OptimizeRx Corporation (OPRX) 2026 Q1 法說會逐字稿

Good afternoon, everyone, and thank you for joining OptimizeRx's first quarter fiscal 2026 earnings conference call. Just today is Chief Executive Officer, Steve Silvestro. He is joined by Chief Financial and Strategy Officer, Edward Stelmakh, Chief Legal and Administrative Officer, Marion Odence-Ford, and Chief Business Officer, Andrew D'Silva.

各位下午好，感謝各位參加 OptimizeRx 2026 會計年度第一季財報電話會議。今天出席的是執行長 Steve Silvestro。與他一同出席的還有財務與策略長 Edward Stelmakh、法務與行政長 Marion Odence-Ford，以及商務長 Andrew D'Silva。

At the conclusion of today's call, I will provide some important cautions regarding the forward-looking statements made by management during today's call. The company will also be discussing certain non-GAAP financial measures, which it brings are useful in evaluating the company's operating results.

在今天會議結束時，我將就管理層於本次電話會議中所作的前瞻性陳述提供一些重要的注意事項。公司也將討論若干非 GAAP 財務衡量指標，我們認為這些指標有助於評估公司的營運成果。

A reconciliation of such non-GAAP financial measures is included in the earnings release the company issued this afternoon, as well as in the investment relations section of the company's website.

此等非 GAAP 財務衡量指標的調節表已包含於公司今天下午發布的財報新聞稿中，亦可於公司網站的投資人關係專區查閱。

I would like to remind everyone that today's call is being recorded and will be made available for replay as an audio recording of this conference call on the investor relations section of the company's website.

提醒各位，今天的電話會議將被錄音，並會以本次電話會議的音訊重播形式，於公司網站的投資人關係專區提供回放。

Now, I would like to turn the call over to OptimizeRx CEO, Steven Silvestro. Mr. Silvestro, please go ahead.

現在，我想把電話會議交給 OptimizeRx 執行長 Steven Silvestro。Silvestro 先生，請開始。

Thank you, operator, and good afternoon to everyone joining us for today's first-quarter 2026 earnings call. We delivered a solid start to the year, which exceeded consensus estimates on the top and bottom line. Revenue for the first quarter was $19.8 million and adjusted EBITDA was $3.3 million.

謝謝接線員，也向所有參加今天 2026 年第一季財報電話會議的各位致上下午好。我們在今年取得穩健的開局，營收與獲利皆超出市場一致預期。第一季營收為 1,980 萬美元，調整後 EBITDA 為 330 萬美元。

While we're pleased with our performance in the quarter, the broader healthcare technology operating environment continues to evolve. We're seeing ongoing softness in our contracted revenue base relative to prior-year levels, largely driven by what appears to be short to intermediate-term disruption from last year's most favoured nation pricing dynamics and other macroeconomic factors, which are resulting in more cautious budget allocations, contract durations, and in some cases, the delaying of campaign timing and scope.

雖然我們對本季表現感到滿意，但更廣泛的醫療保健科技營運環境仍在持續演變。相較於去年同期，我們看到已簽約營收基礎仍偏疲弱，主要原因似乎是去年「最惠國」定價動態及其他總體經濟因素所帶來的短期至中期干擾，導致預算配置更為審慎、合約期間縮短，且在部分情況下，行銷活動的時程與範圍有所延後。

That said, we want to be clear, we do not view these pressures to endure. In fact, we've made good progress with several large manufacturers at this point. Getting spend levels back up, and the issue is more limited in scope than it previously was.

不過，我們希望說清楚，我們不認為這些壓力會持續存在。事實上，截至目前我們已與數家大型製藥商取得良好進展。支出水準正在回升，而且相關問題的影響範圍也比先前更為有限。

The long-term shift within Life Sciences toward digital, data-driven engagement is accelerating, and Optimizer X is well-positioned to capitalize on this growth. Moreover, we continue to see encouraging signs of long-term adoption and expansion by our customers. Our AI-enabled DApp solution grew 60% in the first quarter, which highlights continued product market fit and customer adoption.

生命科學領域朝向數位化、數據驅動互動的長期轉變正在加速，而 OptimizeRx 具備良好定位以把握此一成長。此外，我們持續看到客戶長期採用與擴張的正向跡象。我們的 AI 賦能 DApp 解決方案在第一季成長 60%，凸顯產品與市場的契合度以及客戶採用的持續提升。

In addition, another one of our top pharmaceutical clients has continued to broaden its use of point-of-prescribe solutions across multiple oncology brands. What began as targeted engagement within specific indications has evolved into a scaled multi-brand deployment driven by measurable improvements in prescriber engagement and campaign performance. This type of expansion underscores our ability to grow within large enterprise accounts.

另外，我們另一家頂尖製藥客戶也持續擴大在多個腫瘤品牌上使用「開立處方點」（point-of-prescribe）解決方案。原本從特定適應症的精準互動起步，如今已演進為可規模化的多品牌部署，並由處方醫師互動與活動成效的可衡量改善所驅動。此類擴張凸顯我們在大型企業客戶中持續成長的能力。

We are seeing similar momentum in Medtech, where we are driving increased adoption of DApp to identify and activate high-value prescriber audiences. Initial pilot programs are expanding into multimillion-dollar engagements, further reinforcing the repeatability of our growth model. From an operational standpoint, our business remains very strong as we continue to see consistent validation of our platform across both pharma and MedTech customers.

我們在醫療科技（Medtech）領域也看到類似動能，正推動 DApp 的採用提升，以辨識並啟動高價值的處方醫師受眾。初期試點專案正擴大為數百萬美元規模的合作案，進一步強化我們成長模式的可複製性。從營運角度來看，隨著我們持續在製藥與醫療科技客戶中獲得平台一致性的驗證，我們的業務仍然非常強勁。

At the same time, we are expanding our presence with mid-tier and long-tail life science companies, which we believe represent a significant and under-penetrated growth opportunity for OptimizeRx. We are also making continued progress in shifting a greater portion of our revenue mix toward subscription-based models, particularly within DAPP.

