 Medicx 收盤後，收盤後現金餘額是多少？收盤後野兔數量是多少？

Yeah. So the post closed cash balance. Like we said, we have about $30 million in the bank. Number of shares. I'm going to have to ask Andy to help me with that one.

是的。因此該貼文關閉了現金餘額。正如我們所說，我們的銀行存款約為 3000 萬美元。股份數量。我得請安迪幫我解決這個問題。

Just under $18 million.

略低於 1800 萬美元。

$18 million. Okay.

1800萬美元。好的。

Richard Baldry, ROTH Capital Partners.

理查德·鮑德里，羅仕資本合夥人。

Thanks. Sort of curious, your early initial takeaways, it's probably been pretty brief about how it's affecting the acquisitions, affecting your RFP season. There're two schools of thought, right? You want less noise to just have things run smooth. The other would be looks like you'd be a bigger, more important combined entity. So how quick can pharma react to the fact that you are now a unified company? Have you seen any anecdotal evidence that that's been helpful? Do you think the real benefit will probably come next year when they've had a year of seeing these side by side integrated and your win rates change ASPs RPU step up. Thanks.

謝謝。有點好奇，您早期的初步收穫，可能非常簡短地說明了它如何影響收購，影響您的 RFP 季節。有兩種思想流派，對嗎？您希望減少噪音，讓一切順利進行。另一個是看起來你會成為一個更大、更重要的聯合實體。那麼，製藥公司對您現在是一家統一的公司這一事實的反應速度有多快？您是否看到任何有幫助的軼事證據？您是否認為真正的好處可能會在明年出現，因為他們已經花了一年的時間看到這些並排集成，並且您的獲勝率發生了變化，ASP RPU 有所提高。謝謝。

Rich. It's Steve. Great to hear your voice. Glad you're on. It's interesting the minute the announcement came out, we got an immediate response of, hey, this is great guys. What does it mean? And so there's already a pretty good groundswell of interest coming in during the RFP season to connect these two solutions and to deploy them together in the marketplace.

富有的。是史蒂夫。很高興聽到你的聲音。很高興你在。有趣的是，公告發布的那一刻，我們立即得到了回應，嘿，這真是太棒了。這是什麼意思？因此，在 RFP 季節期間，人們對連接這兩種解決方案並將它們一起部署在市場上的興趣已經高漲。

I think the market sees the synergy that we see and why we executed the acquisition. We'll take a little bit of time, I think, to scale it going into 2024. But having said that -- Will mentioned earlier a couple of the wins that we've had. Both of those wins included, both the HCP side and the patient side, meaning the Medicx side, being connected and using the DAAP model to drive the messaging across the ecosystem for these programs. So some early wins that are meaningful and sizable and really exciting and I think a good telltale to what 2024 will look like.

我認為市場看到了我們看到的協同效應以及我們執行收購的原因。我認為，我們需要一點時間來將其規模擴大到 2024 年。話雖如此，威爾之前提到了我們取得的一些勝利。這兩項勝利都包括 HCP 方和患者方（即 Medicx 方）的連接並使用 DAAP 模型來推動這些項目在整個生態系統中的消息傳遞。因此，一些早期的勝利是有意義的、規模巨大的、非常令人興奮的，我認為這很好地說明了 2024 年將會是什麼樣子。

Yeah. And Rich, this is Will. Just add to that, we've cut our teeth on patient, right? So our clients already think of us as someone who can help them engage with patients at a highly engaging level with SMS and adherence type work. So a lot of the RFPs in that process, you have to check a bunch of boxes. And one of those boxes is patient.

是的。里奇，這是威爾。再補充一點，我們已經對病人採取了行動，對嗎？因此，我們的客戶已經認為我們可以透過簡訊和堅持型工作幫助他們與患者進行高度互動。因此，在這個過程中，許多 RFP 都必須勾選一堆方塊。其中一個盒子是有耐心的。

So just keep in mind that everything we've been checking for the last three, four months has included patient. Now we didn't have anywhere near this capability, and now, we do. So yeah, I agree with everything Steve said. I just wanted to know put on that it isn't a completely new thing for our clients to think of us for patients.

因此請記住，過去三、四個月我們檢查的所有內容都包括患者。以前我們根本沒有這種能力，但現在我們有了。所以，是的，我同意史蒂夫所說的一切。我只是想知道，對我們的客戶來說，把我們視為病人並不是什麼新鮮事。

And just one point of clarification really quickly, sorry, I said on the share count, it's actually just under $17 million, not just under $18 million.

我很快就澄清了一點，抱歉，我說的是股份數量，實際上不到 1700 萬美元，而不是不到 1800 萬美元。

Great. Thanks, Andy. Even better.

偉大的。謝謝，安迪。甚至更好。

When I think about the Medicx, you call out and focus on, you talk a lot about top 20 pharma, somewhere close to 60% of revenues. When you put the two companies together, let's say one plus one equals two on a revenue side, does it become far more cost effective to really go after that next group in the top 100 because you can drive a better ARPU out of it to become more sales efficient to dig into that middle market, more attractive, however you want to think about it. Thanks.

