OptimizeRx Corp (OPRX) 2024 Q3 法說會逐字稿

Good afternoon, everyone. And thank you for joining OptimizeRx's third quarter fiscal 2024 earnings call. With us today is OptimizeRx's Chief Executive Officer, William Febbo. He is joined by Chief Financial Officer Edward Stelmakh; President, Steve Silvestro; General Counsel, Marion Odence-Ford; and Senior Vice President of Corporate Finance, Andrew D'Silva.

大家下午好。感謝您參加 OptimizeRx 的 2024 財年第三季財報電話會議。今天與我們在一起的是 OptimizeRx 的執行長 William Febbo。財務長 Edward 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 management during today's call.

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。

I would like to remind everyone that today's call is being recorded and will be made available for replay via webcast only, instructions are included in today's press release and in the investors section of the company's website.

我想提醒大家，今天的電話會議正在錄音，並且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中。

Now, I would like to turn the call over to OptimizeRx, CEO William Febbo. Sir, please go ahead.

現在，我想將電話轉給 OptimizeRx 執行長 William Febbo。先生，請繼續。

Thank you, operator, and good afternoon to everyone joining today's third quarter 2024 earnings call. To get started, while our year over year topline revenue grew 30% and came in at $21.3 million, it fell short of our expectations for the quarter. This is largely due to a shortfall with the DTC side of the business, which we acquired last year.

謝謝運營商，大家下午好，參加今天的 2024 年第三季財報電話會議。首先，雖然我們的總營收年增 30%，達到 2,130 萬美元，但低於我們對本季的預期。這主要是由於我們去年收購的 DTC 業務方面的不足。

However, we are pleased with our legacy HCP business growth, bottom line performance and cash flow generation in the quarter. We were able to realize incremental savings during the year as we completed the integrations of the combined commercial businesses and found operating efficiencies on top of what we had initially expected at the time of the acquisition.

然而，我們對本季傳統 HCP 業務的成長、利潤表現和現金流產生感到滿意。由於我們完成了合併後的商業業務的整合，並發現營運效率超出了我們收購時最初的預期，因此我們在這一年中實現了增量節省。

As a result, we're updating our guidance and are now expecting 2024 annual revenue to come in between $88 million and $92 million for 2024 with a modest change to the adjusted EBITDA landing between $8 million and $10 million.

因此，我們正在更新我們的指導，目前預計 2024 年的年收入將在 8800 萬美元至 9200 萬美元之間，調整後的 EBITDA 略有變化，在 800 萬美元至 1000 萬美元之間。

Given we are well into November, we have high visibility on this revenue guidance. Regarding the revenue shortfall, we encountered macro shifts at the DTC business, specifically the market trend away from managed services, where we create compliant audiences and manage media buying for the clients towards a self-service model.

鑑於我們已經進入 11 月，我們對該收入指引的了解度很高。關於收入短缺，我們在 DTC 業務中遇到了宏觀轉變，特別是市場趨勢偏離託管服務，在託管服務中，我們為客戶創建合規的受眾並管理媒體購買，轉向自助服務模式。

In this self-service model, we provide audiences to clients who then use them to run their own messaging campaigns. Self-service is specific to the DTC business and less common on the HCP side of the business. In this self-service model, which has become our primary focus, we built compliant audiences in 50 states for customers to purchase for their own digital media.

在這種自助服務模式中，我們為客戶提供受眾，然後客戶使用這些受眾來進行自己的訊息傳遞活動。自助服務特定於 DTC 業務，在業務的 HCP 方面不太常見。在這種已成為我們主要關注點的自助服務模式中，我們在 50 個州建立了合規受眾，供客戶購買自己的數位媒體。

This patent protected solution is our micro neighborhood targeting and is experiencing strong growth with a notable percentage increase in customer engagements during the year. However, despite the growth in micro neighborhood targeting, it has not yet offset the decline in our managed services.

此受專利保護的解決方案是我們的微型社區目標，並且正在經歷強勁的成長，年內客戶參與度顯著增加。然而，儘管微型社區定位有所增長，但尚未抵消我們託管服務的下降。

Acquiring Medicx Health during the fourth quarter of 2023 made it challenging to capture customer wallet share in the middle of the calendar year sales cycle. However, we have implemented commercial changes going into 2025 that we believe will resolve the softness we saw in our DTC business this year as we focus a greater portion of our efforts on securing self-service revenue streams.

在 2023 年第四季收購 Medicx Health 使得在日曆年銷售週期中期奪取客戶錢包份額變得具有挑戰性。然而，我們已經在 2025 年實施了商業變革，我們相信這將解決我們今年 DTC 業務疲軟的問題，因為我們將更多精力集中在確保自助服務收入流上。

With one year as an expanded team, we are seeing continued cross-selling and upselling, which should have a very positive impact on 2025 given the year over year growth in our pipeline build thus far.

團隊擴大一年後，我們看到交叉銷售和追加銷售持續存在，考慮到迄今為止我們的通路建設逐年增長，這應該會對 2025 年產生非常積極的影響。

A top 3 pharmaceutical manufacturer is leaning into this solution, especially as they navigate an increasingly complex regulatory environment spreading across multiple states. This client alone could mean significant growth in 2025 in DTC. With privacy regulations expected to expand nationwide, we are well positioned to meet the market's evolving privacy demands.

一家排名前三的製藥製造商正在傾向於採用此解決方案，特別是當他們應對遍布多個州的日益複雜的監管環境時。僅此一個客戶就可能意味著 DTC 到 2025 年將顯著成長。隨著隱私法規預計將在全國推廣，我們有能力滿足市場不斷變化的隱私需求。

We remain very bullish on our business and our industry thesis around the combination of DTC and HCP under one platform, and our customers are experiencing meaningful value add through the marriage of HCP and DTC.

我們仍然非常看好我們的業務以及圍繞 DTC 和 HCP 在一個平台上的結合的行業主題，我們的客戶正在透過 HCP 和 DTC 的結合體驗到有意義的附加價值。

In fact, we recently held a panel discussion with a top 5 pharmaceutical company at Digital Pharma East, where they confirmed this market need and value. I would encourage everyone to go to our website and listen to the panel. It's a harbinger of where the market is going and how far ahead we are with a scalable technology enabled solution. We continue to be the only company among our peers providing this union at scale.

事實上，我們最近在 Digital Pharma East 與一家排名前 5 名的製藥公司舉行了小組討論，他們在會上證實了這一市場需求和價值。我鼓勵大家造訪我們的網站並聽取專家小組的意見。它預示著市場的發展方向以及我們在可擴展技術支援的解決方案方面的領先程度。我們仍然是同行中唯一一家大規模提供這種聯盟的公司。

We are seeing progress with growing our total wallet share with our largest customers, still dominated by our HCP business. We now have one client expected to surpass $15 million of in year revenue and see at least four customers for 2025, which are expected to generate over $10 million in revenue.

我們在最大客戶中的總錢包份額不斷增長方面取得了進展，但仍以我們的 HCP 業務為主。我們現在有一個客戶的年收入預計將超過 1500 萬美元，並且到 2025 年至少有四個客戶預計將產生超過 1000 萬美元的收入。

All this gives us confidence in the business, its trajectory and the value proposition to our client base. This is how pharma scales with their partners, and we are thrilled they trust us to help them with commercialization.

所有這些都讓我們對業務、其發展軌跡以及對客戶群的價值主張充滿信心。這就是製藥公司與合作夥伴擴大規模的方式，我們很高興他們相信我們可以幫助他們商業化。

Our point of care network continues to grow, and we recently added several EHR partners to our network, incrementally adding thousands of HCPs. Our channel partner network continues to be our largest moat and we have seen potential competitors attempt to get into the space but have not seen anyone show the ability to succeed with scale.

我們的護理點網路持續成長，最近我們在我們的網路中增加了幾個 EHR 合作夥伴，逐步增加了數千名 HCP。我們的通路合作夥伴網路仍然是我們最大的護城河，我們已經看到潛在的競爭對手試圖進入該領域，但沒有看到任何人表現出規模化成功的能力。

In a similar vein, on the DTC side of the business, we continue to expand our direct integrations with leading publishers and media partners, which allow us to extend our reach to support both direct and indirect go to market execution. This enables us to sell the publishers and media partners, or sell through them, as they approve use of our audience data in their publishing networks.

