OptimizeRx Corporation (NASDAQ:OPRX) Q1 2019 Earnings Conference Call Transcript
May 08, 2019 • 04:30 pm ET
Good afternoon, and thank you for joining us today to discuss OptimizeRx's First Quarter ended March 31st, 2019. With us today is the Chief Executive Officer of OptimizeRx, William Febbo. He is joined by the Company's President, Miriam Paramore, and Chief Financial Officer, Doug Baker.
Following their remarks, we'll open the call to questions. Then before we conclude today's call, I'll provide some important cautions regarding the forward-looking statements made by management during the call. I'd like to remind everyone that today's call is being recorded and will be made available for telephone replay via instructions in today's press release in the Investors section of the Company's website.
Now I'd like to turn the call over to OptimizeRx CEO, William Febbo. Please go ahead.
William J. Febbo
Thank you, Teshan, and good afternoon, everyone. Thanks for joining us on the call today. In Q1, we realized our eighth quarter in a row of revenue growth, along with record gross margins and continued profitability. These great results were achieved despite the noise we had experienced at the start of the year at the Federal government and corporate level and with procurement at pharma waking up a little later, which I talked about on a previous call.
These record results were driven by a number of key factors, including diversified revenue streams, broad provider reach, scalable technology and overall strong operational performance by the team. I want to be really clear on this call. OptimizeRx is just starting on its path to building a meaningful business, and there is still so much more room for growth. For the sports enthusiasts, we're in the early innings of a big market opportunity with more than $1 billion in total addressable market in just one of our many solutions for pharmaceutical clients.
Post acquisition of CareSpeak, we also increased our growth opportunities further by now trying to solve for the $528 billion incidental cost of medication non-adherence. Like affordability, we believe our solutions to improve patient engagement and adherence, represent one of the biggest unmet needs in our industry and society, making it a strong investment thesis. There are immense resources being poured into quality improvement and value-based care, all for the simple reason that it improves outcomes and reduces cost for all stakeholders.
Unprecedented capital is going into health IT, multiple acquisitions happening at the service level and HIT level, and a fair amount of HIT IPOs planned in the coming months. OptimizeRx is absolutely in the right place at the right time, both operationally and strategically. We have taken our total available market up by a factor of at least two by adding adherence to our solution set. So if you believed in the affordability thesis, we have been delivering on over the last three years. Now we're going after a much larger market opportunity, well north of $2 billion.
Today, our network reaches over half the nation's healthcare providers in the ambulatory market, making OptimizeRx one of healthcare's leading point-of-care network where physicians and patients are