OptimizeRx Corp Q2 FY2021 Earnings Call

Good afternoon and thank you for joining OptimizeRx Corporation's Second Quarter Fiscal 2021 Earnings Call. With us today is the Chief Executive Officer of OptimizeRx, William Febbo. He is joined by Company Chief Financial Officer, Doug Baker; and Chief Commercial Officer, Stephen Silvestro. Before we conclude today's call, I'll provide some important cautions regarding the forward-looking statements made by management during today's call. I would like to remind everyone that today's call is being recorded and will be made available for replay via webcast only with instructions in today's press release and in the Investors section of the Company's website. Now I'd like to turn the call over to OptimizeRx CEO, William Febbo. Sir, please go ahead.

Thank you, Melinda. Good afternoon. Before we begin our review of the quarter, we just wanted to express our warm wishes to everyone on the call today. I hope that you're all having an enjoyable summer in retrospect of all that has occurred with the pandemic in the last 18 months. We hope everyone on the call has had an opportunity to safely meet up with friends and loved ones. One takeaway that I know has been felt by everyone throughout this time has been a new sense of perspective of the connections in our lives and what we value as important. Finding ways to stay connected with and present for each other has been one of the most valuable takeaways from this season for me and from the people at OPRX. So as we move forward with our call, we wanted connectivity to be today's theme. Connectivity across our existing business and industry innovation continues to increase critical connectivity for our customers. Doug will go into the quarter's results in more detail, but we are very pleased to report that year-over-year revenue grew 55% for the quarter as compared to the year-ago period, finishing the quarter bottom line cash flow positive. I would be understating my excitement in just saying how pleased we are with OptimizeRx's progress in the new fiscal year as we continue to be a major part of the industry's shift to digital solutions for awareness, access, and adherence challenges. The connectivity that comprises the OptimizeRx network and technology platform, taken as a whole, is a uniquely powerful asset that enables our clients to address these core aspects of their business. Our offerings are so powerful because they enable pharma companies to stay present throughout the patient care journey. It feels really good to be part of a company whose mission and objectives positively impact all the stakeholders within our sphere of influence, from patients to providers to life science companies. Since our technology offers life science companies a direct channel to providers and patients to raise awareness about their treatments, many of our clients' brands have experienced significant script increases using the OptimizeRx platform. Our clients see an average ROI of 8:1, with some as high as 20:1. The power of third-party measurement is a key differentiator and allows us to accurately measure the tremendous value we deliver to our clients. We have also seen the number of our brands adopting our technologies jump from 80 to 140 in the last six months. We continue expanding our technology, impacting care delivery and the patient journey beyond the traditional point of care. Physicians engage with many digital channels beyond the electronic health record to access all the resources they need to deliver the best care to their patients, including well-performing desk research, peer-to-peer collaboration, and other forms of indirect care. Our growing technology partnerships outside the electronic health record allow us to continue unlocking new omnichannel touchpoints for life science companies to support and engage providers, both within and outside the EHR. This increased connectivity not only amplifies physician mind share but also gives us the opportunity to further diversify the platform's channel mix so that drug manufacturers can address client challenges in a more complete fashion. To this point, we continue to strategically focus on the build-out of our enterprise solutions in order to attract and retain this growing customer base. Previously, we had reported that 33 of our 46 enterprise deals pipeline had closed. We have seen an increase in the enterprise pipeline to 63 deals. And as of the end of Q2, our new number of closed enterprise deals is 52, with an average ACV of $1.1 million. As part of that, in Q2, we won two deals incorporating evidence-based provider engagement leveraging real-world evidence with an average contract value of $10 million. In short, we have exceeded our expectations and are thrilled to see our clients leaning in more to our enterprise approach. This is very exciting given that we have just incorporated the use of advanced analytics on our platform powered by real-world data, or what we call RWD, in Q4 of last year. This solution is still very early in its uptake and allows our clients to deliver evidence-based awareness programs to effectively engage providers with treatments-related information. More importantly, as we continue to socialize and educate clients and the industry on this powerful enhancement, they're expressing real excitement and appetite for the solution. The continued growth of enterprise and interest in real-world evidence solutions that our platform is capable of delivering is particularly important given that our activity around specialty medicines accounts for 53% of the spending, up from 27% in 2020. This continued trend is being driven by innovation and growth in oncology, immunology, and cardiology, providing the alignment of our capabilities and reach to our clients' needs. While TAM is a moving target, given the extreme growth in digital enablement for reaching physicians and patients, we are seeing continued penetration and therefore increased market share in those fast-growing therapeutic areas. In doing so, we have a special focus in supporting pharma's engagement across three specialty areas in particular, as mentioned, oncology, immunology, and cardiology, where we've seen a 600% rise in customer engagement over the last two years. We expect these specialty areas to make up more than 50% of revenues going forward so far as revenue mix goes. Last year, 24% of our revenue was derived from these three specialty areas. So you can get a sense of how quickly the pace of interest has ramped in the doubling of the percentage of revenue share this year. When we think about our pipeline, 43% of our new business is also derived from these three areas. As we secure new channel partners across these indications of strategic interest, we are also broadening our network, such as in oncology, where we are connecting and communicating with over 50% of the oncologists across the U.S. In many senses, we've built a truly ubiquitous technology platform with an IT backbone that allows us to overlay and grow new solutions that advance our mission to help patients start and stay in therapy by unlocking omnichannel avenues for drug manufacturers to engage providers and patients in deeper, more meaningful ways. Our team has also invested a lot of time and effort in channeling our ability to enable innovative connections between our three principal stakeholder groups, which, as I mentioned, are patients, physicians, and life science companies. As our technology platform has been developed around these three stakeholders, we are also designing innovative solutions aiming to solve challenges related to: one, provider awareness of important clinical, therapeutic, and financial information about available treatments so they can support patients in overcoming barriers to treatment; two, affordability of treatment and adherence for patients as they progress along their care journey; and three, ensuring that both patients and providers are able to take advantage of the life science support that exists within the healthcare ecosystem. I'm reinforcing the connectivity aspect between these stakeholder groups in order to discuss the beneficial innovation that we are currently building out for the industry. Care delivery and the way patients interact with technology as well as the healthcare system to manage their health never stops changing. Our platform has continued to evolve ahead of this curve to ensure information and therefore treatments are accessible when and where they need to be. That is a critical aspect of what we bring. As our platform technology has become more sophisticated, we have also pegged its evolution to solving the increasingly complex challenges on behalf of our clients. This is a significant illustration of the increasing value we're providing to the healthcare industry. One of our many recent highlights is that we signed an agreement with one of the top five pharmaceutical companies as an anchor client and a new patient affordability initiative using real-world evidence to provide visibility to doctors when Medicare patients' treatment plans are at risk of lapse due to loss of coverage. This initiative is equally beneficial to both the patient and the provider in alleviating the cascading nonadherence effects caused by financial burdens. This is only one example of the value and potential of our technology. And this is huge for us because it stands as testament that we're living up to our mission and commitment to helping providers and patients have easy access to accurate, actionable information on treatments and medications to support better health outcomes. Looking at the evolution of OptimizeRx, 'if you build it, they will come' is a fitting analogy. In building out a technology backbone and infrastructure for stakeholder communications in the healthcare space, we're now successfully overlaying innovative technology enhancements and creating deeper connectivity across the mesh network of healthcare providers, patients, and manufacturing and their brands. This is all in line with our mission and objectives, and we look forward to updating the market further on the progress of this exciting platform as we continue to digitize, modernize, and connect communications in the healthcare space. With that, I'd like to turn the call over to our CFO, Doug Baker, who will walk us through the financial details for Q2. Doug?