同樣，在 DTC 業務方面，我們繼續擴大與領先出版商和媒體合作夥伴的直接整合，這使我們能夠擴大影響範圍，並支持直接和間接的市場執行。這使我們能夠向出版商和媒體合作夥伴銷售，或透過他們進行銷售，因為他們批准在其出版網絡中使用我們的受眾數據。

We believe we have the right solutions and the right people to execute on our strategic road map. With the addition of DAAP to OptimizeRx omnichannel network, we have a pioneering and foundational AI directed capability, which removes the mystique of seamlessly integrating point of care and traditional digital media, offering a transparent and measurable solution for pharmaceutical marketing that is able to reach nearly 240 million US adult lives and 2 million HCPs.

我們相信我們擁有正確的解決方案和合適的人員來執行我們的策略路線圖。透過將DAAP 添加到OptimizeRx 全通路網絡，我們擁有了開創性和基礎的人工智慧導向能力，消除了無縫整合護理點和傳統數位媒體的神秘面紗，為藥品行銷提供了透明且可衡量的解決方案，能夠覆蓋近2.4 億美國成年人和 200 萬名醫護人員。

DAAP, coupled with our proprietary EHR network, and channels outside of the EHRs, are driving powerful next best action capabilities based on dynamic real-world data. As a result, DAAP is now used to power CRM alerts as well as social media, web display and other mass digital communication channels, which fosters greater efficiency in collaboration with our customer sales forces.

DAAP 與我們專有的 EHR 網路以及 EHR 以外的管道相結合，正在推動基於動態現實數據的強大的下一個最佳行動能力。因此，DAAP 現在用於支援 CRM 警報以及社交媒體、網路顯示和其他大眾數位通訊管道，從而提高與客戶銷售人員的協作效率。

OptimizeRx is expanding its AI solution work with customers, while others in our space are still trying to figure out how to apply AI. As a result, I believe we have an opportunity to capture a significant market share in the coming quarters and years to drive highly profitable growth.

OptimizeRx 正在與客戶擴大其人工智慧解決方案的合作，而我們領域的其他人仍在試圖弄清楚如何應用人工智慧。因此，我相信我們有機會在未來幾季和幾年內佔領重要的市場份額，以推動高利潤成長。

And with that, I would like to turn the call over to our CFO Ed Stelmakh, who will walk us through our financial details. Ed?

接下來，我想將電話轉給我們的財務長 Ed Stelmakh，他將向我們介紹我們的財務細節。艾德？

Thank you, Will, and good afternoon, everyone. The press release was issued with the financial results of our third quarter ended September 30, 2024. A copy is available for viewing and may be downloaded from the investor relations section of our website and additional information to be obtained through our forthcoming 10-Q.

謝謝威爾，大家下午好。本新聞稿隨截至 2024 年 9 月 30 日止第三季的財務業績一起發布。副本可供查看，也可從我們網站的投資者關係部分下載，其他資訊可透過我們即將發布的 10-Q 取得。

Third quarter revenue came in at $21.3 million, an increase of 30% from the $16.3 million we recognized during the same period in 2023. Gross margin for the quarter increased over 60% in the quarter ended September 30, 2023, which is 63.1% in the quarter ended September 30, 2024.

第三季營收為 2,130 萬美元，比 2023 年同期的 1,630 萬美元成長 30%。截至2023年9月30日的季度，該季度的毛利率增長了60%以上，截至2024年9月30日的季度為63.1%。

Year over year gross margin expansion is tied to higher GAAP related revenue as well as a favorable channel partner mix. Our operating expenses for the quarter ended September 30, 2024, increased by $8.7 million year over year, largely due to the Medicx Health acquisition and a $7.5 million goodwill impairment charge.

毛利率年增率與較高的 GAAP 相關收入以及有利的通路合作夥伴組合密切相關。截至 2024 年 9 月 30 日的季度，我們的營運費用年增 870 萬美元，主要是因為收購 Medicx Health 和 750 萬美元的商譽減損費用。

And we saw significant benefits from cost cutting initiatives that approach $5 million annually, tied to the integration efforts with the acquisition.

我們看到了每年接近 500 萬美元的成本削減措施帶來的顯著效益，這與收購的整合工作有關。

We had a net loss of $9.1 million, or $0.50 per basic and fully diluted share, for the three months ended September 30, 2024, as compared to a net loss of $2.9 million or $0.17 per basic and fully diluted share for the same three month period in 2023.

截至2024 年9 月30 日的三個月，我們的淨虧損為910 萬美元，即每股基本股和完全稀釋股0.50 美元，而同一三個月的淨虧損為290 萬美元，即每股基本股和完全稀釋股0.17 美元2023年期間。

On a non-GAAP basis, our net income for the third quarter of 2024 was $2.3 million, or $0.12 for fully diluted shares outstanding, as compared to a non-GAAP net income of $1.6 million or $0.09 per fully diluted share outstanding in the same year ago period.

根據非 GAAP 基準，我們 2024 年第三季的淨利潤為 230 萬美元，即完全稀釋已發行股票 0.12 美元，而同期非 GAAP 淨利潤為 160 萬美元，即每股完全稀釋已發行股票 0.09 美元。一年前的時期。

Our adjusted EBITDA came at $2.7 million for the third quarter of 2024, compared to $0.9 million during the third quarter of 2023. We are happy to see that this remain ahead of our expectations and highlights our improving margins and cost cutting initiatives.

2024 年第三季調整後 EBITDA 為 270 萬美元，而 2023 年第三季為 90 萬美元。我們很高興看到這仍然超出了我們的預期，並凸顯了我們不斷提高的利潤率和削減成本的舉措。

Operating cash flow came in at $4.7 million for the first three quarters of 2024, and we ended the quarter with $16.1 million cash balance, as compared to $13.9 million on December 31, 2023. At the end of the third quarter, the principal of our debt financing stood at $36.8 million.

2024 年前三個季度的營運現金流為 470 萬美元，本季末現金餘額為 1,610 萬美元，而 2023 年 12 月 31 日為 1,390 萬美元。截至第三季末，我們的債務融資本金為3,680萬美元。

If you recall, to help fund the $84.5 million of cash portion of last October Medicx Health acquisition, the company took on [$40 million] in debt financing and repaid off $3.2 million in principal through the third quarter of 2024.

如果您還記得的話，為了幫助為去年10 月收購Medicx Health 的8450 萬美元現金部分提供資金，該公司承擔了[4000 萬美元] 債務融資，並在2024 年第三季度償還了320 萬美元本金。

In addition, we made an incremental $2 million pay down in October. We have paid down $5.2 million in the first 12 months since the acquisition was consummated, way ahead of the required schedule from our operational cash flow. We continue to believe we are well funded to execute against our operational goals.

此外，我們還在 10 月支付了 200 萬美元的增量付款。自收購完成以來，我們在前 12 個月內已支付了 520 萬美元，遠遠超出了營運現金流所需的時間表。我們仍然相信我們有充足的資金來執行我們的營運目標。

Now let's turn to our KPIs for the third quarter of 2024. Average revenue per top 20 pharmaceutical manufacturers now stands at $2.8 million and we work with all top 20 largest pharma companies in the world.

現在讓我們來看看 2024 年第三季的 KPI。目前，每家排名前 20 名的製藥公司的平均收入為 280 萬美元，我們與全球排名前 20 名的所有最大製藥公司都有合作。

Net revenue retention rate is showing an improvement at 127%, up from 93% in Q3 2023. Meanwhile, revenue per FTE came in at $630,000, topping the $568,000 we posted in Q3 2023.

淨收入保留率從 2023 年第三季的 93% 上升至 127%。同時，每個 FTE 的收入為 630,000 美元，高於我們在 2023 年第三季發布的 568,000 美元。

And with that, I'll turn it back over to Will. Will?

有了這個，我會把它轉回給威爾。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)

（操作員說明）

Ryan Daniels, William Blair.