同時，我們也在中型與長尾生命科學公司中擴大布局；我們相信這對 OptimizeRx 而言是重要且滲透率仍低的成長機會。我們也持續推進將更多營收組合轉向訂閱制模式，特別是在 DAPP 方面。

Tied to our AI-enabled DAPP solution, which showed growth in the first quarter, our DAPP subscription revenue also grew by 45%. This transition is an important step in improving revenue visibility and building a more durable and predictable financial model over time.

受惠於我們 AI 賦能的 DAPP 解決方案在第一季的成長，我們的 DAPP 訂閱營收亦成長 45%。此一轉型是提升營收能見度、並隨時間建立更具韌性且更可預測財務模型的重要一步。

Despite seeing measurable growth within our business, macro headwinds are still present, and we have less visibility on our full year. Given this, we are updating our full-year 2026 guidance to reflect a more conservative revenue outlook. We now expect revenue to be in the range of $95 million to $100 million. Importantly, we're maintaining our adjusted EBITDA guidance of $21 million to $25 million.

儘管我們的業務出現可衡量的成長，總體逆風仍然存在，且我們對全年表現的能見度較低。因此，我們更新 2026 全年財測，以反映更保守的營收展望。我們目前預期營收將落在 9,500 萬至 1 億美元區間。重要的是，我們維持調整後 EBITDA 財測為 2,100 萬至 2,500 萬美元。

This reflects both the strength of our operating model and the proactive cost optimization initiatives we have implemented. We've taken steps to align our cost structure with the current environment by prioritizing strategic investments, optimizing discretionary spend, deploying new agentic technology tools within our own business for better efficiency. And leveraging the scalability of our largely fixed-cost platform.

這反映了我們營運模式的強勁，以及我們已實施的主動成本優化措施。我們已採取行動，透過優先投入策略性投資、優化可自由裁量支出、在公司內部導入新的代理式（agentic）技術工具以提升效率，來使成本結構與當前環境一致。並運用我們以固定成本為主的平台之可擴展性。

These actions are expected to reduce cash operating expenses by approximately $3 million on an annualized basis, including savings of approximately $1 million in 2026 for an in-year benefit, excluding any severance-related impacts.

預期這些措施將使現金營運費用按年化基礎減少約 300 萬美元，其中包含 2026 年約 100 萬美元的當年度效益（in-year benefit），且不包含任何與資遣相關的影響。

In addition, our gross margin optimization initiatives are continuing to deliver positive results, and we now expect full-year gross margin to be in the high 60% range. We've also strengthened our financial position through the recent refinancing of our term loan. Ed will provide more details later in our presentation but suffice it to say that the new term loan is expected to lower our interest expense by approximately 625 basis points.

此外，我們的毛利率優化計畫持續帶來正面成果，我們目前預期全年毛利率將落在 60% 後段（high 60%）區間。我們也透過近期對定期貸款的再融資強化了財務狀況。Ed 稍後會在簡報中提供更多細節；但簡而言之，新定期貸款預期可使我們的利息費用降低約 625 個基點。

We want to thank Blue Torch for being a good partner over the last two years. As we recently announced, we continue to take the important steps to expand our platform capabilities and connectivity into the broader ecosystem. We are now enabling demand-side platforms that control more than 80% of digital promotional dollars to connect directly into OptimizeRx proprietary EHR network.

我們感謝 Blue Torch 在過去兩年成為良好的合作夥伴。如同我們近期所宣布的，我們持續採取重要步驟，以擴展平台能力並提升與更廣泛生態系的連結性。我們目前正讓掌控超過 80% 數位推廣預算的需求方平台（DSP）能直接連接至 OptimizeRx 專有的 EHR 網路。

This technical evolution of our platform and expansion in our go-to-market strategy marks a significant opportunity for the business, and we anticipate it will drive outsized growth through the planning season and into 2027. Providing programmatic access to DSPs through our network enables media buyers to activate scalable point-of-care and point-of-prescribe campaigns. Within their existing programmatic workflows, effectively positioning OptimizeRx as a supply-side platform for marketers looking to engage healthcare providers directly within the clinical workflow.

我們平台的這項技術演進，以及在市場進入策略（go-to-market strategy）上的擴張，為公司帶來重大機會；我們預期這將在規劃季（planning season）期間並延伸至 2027 年帶動超常規成長。透過我們的網路向 DSP 提供程式化（programmatic）存取，使媒體採購方能在其既有的程式化工作流程中，啟動可規模化的照護現場（point-of-care）與開立處方點（point-of-prescribe）活動。這有效地將 OptimizeRx 定位為供應方平台（SSP），服務希望在臨床工作流程中直接與醫療照護提供者互動的行銷人員。

Today, we estimate that we are utilizing less than 10% of our available inventory across the network through traditional HCP marketing initiatives. We believe programmatic activation, the preferred way for pharma media agencies to buy these solutions. Has the potential to significantly increase utilization over time.

目前，我們估計透過傳統 HCP 行銷計畫，在整個網路中所使用的可用庫存不到 10%。我們相信程式化啟動是製藥媒體代理商採購這些解決方案的首選方式。隨時間推進，這有潛力顯著提高使用率。

Given that programmatic has captured the majority of media spend across other verticals, we see a meaningful opportunity for this channel to scale and potentially become comparable in size to our current HCP business over the long-term.

鑑於程式化投放已在其他多數垂直領域攫取了大部分媒體支出，我們認為此通路具備可觀的擴張機會，長期而言其規模有望擴大，並可能與我們目前的 HCP 業務相當。

As the question has been raised before, I want to briefly address artificial intelligence and reiterate that we do not view AI as a disruptor to our business. Rather, we see it as a potential accelerant. As our customers realize efficiencies in areas like content creation, we expect those savings to be redeployed into execution and engagement, areas where OptimizeRx is particularly well positioned.