Thanks, Will, and good afternoon, everyone. As with all our calls, a press release was issued with the results of our second quarter ended June 30, 2021. A copy is available for viewing and may be downloaded from the Investor Relations section of our website. We also filed our 10-Q today. Turning to our financial results for the second quarter ended June 30, 2021. Our reported revenue for the period was $13.6 million, an increase of 55% over the $8.8 million from the same period in 2020. The increased revenue resulted from increases in sales across all our solutions. Gross margin for the quarter moderately increased from 58.6% in the year-ago period to 59% in the current reporting period. Operating expenses increased to approximately $7.7 million in the second quarter of fiscal 2021 as compared to approximately $6.2 million in the same year-ago period. Overall, this increase results from our efforts to expand our product line and to build out our organization to establish a stronger base for current and future growth. Our expenses increased at a substantially lower rate than our revenues as a result of the operating leverage of our model. We had net income of $0.4 million in the second quarter of fiscal 2021 as compared to a net loss of $1.1 million during the same period in 2020. For further details, you can refer to the MD&A section of our published 10-Q. Overall, the net income for the second quarter of 2021 resulted from the increased margin generated by our higher revenues, partially offset by the increased operating expenses. On a non-GAAP basis, net income for the second quarter of 2021 was approximately $1.8 million or $0.10 per basic and fully diluted share as compared to the non-GAAP net income of approximately $253,000 or $0.02 per basic and fully diluted share in the same year-ago period. Now turning to our balance sheet. Cash and cash equivalents totaled $83.9 million as of June 30 as compared with $83 million on March 31. We do not anticipate the need to raise additional capital in the short or long term for operating purposes or to fund our growth plans. We are focused on growing our revenue channel and partner network. However, as a company in a market that is active with merger and acquisition activity, we may have opportunities for acquisitions or strategic relationships, which may require additional capital. We will assess these opportunities as they arise with a view to maximizing shareholder value. This wraps up the discussion of our financial results. Now I'd like to turn the call back over to Will.

