Q2 2025 OptimizeRx Corp Earnings Call
Executive Officer, Steve So the retro.
He is joined by Chief Financial Officer, Ed Stelmach, Chief Legal officer.
Maryann <unk> Ford and senior Vice President of corporate Finance, Andrew de Silva.
Yeah.
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 finance measures, which it believes are useful in evaluating the company's operating results.
Speaker #4: Good afternoon, everyone, and thank you for joining OPTIMIZERx's second quarter fiscal 2025 earnings conference call. We have with us today Chief Executive Officer, Stephen Silvestro, he is joined by Chief Financial Officer, Ed Stelmakh, Chief Legal Officer, Marion Odensfoort, and Senior Vice President of Corporate Finance, Andrew DeSilva.
A reconciliation of such non-GAAP financial measures is included in the earnings release. The company issued this afternoon as well as in the Investor Relations section of the company's website.
Okay.
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.
Speaker #4: At the conclusion of today's call, I will provide some important cautions regarding forward-looking statements made by management during today's call. The company will also be discussing certain non-GAAP finance measures, which it believes are useful in evaluating the company's operating results.
Now I would like to turn the call over to optimize our ex CEO, Steve Celestial Mr. Sylvester. Please go ahead.
Thank you operator, and good afternoon to everyone. Joining today's second quarter 2025 call. Overall, we had a strong second quarter of 2025 with results ahead of both consensus estimates and our internal expectations. Recent momentum has continued with Q2 revenues, increasing 55% year over year to two.
Speaker #4: A reconciliation of such non-GAAP financial measures is included in the earnings release the company issued this afternoon as well as in the investor relations section of the company's website.
Speaker #4: 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.
$9 2 million with adjusted EBITDA coming in at $5 8 million, an improvement of over $5 million year over year.
Moreover, our contracted revenue continues to increase to more than 30% year over year, which positions us favorably in the second half of 2025.
Speaker #4: Now, I would like to turn the call over to OPTIMIZERx CEO, Stephen Silvestro. Mr. Silvestro, please go head.
Believe this is a clear indicator that our focus on operational excellence, while ensuring we delight, our customers and forged stronger relationships with value business partners is bearing fruit.
Speaker #5: Thank you, operator, and good afternoon to everyone joining today's second quarter 2025 call. Overall, we had a strong second quarter of 2025 with results ahead of both consensus estimates and our internal expectations.
Before moving on I want to take a moment and thank our market leading team. We deeply appreciate the dedication and hard work of everyone at optimize Rx as we navigate an increasingly complex dynamic and still emerging digital pharma marketing place.
Speaker #5: Recent momentum has continued with Q2 revenues increasing 55% year over year to $29.2 million, with adjusted EBITDA coming in at $5.8 million, an improvement of over $5 million year over year.
The industry is undergoing a significant shift in our products and services are poised to fundamentally reshape how pharmaceutical companies patients and prescribers engage our mission driven culture not only fueled this transformation, but also positions us to attract retain and strengthen the critical relationships with leading technology company needs to be a trusted and <unk>.
Speaker #5: Moreover, our contract and revenue continues to increase, to more than 30% year over year, which positions us favorably in the second half of 2025.
Speaker #5: I believe this is a clear indicator that our focus on operational excellence while ensuring we delight our ustomers and forge stronger relationships with valued business partners is bearing fruit.
During partner.
With that said I'm happy to say, we are increasing our guidance for the year and are looking for revenue to come in between $104 million and 108 million with adjusted EBITDA to be between $14 5 million and $17 5 million.
Speaker #5: Before moving on, I want to take a moment and thank our market-leading team, we deeply appreciate the dedication and hard work of everyone at OPTIMIZERx as we navigate an increasingly complex, dynamic, and still emerging digital pharma marketing place.
Moreover, while it's still very early initial indications for 2026 appear promising as a result, we feel comfortable with consensus current revenue and adjusted EBITDA projections for 2026, and we will give formal guidance as we get deeper into the 2026 RFP process.
Speaker #5: The industry is undergoing a significant shift, and our products and services are poised to fundamentally reshape how pharmaceutical companies patients and prescribers engage. Our mission-driven culture not only fuels this transformation but also positions us to attract, retain, and strengthen the critical relationships of leading technology company needs to be a trusted and enduring partner.
In addition, we paid down $4 5 million of principal during the second quarter, which was $4 million above our debt payment schedule at this time, given the free cash flow, we're seeing in our business, we intend on paying down our debt at an accelerated rate and don't believe we will need to access the equity capital markets for the foreseeable future.
Speaker #5: With that said, I'm happy to say we are increasing our guidance for the year and are looking for revenue to come in between $104 million and $108 million, with adjusted EBITDA to be between $14.5 million and $17.5 million.
As you can see we certainly believe that we're hitting our stride, our disciplined cost management and sharp cross selling strategies rooted in helping customers optimize budget allocation to drive script lift are fueling strong momentum heading into the second half of 2025 and beyond.
Speaker #5: Moreover, while it's still very early, initial indications for 2026 appear promising, as a result, we feel comfortable with consensus current revenue and adjusted EBITDA projections for 2026.
Speaker #5: And we will give formal guidance as we get deeper into the 2026 RFP process. In addition, we paid down $4.5 million of principal during the second quarter, which was $4 million above our debt payment schedule.
Our strong second quarter and first half results clearly show that the rule of 40 performance is no longer distant goal, it's firmly within our sites.
Perhaps most notably average revenue over the last 12 months for our largest five customers now stand at over $11 million average.
Speaker #5: At this time, given the free cash flow we're seeing our business, we intend on paying down our debt at an accelerated rate and don't believe we'll need to access the equity capital markets for the foreseeable future.
We believe optimize Rx is uniquely positioned to drive meaningful value creation and deliver sustainable long term shareholder growth.
Speaker #5: As you can see, we certainly believe that we're hitting our stride. Our disciplined cost management and sharp cross-selling strategies, rooted in helping customers optimize budget allocation to drive script lift, are fueling strong momentum heading into the second half of 2025 and beyond.
Power by one of the nation's largest point of care networks, we enable pharmaceutical manufacturers to reach health care providers directly when it matters most.