由於這個問題先前已被提出，我想簡要談談人工智慧，並重申我們不認為 AI 會對我們的業務造成顛覆。相反地，我們將其視為潛在的加速器。當客戶在內容製作等領域實現效率提升時，我們預期這些節省下來的成本將被重新投入到執行與互動等環節，而 OptimizeRx 在這些方面具備特別有利的定位。

Finally, while we are navigating short-term pressures, our core value proposition remains unchanged, and our long-term outlook remains highly optimistic. We are deeply embedded in our customers' workflows, we're delivering both meaningful and measurable ROI, and we are operating in a large, dynamic and growing market with significant long-term opportunities.

最後，儘管我們正面臨短期壓力，我們的核心價值主張仍未改變，且我們對長期前景依然高度樂觀。我們已深度嵌入客戶的工作流程，提供具意義且可衡量的投資報酬率（ROI），並且身處一個龐大、充滿活力且持續成長的市場，擁有顯著的長期機會。

And with that, I'd like to turn the time over to our CFSO, Ed Stelmakh, who will walk us through the financial details. Ed.

接下來，我想把時間交給我們的 CFSO Ed Stelmakh，由他帶領大家了解財務細節。Ed。

Thanks, Steve, and good afternoon, everyone. As with all our calls, a press release was issued this afternoon with the results of our first quarter ended March 31, 2026. A copy is available for viewing and may be downloaded from the Investor Release section of our website, and additional information can be obtained through our forthcoming 10-Q.

謝謝你，Steve，各位下午好。如同我們所有的電話會議，我們已於今天下午發布新聞稿，公布截至 2026 年 3 月 31 日止第一季的業績。副本可在我們網站的「投資人發布」專區瀏覽並下載，更多資訊可透過我們即將提交的 10-Q 取得。

First quarter 2026 revenue was $19.8 million, a decrease of 10% from the $21.9 million we recognized during the same period in 2025. We believe this decrease was driven in part by a decline in low-margin managed services revenue reduction on a major client account, and a more cautious budget allocation and shorter program duration commitments. Driven by most favoured nations pricing and other macroeconomic challenges.

2026 年第一季營收為 1,980 萬美元，較 2025 年同期認列的 2,190 萬美元下降 10%。我們認為此下降部分原因在於某一主要客戶帳戶的低毛利代管服務營收減少，以及更為審慎的預算配置與較短的專案期間承諾。這些情況受到最惠國（MFN）定價及其他總體經濟挑戰所驅動。

Our expenses for the quarter ended March 31, 2026, decreased $4.6 million year-over-year, primarily driven by a lower cost of revenue and G&A. The decrease in cost of revenue was related to a favorable product mix as we didn't have any DTC-managed service revenue this quarter. As well as favorable channel partner mix.

截至 2026 年 3 月 31 日止季度，我們的費用較去年同期減少 460 萬美元，主要由較低的營收成本與一般及行政費用（G&A）所帶動。營收成本的下降與有利的產品組合有關，因為本季我們沒有任何 DTC 代管服務營收。同時也受惠於更有利的通路合作夥伴組合。

We believe various margin optimization strategies we implemented over the last 12 months continue to yield significant benefits. As a result, we now expect gross margins to normalize into the highest 60% range for the full year 2026.

我們認為過去 12 個月所推動的各項毛利優化策略持續帶來顯著效益。因此，我們目前預期 2026 全年毛利率將回歸並穩定在 60% 後段的區間。

GAAP net loss narrowed to $0.5 million, or $0.03, for basic and the Lewis share for the three months ended March 31, 2026, as compared to a net loss of $2.2 million, or $0.12, for basic and the Lewis share for the three months during the same period in 2025.

GAAP 淨損收斂至 50 萬美元，或每股基本及稀釋後（Lewis）每股虧損 0.03 美元（截至 2026 年 3 月 31 日止三個月），相較之下，2025 年同期三個月的淨損為 220 萬美元，或每股基本及稀釋後（Lewis）每股虧損 0.12 美元。

On a non-GAAP basis, the company's net income for the first quarter of 2026. Increased to $2.7 million or $0.14 per diluted share as compared to a non-GAAP net income of $1.5 million or $0.08 per diluted share in the same year-ago period.

以非 GAAP 基礎計，公司 2026 年第一季淨利增加至 270 萬美元，或每股稀釋後盈餘 0.14 美元；相較於去年同期的非 GAAP 淨利 150 萬美元，或每股稀釋後盈餘 0.08 美元。

Meanwhile, our adjusted EBITDA increased to $3.3 million for the quarter compared to $1.5 million during the first quarter of 2025. Operating cash flow came in at a negative $0.5 million for the first quarter, which was primarily due to the payout of 2025 bonuses and fourth quarter 2025 sales commissions during the first quarter of 2026.

同時，本季調整後 EBITDA 增至 330 萬美元，較 2025 年第一季的 150 萬美元增加。第一季營運現金流為負 50 萬美元，主要原因是 2026 年第一季支付了 2025 年獎金以及 2025 年第四季的銷售佣金。

Meanwhile, our cash balance at the end of the quarter was $20.2 million as compared to $23.4 million on December 31, 2025. Our debt balance at the end of the first quarter was $23.6 million and we paid off $2.7 million of principal during the first quarter.

同時，季末現金餘額為 2,020 萬美元，相較於 2025 年 12 月 31 日的 2,340 萬美元。第一季末的債務餘額為 2,360 萬美元，且我們在第一季償還了 270 萬美元本金。

Meanwhile, subsequent to the first quarter, our term loan with Blue Tours Capital was refinanced with Fifth Third Bank through which we have a fully drawn $25 million term loan and have access to a $10 million revolver.

此外，在第一季之後，我們與 Blue Tours Capital 的定期貸款已透過 Fifth Third Bank 進行再融資；目前我們已全額動用 2,500 萬美元的定期貸款，並可使用 1,000 萬美元的循環信用額度。

The current interest rate on the term loan with Fifth Third Bank is SOFR plus 2.25% versus SOFR plus 8.5% ahead with Blue Tours Capital, which represents approximately $1.5 million in annual interest expense savings.