Thanks, Doug. Great update. Great results. Collectively, we feel that we're at a critical mass. And with each passing quarter, our momentum continues to build, and we are still very early as a company. We're very optimistic about our future, and that's because directionally, we've worked diligently to monitor expenses, successfully integrate acquisitions, and make full use of our expanded operations while working towards generating growth from every angle. We're able to accelerate our growth by leveraging OptimizeRx's highly scalable technology backbone, which continues to generate strong ROIs for our clients as we continue to find innovative solutions to life science awareness, access, and adherence challenges, three very large issues for our clients. Additionally, rounding out our healthcare communication technology is a network of healthcare providers that we have built over the last five years, and it's really starting to show. In developing IT infrastructure concurrently with our network of providers, we have garnered recognition from our clients through consistent recurring revenue as well as building goodwill and having an openness to new products and services when the opportunity arises. We have invested in building a first-in-class organization both with people and technology that is leading the transformation of healthcare communication technology and believe that there is still yet more to come as we close out the fiscal year. With that, I'd like to open the call to your questions. Operator?

We'll take our first question from Ryan Daniels with William Blair.

Congrats on the very strong start to the year. Well, maybe we could start with the enterprise pipeline. Obviously, a lot of growth there, and you continue to hit at a very high close rate. I'm curious of the 52 enterprise deals you've closed. How much of that is already kind of in the run rate of sales in the second quarter period? And how much of that do you think can flow through into '21 versus going forward into 2022?

Ryan, thanks. Great question. Yes, there is definitely a piece of this that goes into '22. When we mentioned $1.1 million, that is annual contract value. A good percentage is going to be in the second half. What we're seeing is, as you saw, we had a big jump in enterprise deals just in general through the pipeline. And many of those started at a lower level. And what we've seen in the first half of the year is a lot of happy clients. And so they're coming back to do more. They're upping it. They're bringing it to other brands. So we're not going to break out what percentage it would be during the year because we stay away from guidance. But it's a healthy percentage, and it really sets us up for a strong planning session going into '22. As you know, that's an activity in Q3. Let me ask Steve also to just comment on that.

Thanks, Will. Ryan, good to hear from you. I think one of the other pieces that you've heard us mention is the cross-sell/up-sell opportunity for our clients. We've been diligently sort of focused on that. And that is also generating additional enterprise opportunity as we've had sort of clients come in on what we would say is maybe pilot revenue or buying one and/or two solutions. When they're seeing the return on investment and the outcome from the solution that they purchased, they're very quick to scale to the rest of the solution set or more modules on the platform, which is also driving some of that growth. So as Will says, it's not all '21 revenue. Some of that will carry over. But we're feeling really good about what the second half will look like just based on the momentum that we're seeing. And as you see, there were two different pieces we mentioned in here. One was obviously the updated close. But you'll notice that we also expanded the pipeline at the same time as we were prosecuting the closes. So there's sort of a duality compound effect there. We're pretty proud of that.

Okay. That's very helpful color. And then, Will, you mentioned some, I think, updated ROI metrics, 8:1 up to 20:1. Extremely impressive. And I think that's higher than we've discussed in the past. And I'm curious what that potentially means as you plan internally on the product pricing front as you generate that type of returns. Is it something you think you can generate greater price increases year-over-year given what high returns you're giving to the pharma companies? Or do you want to continue to let that flow through to the companies and let that drive expanded revenue growth in new contracts versus trying to increase your pricing?