Building on this powerful foundation, we've integrated a purpose built omnichannel technology platform, featuring advanced patient finding tools like gap micro neighborhood targeting that are redefining, how pharmaceutical companies physicians and patients connect communicate and act.
Speaker #5: Our strong second quarter and first half results clearly show that the rule of 40 performance is no longer a distant goal. It's firmly within our sights.
Speaker #5: Perhaps most notably, average revenue over the last 12 months for our largest five customers now stands at over $11 million average. We believe OPTIMIZERx is uniquely positioned to drive meaningful value creation and deliver sustainable, long-term shareholder growth.
This innovative approach is not only transforming engagement across the healthcare ecosystem, but also helping to improve patient outcomes.
These advantages provide us with a durable and defensible competitive mode with unmatched access to both the point of care and direct to consumer channels. We believe we are uniquely positioned in the market as the only player capable of engaging providers and patients at scale.
Speaker #5: Powered by one of the nation's largest point-of-care pharmaceutical manufacturers to reach healthcare providers, directly when it matters most. Building on this powerful foundation, we've integrated a purpose-built, omnichannel technology platform featuring advanced patient-finding tools like DAP and micro-neighborhood targeting, that are redefining how pharmaceutical companies, physicians, and patients connect, communicate, and act.
This strategic positioning has enabled us to build the industry's most comprehensive and integrated solution set, allowing us to serve a broad range of customer needs across the full product lifecycle drive deeper customer relationships and capture a greater share of long term value.
As mentioned on previous calls as our business continues to evolve a key focus for the company will be drawing greater attention to our reach and scalability, while positioning ourselves as a strategic partner in addressing some of the most critical commercialization challenges facing pharma today.
Speaker #5: This innovative approach is not only transforming engagement across the healthcare ecosystem, but also helping to improve patient outcomes. These advantages provide us with a durable and defensible competitive moat.
Speaker #5: With unmatched access to both the -of-care and direct-to-consumer channels, we believe we are uniquely positioned in the market as the only player capable of engaging providers and patients at scale.
These include improving brand visibility, reducing script abandonment, enhancing interoperability and supporting the growing shift towards more complex and costly specialty medications.
Speaker #5: This strategic positioning has enabled us to build the ustry's most comprehensive integrated solution set, allowing us to serve networks, we enable a broad range of customer needs across the full product lifecycle, drive deeper customer relationships, and capture greater share of long-term value.
Im confidence that success in these areas combined with the strong performance, we are already delivering through the solutions that deliver high rois and strong script lift.
We will drive significant shareholder value over time.
Moreover, this momentum will position us to capture greater market share while also expanding the overall size of farmers multibillion dollar digital spend.
Speaker #5: As mentioned on previous calls, as our business continues to evolve, a key focus for the company will be drawing greater attention to our reach and scalability, while positioning ourselves as a strategic partner in addressing some of the most critical commercialization challenges facing pharma today.
Our customers remain deeply embedded within our ecosystem of offerings and it remains our goal to help them stay present through the patient care journey across the integrated HCP and DTC business.
Speaker #5: These include improving brand visibility, reducing script abandonment, enhancing interoperability, and supporting the growing shift toward more complex and costly specialty medications. I'm confident that success in these areas, combined with the ong performance we are already delivering through the solutions that deliver high ROIs and strong script lift, will drive significant shareholder value over time.
And with that I'd like to turn the call over to our CFO, Ed Stelmach will walk us through the financial details.
Ed.
Thanks, Steve and good afternoon, everyone.
The press release was issued with the financial results of our second quarter ended June 32025.
Speaker #5: Moreover, this momentum will position us to capture greater market share while also expanding the overall size of pharma's multibillion-dollar digital spend. Our customers remain deeply embedded within our ecosystem of offerings, and it remains our goal to help them stay present through the patient-care journey across the integrated HCP and DTC business.
Copies are available for viewing and maybe downloaded from the Investor Relations section of our website.
And additional information can be obtained through our forthcoming 10-Q.
Second quarter revenue was $29 $2 million, an increase of 55% from the $18 8 million recognized during the same period in 2024.
Speaker #5: And with that, I'd like to turn the call over to our CFO, Ed Stelmakh, who will walk us through the financial details. Ed?
Gross margin for the quarter increased from 62, 2% in the quarter ended June 32024.
Speaker #6: Thanks, Steve, and good afternoon, everyone. A press release was issued with the financial results of our second quarter and the June 30th, 2025. A copy is available for viewing and made a download from the investor relations section of our website.
The 6% to three 8% in the quarter ended June 32025.
Year on year gross margin expansion is tied to a favorable product mix economies of scale as well as a favorable channel partner mix.
Speaker #6: An additional information can be obtained through our forthcoming Thank You. Second quarter revenue was $29.2 million, an increase of 55% from the $18.8 million we recognized during the same period in 2024.
Our operating expenses for the quarter ended June 32025 were essentially flat year over year at $15 4 million.
Despite the significant revenue growth was shown.
We had a net income of $1 5 million or <unk>.
Speaker #6: Gross margin for the quarter increased from 62.2% in the quarter ended June 30th, 2024, to 63.8% in the quarter ended June 30th, 2025. Year-on-year gross margin expansion is tied to a favorable product mix, economies of scale, as well as a favorable channel partner mix.
Basic and fully diluted share.
The three months ended June 32025.
This compared to a net loss of $4 million or 22%.
Basic and fully diluted share.
For the same three months period in 2024.
On a non-GAAP basis, our net income for the second quarter of 2025, with $4 5 million or <unk> 24 cents.
Speaker #6: Our operating expenses for the quarter ended June 30th, 2025, were essentially flat year over year, at $15.4 million, despite the significant revenue growth we showed.
Our fully diluted share outstanding.
As compared to a non-GAAP net income of <unk> 3 million or <unk> <unk> per fully diluted share outstanding.
Speaker #6: We had a net income of $1.5 million, or 8 cents per basic and fully delivered share for the three months ended June 30th, 2025.
In the same year ago period.
Our adjusted EBITDA came in at $5 8 million for the second quarter of 2025.
Speaker #6: As compared to a net loss of $4 million, or 22 cents, per basic and fully delivered share for the same three-month period in 2024.
Compared to a <unk> 5 million during the second quarter 2024.
Operating cash flow was $8 4 million for the first half of 2025 and.