目前與 Fifth Third Bank 的定期貸款利率為 SOFR 加 2.25%，相較於先前與 Blue Tours Capital 的 SOFR 加 8.5%，約可節省每年 150 萬美元的利息費用。

With that said, given our strong working capital position, we are confident in our ability to fund our operating needs. As well as key strategic priorities as we continue to strive to become a sustained Rule of 40 company.

話雖如此，鑑於我們強勁的營運資金狀況，我們對於支應營運需求的能力充滿信心。同時也有能力支持關鍵策略優先事項，因為我們持續努力成為一家可長期維持「40 法則（Rule of 40）」的公司。

Now, let's turn to our KPIs for the first quarter of 2026. Average revenue for TOP20 pharmaceutical manufacturer now stands at approximately $2.8 million, with these TOP20 companies representing 52% of our business in Q1 2026. Net revenue retention rate remains a strong 110%.

接著，我們來看 2026 年第一季的關鍵績效指標（KPI）。TOP20 製藥廠商的平均營收目前約為 280 萬美元，而這些 TOP20 公司在 2026 年第一季占我們業務的 52%。淨營收留存率仍維持在強勁的 110%。

Meanwhile, revenue per FTE came in at $801,000, topping the $710,000 we had posted in Q1 2025. These metrics reflect the stickiness of our solutions with existing accounts, as well as our highly leverageable operating model.

同時，每位全職員工（FTE）營收為 80.1 萬美元，高於我們在 2025 年第一季所達成的 71.0 萬美元。這些指標反映了我們解決方案在既有客戶中的黏著度，以及我們高度可槓桿化的營運模式。

As Steve mentioned, despite seeing measurable growth within our business, macro headwinds are still present, and we have less visibility on our full year. Given this, and as Steve stated before, we're updating our full-year 2026 guidance to reflect a more conservative revenue outlook.

如 Steve 所提到，儘管我們的業務出現可衡量的成長，總體逆風仍然存在，且我們對全年能見度較低。因此，正如 Steve 先前所說，我們正在更新 2026 全年指引，以反映更保守的營收展望。

We now expect revenue to be in the range of $95 to $100 million. Continue to believe our operating leverage will result in our adjusted EBITDA being between $21 million and $25 million. Finally, we continue to expect revenue to be weighted toward the second half of the year at close to 40/60 split.

我們目前預期營收將落在 9,500 萬至 1 億美元之間。我們仍相信營運槓桿將使調整後 EBITDA 介於 2,100 萬至 2,500 萬美元。最後，我們仍預期營收將偏重於下半年，約為 40/60 的分布。

Now with that, I would like to turn the call back over to Steve.

接下來，我想把電話會議交回給 Steve。

Thank you, Ed. Operator, could we now please move to Q&A?

謝謝你，Ed。接線員，我們現在可以進入問答環節嗎？

(Operator Instructions) Jared Haase, William Blair Capital Partners - Analyst

（接線員指示）Jared Haase，William Blair Capital Partners - 分析師

Hey, guys. Thanks for taking the questions. Yeah, I guess I'll just start with the updated outlook here. I guess I just wanted to put a fine point on things. Like what specifically changed in terms of how you were thinking about the shape of the year relative to when you last reported back in March?

嗨，各位。謝謝讓我提問。我想我就先從這次更新的展望開始。我想把重點釐清得更明確一些。相較於你們上次在 3 月回報時，對於今年的走勢／節奏（全年形狀）的看法，具體而言有哪些改變？

And I'm curious how much of the revised revenue guidance here would you attribute to just still seeing delays in decision-making with pharma clients or if it's more that these decisions are coming through and you're just seeing less spend commitment here in 2026 compared to maybe what you anticipated. Back then. And then I guess with that in mind, is there any way to contextualize your level of visibility at this point in terms of the new guidance?

我也想了解，這次下修營收指引中，有多少是因為仍然看到藥廠客戶在決策上出現延宕；或者其實這些決策正在落地，只是你們在 2026 年看到的支出承諾比你們當時預期的要少。當時。另外在這個前提下，能否說明一下，以目前來看，你們對新指引的可見度大概處於什麼程度？

Hey, Jared, thanks for the question. I'll take this one and then Ed can chime in. So, I think what we had in March was initial visibility on where we thought the year would. Possibly turn around after Q1 where we'd have more visibility into the back half of the year and specifically with a handful of clients that were reacting to sort of the administration's position around MFN,

嗨，Jared，謝謝你的提問。這題我先回答，之後 Ed 也可以補充。我認為我們在 3 月時，對於今年走勢有一個初步的可見度。我們當時認為在第一季之後可能會出現轉折，屆時我們對下半年會有更高的可見度，特別是有少數客戶因政府在 MFN 相關立場而有所反應，

how they were operating with budgets, sort of post their initial reaction, some of those have actually come back and come back stronger even though the contract duration periods have been shorter and I think we've articulated that kind of publicly, we said it in the last earnings call and. We said it again this time, but we've got one specifically larger client where there's continued disruption, and I think that when we're talking about asynchronous disruption at a client level, one of this size, we've got to work through it, so it just gives us less visibility.

他們在預算運作上、在初步反應之後的做法如何；其中一些客戶其實已經回來了，而且回來得更強，儘管合約期間變短了。我想我們也已經在公開場合說明過這點：我們在上次財報電話會議提到過，這次也再說一次。不過，我們有一個特別大的客戶仍然持續受到干擾；而當我們談到在客戶層級、且是這種規模的「非同步」干擾時，我們必須把它處理完，所以這就讓我們的可見度變得更低。

Full year guide, which is why we're being a little bit more conservative and getting it back around to where we think we're going to land for certain. I don't expect that we'll need to adjust again, but we, we're giving the best view that we've got right now.

全年指引也是如此，這就是為什麼我們會稍微保守一點，把指引拉回到我們認為最終可以確定落點的區間。我不預期我們還需要再調整一次，但我們現在提供的是我們目前所掌握的最佳觀點。

Okay, that's helpful.