瑞恩·丹尼爾斯、威廉·布萊爾。

Yeah, guys. Thanks for taking the questions. Maybe given some of the weakness you saw in the Medicx business during the quarter, I'm curious if you could talk about any go-to-market changes you're making specific to that asset, number one.

是的，夥計們。感謝您提出問題。也許考慮到您在本季度看到的 Medicx 業務的一些弱點，我很好奇您是否能談談您針對該資產所做的任何進入市場的改變，第一。

And then number two, given the strength you're seeing in kind of the legacy core business with DAAP, are you shifting any more management or sales focus to that specific offering on a go-forward basis?

第二，鑑於您在 DAAP 的傳統核心業務中看到的實力，您是否會在未來的基礎上將更多的管理或銷售重點轉移到該特定產品上？

Hey Ryan, yeah, great question. So relative to Medicx, I'll start and then Steve, you can add in if you want. Relative to Medicx, we through Q2 into Q3 finalized the enhancement of that sales team. And obviously, we had a sense of this shift materializing and feel like we have absolutely the right team to go after this shift to self-service model, as well as a group that's sophisticated enough to understand how DAAP is a real differentiator relative to DTC.

嘿瑞安，是的，很好的問題。因此，相對於 Medicx，我將開始，然後 Steve，如果您願意，您可以添加。相對於 Medicx，我們從第二季到第三季最終確定了銷售團隊的增強。顯然，我們感覺到這種轉變正在實現，並且感覺我們絕對擁有合適的團隊來實現這一向自助服務模式的轉變，以及一個足夠成熟的團隊，能夠理解 DAAP 相對於 DTC 為何是一個真正的差異化因素。

So net-net, the go-to-market is the same, but enhanced team. And we also made a lot of progress coordinating the marketing efforts, which just allowed that messaging to get out there. And if you remember, and as we talked about in the prepared remarks, we really believe that pharma is going to lean towards combining DTC and HCP really as a way to get one true source of data to allow them to make quicker, more agile marketing decisions.

因此，net-net 的市場推廣是相同的，但團隊有所增強。我們在協調行銷工作方面也取得了許多進展，這使得訊息得以傳播出去。如果您還記得的話，正如我們在準備好的發言中談到的那樣，我們確實相信製藥公司將傾向於將DTC 和HCP 結合起來，以此作為獲得真正數據源的一種方式，從而使他們能夠進行更快、更敏捷的行銷決定。

And so go-to-market same, enhanced with team. And on the core, we continually invest in that team. It's a very experienced team, obviously, now with the years behind us. And what I've seen is just a tremendous cross-sell effort between the two, which is why we referenced pipeline just being up year over year. And I think it's attributable to that team. Steve, do you want to add anything to that?

進入市場也是如此，並透過團隊增強。就核心而言，我們不斷投資於該團隊。顯然，這是一支經驗豐富的團隊，現在我們已經過去了很多年。我所看到的是兩者之間巨大的交叉銷售努力，這就是為什麼我們提到管道逐年增加。我認為這要歸功於那個團隊。史蒂夫，你想補充什麼嗎？

I think you mostly covered it. Well, the only thing, Ryan, that I would add to what Will said is in terms of product road map and evolution of what we're doing on the Medicx side, bringing DAAP into that audience creation is really going to be a game changer we think in that space.

我想你大部分都涵蓋了它。好吧，瑞安，我唯一要補充的就是威爾所說的產品路線圖和我們在 Medicx 方面所做的事情的演變，將 DAAP 引入受眾創造中確實會改變遊戲規則我們在那個空間思考。

I mean this space, DTC specifically, is largely a space that operates with static audiences, meaning they pull an audience one time and execute messages throughout the course of the program. And as you know from leading way into DAAP, DAAP is real-time update.

我的意思是，這個空間，特別是 DTC，很大程度上是一個與靜態觀眾一起運作的空間，這意味著他們一次吸引觀眾並在整個節目中執行訊息。正如您從進入 DAAP 的過程中所知道的那樣，DAAP 是即時更新的。

And so there is a massive first-mover advantage by bringing DAAP into that, and we're well down the road there with a couple of already tests and things going out and lives.

因此，將 DAAP 引入其中會帶來巨大的先發優勢，而且我們已經在這方面取得了進展，已經進行了一些測試，並且事情已經開始實施。

So I think we're encouraged by that. It was moving faster to fill the gap for the managed service shift. But the good news is I think the overall business profile in terms of margin and execution, the renewability, all of those things improve by moving away from managed service and into self-service, which is where that business needed to go. So I think we're encouraged by the change. But unfortunately, it gives us a bit of a hiccup on the quarter.

所以我認為我們對此感到鼓舞。它正在更快地填補託管服務轉變的空白。但好消息是，我認為透過從託管服務轉向自助服務，整體業務狀況在利潤和執行、可再生性方面都得到了改善，而這正是業務需要發展的方向。所以我認為我們對這一變化感到鼓舞。但不幸的是，這給我們這個季度帶來了一些麻煩。

Yeah. Understood. All right. And then it sounds like sales pipeline is good, new DAAP contracts good, the metric you provided on the four clients for next year, over $10 million, great. So question there, is that all in your revenue for 2025?

是的。明白了。好的。然後聽起來銷售管道很好，新的 DAAP 合約很好，你為明年的四個客戶提供的指標超過 1000 萬美元，很棒。那麼問題來了，這就是你們 2025 年的收入嗎？

So meaning, do those four clients alone give you over $40 million in visibility? And then I know you don't want to provide an outlook for 2025, but maybe assuming the end of the year at the $90 million mark, what type of growth would you be satisfied with or comfortable with for 2025?

也就是說，光是這四個客戶就能為您帶來超過 4000 萬美元的知名度嗎？然後我知道您不想提供 2025 年的展望，但也許假設年底達到 9000 萬美元大關，您對 2025 年哪種類型的增長感到滿意或滿意？

Yeah. Thanks, Ryan. Yeah, little early, we'll be back to the market on '25. But to answer your direct question, yes, that's all in your revenue. And what's really been encouraging is just seeing multiple enterprise like discussions, not just those four, but others that are also climbing up.

是的。謝謝，瑞安。是的，有點早，​​我們將在 25 年回到市場。但要回答你的直接問題，是的，這一切都在你的收入中。真正令人鼓舞的是看到多個類似企業的討論，不僅僅是這四個，還有其他也在不斷增加的討論。

As you saw our average KPI for manufacturer keeps moving up. I think we'll keep seeing that trend. And what that really means on the four that we have visibility on is there's just more opportunity for others to follow.

正如您所看到的，我們製造商的平均 KPI 不斷上升。我認為我們會繼續看到這種趨勢。對於我們所關注的四個方面來說，這實際上意味著其他人有更多機會效仿。

And generally, that is how pharma will work. You've got a couple early believers and you start to scale and prove it out and have the right return on marketing investment and then the others come. And I think between our time, some of the conferences and also just seeing that kind of visibility this time last year, we did not have that visibility, so.

一般來說，這就是製藥業的運作方式。你有幾個早期的信徒，你開始擴大規模並證明這一點，並在行銷投資上獲得適當的回報，然後其他人就會加入。我認為在我們這個時代，一些會議以及去年這個時候才看到這種可見度，我們沒有那種可見度，所以。

Yeah, okay. And then maybe one more, if I could, I apologize for doing three instead of one, the follow-up. But if I do look at your key performance indicators, the average revenue per top 20 is up about almost 50% year over year, which is great to see versus the revenue growth at 30%.

是啊，好吧。然後也許還有一個，如果可以的話，我為後續的三個而不是一個而道歉。但如果我確實看一下你們的關鍵績效指標，就會發現前 20 名的平均收入同比增長了近 50%，與 30% 的收入增長相比，這真是太好了。

So does that mean exactly what you just said that the bigger companies are kind of latching on this being a little bit more innovative and some of the smaller pharma manufacturers are a little bit harder to move towards the DAAP or some of these integrated programs. Is that a fair thought?

那麼，這是否正是您剛才所說的意思，即較大的公司正在抓住這一點，更具創新性，而一些較小的製藥製造商則更難轉向 DAAP 或其中一些綜合計劃。這是一個公平的想法嗎？

It's a mix of things. It's -- I think there's some truth in that, and then there's also just some of the transition away from managed service that's going to impact it as well. But what I think is most encouraging is they are buying into the more precision based point of care to omnichannel digital marketing.