Speaker #6: On a non-GAAP basis, our net income for the second quarter of 2025 was $4.5 million, or 24 cents, per fully delivered share outstanding as compared to a non-GAAP net income of 0.3 million, or 2 cents, per fully delivered share outstanding in the same year-ago period.
And we ended the quarter with a $16 6 million and our cash balance as.
As compared to $13 4 million on December 31, 2024.
The remaining principal on our debt financing currently stands at $29 3 million.
Speaker #6: Our adjusted EBITDA came in at $5.8 million, for the second quarter of 2025, compared to 0.5 million, during the second quarter of 2024. Operating cash flow was $8.4 million, for the first half of 2025, and we ended the quarter with a $16.6 million cash balance, as compared to $13.4 million, on December 31st, 2024.
And it would be $4 5 million in principal during the quarter, which was $4 million ahead of our payment schedule.
At this time, we intend to deploy at least a portion of our free cash flow to be down the principal on our loan faster as.
As we look to continuously and lower our cost of capital.
With that said, we continue to believe that our healthy balance sheet will help us execute against our operational costs.
Speaker #6: The remaining principal on our debt financing currently stands at $29.3 million. And we paid $4.5 million in principal, during the quarter which was $4 million ahead of our payment schedule.
Now, let's turn to our Kpis for the second quarter of 2025.
Average revenue per top 20 pharmaceutical manufacturer now stand at $3 $1 million.
Net revenue retention rate remained strong at 121%.
Speaker #6: At time, we intend to deploy at least a portion of our free cash flow to pay down the principal on our loan faster, as we look to continuously lower our cost of capital.
Meanwhile, the revenue per FTE came in at 767000.
Tapping the 658000, we posted in Q2 2024.
Speaker #6: With that said, we continue to believe that our healthy balance sheet will help us execute against our operational goals. Now, let's turn to our KPIs for the second quarter of 2025.
We are encouraged by the continuing improvement in our Kpis and will continue to execute against our strategy of driving profitable growth as a leader in our space.
Speaker #6: Average revenue per top 20 pharmaceutical manufacturer now stands at $3.1 million. Net revenue retention rate remained strong at $121%. Meanwhile, revenue per FTE came in at $767 thousand, topping the $658 thousand we posted in Q2, 2024.
Now with that I will turn the call back over to Steve.
<unk>.
Thanks, Ed operator, now, let's move to Q&A.
Certainly.
We will now begin the question and answer session.
To ask a question you May press Star then one on your telephone keypad, if youre using a speakerphone. Please pick up your handset before pressing the keys.
If at any time. Your question has been addressed and you would like to withdraw your question. Please press Star then two.
Speaker #6: We are encouraged by the continuing improvement in our KPIs, as we continue to execute against our strategy of driving profitable growth as a leader in our space.
At this time, we will pause momentarily to assemble our roster.
Speaker #6: Now, with that, I'll turn the call back over to Steve. Steve?
Our first question comes from Richard Baldry with Roth capital.
Please go ahead.
Speaker #7: Thanks, Ed. Operator, now let's move to Q&A.
Thanks, Congrats on an incredible quarter.
So many things to ask I'll try to narrow it.
Speaker #8: Certainly. We will now begin the question and answer session. To ask a question, you may press star, then one on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys.
Last quarter, you talked about your typical revenue cadence being 15% to 20% in Q1 'twenty to 'twenty three in Q2 if.
If we look at what you've now done in the first half and use those cadences.
Speaker #8: If at any time your question has been addressed and you would like to withdraw your question, please press star, then two. At this time, we will pause momentarily to assemble our roster.
Revenues will come in as sharply above even your increased guidance to be closer to $128 million. If you use the midpoint can.
Can you talk about whether there's anything one time in Q2 any outliers there that we need to pull away to make that cadence sort of more normalized how do we think about back given the extraordinary upside you just gave on the revenue number and earnings for that matter.
Speaker #8: Our first question comes from Richard Baldry with Roth Capital. Please go head.
Speaker #9: Thanks. Congrats on an incredible quarter. So many things to ask. I'll try to narrow it, but last quarter you talked about your typical revenue cadence being 15 to 20 percent in Q1, 20 to 23 in Q2.
Hey, rich thanks for the thanks for the question Great to hear your voice.
We did have in the first half of 2025, a little bit of managed service revenue is still in the revenues and so what we're guiding to on the full year, we think is.
Speaker #9: If look at what you've now done, in the first half, used those cadences, you know revenues will come in sharply above even your increased guidance, be closer to $128 million if you use the midpoints.
Again conservative but achievable.
We're going to continue to hit that drumbeat is conservatism, but not not sandbagging, but being conservative.
Speaker #9: Can you talk about whether there's anything one-time in Q2, any outliers there that we need to pull away to make that cadence sort of more normalized, or how do we think about that given the extraordinary upside you just did on the revenue number and earnings for that matter?
Okay.
So.
Yes.
Understood.
<unk>.
Have I think we feel comfortable with our updated guidance.
Ed.
You'd add there.
Yes.
Speaker #10: Hey, Rich. Thanks for the estion. Great to hear your voice. We did have in the first half of 2025 a little bit of managed service revenue still in the revenues.
Add a little bit to that issue.
Yes, so as Steve said first half definitely had.
A little bit of a managed service revenue that was above our expectation.
Speaker #10: And so what we're guiding to on the full year, we think, is you know again, conservative, but achievable. We're going to continue to hit that drumbeat of conservatism, but not you know not sandbagging, but being conservative and heavy.
Just say no managed service revenue typically is.
Contracted for three to six months in duration.
And it is something that comes up.
A little bit of a surprise to us in terms of any upside or any extensions to existing contracts. So we typically don't forecasted in our numbers and what you saw in Q2.
Speaker #10: So second half, I think we feel comfortable with our updated guidance. Ed, Andy, anything you'd add?
Kind of exactly that phenomenon, where.
We were surprised by a little bit.
Speaker #11: Yeah. Yeah, I'll add a little bit to that. Hey, Richard. Yeah, so as Steve said, first half definitely had a little bit of managed service revenue that was above our expectation.
Little bit higher managed service revenue than we had in Q1.
But currently we don't expect that to continue into the second half.
Got it and on the <unk>.