好的，這很有幫助。

Any, Andy, anything?

Andy，你有要補充的嗎？

I think you've got it covered. Yeah.

我覺得你已經講得很完整了。對。

Okay, that's helpful. And then I guess you characterize it as short to intermediate-term pressure. And I guess I don't know if there's any way to clarify exactly what you mean behind that. And as we think about sort of the end of year here, is this something that maybe persists in '27 or do you think of it as sort of contained to this year?

好的，這很有幫助。另外我想你把它形容為短期到中期的壓力。我不確定是否有辦法更清楚說明你所指的具體含義。以及當我們看今年年底時，這種情況是否可能延續到 2027 年，還是你認為它大致會被限制在今年？

No, we think it's contained to this year. And look, the reality is we could see later in the third quarter and the fourth quarter increased buying from these set of clients and particularly one client where there was disruption. But our best view right now is that there's going to be disruption through the end of 2026.

不，我們認為它會被限制在今年。而且坦白說，我們可能會在第三季後段與第四季看到這一組客戶的採購增加，特別是那個受到干擾的客戶。但以我們目前最好的判斷，干擾會持續到 2026 年底。

Looking into 2027, there's nothing mechanical wrong in any of these businesses and certainly in our business, as you've seen from the expanded gross margin and just the way we're operating the business with increased leverage and drop-through, getting the debt paid, refining it, lowering the interest expense. Operationally, it's never been stronger. So, we are communicating what's going on with the topline.

展望 2027 年，這些業務本身並沒有任何機械性（結構性）的問題，當然我們的業務也是如此；正如你從毛利率擴張所看到的，以及我們在營運上透過更高的槓桿與利潤落袋（drop-through）、償還債務、再融資、降低利息費用等方式來運作。就營運面而言，從未如此強勁。所以我們是在溝通營收端正在發生的事情。

As we should, but we have every confidence that 2027 is going to be pretty spectacular. And I think the connection to the DSPs, you saw the announcement around that is a very big deal for this business. It's something we've been working on for a number of years. We're the first ones to really connect at scale to this ecosystem, and so we're pretty excited about what it means both for the top-line and for our clients who are moving in the direction of buying this way. So we're pumped for the whole team.

我們確實應該這麼做，但我們非常有信心 2027 年會相當精彩。而且我認為與 DSP 的串接——你也看到相關公告——對這個業務而言是非常重大的里程碑。這是我們投入多年在做的事情。我們是第一個真正以規模化方式連接到這個生態系的公司，因此我們對它對營收端的意義、以及對那些正朝著以這種方式採購的客戶所帶來的意義，都感到非常興奮。所以我們整個團隊都很振奮。

Okay, that's good to hear. I'll go ahead and leave it there and hop back in queue.

好的，很高興聽到。我就先到這裡，回到排隊序列。

Thanks, Jared.

謝謝你，Jared。

(Operator Instructions) Jeff Garro, Stephens Inc - Equity Analyst

(接線員指示) Jeff Garro，Stephens Inc - 股票分析師

Yeah, good afternoon. Thanks for taking the question. I wanted to follow-up a little bit on the MFN disruption and maybe more specifically comments that you've made around contract duration. And I guess that relates to kind of overall visibility. And I think last quarter you said contracted revenue was around 15% to 20% behind where you were in the prior year, excluding the managed services piece. And that was mainly because of customers moving to shorter contract duration.

是的，午安。謝謝讓我提問。我想針對 MFN 造成的干擾再追問一下，特別是你們提到的合約期間（duration）相關評論。我想這也關係到整體可見度。我記得上季你們說，若排除託管服務（managed services）那一塊，簽約營收（contracted revenue）大約比去年同期落後 15% 到 20%。而主要原因是客戶轉向較短的合約期間。

So curious what you saw in the first quarter and even through April and into May here about that client renewal behaviour and interest in extending duration renewal behaviour and your expectations for the back half of the year?

所以我想了解，你們在第一季、以及 4 月到 5 月這段期間，看到客戶續約行為、以及延長續約期間的意願有什麼變化？以及你們對下半年的預期是什麼？

Yeah, thanks, Jeff. Good to hear your voice. Yeah, the first half of the year, we were off 15%, 20% in contracted revenue. We're still right in that same area, that same zone. And most of that is being driven by the shorter contract duration that's outside of the initial managed service sunset. So typically what's happening is the commitments are just shorter than they would be. They'd normally be six to 12 months.

好的，謝謝你，Jeff。很高興聽到你的聲音。是的，上半年我們的簽約營收大約落後 15% 到 20%。目前仍然大致在同一個區間、同一個水位。其中大部分是由較短的合約期間所驅動，而且這是在最初那段託管服務到期（sunset）之外的部分。所以通常發生的情況是，承諾期就是比原本會有的更短。正常情況下會是 6 到 12 個月。

And our contracted revenue methodology is we're calculating the full value of the contract against the backlog, as I think everyone knows. And so when you've got a shorter contract duration, it gives you less visibility, it means you've got to be on the hook for the next quarter renewing that and the next quarter renewing it again, and so it is a little bit less visibility, although what I will say is that people are continuing to renew, we are seeing the flow of business continue to move.

而我們的簽約營收計算方法，是把合約的完整價值計入待履行訂單（backlog），我想大家都知道。因此當合約期間變短時，你的可見度就會降低，因為你必須在下一季續一次、再下一季又續一次，所以可見度確實會比較低。不過我要說的是，客戶仍在持續續約，我們也看到業務流量持續推進。

And we've had two or three accounts that have really accelerated between the time we had the first earnings call and the time we're doing this call. And so that is really good news. The challenging news, Jeff, is I think still we have one major client that's still working through some challenges. Part of those are MFN-related. Part of them, honestly, is just we didn't execute well.