Yes. We previously discussed two pricing strategies: transactional and value-based, with enterprise generally favoring the latter. If we could analyze those publicly, we would find that the per transaction rate is significantly higher due to the increased value generated from lower volumes, particularly with specialty medications. Essentially, by shifting to enterprise, we're appropriately pricing it at the premium it warrants, and our clients are very satisfied. Regarding ROI, all our presentations have demonstrated a return of 5:1 on average, and this has increased based on our review. We even shared instances of up to 20:1. This is supported by third-party validation, which gives me confidence. As we offer more solutions for the same brand to the same physicians and patients, we will get more engagement, leading to higher ROI and increased scripts. These elements complement each other well. Moving forward, we will enhance value through our services, particularly as the market conditions are favorable. The introduction of Real-World Evidence (RWE) has also led to rising prices and heightened client value, which is very encouraging.

Next, we'll hear from Sean Dodge of RBC Capital Markets.

I'll add my congratulations on the great success, great momentum in the quarter. Maybe, Will, on that last point you made on the real-world evidence capabilities. You highlighted that in your prepared remarks. You said fast-growing demand for these. You've signed a number of them already. Can you give us a sense of what the inclusion of real-world TAM means for your white space? What kind of enhancers has that made to contract value?

Absolutely. I'll start, and then I'll hand it to Steve. Our clients have been leveraging real-world evidence to inform a variety of decisions, communications, and marketing through their CRM, ultimately guiding their sales representatives. This type of data is often 30 to 60 days outdated, and there are common miscommunication issues. However, this has been the traditional way of delivering insights. Our clients firmly believe in using evidence-based data for marketing messages. Now, they can incorporate actionable real-world evidence at the point of care. This capability enhances their existing investments and provides them with another well-informed touchpoint. I’ll pass it over to Steve, who has played a crucial role in championing this initiative within the team.

Thanks, Will. Sean, I appreciate your question. Another important aspect that Will mentioned is the timing of the alert. Typically, messaging delivered to physicians and other alert-based systems is controlled by a CRM system managed by sales representatives. These representatives then need to schedule appointments with physicians, but by the time they reach out, the patient has often already moved on, usually to first- or second-line therapy, which means we've missed a critical window of opportunity. In our case, when we generate an alert, it's a real-time notification to the physician at the point of care. This allows us to provide them with information before they make decisions about treatment. Timing is essential here, and it's a significant factor in our early success, with even more successes anticipated, Sean.

Okay. That's helpful. Great. And then I guess as we get into the back half of the year, that tends to be when more of the buy-ups occur. Does migrating a client to an enterprise arrangement change anything about that phenomenon, that dynamic? And then historically, if we look at past fourth quarters, what proportion of your revenue historically has come from buy-ups?

I'll start, and Steve can add if needed. Generally, we notice buy-ups appearing later in Q3, with most communication occurring in Q4. These can range from a 5% to 15% increase, which typically makes Q4 larger. As we mentioned last quarter, we experienced a healthy amount, and while we can't predict it accurately, we expect to have updates after Q3. Regarding enterprise renewals, as Steve mentioned, we secured several enterprise deals with an average contract value of $1.1 million, including two worth $10 million. This indicates many smaller deals, and we've observed an increase in smaller deals as we wrapped up Q2 for the second half, which is usually seen later in the second half. We're encouraged by this progress and anticipate a strong flow-through in the second half. Did I miss anything, Steve?

No, I think you hit everything. Maybe one more add, and that is that we have commercialized several new solutions that will positively impact revenue generation in the fourth quarter. And so we've already discussed the real-world evidence solution. There were several others which we've already announced. But we're feeling very optimistic about the impact of those coming into the second half of the year.

Moving on to Andrew D'Silva of B. Riley Securities.

Really, congrats on the progress. Just a few quick ones for me. If you can start with the real-world evidence offering. Just can you give a little color on expanding there? And can you talk around it? The TAM just seems like it could be massive with a $10 million value. And I'd be interested in how you're thinking about it in the near term and then over the next couple of years. I'd also be particularly interested in if this is something that's more tailored to existing customers or new customers. And what kind of brands are the best fit here? I'm assuming it's a fairly good flow-through to specialty medications.

Yes. Andy, great question. Steve, do you want to start with that one?