當我想到 Medicx 時，你會大聲喊叫並關注，你會談論很多關於排名前 20 的製藥公司，這些製藥公司佔收入的近 60%。當你將這兩家公司放在一起時，假設收入方面一加一等於二，那麼真正追隨前100 名中的下一組公司是否會變得更具成本效益，因為你可以從中獲得更好的ARPU，從而成為挖掘中間市場的銷售效率更高，更具吸引力，無論您想如何考慮。謝謝。

Thanks, Rich. I'll start and Steve can add. I think still most of the money is in the top 20, right? And the top 20 partners with a lot of the others to supply the commercial and marketing strength. But because of DAAP and because of the way it's designed, there will be a day when we have turnkey solutions for one product companies, because they're not going to be able to afford the traditional models, they're not even as effective. And so I would say in the short term our focus is absolutely the top 20, top 30 manufacturers, top 200 brands, especially focused in specialty medications.

謝謝，里奇。我先開始，史蒂夫可以補充。我想大部分錢還是在前20名吧？排名前 20 的公司與許多其他公司合作，提供商業和行銷力量。但由於 DAAP 及其設計方式，有一天我們將為一家產品公司提供交鑰匙解決方案，因為他們將無法負擔傳統模型的費用，甚至沒有那麼有效。所以我想說，短期內我們的重點絕對是前 20 名、前 30 名製造商、前 200 名品牌，尤其是特種藥物。

But there is a day where we'll be able to have a model for companies that can't afford what the top 20 can afford. But they need it. And we have some of those clients today that actually use our solution to drive their business, and they only work with us. I can't use names, but it's been highly effective. But yes, now that we'll have more scale, Steve and his team can put that together.

但總有一天，我們將能夠為那些無法負擔前 20 名企業所能負擔的費用的公司建立一個模型。但他們需要它。如今，我們的一些客戶實際上使用我們的解決方案來推動他們的業務，並且他們只與我們合作。我不能使用名字，但它非常有效。但是，是的，現在我們將擁有更大的規模，史蒂夫和他的團隊可以將其整合在一起。

Yes. I think you covered it. Two of those DAAP deals are outside of the top 20. Rich, just to give you an idea. And actually, what they decided to do was replace their sales force to a large degree with the execution and the deployment of the DAAP model. It's just way more efficient from a cost perspective.

是的。我認為你涵蓋了它。其中兩筆 DAAP 交易不在前 20 名之內。Rich，只是為了給您一個想法。事實上，他們決定透過執行和部署 DAAP 模型來很大程度上取代他們的銷售人員。從成本角度來看，它的效率更高。

As there are no further questions, I will now hand the conference over to William J. Febbo, CEO for closing comments.

由於沒有其他問題，我現在將會議交給執行長 William J. Febbo 進行總結評論。

Thank you, Operator. And thank you everyone for joining us this morning. I'm sure you could sense our excitement and see our positive momentum from the second half of 2023 into 2024. As I say, internally we are back.

謝謝你，接線生。感謝大家今天早上加入我們。我相信您可以感受到我們的興奮，並看到我們從 2023 年下半年到 2024 年的積極勢頭。正如我所說，我們內部又回來了。

As we move forward in our financial and operational planning for 2024, we are transitioning into a new year on firm ground having significantly enhanced our reach with HCPs and patients enabled by proprietary AI models. The headwinds have largely subsided, and we now offer a very focused and holistic solution that pulls everything together into powerful, agile solutions that solve pressing everyday challenges such as brand awareness, adherence, access, affordability, and onboarding hard to find patients for HCPs. These are the challenges our clients, doctors and patients face in today's healthcare system, and we are thrilled to play our part.

隨著我們推進 2024 年的財務和營運規劃，我們將在堅實的基礎上過渡到新的一年，透過專有的人工智慧模型顯著增強了我們對 HCP 和患者的影響力。不利因素已基本消退，我們現在提供了一個非常專注和全面的解決方案，將所有內容整合到強大、敏捷的解決方案中，解決緊迫的日常挑戰，例如品牌知名度、依從性、可及性、負擔能力以及難以為HCP 找到病患的入職。這些是我們的客戶、醫生和患者在當今醫療保健系統中面臨的挑戰，我們很高興能夠發揮自己的作用。

The Medicx transaction not only positions OptimizeRx to profitably expand our market opportunity, but also further enhancing our position as a leading player in the digital pharma marketing landscape by meaningfully expanding our channels and reach to unlock value for our customers. Moreover, the transaction is accretive to earnings as Medicx is highly profitable company and is expected to contribute meaningful to revenue, revenue growth, EBITDA, and earnings per share.