而且在我們第一次財報電話會議到這次電話會議之間，有兩到三個客戶帳戶的進展其實明顯加速。所以這是非常好的消息。但具挑戰的是，Jeff，我認為我們仍有一個主要客戶還在處理一些問題。其中一部分與 MFN 有關。另外一部分老實說，是我們執行得不夠好。

In that account, and we need to improve. We sort of know where we fumbled the ball a little bit there. We've had great conversations with their leadership team, and there's a plan to get things back on track, and our team has taken good ownership of that and is moving forward.

在那個客戶帳戶上，我們需要改善。我們大致知道自己在哪裡有點失誤。我們已經和他們的領導團隊進行了很好的溝通，也有一個讓事情回到正軌的計畫；我們的團隊也對此承擔起責任並持續往前推進。

So, I think we feel very confident it's short-term. We're excited about the innovation, and all of our partners are very excited about the innovation announcements that we've just made. So we're. We're looking forward to pressing ahead. But, yes, contracted revenue is still the challenge until we poke through that.

所以，我認為我們非常有信心這是短期的。我們對創新感到很興奮，而我們所有的合作夥伴也都對我們剛剛發布的創新公告感到非常興奮。所以我們。我們期待繼續推進。但是，是的，在我們突破之前，合約收入仍然是挑戰。

Understood. I appreciate all those comments. And one more for me. I did want to ask about demand activity by customer size, kind of thinking about the TOP20 pharma versus that, kind of mid-tier long-tail cohort. And the TOP20 pharma through your KPI has been declining as a percentage of revenue over the last year. Where does that trend go from here? And how should we think about kind of sales cycle, renewal rates and budget behaviour from that mid-tier long-tail cohort?

了解。感謝你分享這些看法。我還有最後一個問題。我想問一下按客戶規模來看需求活動的情況，特別是TOP20藥廠相對於中型、長尾客群。而且依你們的KPI，TOP20藥廠在過去一年占營收的比重一直在下降。這個趨勢接下來會怎麼走？另外，我們應該如何看待中型長尾客群的銷售週期、續約率以及預算行為？

Yeah, no problem. Thanks for the question. We are very excited internally about the mid-tier long-tail. We've seen tremendous progress in that cohort of clients. We've got a team that's now focused on that, and so we're starting to see some really encouraging growth there. We're also seeing it, I think I shared previously in the medtech sector, it was in my prepared remarks as well, were clients.

好的，沒問題。謝謝你的問題。我們內部對中型長尾客群非常興奮。我們在那一群客戶上看到非常顯著的進展。我們現在有一個團隊專注於此，因此開始看到一些非常令人鼓舞的成長。我們也看到這點，我想我之前也分享過，在醫療科技（medtech）領域，我在事先準備的發言中也提到過，這些是客戶。

That basically weren't clients previously, weren't even a market that we were speaking to are coming to the table with multiple million-dollar investments in the platform. And so we're very encouraged by that. On the TOP20, we still continue to see great engagement, and we are so. I would say under-penetrated in terms of the brands that we're servicing in the TOP20.

基本上以前不是客戶，甚至不是我們會去接觸的市場，如今也帶著數百萬美元的多筆投資來採用我們的平台。因此我們對此非常受鼓舞。至於TOP20，我們仍然持續看到很高的互動參與度，而且我們也。我會說，就我們在TOP20所服務的品牌數量而言，我們的滲透率仍然偏低。

Thank you, Jeff.

謝謝你，Jeff。

(Operator Instructions) David Grossman, Stifel Nicolaus & Company Inc - Analyst

(接線員指示) David Grossman，Stifel Nicolaus & Company Inc - 分析師

Thanks. Good afternoon. Steve, I'm wondering if you just, it sounds like there's one particular client that may be off more or having kind of an outsized impact on your growth rate this year. Is there anything unique about the issues that client's having or was that the same client that there were some execution issues on your end?

謝謝。下午好。Steve，我想問一下，聽起來今年可能有某一個特定客戶的下滑更明顯，或對你們今年的成長率造成了不成比例的影響。那個客戶遇到的問題有什麼特殊之處嗎？還是說就是之前你們端在執行上出現一些問題的同一個客戶？

Yeah, that's the same client. I mean, oftentimes, David, we're, and by the way, it's great to hear your voice, can't wait to see you next week or week after next. Oftentimes, we have these sorts of asynchronous events that happen at a client level where a client will change an agency or the team will be swapped out, there'll be turnover, people are making decisions, and we've been. Chatting long enough for you to know that that happens often in this space, and that's just sort of what you need to deal with.

對，是同一個客戶。我的意思是，David，很多時候我們會遇到這種在單一客戶層級發生的非同步事件；順帶一提，很高興聽到你的聲音，等不及下週或下下週見到你。很多時候，客戶可能會更換代理商，或團隊被替換、出現人員流動，大家在做決策，而我們也一直。我們聊得夠久，你也知道在這個領域這種事很常發生，而這就是你必須面對並處理的情況。

The DApp growth at 60%, and particularly the 45% growth on the subscriptive basis, is designed to help get rid of that lumpiness, and it's definitely helping. This was not a DApp client where the disruption was in place, and so that was sort of bimodal buys, even at scale. But when there is disruption amongst the ranks, turnover in employees, making decisions, extra, it is challenging, and we didn't execute as well as we needed to in that area, and we need to improve it.

DApp成長60%，尤其是以訂閱制基礎計算的45%成長，目的就是要減少那種不均勻的波動（lumpiness），而且確實有幫助。這次受干擾的並不是一個已導入DApp的客戶，因此即使在規模化之下，採購也呈現某種雙峰式（bimodal）的購買模式。但當內部出現動盪、員工流動、決策變動等額外因素時，確實很具挑戰；而我們在那方面的執行也沒有做到應有水準，我們需要改善。

The good news that I will share is that we've since visited with that leadership group, had very open conversations, great feedback, and I think that that relationship has been [revivicated]. And we'll be in a pretty good spot. But again, too early to count it as part of our forecasting guide. We've got to work with that group and make sure that we deliver.