Speaker #11: Just so you know, managed service revenue typically is contracted for three to six months in duration. It is something that comes as a little bit of a surprise to us in terms of any upside or any extensions to existing contracts.
Cost side Opex.
Opex basically flat despite revenues up 33% sequentially and at some point that can't be sustainable how do we think about opex in the second half.
Yeah. Thanks, I think what we're trying to show in the model. There are what we are showing in the model was operating leverage rich. So you know we made some pretty significant investments in the back half of last year and really in Q1 of this year to operationalize more of our technology part of what Youre seeing on the Opex. There is a lack of need to.
Speaker #11: So we typically don't forecast it in our numbers, and what you saw in Q2 is kind of exactly that phenomenon where we're surprised by a little bit of a little bit higher managed service revenue than we had in Q1.
Speaker #11: But currently, we 't expect that to continue into the second half.
<unk> four is to drive revenue I think we are right now we've got the team that we have.
Speaker #12: Got it. Then on the cost side, operators are basically flat despite revenues up 33% sequentially. At some point, that can't be sustainable. How do we think about OPEX in the second half?
Well above what we're currently looking at for 2025.
So I don't expect that Youll see opex growing.
Into the back half of the year, although a need may come up, but we feel pretty good about the opex number.
Speaker #11: Yeah, thanks. I think what we're trying to show in the model there or what we are showing in the model is operating leverage-rich. So you know we made some pretty significant investments in the back half of last year and really in Q1 of this year to operationalize more of our technology.
Yes.
More color, yes, so basically we are accruing for a car.
Current forecast.
Range as far as bonuses and variable comp.
There's no kind of true up at the back end of the year.
Speaker #11: Part of what ou're seeing on the OPEX there is you know a lack need to add more bodies to drive revenue. I think we are right now, we've got the team that we need well above what we're currently looking at for 2025.
So I would agree with Steve that you can expect roughly the same.
Run rate in the second half as in the first half.
Okay.
Okay, then I'm trying to make this man.
The ARPA of your top 20 grew pretty strongly but at the same time. They are a smaller percent of total revenues fell from 66% to 59%. So it argues that.
Speaker #11: So I don't expect that you'll see OPEX growing going into the back half of the year, although you know a need may come up.
Speaker #11: But we feel etty good about the OPEX number. And just to add a little bit a little more color, yeah, so basically, we are accruing for you know our current forecasted range.
The rest of your non top 20 revenues are growing faster.
Is that a function of faster logo adds do you think.
Or is it a function of the RPM for those non top 20 growing at an even faster pace.
Speaker #11: As far as bonuses and variable comp. So there's no kind of true up in the back end of the year. So I would agree with Steve that you can expect roughly the same run rate in the second half as in the first half.
Yes, it's really a function of those under the top 20, starting to grow a little bit faster than we had and I think we shared.
Broadly on the last call we had a couple of.
Speaker #12: Okay. Then I'm trying to make this in the last one, but the ARPU of your top 20 grew pretty strongly, but at the same time, they're a smaller percent of total revenue, so fell from 66% to 59%.
Sort of mid sized or smaller accounts start to join the ranks of some of the bigger.
Larger top 10 that we have been mentioning which we think we've been very encouraged by that so the growth in the mid cap and small businesses.
Speaker #12: So it argues that you know the rest of your non-top 20 revenues are growing faster. You know, is that a function of faster logo ads, do you ink?
Is accelerating and we think thats going to continue to happen. So it's not that the top 10 is doing worse in fact, the average revenue per top 10 continues to improve off of what we shared last time, so we're feeling pretty confident going into the back half great great question.
Speaker #12: or is it a function of the ARPU for those non-top 20 growing at an even faster pace? Thanks.
Speaker #11: Yeah. It's really a function those under the top 20 starting to grow a little bit faster. I mean, we had, and I think we shared broadly on the last call, we had a couple of sort of mid-size or smaller accounts start to join the ranks of some the bigger you know larger top 10 that we've been mentioning.
Thank you, yes so.
Last but let's do one last one so if I did a rule of 40 on the border I guess, 20% adjusted EBITDA and 55% growth for 75 at some point, that's almost dilutive krish number so.
Speaker #11: Which we think we've been we've been very encouraged by that. So the growth in mid-cap and small businesses is is accelerating. And think that's going to continue to happen.
Do you feel like the opex side needs to kind of grow all.
All quicker to keep up.
To this pace or I know, it's a digital and scalable business.
Speaker #11: So it's not that the the top 10 is doing worse. In fact, the average revenue per top 10 continues to improve off of what we shared last time.
It's sort of hard to grow that fast, sometimes without having to invest in the business.
Yes, Ed I'll, let you I'll, let you comment again.
Speaker #11: So we're feeling pretty confident going into the back half. Great, great estion. Thank you.
Sure Yeah look I mean, I would just add.
A one quarter phenomenon right now, we're not projecting anything near that growth rate for the year.
Speaker #12: Yeah. So I always think I'm last, but let's do one last one. So if I did a rule of 40 on the quarter, I get 20% adjusted EBITDA on 55% growth for 75.
I can tell you internally, we don't feel overly stretched or stressed by this kind of growth rate at all.
Speaker #12: And at some point, that's almost ludicrous number. So again, do you feel like the OPEX side needs to kind of grow at all quicker to keep up to to this pace?
So if it continues to grow even at half that rate.
We feel like we're well staffed and equipped to handle the growth rate.
After a certain point, obviously, you're not going to last forever, but.
Speaker #12: Or I know it's a digital and scalable business, but it's it's it's sort of hard to grow this fast sometimes without having to invest in the business.
Certainly in the foreseeable future.
Alright ill leave it there congrats on congrats on an amazing quarter.
Speaker #11: Yeah. Ed, I'll let you I'll let you comment on that one again.
Thanks, Rich I appreciate all the support.
Speaker #12: Yeah.
Speaker #11: Sure. Yeah. Look, I mean, as we said, it's a one-quarter phenomenon right . We're not projecting anything near that growth rate for the year.
Our next question comes from Eric <unk> with Lake Street. Please go ahead.
Speaker #11: I can tell you internally we don't feel overly stretched or stressed by this kind of growth rate at all. So if it continues to grow, even at half that rate, we feel like 're well staffed and equipped to handle the rowth rate.