Yes, happy to. Andy, thanks for the question. Good to hear from you. The real-world evidence solution applies to our entire customer base. Essentially, we are connecting our alert-based system within the platform to the entire ecosystem of healthcare data outside of the EHR where we are API connected. This allows us to view things like claims and lab records over time at a patient level. We utilize our AI engine to analyze that data and organize it in a way that connects to our platform and directs the message to the physician, achieving this in real-time communication. The example we shared about the Medicare doughnut hole illustrates this well. Considering the number of Medicare patients who reach that doughnut hole and the specialty medicines they are on, we see a substantial opportunity. While we won't discuss the total addressable market on this call, it provides an idea of the size of the opportunity. This is just one use case, but there are hundreds more we could apply it to. We feel very positive about what we've achieved in this area. Is that helpful?

Yes. Very, very helpful. So my next question just related to gross margins. How should we think about the real-world offering margins? And was there any benefit through the offering during the quarter? Or is this going to be largely a forward top line benefit?

No. We did see some activity. First of all, I have to remind everyone, we launched this in late Q4, so before RFP season. Almost all this activity is in-year selling and closing. If you've been with us for a while, you know that's not typical for pharma. They only do that when it's highly relevant and effective. I'm really proud of the team for accomplishing this. It's very hard to innovate, launch, sell, and close all virtually in just six months. It's truly incredible. Yes, it's really remarkable. We believe the ROI will continue to drive adoption. We don't have a multiple on the total addressable market, but as Steve mentioned, there are hundreds of opportunities. I just want to highlight that we moved from 80 to 140 brands, two of which have an annual contract value of $10 million. So it's easy to see that the opportunity is very large and still early.

Great. And did you have any idea on how we think about the gross margins for that?

Yes. Sorry, I got so excited about it. I forgot about the gross margin question. So yes, so that was product mix. What RWE does is it demands a premium. Some of that premium is revenue only because there's some architecture work. But in general, we saw a really good mix. It did improve our gross margin. We're going to still stay within the guidance that we've talked about, around the 58% to 60%. We think that's very healthy for our business given the model. But as we scale RWE, there is opportunity to get better margin. And then obviously, on the patient engagement side, there's opportunity there, but it's still fairly early and small relative to our overall revenue.

Perfect. Perfect. That's very useful. Final question for me. I noticed you've been actively hiring across multiple departments. It's firm. Sales team looks like it's up materially year-over-year. Can you talk about what you're seeing or targeting that's leading to the new hiring and how that's expected to translate to further penetration and new product launches or development?

We are in a great position with a strong company and culture, and we are experiencing significant growth, which helps us attract industry talent. The shift to digital and the increase in pharmaceutical spending are trends that we are well-positioned to leverage with our extensive reach. We are focused on expanding our client base and ensuring we exceed their expectations. Most of our hiring is driven by this growth, and we are pleased with a 25% increase compared to approximately 55% revenue growth, indicating we still have considerable leverage and are in a growth phase. In comparison to others, I don’t see similar growth rates. We have strategically increased our commercial efforts to prepare for the upcoming RFP season in the second half of the year. Given our growth this year, we wanted to enhance our product, marketing, technology, and client support capabilities, and we've successfully brought exceptional talent onto our team.

Next, we'll hear from Eric Martinuzzi of Lake Street Capital.

My question is on the distribution side. So the real-world evidence offering, obviously, that's an incremental opportunity for you, guys. And I understand the benefit of keeping patients on therapy. Does your distribution channel participate in this revenue the same way they do, say, for instance, on the affordability side?

Yes, Eric, absolutely. This is a great solution for our partners because we can charge a premium, and they benefit from that. While the architecture work is our responsibility, part of the revenue remains with us. It presents a significant opportunity for our partners as it communicates a very relevant message with real-world evidence, which is beneficial for their clients, including physicians and patients. You could say it has high value, as it integrates seamlessly into their workflow without disrupting care, delivering the message effectively. Our partners appreciate this, and we are excited to engage more of them as we expand.

Yes. I was wondering, it's still early days, and you have a couple of leading brands using it. Is it involved in the distribution side? Perhaps this is a question for Miriam, but is there an opportunity to pursue additional clients in your strong areas like oncology, immunology, and cardiology, considering the potential for incremental revenue?

Absolutely, it will open. Miriam is traveling right now, but Steve and I can manage that for you. It's a great opportunity to approach partners who currently lack a therapeutic message with real-world evidence and present the business case: first, explaining its value to everyone, which is crucial; and second, discussing the potential revenue we can generate. We are actively pursuing this and have actually strengthened our team to focus on it.