我可以分享的好消息是，我們之後已拜訪了那個領導團隊，進行了非常坦誠的對話，得到很好的回饋，我認為那段關係已經[revivicated]。我們會處在相當不錯的位置。但同樣地，現在還太早，不能把它納入我們的預測指引。我們必須和那個團隊一起合作，並確保我們能交付成果。

So just kind of assuming it takes its ordinary course, is that the headwind for the next three quarters and once you comp it in March of next year, we're kind of beyond that? Or could it happen?

所以如果假設它按一般情況發展，這會是接下來三個季度的逆風，等到明年三月進入可比基期後，我們就算是走出這段影響了嗎？還是有可能會發生？

No, I think we will address it in the renewal cycle of this year. I think we'll probably see some buying here in the second half of the year, and that's the hope and goal with that group. And then I think into 2027, we'll be well-positioned. But we needed to take a few lumps, I think, in the first half and correct a little bit of the way we were engaging with them and bring it back in the second-half.

不，我認為我們會在今年的續約週期中處理好。我想我們在今年下半年可能會看到一些採購，這也是我們和那個團隊的希望與目標。然後我認為到了2027年，我們會處於很好的位置。但我想我們在上半年需要先承受一些衝擊，並修正我們與他們互動的方式，然後在下半年把它拉回來。

Got it. Well, thanks for the transparency on that one. So, thank you for that. And then on the DSP side, the connection to the DSPs. What's the sales cycle, what is it how long does it take for that kind of flywheel to start with these media buyers where that actually can start contributing to revenue growth in a meaningful enough way that we would see it?

了解。謝謝你在這件事上的透明說明。非常感謝。另外在DSP端，也就是與DSP的串接。銷售週期是什麼樣子？這種與媒體買方合作的飛輪要多久才會開始轉動，並以足夠有意義的方式對營收成長做出貢獻，讓我們看得出來？

Yeah, I think we'll start to see early innings of this probably toward the later part of the back half of this year. Q4, we should start to see some revenue start to flow. Going into the renewal cycle for 2020, 2027, we will see it really flow.

我認為我們大概會在今年下半年較後段開始看到一些早期進展。第四季應該會開始看到一些營收流入。進入2020、2027年的續約週期時，我們會看到它真正大量流入。

And the way the DSPs operate is once there's a connection there, right, it starts a bidding system where agencies and agencies are the principal ones that are buying in these ecosystems through the demand-side platforms. So, it will follow that typical brand plan RFP process, but they have the ability to accelerate, set the parameters within these DSP platforms and start to action buys.

DSP的運作方式是，一旦建立了連接，對吧，就會啟動一個競價系統；而在這些生態系中，主要的買方是代理商，他們透過需求方平台來採購。因此，它會遵循典型的品牌年度計畫RFP流程，但他們也有能力加速，在這些DSP平台內設定參數並開始執行採購。

I would call them passive buys because you're not really engaging directly with the company other than setting up the pricing, setting up the bids, asking the questions of the sales team. Around it. And then the job of our sales team really is to continue to engage with those clients and make sure they're utilizing those [moduses] of acquisition, right, make sure they're buying through those DSPs, they know it's available, it's in their favourite DSP. Of choice and they can go in and action those buys.

我會稱之為被動式採購，因為你其實不會直接與公司互動，除了設定價格、設定出價、向銷售團隊提問之外。圍繞著這些。而我們銷售團隊的工作，真正就是持續與這些客戶互動，確保他們在使用那些取得方式，對吧，確保他們透過那些DSP採買，他們知道這是可用的，而且它就在他們偏好的DSP之中。他們可以進去並執行那些採購。

And what can you just give us some examples of what the revenue could look like you know whether it's by you know I assume it's by individual drug right or you know by buyer I'm not quite sure how to think about you know what.

那你能否給我們一些例子，說明營收可能會長什麼樣子？例如是按單一藥品來算，或是按買方來算？我不太確定該如何理解這個。

Revenue could be fairly huge. I'm not ready to share projections on it yet. In the prepared remarks, we shared that it's 80% of the total digital spend in the space, so that gives you a number. I know you know the TAM like the back of your head in the space. Back of your hand rather, and so it is very large,

營收可能會相當可觀。我目前還沒準備好分享相關預測。在事先準備的發言中，我們提到它占該領域整體數位支出的 80%，所以你可以由此推算出一個數字。我知道你對這個領域的 TAM 早已瞭若指掌。更準確地說是像手背一樣熟悉，因此規模非常大。

David, potential, but it's too early for us to call a potential revenue on it because we're the first ones that are doing it at scale. There are other companies that have connected maybe a piece of a network or one EHR provider and sort of played with it, but at scale at our size, we're the first to actually go all in. And so there will be subsequent announcements that we'll share as we roll out the partnership agreements. And we'll have more to say around that, but I don't want to jump the gun here.

David，確實有潛力，但現在要我們估算其潛在營收還太早，因為我們是第一個以規模化方式在做這件事的。其他公司可能只連接了網路的一部分或某一家 EHR 供應商，並且做了一些嘗試，但以我們這樣的規模來做、而且全力投入的，我們是第一家。因此，隨著我們推進並發布合作夥伴協議，後續還會有更多公告與大家分享。我們也會就此提供更多說明，但我不想在這裡操之過急。

Sure. And just one, if I could just one other sneak one in here. Is there any managed service? Was it zero managed services in the quarter and in the guide? Did I hear that right?

了解。另外我想再偷偷問一個問題。是否有任何託管服務（managed service）？本季以及指引中託管服務都是零嗎？我聽得沒錯吧？

That's correct.

沒錯。

Yes. Thanks, Andy.

是的。謝謝你，Andy。

Okay. All right, guys. Thanks very much for the time.

好的。好，各位。非常感謝你們撥冗。

Thanks, David. Look forward to seeing you.

謝謝你，David。期待見到你。

Likewise.

我也是。

Thank you. And we have reached the end of the question-and-answer session. I would like to turn the floor back to Steve Silvestro for closing remarks.

謝謝。我們已到達問答環節的結束。我想把時間交回給 Steve Silvestro 作結語。

Thank you, operator. I want to close by reiterating our confidence in the long-term opportunity ahead of us. While we are navigating near-term pressure, we're excited about the transformation within life science towards digital data-driven engagement, which remains a powerful and durable trend.