這是多種因素的混合。我認為這有一定道理，而且託管服務的一些轉變也會對其產生影響。但我認為最令人鼓舞的是，他們正在購買基於更精確的全通路數位行銷的護理點。

And we have an incredible position in there and adding DTC in the last six months, I've seen just our profile as a company within the client base being taken much more seriously. And frankly, the whole team has been fully trained up.

我們在那裡擁有令人難以置信的地位，並在過去六個月中添加了 DTC，我看到我們作為一家公司在客戶群中的形象得到了更加認真的對待。坦白說，整個團隊都經過了充分的訓練。

So it's -- it really adds a lot of punch to it. So I would anticipate others are going to start moving towards the bigger enterprise discussions. And with DTC and HCP together that can move faster, right, than if we were just doing HCP. So very encouraging.

所以它確實為它增添了很多衝擊力。因此，我預計其他人將開始轉向更大的企業討論。透過將 DTC 和 HCP 結合起來，比我們只進行 HCP 可以更快地開展工作，對吧。非常令人鼓舞。

Okay, great. Thanks guys.

好的，太好了。謝謝你們。

Thanks, Ryan.

謝謝，瑞安。

Sean Dodge, RBC Capital Markets.

肖恩·道奇，加拿大皇家銀行資本市場部。

Yeah, thanks. Maybe just going back to pipeline and backdrop. Will you mentioned some significant progress with the pipeline and seeing pharma continuing to lean into digital. Is there any quantification or kind of other bookends you can share with us just to give kind of some sense of how much bigger or how much more advanced the value of your pipeline is now versus maybe this time last year?

是的，謝謝。也許只是回到管道和背景。您是否會提到管道方面的一些重大進展以及製藥公司繼續向數位化傾斜的情況？您是否可以與我們分享任何量化或其他類型的書立，以便讓您了解與去年這個時候相比，現在您的管道的價值有多大或先進了多少？

Yeah. We've kind of gotten away from pipeline as a metric, but we basically doubled the sales force, right, year over year with the addition of Medicx and then the continued investment in the team, both sales, marketing, account management and operations.

是的。我們已經擺脫了管道作為衡量標準，但隨著 Medicx 的加入，以及對團隊的持續投資，包括銷售、行銷、客戶管理和運營，我們的銷售團隊基本上逐年增加了一倍。

And it's a higher percentage than the growth in the quarter. But we -- pipeline for us is an indicator for the year and then having the visibility around the [4] at $10 million-plus, we just haven't had that before. So I think the -- I'll ask Steve to comment. But the pipeline is just cleaner, smarter and the market really understands what we do now in terms of the clients.

而且這個百分比高於本季的成長。但我們——管道對我們來說是今年的一個指標，然後 [4] 周圍的可見度超過 1000 萬美元，我們以前從未有過這樣的情況。所以我想——我會請史蒂夫發表評論。但管道變得更乾淨、更智能，市場也真正了解我們現在為客戶所做的事情。

Yeah. Hey Sean, good to hear your voice. In addition to that, I would say one of the challenges with the Medicx business sort of acquiring it, and you heard Will in his prepared remarks, during the actual RFP cycle, just smack dab in the middle of it, I do think there was some disruption around that.

是的。嘿肖恩，很高興聽到你的聲音。除此之外，我想說 Medicx 業務的挑戰之一是收購它，你在實際的 RFP 週期中聽到了 Will 在他準備好的講話中，就在中間，我確實認為有周圍有一些幹擾。

And what we've learned from now having that business for a little over a year, is that it's heavily dependent on the RFP cycle, more so than our core HCP business. We've got levers in here to be able to accelerate there and close deals with a pretty good velocity.

從一年多的時間我們了解到，該業務嚴重依賴 RFP 週期，比我們的核心 HCP 業務更依賴。我們在這裡有槓桿能夠加速並以相當好的速度完成交易。

On the DTC business, we're more reliant on the annual cycle. And right now, because that team is leaning in so well on the annual cycle, as Will said, the pipeline is building very, very nicely. So I think that we're encouraged by that.

在DTC業務上，我們更依賴年度週期。現在，正如威爾所說，由於該團隊非常接近年度週期，因此管道建設得非常非常好。所以我認為我們對此感到鼓舞。

Okay. That's good color. And then for the '24 guidance for the full year, it continues to imply a pretty significant step-up in Q4 revenue. Will, you alluded to it, but anything you can share just on visibility you have into that, it's mid-November now. Is there any go-get left in the guidance? Is -- I guess, everything you need for that in backlog at this point?

好的。這顏色真好啊然後，對於 24 年全年指導，它繼續意味著第四季度收入將出現相當顯著的成長。威爾，你提到過，但你可以分享的任何內容都只是你對此的可見性，現在是 11 月中旬。指南中是否還剩下任何內容？我想，目前您所需要的一切都已經積壓了嗎？

Yeah, very minimal. Go get correct. Yeah, high visibility.

是的，非常少。去糾正吧。是的，可見度很高。

Okay, great. And then just last one for me, you talked about sales cycle before on, on some of these larger deals being a little bit longer up front, but ultimately they're larger deals so well worth the effort. I guess any change you've seen since then in terms of sales cycles are these still taking a little bit longer. You see anything kind of accelerate or, or drawing out more heading into next year?

好的，太好了。最後對我來說，您之前談到了銷售週期，其中一些較大的交易的前期時間有點長，但最終它們是較大的交易，因此非常值得付出努力。我想從那時起您在銷售週期方面看到的任何變化都是這些仍然需要更長的時間。您認為明年會出現什麼加速或拉動更多的情況嗎？

Steve, will you answer that?

史蒂夫，你能回答這個問題嗎？

Yeah, I'll grab it, William. Yes, no problem. It's different by business, Sean. On the HCP side, we've definitely seen an acceleration in our sales cycle, which has been good, probably a 20% improvement, which I think is largely a credit to two things. One, we've got a more mature sales force, which is doing an excellent job of driving that business.

是的，我會抓住它，威廉。是的，沒問題。肖恩，生意不同。在 HCP 方面，我們確實看到了銷售週期的加速，這很好，可能提高了 20%，我認為這主要歸功於兩件事。第一，我們擁有一支更成熟的銷售隊伍，他們在推動業務方面做得非常出色。

And two, our legal team and contracts team have done an absolutely spectacular job of streamlining all of the contractual stuff with our clients, which has just made it easier to do business with us. So I think that's helping on the sales cycle.

第二，我們的法律團隊和合約團隊在簡化與客戶的所有合約內容方面做得非常出色，這使得與我們開展業務變得更加容易。所以我認為這有助於銷售週期。

On the DTC side, like I said earlier, we're really relying on that RFP cycle. So sales cycle is still about the same, but I think it's within the bands of what's appropriate for that. But again, I think we're encouraged, early days, but encouraged by the pipeline growth and have a ton of confidence in the new hires and folks that we've brought on from all the key competitors in that space.

在 DTC 方面，正如我之前所說，我們確實依賴 RFP 週期。因此，銷售週期仍然大致相同，但我認為它在適合的範圍內。但同樣，我認為我們在早期受到了鼓舞，但受到管道成長的鼓舞，並對我們從該領域所有主要競爭對手引進的新員工和人員充滿信心。

So excited to see what the rest of Q4 looks like and what Q1 will bring for that business specifically. And I think we've got a great deal of faith and confidence in it at this point.

很高興看到第四季度的其餘部分是什麼樣子，以及第一季將為該業務帶來什麼。我認為目前我們對此充滿信心。

Okay, great. Thanks again.

好的，太好了。再次感謝。

Kyle Bauser, B. Riley.

凱爾·鮑瑟，B.萊利。

Hi, great. Thanks for taking my questions. Maybe I'll just start off on housekeeping things. So last quarter, I think there was a slight miss just based on that one contract that kind of slipped through a $6 million contract.