Yes, I wanted to dive in on the contracted revenue being up 30% year on year. What can you tell us about the types of revenue that are contracted here are these pointed at b to C practitioners.
Speaker #11: Up to a certain point, obviously, it's not going to last forever, but certainly in the foreseeable future.
The length of the campaigns are we talking 60 days span of six months spend.
Speaker #12: All right. I'll leave it there. Congrats on on amazing quarter. Thanks,
Hey, Eric Great Great to hear from you I'll give a little bit of voice over and that has had nanjing China into but.
Speaker #11: Thank you.
Speaker #12: Rich. Appreciate all the support.
Contracted revenue right now is following the exact same product mix than it has in the past so it's a blend of HCP and DTC business.
Speaker #8: Our next question comes from Eric Martinuzzi with Lake Street. Please go head.
Speaker #13: Yeah. I wanted to dive in on the contracted revenue being up 30% year on year. What can you tell us about the types of revenue that are contracted here?
Both both.
<unk> business is growing at really solid rates I think at this point in terms of revenue lines.
We are seeing good growth in our audiences. So our adapt our DAP business continues to grow at a probably an outsized pace, which is good for us.
Speaker #13: Are these pointed at the B2C? Are they at practitioners? The length of the campaigns? Are we talking you know 60-day spend, a six-month spend?
We're not breaking apart as you know DTC and EQT revenue, we treat it as one business now so.
Speaker #11: Hey, Eric. Great, great to hear from you. I'll give a little bit of voiceover and then have Ed and Andy chime in too. But contracted revenue right now is following the exact same product mix that it has in the past.
Not going to break that apart, but in terms of the quality of revenues quality of contracted revenue specifically.
Good as it's been.
We're feeling strong going into the back half.
Of length of contracts, it's the same as it's been.
Speaker #11: So it's a blend of HCP and DTC business. Both businesses growing at really solid rates. I think at this point in terms of revenue lines, we are seeing you know good growth in our audiences.
In the past so nothing nothing to report there in terms of multi year, yet, although we're working on working on trying to lengthen those contract terms.
Anything you'd add.
Yes, I would just add that it's a broad based ramp up.
Speaker #11: So our DAP business continues to grow at probably an outsized pace, which is good for us. We're not breaking apart. As ou know, DTC and HCP revenue, we treat it as one business now.
Contracted revenues.
Faster than I've seen since I've been here.
So certainly it to me, it's a nice signal.
Speaker #11: So not going to break that apart. But in terms of the quality of revenues, quality of contracted revenues specifically, it's as good as it's been.
Adoption and an appetite for what we bring to the market.
<unk>.
Certainly in the current year.
Speaker #11: And we're feeling strong going into the back half. In terms of length of contracts, it's the same as it's been in the past. So, nothing to report there in terms of multi-year yet, although we're working on trying to lengthen those contract terms.
When you say broad base you are talking about both top 20 and below top 20 is that what you mean.
Yes, as you can see you got top five growing that top 20, and then beyond that.
And since.
Since we don't disclose the actual mix underneath the hood, both HCP and you can see that side of the business are performing really well.
Speaker #11: Ed, thing you'd add? Yeah. No, I would just add that it's a broad-based ramp-up in contracted revenues. Faster than I've en since I've been here.
Got it and thanks for taking my question.
Sure.
Speaker #11: So certainly, to me, it's a nice signal of adoption and an appetite for what we bring to the market. Certainly, in the current year.
Good to hear for my next question.
Okay.
Our next question comes from Anderson shock with B Riley Securities. Please go ahead.
Speaker #12: When you say broad-based, you're talking about both top 20 and below top 20? Is that what ou mean?
Hi, Thank you for taking the questions and congrats on a really impressive quarter.
Speaker #11: Yeah, yeah. Yeah. You can see you know, you got top 5 growing nicely, top 20. And then beyond that, and you know since we don't disclose the actual mix underneath the hood, both HCP and DTC side of the business are performing really well.
So I guess could we just talk about the reduction in top 20 pharma revenue concentration are there better contract economics with mid tier pharma companies and maybe do you have a target mix for this.
Yes, Andy why don't we have you take that question.
Yeah, I think it's just a function of.
Speaker #12: Got it. Thanks for taking my question.
Speaker #11: Sure.
Optimal efficiencies being taken place at smaller cap companies.
Speaker #14: Good to ar from you.
Speaker #12: Our next question.
They're looking to save wallet.
Speaker #8: Our next question comes from Anderson Shawk with B Riley Securities. Please go ahead.
And increased stability to the market.
Efficiently.
Speaker #14: Hi. Thank you for taking the questions and congrats on a really impressive quarter. So I guess, could we just talk about the reduction in top 20 pharma revenue concentration?
They have less dollars to be able to spend so our technology is starting to be more proven and so we're just seeing them start to adopt.
Fast array, but keep in mind, there's a lot more logos.
Speaker #14: Are there better contract economics with mid-tier pharma companies and maybe do you have a target mix for this?
From that 20 to 100, Mark and they are in the top 20, so while the dollars or less per logo typically.
Speaker #11: Yeah. Andy, why don't we have you take that question?
They are growing at a fast rate and starting off at a smaller base if that makes sense.
Speaker #15: Yeah. I think it's just a function of efficiencies being taken place at smaller-cap companies. So they're looking to save wallet and increase the ility to market efficiently.
Okay. That's helpful and then.
Then on the last call you reported 5% of projected annual revenue converted to the DAP subscription contracts I guess what percent of your revenue is now subscription based and how should we think about the gross margin trajectory for the back half of the year is that subscription revenue continues to scale.
Speaker #15: Since they have less dollars to be able to end. So our technology is starting to be more proven and so we're just seeing them start to adopt at a faster rate.
Ed why don't you take that one yes.
Speaker #15: But keep in mind, there's a more logos from the 20 to 100 mark than there are in the top 20. So while the dollars are less, per logo typically, they are growing at a faster rate.
Yes.
So again, we don't break it out, but the 5% number.
Turning to still is valid.
And right now we have.
Kind of a pipeline line of sight to about 10% for the year, assuming the pipeline quarters and converts.
Speaker #15: And starting off at a smaller base, if that makes sense.