謝謝，接線員。我想在結尾再次重申，我們對於眼前長期機會充滿信心。儘管我們正在因應短期壓力，我們仍對生命科學領域朝向數位化、以數據驅動互動的轉型感到振奮；這仍是一個強勁且持久的趨勢。

OptimizeRx is uniquely positioned at the center of that transformation. Our point-of-care and point-of-prescribe network, combined with our data-driven targeting capabilities, allow us to deliver value at critical moments in the patient journey.

OptimizeRx 在這場轉型的核心具備獨特定位。我們的照護現場（point-of-care）與開立處方（point-of-prescribe）網路，結合以數據驅動的精準投放能力，使我們能在病患旅程的關鍵時刻創造價值。

All of which will now be available to customers programmatically to buy the way they like to buy.

而這一切現在都將以程式化方式提供給客戶，讓他們能用自己偏好的採購方式進行購買。

Our priorities remain consistent. We're focused on increasing utilization of GAAP, continuing our transition toward a more predictable subscription-based revenue model, and driving sustainable, profitable growth over time.

我們的優先事項維持一致。我們專注於提升 GAAP 的使用率，持續推進向更可預測的訂閱式營收模式轉型，並在時間推移中推動可持續且具獲利性的成長。

I would also like to thank our employees for their continued dedication and our customers for their partnership as we navigate this evolving landscape.

我也要感謝我們的員工持續投入與奉獻，並感謝客戶在我們因應這個不斷演變的環境時所給予的合作與支持。

Thank you again for your time today. We look forward to speaking with you at the upcoming investor conferences and on our next earnings call. Thank you.

再次感謝各位今天撥冗參與。我們期待在即將到來的投資人會議以及下一次財報電話會議上與各位交流。謝謝。

Thank you, Mr. Silvestro. 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.

謝謝您，Silvestro 先生。在我們結束今天的電話會議之前，我想提供公司的「安全港」聲明，其中包含對於今天電話會議中所作之前瞻性陳述的重要警示。

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.

管理層在今天電話會議中的發言，可能包含《1933 年證券法》（修訂後）第 27A 條以及《1934 年證券交易法》（修訂後）第 21E 條所定義的前瞻性陳述。

These forward-looking statements should not be used to make investment decisions. 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作為投資決策的依據。「預期（anticipate）」、「估計（estimate）」、「預計（expect）」、「可能（possible）」與「尋求（seeking）」等字眼及類似表述可用以辨識前瞻性陳述。此類陳述僅反映其作出當日的情況。

Forward-leading statements in this call include statements regarding our future performance, plans and market penetration, macroeconomic factors and disruptions not enduring. Digital and data-driven engagement remaining intact and continuing to be a meaningful driver for the business. Plans for shareholder value creation, becoming a sustained rule of 4D company. Plans to successfully launch programmatic access to the company's authenticated EHR network.

本次電話會議中的前瞻性陳述包括：關於我們未來表現、計畫與市場滲透率的陳述；宏觀經濟因素與干擾不會持續的陳述。數位化與數據驅動互動仍將維持並持續成為業務的重要驅動因素。股東價值創造計畫、成為可持續的「4D 法則」公司之計畫。成功推出公司已驗證 EHR 網路之程式化存取的計畫。

Programmatic access increasing inventory utilization and unlocking high-growth revenue channels, ability to capitalize on significant long-term opportunities, plans to grow shareholder value creation, shifting a greater portion of revenue toward a subscription-based model, cost management, estimated 2026 revenue and adjusted EBITDA ranges. Technology, investments, growth opportunities, funding, operating needs, and key strategic priorities, and upcoming events or announcements.

程式化存取將提升庫存使用率並解鎖高成長營收通路、把握重大的長期機會之能力、提升股東價值創造之計畫、將更大比例營收轉向訂閱式模式、成本管理、對 2026 年營收與調整後 EBITDA 區間的估計。以及技術、投資、成長機會、資金、營運需求與關鍵策略優先事項，及即將到來的活動或公告。

Forward-looking statements also include the management's expectations for the rest of the year. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise.

前瞻性陳述亦包括管理層對於今年剩餘期間的預期。公司不承擔公開更新或修訂任何前瞻性陳述的義務，不論係因新資訊、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與不確定性影響，其中部分無法預測或量化。未來事件與實際結果可能與這些前瞻性陳述所載、所設想或所依據的內容存在重大差異。

The risks and uncertainties to which forward-looking statements are subject to include, but are not limited to, the effects of government regulation, competition, dependence on a concentrated group of customers, cybersecurity incidents that could disrupt operations.

前瞻性陳述所受之風險與不確定性包括但不限於：政府監管的影響、競爭、對少數集中客戶群的依賴、可能干擾營運的資安事件。

The ability to keep pace with growing and evolving technology, the ability to maintain contracts with electronic prescription platforms and electronic health record networks, and other material risks.

以及跟上持續成長與演進之技術的能力、維持與電子處方平台及電子健康紀錄（EHR）網路之合約的能力，以及其他重大風險。

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 year ending December 31, 2025, and in other filings the company has made and may make with the SEC in the future. These filings, when made, are available on the company's website and on the SEC website at SEC.gov.

可能影響業務與財務結果、且前瞻性陳述所受之風險與不確定性，載於公司截至 2025 年 12 月 31 日止年度的 Form 10-K 年報，以及公司已向或未來可能向 SEC 提交的其他文件中。這些文件在提交後，可於公司網站及 SEC 網站 SEC.gov 查閱。

Before we end today's conference, I would like to remind everyone that an audio recording of this conference call will be available for replay starting later this evening, running through for a year on the investor section of the company's website.

在結束今天的會議之前，我想提醒各位，本次電話會議的錄音將於今晚稍晚提供重播，並將在公司網站投資人專區保留一年。

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

感謝各位今天加入我們。本次電話會議到此結束。各位現在可以掛線。