Medicx 交易不僅使 OptimizeRx 能夠擴大我們的市場機會並實現盈利，而且還透過有意義地擴展我們的管道並為我們的客戶釋放價值，進一步增強我們作為數位製藥行銷領域領先者的地位。此外，由於 Medicx 是一家高利潤公司，此交易還能增加收益，預計將對營收、營收成長、EBITDA 和每股盈餘做出有意義的貢獻。

On a combined basis, revenues are expected to quickly surpass $100 million while generating significant profitability and cash flow. We will be working hard to finish the year strong. We'll conduct multiple non-deal roadshows and continue to fine tune our focus to maximize impact. Five years ago this month, we rang the Nasdaq bell as part of our uplift from the OTC and today we will do so again at the close of the markets.

綜合來看，收入預計很快就會超過 1 億美元，同時產生可觀的獲利能力和現金流。我們將努力工作，以強勁的勢頭結束這一年。我們將進行多次非交易路演，並繼續調整我們的重點以最大限度地發揮影響力。五年前的這個月，我們敲響了納斯達克的鐘聲，作為我們從場外交易中提振的一部分，今天我們將在市場收盤時再次這樣做。

It has been an exciting journey up to this point, but we are just getting started as it relates to scale with our clients. That combined with actually helping doctors and patients align on care is what motivates us as a team. And with that, thank you for your time and I look forward to discussing the full year in our Q4 earnings call. Have a great rest of your day everyone. Thank you, Operator.

到目前為止，這是一段令人興奮的旅程，但我們才剛剛開始，因為這與我們與客戶的規模有關。這與實際幫助醫生和患者在護理方面保持一致是我們團隊的動力。感謝您抽出時間，我期待在我們的第四季財報電話會議上討論全年情況。祝大家有個愉快的一天。謝謝你，接線生。

Thank you sir. Before we conclude today's call, I would like to provide the company's Safe Harbor statement that includes important cautions regarding forward-looking statements made during today's call. Statements made by management during today's call may contain forward looking statements with the definition of Section 27A and the Securities Act of 1933 has amended and Section 21E of the Securities Act of 1934 has amended.

謝謝你，先生。在我們結束今天的電話會議之前，我想提供該公司的安全港聲明，其中包括有關今天電話會議期間做出的前瞻性陳述的重要警告。管理階層在今天的電話會議上發表的聲明可能包含前瞻性聲明，其定義符合《1933 年證券法》第27A 條的定義，以及《1933 年證券法》的修訂版和《1934 年證券法》第21E 條的定義。

These forward-looking statements should not be used to make investment decisions. The words anticipate, estimate, expect, possible, and seeking and similar expressions identify forward-looking statements. They may speak only to the date that such statements are made. Such forward looking statements in this call include statements regarding estimation of total addressable market size, market penetration, revenue growth, gross margin, operating expenses, profitability, cash flow, technology investments, growth opportunities, acquisitions, upcoming announcements, and the need for raising additional capital. They also include the management's expectations for the rest of the year and adoption of the company's digital health platform. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise.

這些前瞻性陳述不應用於做出投資決策。預期、估計、期望、可能和尋求等詞語以及類似的表達方式識別前瞻性陳述。他們只能在發表此類聲明之日發表言論。本次電話會議中的此類前瞻性陳述包括有關估計總目標市場規模、市場滲透率、收入成長、毛利率、營運費用、獲利能力、現金流、技術投資、成長機會、收購、即將發布的公告以及融資需求的陳述額外資本。其中還包括管理層對今年剩餘時間的預期以及公司數位健康平台的採用。本公司不承擔公開更新或修改任何前瞻性陳述的義務，無論是由於新資訊、未來事件或其他原因。

Forward-looking statements are inherently subjects to risk and uncertainties, some of which cannot be predicted or quantified. Future events and actual results could differ materially from those set forth-in, contemplated by or underlying these forward-looking statements. The risks and uncertainties to which forward-looking statements are subject to include but are not limited to the effects of government regulations, competition and other material risk. Risk and uncertainties to which forward looking statements are subject to could affect business and financial results are included in the company's annual report on Form 10-K for the quarter ended December 31, 2022. This form is available on the company's website and on the SEC website at sec.gov.

前瞻性陳述本質上受到風險和不確定性的影響，其中一些風險和不確定性無法預測或量化。未來事件和實際結果可能與這些前瞻性陳述中闡述、預期或潛在的結果有重大差異。前瞻性陳述所面臨的風險和不確定性包括但不限於政府法規、競爭和其他重大風險的影響。前瞻性陳述所面臨的風險和不確定性可能會影響業務和財務業績，這些風險和不確定性已包含在本公司截至2022 年12 月31 日的季度10-K 表格年度報告中。該表格可在公司網站和SEC 上取得網站：sec.gov。

Before we end today's conference, I would like to remind everyone that this call will be available for replay via webcast only starting later this evening running through for a year. Please refer to today's press release for replay instructions available via the company's website at www.optimizerx.com. Thank you for joining us today. This concludes today's conference call. You may now disconnect.

在我們結束今天的會議之前，我想提醒大家，這次電話會議將透過網路廣播重播，從今晚晚些時候開始，持續一年。請參閱今天的新聞稿，以了解可透過本公司網站 www.optimizerx.com 取得的重播說明。感謝您今天加入我們。今天的電話會議到此結束。您現在可以斷開連線。