嗨，太好了。感謝您回答我的問題。也許我會從做家事開始。所以上個季度，我認為僅基於一份 600 萬美元合約的合約就出現了輕微的失誤。

And then during Q3, we got an update talking about how that contract has increased to $10 million, which is great. But the DAAP portion of that was still kind of going through the internal review process. Is that the same program as the $15 million contract that you talked about in today's press release? Maybe I'll start there and ask a follow-up.

然後在第三季度，我們收到了有關該合約如何增加到 1000 萬美元的更新，這很棒。但 DAAP 部分仍在經歷內部審查過程。這與您在今天的新聞稿中談到的 1500 萬美元合約是同一個計劃嗎？也許我會從那裡開始並詢問後續情況。

Yes. That's the in year revenue expected from that particular contract.

是的。這是該特定合約的預期年內收入。

Okay. So that went through and is expected to be captured both on the DTC and the DAAP side?

好的。那麼，這一情況已經發生並且預計將在 DTC 和 DAAP 方面得到體現？

That's one client. No, it's all HCP, yeah.

這是一位客戶。不，都是 HCP，是的。

Okay. So it's all HCP and it was approved and --

好的。所以這都是 HCP 並且獲得批准--

It's all in year, yeah.

一切都在過年，是的。

Okay. Got it. Excellent. And then on so EBITDA came in better than expected despite the lower sales. Can you talk a little bit more about the reasoning here? I didn't quite catch it. So was it the cost-cutting initiatives or the lower sales? Just curious how we were able to kind of capture that much margin expansion?

好的。知道了。出色的。因此，儘管銷售額較低，但 EBITDA 的表現仍優於預期。能多談談這裡的推理嗎？我不太明白。那麼是削減成本的舉措還是銷售額的下降？只是好奇我們如何能夠實現如此大的利潤成長？

Ed, do you want to take that?

艾德，你想接受這個嗎？

Yeah. So there are a couple of components here. Obviously, we have the expansion in gross margin. That is driven by general partnership mix about product mix. And then secondly, we do have some nice tailwinds in upper new expense run rate, driven by the RIF we did earlier in the quarter -- last quarter. And then also just savings across the board in terms of spend.

是的。所以這裡有幾個組件。顯然，我們的毛利率有所擴大。這是由有關產品組合的一般夥伴關係組合所推動的。其次，在我們本季早些時候（上個季度）所做的 RIF 的推動下，我們確實在較高的新費用運行率方面有一些不錯的推動力。然後在支出方面也只是全面節省。

Okay. And I guess, going forward, what are some expectations for how we should look at kind of the G&A line item? We obviously have guidance for the balance of the year. But heading into next year with the strong pipeline, how should we be thinking about that?

好的。我想，展望未來，我們應該如何看待 G&A 訂單項目的一些期望是什麼？我們顯然對今年剩餘時間有指導。但進入明年，我們該如何考慮這一點？

I mean, G&A essentially most of what we typically would be into our run rate. It has to do with merit increases and relatively small head count growth. And any other incidentals or kind of one-off types of expansion related to expansion in the channel partnership ecosystem. Outside of that, really not much anticipated.

我的意思是，一般行政費用基本上是我們通常會納入運行率的大部分內容。這與績效成長和相對較小的員工人數成長有關。以及與通路合作夥伴生態系統擴張相關的任何其他附帶費用或一次性擴張類型。除此之外，確實沒有太多期待。

Okay. So I guess in terms of looking at how it should grow off of kind of 2024 level, should it be similar to what we saw -- so are you saying '25 could be similar kind of growth of the OpEx or G&A line to what we're seeing in '24?

好的。因此，我想在考慮如何從 2024 年的水平增長方面，它是否應該與我們所看到的類似 - 所以你是說 25 年運營支出或 G&A 線的增長可能與我們所看到的類似'24 看到了嗎？

Yeah, you'll be in the ballpark. I mean we will come back obviously with more precise numbers and once we get the budget finalized. But if you're looking for some directional kind of guidance, if you add 5%, 6% merit and then kind of a relative small headcount growth plus, like I said before, you have some additional potential expansion in channel partnership realm, it should be pretty close. We'll come back with -- so we'll come back with more precise numbers in a couple of months.

是的，你會在球場上。我的意思是，一旦我們最終確定了預算，我們顯然會帶著更準確的數字回來。但如果你正在尋找某種方向性的指導，如果你增加5%、6% 的績效，然後相對較小的員工數量增長加上，就像我之前說過的，你在渠道合作夥伴領域有一些額外的潛在擴張，它應該很接近。我們會在幾個月後返回更準確的數字。

Got it. I appreciate the color and I'll jump back in queue. Thank you.

知道了。我很欣賞這個顏色，我會插回隊列。謝謝。

Thank you.

謝謝。

David Grossman, Stifel Financial.

大衛‧格羅斯曼，Stifel Financial。

Good Afternoon. Thank you. I'm wondering, you talked about these four contracts that could do over $10 million each next year. Can you give us a better sense of kind of what they may look like in terms of how much is the HCP versus DTC?

午安.謝謝。我想知道，您談到了這四份合同，明年每份合約的價值可能超過 1000 萬美元。您能否讓我們更了解 HCP 與 DTC 的費用是多少？

I assume the DAAP contracts, and how did they perform from a margin profile, particularly the cadence over the year? Are there some upfront implementation costs? Just trying to get a sense for what this bundle may look like.

我假設 DAAP 合約，它們的利潤狀況表現如何，尤其是一年中的節奏？是否有一些前期實施成本？只是想了解這個捆綁包可能會是什麼樣子。

Sure. Steve, do you want to dive into those?

當然。史蒂夫，你想深入研究這些嗎？

Yeah. Happy to take it. David, good to hear your voice. So it's not four contracts, it's four clients. Just want to be clear on that. So it's total client spend. The majority of that, the lion's share of that will be the HCP business. It will be led out by significant investment in DAAP and in rules based messaging.

是的。很高興接受它。大衛，很高興聽到你的聲音。所以這不是四份合同，而是四個客戶。只是想澄清這一點。所以這是客戶總支出。其中大部分，最大的份額將是 HCP 業務。它將透過對 DAAP 和基於規則的訊息傳遞的大量投資來引領。

So things that are sort of the pre-emptor to DAAP and transitioning over there. They're definitively for each of those will have sort of upfront costs similar to our normal DAAP model of where you've got model costs and then you have transaction revenues that are tied to messages. So very, very similar.

因此，這些事情有點像 DAAP 的先發制人並在那裡過渡。它們肯定會產生類似於我們正常的 DAAP 模型的前期成本，在該模型中你有模型成本，然後你有與訊息相關的交易收入。非常非常相似。

Although you've heard us start to talk to the migration of the DAAP components themselves being more subscriptive in nature, so a monthly data fee that's feeding in and then a transactional price for messages that are being deployed.

儘管您已經聽到我們開始談論 DAAP 元件本身的遷移本質上更具訂閱性，因此每月的數據費用正在增加，然後是正在部署的訊息的交易價格。

And the idea there is to, number one, make it stickier, more recurring like. And number two is to sort of smooth the revenue over time, just making it more predictable and easier to manage. But that's sort of where we're headed and good visibility there.

第一，我們的想法是讓它變得更有黏性，更容易出現。第二是隨著時間的推移平滑收入，使其更可預測且更易於管理。但這就是我們要去的地方，而且那裡的能見度很好。

We're talking, as Will said earlier, we're talking largely renewals. And then the fourth one is sort of a new entrant, a different use case and one that we'll talk about as we get closer to it. But again, got pretty good visibility at this point, as much as we've had.

正如威爾之前所說，我們正在談論的主​​要是續約。第四個是一個新進入者，一個不同的用例，我們將在接近它時討論它。但同樣，在這一點上，我們已經獲得了相當好的能見度。

And just getting to that subscriptive comment that you made, Steve, is your sense that just the way that the construct of these contracts are migrating is that you may have better visibility? You said, I think if I heard you right, three of the four renewals, right? Did I hear that right?

史蒂夫，剛剛談到您所做的訂閱評論，您是否覺得這些合約的結構正在遷移的方式可能會讓您擁有更好的可見性？你說，我想如果我沒聽錯的話，四次續約中的三次，對嗎？我沒聽錯吧？

Yeah. It's important -- I want to make sure you know these are not four contracts. It's four client level spends north of $10 million. And so there are multiple contracts that need to be renewed for each of those clients to get us to the north of the $10 million mark. But the renewability of those is high. As you know, our client net revenue retention is very high for our sector.