Speaker #12: Okay. That's pful. And then on the last call, you reported 5% of projected annual revenue converted to the DAP subscription contracts. I guess, what percent of your revenue is now subscription-based and how should we think the gross margin trajectory for the back half of the year as DAP subscription revenue continues to scale?
Okay got it thank you for taking the questions and congrats again on the quarter.
Thank you.
Thanks Anderson.
The next question comes from David Grossman with Stifel Financial. Please go ahead.
Thank you.
Afternoon, guys.
Just a couple of quick follow up question sure maybe some things that were asked.
Speaker #11: Ed, why don't ou take that one? Yeah. Yeah. So again, we don't break that out, but the 5% number kind of just still is valid.
I think last quarter, Steve you.
Gave us a metric in terms of your visibility on the year compare at the end of March compared to the end of March last year can you do the same for us for the end of the June quarter.
Speaker #11: And right now, have kind of a pipeline line of sight to about 10% for the year, assuming the pipeline closes and converts.
Yes, Thanks, David good to hear from you.
Speaker #12: Okay. Got it. Thank you for taking the questions and congrats again on the quarter.
We're not going to we're not going to give a number on contracted revenue other than to say at this point were 30% or better than we were same time last year. So.
Speaker #11: Thank you.
Speaker #14: Thanks, Anderson.
Speaker #8: The next question comes from David Grossman with Stephen Financial. Please go ahead.
I think we're pretty confident in being able to share that I think we're going to stop sharing and actual contracted revenue number and you know that we're not sharing we haven't been sharing our pipeline numbers throughout the year. This year. So I would say what we shared with you last time still valid just think of that growing at all.
Speaker #16: Thank ou. Good afternoon, guys. Just a couple of quick follow-up questions here to maybe some things that were asked. I think last quarter, Steve, you gave us a metric in terms of your visibility on the year at the end of March compared to the end of March last year.
At a 30% clip or better and thats kind of where things are.
Speaker #16: Can you do the same for us, you know, for end of the June quarter?
Got it and in terms of your.
Our year is always hope backend weighted in the fourth quarter.
Speaker #11: Yeah. Thanks, David. 's good to hear from you. You know, we're going to give a number on contracted revenue other than to say at this point, we're 30% or better than we were same time last year.
Does.
Does that improved visibility reflects the outperformance in the second quarter or does it give us better visibility on the fourth quarter.
Speaker #11: So you ow, I think we're pretty confident in being able to share that. I think we're going to sharing an actual contracted revenue number.
That's a great question it gives us better better visibility on the fourth quarter. So I think we feel more comfortable which is why we've increased guidance and given a better view into what we think the full year is going to look like what we don't have currently baked into our visibility is really the buy up seasonality that we've seen in this business a year.
Speaker #11: And you know that we're not sharing, we haven't been sharing a pipeline number throughout the year this year. So I would say what we shared with you last time still valid.
Speaker #11: Just think of that growing at a, ou know, at a 30% clip or better and that's kind of where things are.
Over year in the fourth quarter, David So we've not we've not included that in the forecast or the guidance.
Speaker #12: Got it. And in terms of, you know, your year is always so back and weighted to the fourth quarter. Does that improve visibility reflect the outperformance in the second quarter?
I think thats in line with our general sort of conservatism that we're going with here. So if your <unk>.
This business intimately so we've not added any.
Speaker #12: Or does it give us better visibility on the fourth quarter?
Number for the fourth quarter and to anything that we've shared nor will we.
Speaker #11: That's a great question. It gives us better visibility on the fourth quarter. So I ink we feel more comfortable, which is why we've increased guidance and given a better view into what we think the full year is going to look like.
And.
Thank you.
Both you and Ed mentioned managed services.
And we all know the episodic nature of that and unpredictability. So.
Speaker #11: What we don't have currently baked into our visibility is really the biop seasonality that we've seen in this business year over year in the fourth quarter, David.
As you look at the outperformance in revenue in the quarter, how much of that was managed services versus other.
Speaker #11: So, we've not included that in the forecast or the guidance, and I think that's in line with our general sort of conservatism that we're going with here.
So that business.
Yes, we don't break it out, but I wouldn't look at us in the quarter I would look at it as in the first half.
Speaker #11: So if you're, and I know you know this business intimately, so we've not added any number for the fourth quarter into anything that we've ared.
There is still some opportunistic managed service revenue coming in.
We've taken that into account and what we have shared for the second half in terms of our restating in projection on the guidance increase.
Speaker #11: Nor will we.
Speaker #12: Right. And you know, I'm. I
Speaker #11: Excuse me.
Speaker #12: think you, and both, you know, you and Ed mentioned, you know, managed services, you ow, and you know, we all know the episodic nature of that and unpredictability.
And so what's reflected in our increased guidance takes that into account and I don't know if there's anything else you'd want to say on that.
Yes, I mean, it's clearly a material right.
Speaker #12: So as you look at the outperformance in revenue in the quarter, how much of that was managed services versus other areas of the business?
To an extent of changing with feeding.
Skewing the phasing of our revenue burn through the year.
But certainly not material enough to be the vast majority of Oregon or even the majority of our business.
Speaker #11: Yeah. We don't break it out, but I wouldn't look at it as in the quarter. I would look at it as in the first half.
It's certainly a number that's me.
Speaker #11: There's still some opportunistic managed service revenue coming in. We've taken that into account and what we've shared for the second half in terms of our restating and projection on the guidance, the increase.
Meaningful but.
But I wouldn't look at it as the key driver of Q2 performance.
Got it.
And just one other follow up.
Speaker #11: And so what's reflected in our increase guidance takes that into account. Ed, I don't know if there's thing else you'd want to say on that, but.
On the operating expenses I know you said flat in dollars the balance of the year.
Speaker #11: Yeah. I mean, I mean, it's learly a material, right? But material to an extent of changing the phasing or skewing the phasing of our venue burn through the year.
Is there anything you can help us to understand as we think about I mean, you did say you were comfortable.
With the revenue I think I heard you right you said revenue and margin for next year and consensus.
Speaker #11: But certainly, not material enough to be, you know, the vast majority or even, you ow, or even the majority of our . So it's certainly a number that's meaningful.
How do you want us to think about the leverage in the business.
Going forward.
Speaker #11: But I wouldn't ok at it as the key driver of Q2 performance.
Any kind of sign posts you can give us.
Very helpful.