Okay. And then seasonality-wise, I know you guys aren't giving formal guidance, but right now the Street's at $14.8 million for Q3. You just did the quarter with $13.6 million, and it sounds like we've got this incremental demand queuing up here, sequentially up roughly $1.2 million or so. Are you comfortable with that move? Is this something we can count on?

I can't provide a complete answer, but we're very confident about the second half of the year based on our performance in the first half. For those unfamiliar with our trend, you can look back at historical data for the first and second halves of the year. We believe this year will follow a similar pattern where we experience a seasonal increase. Our clients typically become more proactive in the second half, not out of anxiety, but with a sense of urgency to bring products to market, increase awareness among physicians, and improve patient access. We're currently seeing this trend unfold, so yes, we expect seasonality to play a role.

Okay. It's good to have a COVID-resistant business model because you guys are able to do it last year when a lot of folks couldn't.

That's right. Yes. Thanks, Eric.

We'll next hear from Harvey Poppel of Poptech, LP.

Yes. Well, I never get tired of saying great job.

Thanks, Harvey.

And two years in a row of at least strong performance. Picking up on one of Eric's points about your historic competition with the in-person marketing channel of the pharmaceutical companies. To the extent that things did open up, and well, they're closing back down now, for a while, did you see any impact or indecision that affected your marketing efforts?

Thank you for your long-term support, Harvey. Yes, we didn't see a pullback. In fact, there's been a noticeable increase in engagement. Last year, everyone arrived early in the year without anticipating disruptions, but this year, they came in fully aware of the potential for ongoing disruptions. We're seeing a lot of testing and general satisfaction from clients. We anticipate this trend to continue. Moreover, there's been a significant shift in investments towards digital or digitally enabled services, which means we require fewer resources. Most of our clients are still operating under work-from-home arrangements, with a few exceptions, as everyone prioritizes safety. Steve, do you have anything to add?

No, I think you covered it, Will. We're just seeing continued adoption, Harvey. And several businesses, as Will said, have already let us know that folks are not going to go back to the office. They're going to move to a remote-only policy. So I think COVID, the pandemic has forced innovation within these businesses, within our client base. That was long overdue. To be honest, it was very long overdue. And now they found so much synergy in the moves that they have made, and they're just much more effective as businesses. Several of the large ones have done press releases and so forth, sharing their strategy around digitization and the moves that they have made. I would not have to go into them here, but it's definitely a trend in the right direction.

I have another question regarding the RWE. Based on what you've mentioned, it seems that the additional revenue you're generating must have a very high margin since your costs are already fixed. While you do need to conduct studies, you should generally be achieving a higher margin in this type of business. Is that correct?

Yes. You hit a lot of pass-through on that just because of the leverage below. We are doing a little bit of thinking, but it is, yes, higher than leverageable revenue, which is why we see the type of result for Q3 even at this early stage. Thanks, Harvey.

And there are no further questions at this time.

Thank you, everyone. We look forward to speaking with you on our next earnings call and hopefully seeing some of you at the upcoming conferences, if they are live. Take care and stay safe. Thank you.

Thank you, sir. Before we conclude today's call, I would like to provide the Company's safe harbor statement that includes important cautions regarding forward-looking statements made during today's call. Statements made by management during today's call may contain forward-looking statements within the definition of Section 27A in the Securities Act of 1933 as amended and Section 21E of the Securities Act of 1934 as amended. These forward-looking statements should not be used to make investment decisions. The words anticipate, estimate, expect, possible and seeking and similar expressions identify forward-looking statements. They may speak only to the date that such statements are made. Such forward-looking statements in this call include statements regarding estimation of total addressable market size, market penetration, revenue growth, gross margin, operating expenses, profitability, cash flow, technology, investments, growth opportunities, acquisitions, upcoming announcements and the need for raising additional capital. They also include the management's expectations for the rest of the year and adoption of the Company's digital health platform. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise. 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. 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-Q for the quarter ended March 31, 2021. This form is available on the Company's website and on the SEC website at sec.gov. Before we end today's conference, I would like to remind everyone that this call will be available for replay via webcast only starting later this evening, running through for a year. Please refer to today's press release for replay instructions available via the Company's website at www.optimizerx.com. Thank you for joining us today. This concludes today's conference call. You may now disconnect your lines.