是的。這很重要——我想確保你知道這不是四份合約。四個客戶級別的支出超過 1000 萬美元。因此，每個客戶都需要續訂多份合同，才能使我們的收入突破 1000 萬美元大關。但這些的可再生性很高。如您所知，我們行業的客戶淨收入保留率非常高。

And then secondly, the migration component is we're moving the DAAP pieces from being sort of an upfront onetime fee to more of a subscriptive component where when a client subscribes to that, there's a data piece that drops every single month across the agreement.

其次，遷移部分是我們將 DAAP 部分從一次性的一次性費用轉變為訂閱部分，當客戶訂閱該部分時，協議中每個月都會掉落一個資料部分。

And that's really what we want to get to. It just behaves better and it's easier to renew with the clients when we're engaging with them. There's not a pause to measure ROI. It takes away all of that sort of stop and start dynamic that we've been trying to overcome. And I think we've got a good way to do that this time.

這確實是我們想要達到的目標。當我們與客戶互動時，它的表現會更好，並且更容易與客戶續約。衡量投資報酬率不會有任何停頓。它消除了我們一直在努力克服的所有那種停頓和啟動的動態。我認為這次我們有一個很好的方法來做到這一點。

Right. And then maybe in a similar context, but a different question, just thinking about this mix shift to self-service in the DTC business, how do you want us to think about that? How -- in terms of year over year revenue growth because we're going to anniversary the acquisition in the fourth quarter. So just wondering, are you going to have headwinds? Should we expect to see headwinds from this mix shift going into 2025?

正確的。然後，也許在類似的背景下，但有一個不同的問題，只要考慮一下 DTC 業務中向自助服務的混合轉變，您希望我們如何考慮這一點？就收入同比增長而言，如何，因為我們將在第四季度慶祝收購週年紀念日。所以只是想知道，你會遇到逆風嗎？我們是否應該預期到 2025 年這種混合轉變會帶來阻力？

And I think you made a reference to the margins maybe being better without the managed service components. So maybe you could just help us better understand what mix shift -- or what impact this mix shift may have on both growth and margin?

我認為您提到如果沒有託管服務組件，利潤率可能會更好。那麼，也許您可以幫助我們更好地了解什麼是組合轉變，或者這種組合轉變可能對成長和利潤率產生什麼影響？

(multiple speakers) So I was just going to say, look, when you have managed services and media, right, it's chunkier revenue at the top, but the margins are lower, right? You're placing media, it's a lower margin business.

（多個發言者）所以我想說，看，當你擁有託管服務和媒體時，對吧，頂部的收入更大，但利潤率更低，對吧？你正在放置媒體，這是一項利潤率較低的業務。

And largely agencies live off that business, right. But the audiences and your data are really what's valuable. And Steve highlighted the two differences, you highlighted one of them, which is just having a dynamic audience.

大部分代理商都是靠這項業務生存的，對吧。但受眾和您的數據才是真正有價值的。史蒂夫強調了兩個差異，你強調了其中之一，那就是擁有活躍的受眾。

So we do see that continuing to grow through Q4 into '25, but we're not going to go forward and say that will make up the complete difference in managed services going down. We will give more clarity on that, obviously, over the next couple of months.

因此，我們確實看到第四季到 25 年繼續成長，但我們不會繼續說這將彌補託管服務下降的完全差異。顯然，我們將在接下來的幾個月內進一步澄清這一點。

But it's actually -- it's a better business to be in, especially when the two start to come together. And so you've got a patient profile, a dynamic audience both for HCPs and consumers. We think that's the future, and we're in a good place to do it. So I just wanted to get that out there. Steve, feel free to jump in.

但事實上，這是一個更好的行業，尤其是當兩者開始走到一起時。這樣您就獲得了病患檔案、醫療保健專業人員和消費者的動態受眾。我們認為這就是未來，而且我們處於實現這一目標的好位置。所以我只是想把它說出來。史蒂夫，請隨意加入。

No, I think you nailed it. I mean, it's massively differentiated the ability to bring self-service with dynamicity, David, to it. So taking the dynamic nature of DAAP, turning that into the self-serve audience, which has already now been done and then deploying that, similar to kind of Ryan's question. It's just -- it's a massive differentiator in the space.

不，我想你已經成功了。我的意思是，大衛，帶來動態自助服務的能力有著巨大的差異化。因此，利用 DAAP 的動態性質，將其轉變為自助觀眾，現在已經完成，然後進行部署，類似於 Ryan 的問題。它只是——它是這個領域的一個巨大的差異化因素。

And I think right now, we're in the middle of the RFP cycle. And as I shared earlier, this is a business -- DTC is a business that's dependent -- much more dependent than HCP on a successful RFP cycle. And so we are laser focused as a team on making sure that we execute well there.

我認為現在我們正處於 RFP 週期的中間。正如我之前分享的，這是一項業務——DTC 是一項依賴項——比 HCP 更依賴成功的 RFP 週期。因此，我們作為一個團隊專注於確保我們在那裡執行良好。

David, the last piece -- just to add, though, there's really just two pieces, right? Dynamic audience, we're going to continue to see self-service, micro neighborhood targeting growth through Q4 into '25. It won't outpace managed services. So we don't expect that to be a big topline driver for the next 18 months. But it will be -- it contributes and it brings the stories together and it's highly valuable.

大衛，最後一塊——只是補充一下，實際上只有兩塊，對吧？動態受眾，我們將繼續看到自助服務、微型社群的目標是從第四季到 25 年的成長。它不會超過託管服務。因此，我們預計這不會成為未來 18 個月的主要收入驅動因素。但它會做出貢獻，並將故事整合在一起，而且非常有價值。

And the other piece that is still taking shape is -- and this is one of the reasons why we really like Medicx and the methodology and their patented methodology, is it's a more compliant solution. And on a state by state patients, right, regardless of what's happening in the country, these states are moving this way, right, to the standard.

仍在成型的另一部分是——這就是我們真正喜歡 Medicx 及其方法及其專利方法的原因之一，它是一個更合規的解決方案。在一個由各州患者組成的州，無論該國發生什麼，這些州都在朝著標準前進。

And we have a compliant method, and we're seeing our clients take notice to that. So a lot will depend on how fast they take notice to that. That will be a growth driver and we'll talk to that each quarter next year.

我們有一個合規的方法，我們看到我們的客戶注意到了這一點。因此，很大程度上取決於他們注意到這一點的速度。這將成為成長動力，我們將在明年每個季度討論這個問題。

All right, got it. Thanks very much. Very helpful incremental context. I appreciate that.

好的，明白了。非常感謝。非常有幫助的增量上下文。我很欣賞這一點。

Thank, Dave.

謝謝，戴夫。

Constantine Davides, Citizens JMP.

Constantine Davides，公民 JMP。

Yeah. Just a follow-up on self-service. Just who are you competing against for those kind of opportunities? And for you -- I guess, a related question, for you to really scale that business up from here, do you have to do anything to invest in or sort of add resources to really take advantage of some of the growth potential in that part of your pipeline?

是的。只是自助服務的後續。您正在與誰競爭這些機會？對你來說——我想，一個相關的問題是，為了讓你真正從這裡擴大業務規模，你是否需要做任何事情來投資或添加資源，以真正利用該部分的一些增長潛力你的管道？

Yeah, I'll start. We don't need to -- we've done the investing. We've got the team, the tech, the data, platform. No incremental CapEx there, if anything, we've gotten smarter with data and how to use it in lots of different ways.

是的，我要開始了。我們不需要——我們已經完成了投資。我們有團隊、技術、數據、平台。沒有增量資本支出，如果有的話，我們在數據以及如何以多種不同方式使用數據方面變得更加聰明。

And as Steve said, we've been very focused internally. The product and operations team have done a sensational job just leveraging data with tech and transparency and operationalizing it so that it helps our clients. I think that's the key takeaway there. I don't know, Steve, do you want to add anything to that?