Sure sure Ed why don't you take that.
Speaker #12: Got it. And just one other follow-up on the operating expenses. I know you said they would be flat in dollars for the balance of the year. Is there anything you can help us understand as we think about this? I mean, you did say you were comfortable with the revenue.
Yes, so I would say this year from an Opex perspective is really fully baked.
Kind of utilize what youre seeing right now in the run rate.
Next year I would apply the typical merit increases.
Comp increases that come along with a growing business.
Speaker #12: I think I heard you right. You said venue and margin for next year and consensus. How do you want us to think the leverage in the business, you know, going forward?
As far as major investments are concerned.
Think we can run this business with roughly the same headcount.
Robert It too.
A million dollars.
Speaker #12: Any kind of signposts you can give us would be helpful.
And topline.
Thereabouts.
So any additional investments will be more kind of strategically oriented.
Speaker #11: Sure. Yeah, sure.
Speaker #12: Ed, why don't you take that?
Speaker #11: Yeah. Yeah. So I would say, you know, this year, from an OPEX perspective, is relatively baked. So I would kind of utilize what you're seeing right now as a run rate.
That probably has to do with either investments in additional channels.
Or.
Technology expansion.
Speaker #11: Going into the next year, I would apply the typical, you know, minute increases in variable comp that come along with the growing business. As far as major investments are concerned, I think we can run this business with roughly the same headcount, probably to $150 million in top line.
Continuing to expand our portfolio of solutions.
And those will be capitalized.
Got it.
Alright, great I guess.
The only other question really is a higher level one just.
What youre seeing out of pharma, it's been all over the board in terms of their results this quarter, they've got some regulatory headwinds theyre dealing with.
Speaker #11: But thereabouts. So any additional investments would be more kind of, you ow, strategically oriented that probably have to do with either investments in additional channels or, you know, technology expansion to continue to expand our portfolio of solutions.
Is there any kind of flow through that you're seeing one way or another.
You've kind of talked to.
Some of your larger pharma clients or is this all just kind of business as usual for the most part.
Thanks, David I mean, we're definitely seeing that pharma is more focused on efficient ways of driving revenue.
Speaker #11: And those would be capitalized.
Speaker #12: Got it. All right. Great. I ess, you know, the only other question really is a higher level one. I'm just, you know, what you're seeing out of pharma, you know, it's been all over the board in terms their results.
And I think they are still digesting, what's going on in the general regulatory environment also with the White house and some of the potential changes there so that the <unk>.
Focus we're seeing there is looking for efficient ways to continue to communicate with patients and physicians and drive revenue and scripts.
Speaker #12: This quarter, you know, they've got some regulatory headwinds they're dealing with. You know, is there any kind flow-through that you're eing one way or other?
And we're lucky that we're in a we're in a good strategic position in terms of driving revenue in a very efficient cost effective way at scale.
Speaker #12: You know, as you've kind of talked to, you ow, some of your larger pharma clients or is this all just kind of business as usual for the most part?
With reach and so what we're also seeing as they are evaluating other players that are in the marketplace. When those players have a lower reach less reached and we might or less accurate camp crude out revenue then we have the ability to provide reporting their insights.
Speaker #11: Thanks, David. I mean, we're definitely seeing that pharma is more focused on efficient ways of driving revenue. And I ink they're still digesting what's going on in general regulatory environment, also with the White House and some of the potential changes there.
Pharma is very quickly moving past those those businesses and moving on to businesses that can provide them the data and the analytics that we need to continue to invest.
Speaker #11: So that the focus we're seeing there is looking for efficient ways to continue to communicate with patients and physicians and drive revenue and script.
And so that's kind of a macro trend we're seeing across the board in digital and you can you can kind of see it in all the businesses that you guys follow youll start to see it more and more prominently.
Speaker #11: And I'm, you know, we're lucky that we're a good strategic position in terms driving revenue in a very efficient and cost-effective way at scale.
Alright, alright, guys. Good luck. Thanks again.
Speaker #11: With reach. And so what we're seeing is, as they're valuating other players that are in the marketplace, when those players have a lower reach, less reach than we might or are less accurate, can't prove out revenue, they don't have the ability to provide reporting or insights.
Thank you.
Yes.
Our next question comes from Jeff Garrow with Stephens, Inc. Please go ahead.
Yeah. Good afternoon, thanks for taking the questions maybe a follow up on the last one on the macro environment and those trends that you discussed curious how much that potential.
Speaker #11: Pharma very quickly moving past those businesses and moving on to businesses that can provide them the data and the analytics that they need to continue to invest.
Potentially leading to any pull forward of spend given the potential uncertainty looming around some of those topics in and then how those different trends that you discussed are.
Speaker #11: And so that's kind of a macro trend we're seeing across the board in digital and you you can kind of see it in all the businesses that you guys follow.
Speaker #11: You'll start to see it more and more prominently.
Speaker #12: Right. All right, guys. Good luck. Thanks again.
Are impacting the early feel that youre getting on the selling season, it sounds like theres still a bit of energy and positive.
Speaker #11: Thank you. Thanks, David.
Speaker #8: Our next question comes from Jeff Garrow with Stephens Inc. Please go head.
The trend in indication at least towards optimize our Rx, but would love to hear more on kind of how the environment.
Speaker #17: Yeah. Good afternoon. Thanks for taking the questions. Maybe a -up on the last one on the macro environment. And those trends that you discussed, curious how much that's potentially leading to any pull forward of spend given the potential uncertainty looming around some of those topics.
<unk> Q2 in the first half in terms of pull forward and then how it's impacting the go forward view for your customers.
Thanks, Jeff we're.
We're not we're not seeing any pull forward right now in terms of revenue that's coming in we are seeing a willingness to engage in conversations a little bit earlier and make plans for the back half earlier, which I think is good but our contracted revenue is very smooth in terms of what we would anticipate for the year, so not a traditional kind of.
Speaker #17: And then how those different trends that you discussed are impacting the early field that ou're getting on the selling season. It sounds like there's still a bit of energy and positive trend and indication, at least towards optimize our X.
Spend the money now because we don't know what's going to be there in the back half, we're not seeing any signs of that and our commercial team continues to report back that second half they feel as steady as we've shared as you've heard from Ed myself and Andy.
Speaker #17: But would love to hear more on kind of how the environment impacted Q2 and the first half in terms of pull forward and then how it's impacting the go-forward view for your customers.
So nothing on the pull forward.
Regarding the second part of your question around investment we're looking at companies like <unk> I think the most important thing theyre looking for is the ability to continue to connect with doctors and with patients in a digital way that is efficient and we are still one of the only players out there that can do it we are arguably the only player that can really do it.
Speaker #11: Thanks, Jeff. Yeah. We're not seeing any pull forward right in terms of revenue that's coming in. We are seeing a willingness to engage in conversations a little bit earlier and make plans for the back half earlier, which I think is good.
Speaker #11: But our contracted revenue is very smooth in terms of what we would anticipate for the year. So not a traditional kind of spend the money now because we don't know what's going to there in the back half.
At scale across DTC, and HCP and I think they're starting to realize the economies of scale sit within this business and so thats why youre seeing a longer term investment being made I think in the.
Speaker #11: We're not seeing any signs of that. And our commercial team continues to report back that second half they feel is steady. As we've shared, as you've heard from Ed, myself, and Andy.
And Youre tracking this very closely to let me put it over to you and have you had any color that you would like.
Speaker #11: So nothing on the pull forward. Regarding the, you know, the second part of your question around investment or looking at companies like OPRX, I think the most important thing they're oking for is the ability to continue to connect with doctors and with patients in a digital way that's efficient.
I think you really hit the nail on the head there Steve I don't think there's much of a pull forward at this point in time.
I think Bob is it.
Really engaged with the digital channels and I really think what's going on right now and if youre seeing that moves higher ROI more efficient channels and there is some.
Speaker #11: And we are still one of the only players out there that can do it. We are arguably the only player that can really do it at scale.
Rich.
Speaker #11: Across DTC and HCP. And I ink they're starting to realize the economies of scale sit within this business. And so that's why you're seeing a longer-term investment being made, I think, in the business.
Mineral trends from the New administration.
But I think thats more affecting legacy ways of commercializing the business and is actually resulting in company's leaning forward more into digital.
Speaker #11: Andy, you're cking this very closely too. Let me put it over to you and have you add any color that you'd like.
Hi, Thanks for taking the questions guys I appreciate it congrats again, yes. Thank you thanks for that answer.
Speaker #16: No. I think you really hit the nail on the head there, Steve. I don't ink there's much of a pull forward at this point in time.
Thank you.
Speaker #16: I think pharma really engaged with the digital channels. And I really think what's ing on right now, if ou're seeing them move to higher ROI, more efficient channels, and there is some, you know, just risk with general trends from the new administration, but I think that's more affecting legacy ways of commercializing the business and is actually resulting in companies leaning forward more into digital.
This concludes our question and answer session.
I would like to turn the conference back over to Steve <unk> for any closing remarks.
Thank you operator, and thank you all for joining US today, we're excited to be building, our strong operational and financial momentum our foundation at <unk> and solid and we're confident in the path ahead.
What you heard today makes us confident in our ability to hit our short term and long term targets and I remain very enthusiastic about the future of our business. We look forward to speaking with you again on our next call and meeting many of you in the upcoming investor conferences and one on ones.
Speaker #17: Excellent. Thanks for taking the questions, guys. Appreciate it. Congrats again.
Speaker #11: Yeah. Thank you. Thanks, Jeff. Thank you.
Prior to the next earnings call have a wonderful evening everybody. Thank you.
Speaker #8: Thank you. This concludes our question and answer session. I would like to turn the conference back over to Steve Silvestro for any closing remarks.
Thank you Mr <unk>.
Before we conclude today's call I would like to provide the Companys safe Harbor statement that includes important cautions regarding forward looking statements made during today's call.
Speaker #16: Thank you, operator. And thank you all for joining us today. We're excited to be building our strong operational and financial momentum. Our foundation at OPRX is solid and we're confident in the path ahead.
Statements made by management during today's call may contain forward looking statements within the definition of section 2017 and Securities Act of 1933 as amended.
Speaker #16: What you heard today makes us confident in our ilities to hit our short-term and long-term targets. And I remain very enthusiastic about the future of our business.
Speaker #16: We look forward to speaking with you again on our next call and in meeting many of you in the upcoming investor conferences in 101s.
And section 21 E of the Securities Act of 934 as amended.
Speaker #16: Prior the next earnings call, have a wonderful evening, everybody. Thank ou.
These forward looking statements should not be used to make investment decisions.
The words anticipate.
Speaker #8: Thank you, Mr. Silvestro. Before we conclude today's call, I would like provide the company's safe harbor statement that includes important cautions regarding forward-looking statements made during today's call.
Estimate.
Correct possible.
And seeking and similar expressions identify forward looking statements.
They may speak only to the date that such statements are made.
Speaker #8: Statements made by management during today's call may contain forward-looking statements within the definition of section 27A and securities act of 1933, as amended, and section 21E of the securities act of 1934, as amended.
Forward looking statements in this call include statements regarding our growth plans plans for shareholder value creation.
Becoming a rule of 40 company.
Transitioning to a subscription based model.
Achieving our goal is to have patients stay present throughout the patient care journey.
Speaker #8: 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.
Across our integrated HCP and DTC business.
Initiatives being implemented by New administration.
Cost management targeted Upselling estimated 2025 revenue and adjusted EBITDA ranges.
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Forward looking statements also include the management's expectations for the rest of the year.
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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 dependence on a concentrated group of customers cyber security incidents that could disrupt operations the ability to keep pace with growing.
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Risks and uncertainties to which forward looking statements are subject could affect business and financial results are included in the company's annual report on Form 10-K for the year ended December 31, 2024 and in other filings. The company has made and may make with the SEC in the future.
Speaker #8: 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, the ability to keep pace with growing and evolving technology, the ability to maintain contracts with electronic prescription platforms and electronic health records, networks, and other material risks, risks and uncertainties to which forward-looking statements are subject could affect business and financial results, are included in the company's annual report on Form 10K for the year ended December 31st, 2024, and in other filings the company has made.
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Before we adjourn.
Before we get to earn.
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 investors section of the company's website.
Thank you for joining us today.
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Speaker #8: 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.
Speaker #8: Before we attend, sorry, before we attend today's conference, I would like 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 Investors section the company's website.