正如史蒂夫所說，我們一直非常關注內部。產品和營運團隊做得非常出色，他們利用技術和透明度來利用數據並對其進行操作，從而幫助我們的客戶。我認為這是關鍵的一點。我不知道，史蒂夫，你想補充什麼嗎？

No, I think you said it. I mean at this point, really, Constantine, it's about focus and making sure that we execute well, but the investments have already been made. Great product team, excellent salespeople just I think we've got to lean in and stay focused on it, but investments have been made.

不，我想你已經說過了。我的意思是，康斯坦丁，在這一點上，真正的重點是專注並確保我們執行良好，但投資已經完成。優秀的產品團隊，優秀的銷售人員，我認為我們必須投入並保持專注，但投資已經完成。

Yeah. And relative to the competition, I'm not going to give them free airtime on the call, but I think how we stand out there are people, there are clients I mean -- sorry, there are competitors on the DTC side. Most of those competitors do not have the HCP component.

是的。相對於競爭對手，我不會在電話會議上給他們免費通話時間，但我認為我們如何脫穎而出，我的意思是，有客戶，有客戶——抱歉，DTC 方面也有競爭對手。大多數競爭對手沒有 HCP 組件。

And we believe those two elements of being dynamic audiences and compliant get us sort of those three legs to stand above the market. And we're very focused on audience quality and bringing those together and we're seeing really nice progress there. So if these things all come together, that will accelerate growth.

我們相信，充滿活力的受眾和合規性這兩個要素使我們能夠憑藉這三條腿站在市場之上。我們非常注重觀眾品質並將這些內容整合在一起，我們看到了非常好的進展。因此，如果這些因素結合在一起，就會加速成長。

Great. And then just I saw you guys close another five DAAP deals. Just a point of clarification, are those all new or are some of those renewals, number one. Number two, what are you seeing on maybe some of the earlier DAAP clients as they come up for renewal in terms of either revenue or scope lift or anything else you'd call out? Thanks.

偉大的。然後我看到你們又完成了五筆 DAAP 交易。只是需要澄清一點，第一，這些都是新的還是其中一些續訂。第二，您對一些早期的 DAAP 客戶在收入或範圍提升或您認為的其他方面提出續約時有何看法？謝謝。

Steve?

史蒂夫？

Yep, happy to talk to it. So basically, from last year to this year, we've doubled the number of DAAP deals, Constantine, that we've done. So we've got accrete happening. We're also doing renewals at the same time. The renewal rate is very high for DAAP, just for all the reasons that you articulated earlier and several other folks have done.

是的，很高興與它交談。所以基本上，從去年到今年，康斯坦丁，我們已經完成的 DAAP 交易數量增加了一倍。所以我們已經發生累積了。我們同時也在進行更新。DAAP 的續訂率非常高，原因正如您之前闡述的以及其他幾個人所做的那樣。

It still is dependent to where drugs are in their life cycle and where people are prioritizing spend. So we anticipate that while we'll have a good renewal rate, when things go LOE or there are shifts in marketing spend, et cetera, it will still be subject to those shifts and changes.

它仍然取決於藥物在其生命週期中的位置以及人們優先考慮支出的位置。因此，我們預計，雖然我們將擁有良好的續訂率，但當事情發生 LOE 或行銷支出變化等時，它仍然會受到這些變化和變化的影響。

But so far, the renewal rate is very solid. I think we're encouraged by that. We won't know the full renewal rate obviously, we'll share that until the end of the year once we've had all of the programs pause, measure and renew and we'll be happy to share that.

但到目前為止，續訂率非常穩定。我認為我們對此感到鼓舞。顯然，我們不會知道完整的續訂率，直到今年年底，一旦我們暫停、測量和續訂所有計劃，我們就會分享這一點，我們將很樂意分享這一點。

But I think we're all encouraged by the progress. And if we continue to march on this sort of double then double then double again, it's going to have a very meaningful impact on revenue.

但我認為我們都對所取得的進展感到鼓舞。如果我們繼續以這種雙倍、雙倍、再雙倍的速度前進，這將對收入產生非常有意義的影響。

(Operator Instructions)

（操作員說明）

Stephanie Davis, Barclays.

史蒂芬妮戴維斯，巴克萊銀行。

Hey, guys, I hate to beat a dead horse, but I have a couple more questions on the self-service model. Two quick ones if I kind of go in pivot. So first, I guess the self-service model is more attractive than some of the managed services.

嘿，夥計們，我不想打敗一個死馬，但我還有幾個關於自助服務模型的問題。如果我有點轉向的話，兩個快速的。首先，我認為自助服務模式比某些託管服務更具吸引力。

But are there any concerns as macro remains tough, it could create challenges since it makes buying activity, or rather a lack of buying activity, a little bit easier to do in a more real-time basis? I guess secondly, what has kept you from expanding this in a more meaningful way in HCP?

但是否存在任何擔憂，因為宏觀情況仍然嚴峻，它可能會帶來挑戰，因為它使購買活動，或者更確切地說，缺乏購買活動，在更實時的基礎上更容易進行？我想其次，是什麼阻礙了您在 HCP 中以更有意義的方式擴展這一點？

Let's tackle the first one. So I think -- look, I think the dynamic nature -- what we're seeing in pipeline is sort of telling us this is pharma believes in DTC, they believe in precision, they like dynamic and they will require compliance -- a compliant method over time.

讓我們解決第一個問題。所以我認為 - 看，我認為動態性質 - 我們在管道中看到的情況有點告訴我們，製藥公司相信 DTC，他們相信精度，他們喜歡動態，他們需要合規性 - 合規性隨著時間的推移方法。

How fast that happens will drive growth. And I think we're in the perfect position for it. I think at our stage and where we are, the macro, we're not fully mature baked business, right. So the macro is relative on that, I think there's still plenty of spend. And you're still seeing allocations going that way, and I think it will continue.

這種情況發生的速度有多快將推動成長。我認為我們處於完美的位置。我認為在我們的階段和所處的宏觀層面，我們還沒有完全成熟，對吧。因此，宏觀經濟是相對的，我認為仍有大量支出。你仍然會看到這種分配方式，而且我認為這種情況將會繼續下去。

On the HCP side, we've invested heavily. We're obviously deep into the more predictive AI enabled DAAP, and we're seeing adoption there. But rules based messaging is still a real piece of our business. And we think it will continue to be a real piece of our business because all along the cycle of large pharma, mid, small, they're all coming to digital, right? It's one of the most efficient ways to spend your money. You've seen it scale in other businesses in the market.

在 HCP 方面，我們投入了大量資金。顯然，我們正在深入研究更具預測性的人工智慧支援的 DAAP，並且我們正在看到那裡的採用。但基於規則的訊息傳遞仍然是我們業務的一個真正組成部分。我們認為這將繼續成為我們業務的一個真正的組成部分，因為在大型製藥公司、中小型製藥公司的整個週期中，他們都在走向數位化，對嗎？這是最有效的花錢方式之一。您已經在市場上的其他業務中看到了它的規模。

And so I think we're viewed as an honest broker and a good player in the business and that's going to attract more pharma and other sectors. For example, MedTech is now a real space for us and we're in all the top MedTech companies. So we continue to see that expand.

因此，我認為我們被視為誠實的經紀人和行業的優秀參與者，這將吸引更多的製藥和其他行業。例如，醫療科技現在對我們來說是一個真正的領域，我們屬於所有頂尖醫療科技公司。所以我們繼續看到這種情況的擴大。

Could we do it faster? That's -- it's you can't force pharma to do more. I think there's -- I think we're getting to that place where our name is really well known for the first time in our history a client sat with us on a stage and actually talked about what we do together, I think that's a sign. Well, I think the takeaway Stephanie, yes, it is an early business. And so we think we're in a great place to capture more over time, and we'll continue to invest as we need to.

我們能做得更快嗎？那就是——你不能強迫製藥公司做更多的事情。我認為——我認為我們正在達到一個我們的名字真正眾所周知的地方，這是我們歷史上第一次有客戶和我們一起坐在舞台上，真正談論我們一起做的事情，我認為這是一個標誌。嗯，我覺得外帶史蒂芬妮，是的，這是一個早期的生意。因此，我們認為，隨著時間的推移，我們將處於一個很好的位置，能夠獲得更多收益，並且我們將繼續根據需要進行投資。

And on the HCP front, we've heard of pharma really leaning into marketing, the HCPs or GLP-1 specifically, that's becoming a bit more of a crowded field. I was hoping you could give us your view from the ground is that also what you're seeing?

在 HCP 方面，我們聽說製藥公司真正傾向於行銷，特別是 HCP 或 GLP-1，這正成為一個更擁擠的領域。我希望你能告訴我們你從地面看到的景色，這也是你所看到的嗎？

Yeah. I'll start and then hand it over to Steve. But yeah, there's clearly the demand to get differentiation out into the market, do it in a way that's digestible and understandable and there are choices. And I do think they're going to -- there's a lot of different strategies going on with the approach to the consumer and the HCP and got a couple that are out there ahead of the rest.

是的。我將開始，然後將其交給史蒂夫。但是，是的，顯然需要將差異化引入市場，以一種易於消化和理解的方式進行，並且有選擇。我確實認為他們會——針對消費者和 HCP 採取了很多不同的策略，並且有一些領先於其他策略。

And I think the spend will continue to get larger in that sector. And that does two things. One, they're going to pick people to scale with and we have scale, so we think we'll win there. And secondly, they -- it puts pressure on the other brands and other sectors, right, because this is a space that goes across multiple therapeutic areas.

我認為該領域的支出將繼續增加。這有兩件事。第一，他們會挑選合適的人來擴大規模，而我們有規模，所以我們認為我們會在那裡獲勝。其次，它們給其他品牌和其他行業帶來了壓力，對吧，因為這是一個跨越多個治療領域的空間。

And so we think it will actually increase the spend in other therapeutic areas as well, just to get lion's share and to be in the thoughts when decisions are being made on therapeutics. Steve, you want to add anything to that space in particular?

因此，我們認為這實際上也會增加其他治療領域的支出，只是為了獲得最大的份額，並在做出治療決策時考慮在內。史蒂夫，你想在這個空間中添加一些特別的東西嗎？

Yeah. I mean I would just add two things that sort of support exactly what you said, Will. One is we're seeing a significant push, Stephanie from all of these massive manufacturers that have got these GLP-1 franchises to communicate directly with the patients in a more meaningful way, given that these are behaving a little bit like lifestyle drugs.

是的。我的意思是，我只想添加兩件事來支持你所說的，威爾。其中之一是我們看到了所有這些大型製造商的重大推動，而史蒂芬妮擁有這些 GLP-1 特許經營權，以更有意義的方式直接與患者溝通，因為這些藥物的行為有點像生活方式藥物。

And then secondly so we're seeing massive investment there. Secondly, on the HCP side because they are all basically -- there's very little differentiation between these GLP-1s with the exception of one that has a cardiology indication also approved for it, the timing element and the pricing elements are really critical for pharma to be able to capture patients via the HCP.

其次，我們看到那裡有大量投資。其次，在HCP 方面，因為它們基本上都是——這些GLP-1 之間幾乎沒有什麼區別，除了心臟病學適應症的GLP-1 也獲得批准，時間因素和定價因素對於製藥公司來說確實至關重要。

And so we are seeing much more of a lean in to consideration of those dynamics, the timing of the message, in the care window, qualification of a brand eligible patient, looking at things like cost reimbursement out of pocket, those pieces that are the pre-determinants of successful onboarding for a specific patient.

因此，我們看到更傾向於考慮這些動態、資訊的時間安排、照護窗口、品牌合格患者的資格、自付費用等事項，以及那些屬於特定患者成功入職的先決因素。

And they're not insignificant. There are prerequisites, I think broadly, consumers believe that it's sort of just easy to get the GLP-1 and it's a little bit more than that. There are prior requisites and so forth, as you know. So I would say we do a really good job of tackling both of those pieces and enabling those messages to get to the right folks at the right time.

而且它們並不是微不足道的。我認為總體來說，有一些先決條件，消費者認為獲得 GLP-1 很容易，而且比這更重要。如您所知，有先決條件等等。因此，我想說，我們在解決這兩個問題方面做得非常好，並使這些訊息能夠在正確的時間傳達給正確的人。

Thank you, much.

非常感謝。

This concludes our question-and-answer session. I would like to turn the conference back over to William Febbo for any closing remarks.

我們的問答環節到此結束。我想將會議轉回給 William Febbo 發表閉幕詞。

Thank you, operator, and thank you, everyone, for joining us today. As we approach the close of the fiscal year, we want to extend our heartfelt gratitude to our shareholders for staying the course with us on this journey. I would especially like to thank the team at OptimizeRx.

謝謝運營商，也謝謝大家今天加入我們。在本財年即將結束之際，我們要向我們的股東表示衷心的感謝，感謝他們與我們一起踏上這段旅程。我要特別感謝 OptimizeRx 的團隊。

They are amazing. They work tirelessly to integrate these businesses and bring our platform to life benefiting our rapidly growing base of pharmaceutical clients and brands during this pivotal time in the technological landscape.

他們太棒了。他們孜孜不倦地努力整合這些業務，並將我們的平台帶入生活，在科技領域的關鍵時期使我們快速成長的製藥客戶和品牌群受益。

We remain a relatively young company with our dynamic audience activation platform, DAAP, still in its infancy and an evolving DTC business acquired just last year. We remain ever present serving our client’s needs as they continue to buy in to the adoption of our integrated HCP DTC businesses.

我們仍然是一家相對年輕的公司，我們的動態受眾激活平台 DAAP 仍處於起步階段，並且去年剛剛收購了不斷發展的 DTC 業務。隨著客戶繼續支援採用我們的整合 HCP DTC 業務，我們將始終致力於滿足客戶的需求。

While it may take a little longer than we thought, there's a clear large market opportunity and we are squarely focused on it as one of the early leads at the table. This has elevated our presence in the market among our clients, partners and peers and many have taken notice.

雖然這可能需要比我們想像的更長的時間，但顯然有一個巨大的市場機會，我們將其作為早期的領導者之一予以關注。這提高了我們在客戶、合作夥伴和同行中的市場影響力，許多人都注意到了。

It's not a matter of if, but when this company gets back to solid organic growth. I encourage everyone to stay the course and believe in this team as I do. We'll be attending the conferences later this month and I hope to provide some insights into the year ahead prior to our next earnings call. Until then, thank you for your time and belief in the OptimizeRx team. Have a good night.

這不是是否會發生的問題，而是該公司何時恢復穩健的有機成長的問題。我鼓勵每個人都像我一樣堅持到底並相信這支球隊。我們將參加本月稍後的會議，我希望在下一次財報電話會議之前提供一些對未來一年的見解。在此之前，感謝您的時間以及對 OptimizeRx 團隊的信任。祝你晚安。

Thank you, sir. Before we conclude today's call, I would like to provide this 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 within the definition of Section 27A and the Securities Act of 1933 as amended and Section 21E of the Securities Act of 1934 as amended.

謝謝您，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符合 1933 年證券法修訂案第 27A 條和修訂案以及 1934 年證券法修訂案第 21E 條定義的前瞻性陳述。

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.

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。

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.

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、收入增長、毛利率、營運費用、盈利能力、現金流量、技術、投資、成長機會、收購、即將發布的公告以及需求的陳述。

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.

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 subject to risks 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.

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。

The risks and uncertainties to which forward-looking statements are subject to include, but are not limited to, the effects of government regulation, competition, and other material risks. Risks 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, 2023, its subsequent quarterly reports on Form 10-Q and its other filings with the Securities and Exchange Commission. These forms and filings are available on the company's website and on the SEC website at sec.gov.

前瞻性陳述所面臨的風險和不確定性包括但不限於政府監管、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2023 年12 月31 日的季度10-K 表格年度報告、隨後的10-Q表格季度報告以及向美國證券交易委員會提交的其他文件。這些表格和文件可在公司網站和 SEC 網站 sec.gov 上取得。

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 at www.optimizerx.com. Thank you for joining us today. This concludes today's conference call. You may now disconnect your lines.

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直播重播，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。現在您可以斷開線路。