OptimizeRx Q1 2026 Earnings Call - Revenue Guidance Cut Amid MFN Headwinds, But AI and Programmatic DSP Integration Offer Long-Term Upside

Operator: Good afternoon, everyone, and thank you for joining OptimizeRx’s first quarter fiscal 2026 earnings conference call. With us today is Chief Executive Officer, Steve Silvestro. He is joined by Chief Financial and Strategy Officer, Edward Stelmakh, Chief Legal and Administrative Officer, Marion Odence-Ford, and Chief Business Officer, Andy D’Silva. At the conclusion of today’s call, I will provide some important cautions regarding the forward-looking statements made by management during today’s call. The company will also be discussing certain non-GAAP financial measures, which it believes are useful in evaluating the company’s operating results. 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.

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

Steve Silvestro, Chief Executive Officer, OptimizeRx: Thank you, operator, and good afternoon to everyone joining us for today’s first quarter 2026 earnings call. We delivered a solid start to the year, which exceeded consensus estimates on the top and bottom line. Revenue for the first quarter was $19.8 million and adjusted EBITDA was $3.3 million. While we’re pleased with our performance in the quarter, the broader healthcare technology operating environment continues to evolve. We’re seeing ongoing softness in our contracted revenue base relative to prior year levels, largely driven by what appears to be short to intermediate term disruption from last year’s most favored nation pricing dynamics and other macroeconomic factors, which are resulting in more cautious budget allocations, contract durations, and in some cases, the delaying of campaign timing and scope. That said, we wanna be clear, we do not view these pressures to endure.

In fact, we’ve made good progress with several large manufacturers at this point, getting spend levels back up, and the issue is more limited in scope than it previously was. The long-term shift within life sciences toward digital data-driven engagement is accelerating and OptimizeRx is well-positioned to capitalize on this growth. We continue to see encouraging signs of long-term adoption and expansion by our customers. Our AI-enabled DAP solution grew 60% in the first quarter, which highlights continued product market fit and customer adoption. Another one of our top pharmaceutical clients has continued to broaden its use of point of prescribe solutions across multiple oncology brands. What began as targeted engagement within specific indications has evolved into a scaled multi-brand deployment driven by measurable improvements in prescriber engagement and campaign performance. This type of expansion underscores our ability to grow within large enterprise accounts.

We are seeing similar momentum in med tech, where we are driving increased adoption of DAP to identify and activate high-value prescriber audiences. Initial pilot programs are expanding into multi-million dollar engagements, further reinforcing the repeatability of our growth model. From an operational standpoint, our business remains very strong as we continue to see consistent validation of our platform across both pharma and med tech customers. At the same time, we are expanding our presence with mid-tier and long-tail life science companies, which we believe represent a significant and under-penetrated growth opportunity for OptimizeRx. We are also making continued progress in shifting a greater portion of our revenue mix towards subscription-based models, particularly within DAP. Tied to our AI-enabled DAP solution, which showed growth in the first quarter, our DAP subscription revenue also grew by 45%.

This transition is an important step in improving revenue visibility and building a more durable and predictable financial model over time. Despite seeing measurable growth within our business, macro headwinds are still present, and we have less visibility on our full year. Given this, we are updating our full year 2026 guidance to reflect a more conservative revenue outlook. We now expect revenue to be in the range of $95 million to $100 million. Importantly, we’re maintaining our adjusted EBITDA guidance of $21 million-$25 million. This reflects both the strength of our operating model and the proactive cost optimization initiatives we have implemented. We’ve taken steps to align our cost structure with the current environment by prioritizing strategic investments, optimizing discretionary spend, deploying new agentic technology tools within our own business for better efficiency, and leveraging the scalability of our largely fixed cost platform.

These actions are expected to reduce cash operating expenses by approximately $3 million on an annualized basis, including savings of approximately $1 million in 2026 for an in-year benefit, excluding any severance related impacts. In addition, our gross margin optimization initiatives are continuing to deliver positive results, and we now expect full year gross margin to be in the high 60% range. We’ve also strengthened our financial position through the recent refinancing of our term loan. Edward Stelmakh will provide more details later in our presentation, but suffice it to say that the new term loan is expected to lower our interest expense by approximately 625 basis points. We wanna thank Blue Torch for being a good partner over the last two years.

As we recently announced, we continue to take the important steps to expand our platform capabilities and connectivity into the broader ecosystem. We are now enabling demand side platforms that control more than 80% of digital promotional dollars to connect directly into OptimizeRx proprietary EHR network. This technical evolution of our platform and expansion in our go-to-market strategy marks a significant opportunity for the business, and we anticipate it will drive outsized growth through the planning season and into 2027. Providing programmatic access to DSPs through our network enables media buyers to activate scalable point-of-care and point-of-prescribe campaigns within their existing programmatic workflows, effectively positioning OptimizeRx as a supply-side platform for marketers looking to engage healthcare providers directly within the clinical workflow. Today, we estimate that we are utilizing less than 10% of our available inventory across the network through traditional HCP marketing initiatives.

We believe programmatic activation, the preferred way for pharma media agencies to buy these solutions, has the potential to significantly increase utilization over time. Given that programmatic has captured the majority of media spend across other verticals, we see a meaningful opportunity for this channel to scale and potentially become comparable in size to our current HCP business over the long term. As the question has been raised before, I want to briefly address artificial intelligence and reiterate that we do not view AI as a disruptor to our business. Rather, we see it as a potential accelerant. As our customers realize efficiencies in areas like content creation, we expect those savings to be redeployed into execution and engagement areas where OptimizeRx is particularly well-positioned. Finally, while we are navigating short-term pressures, our core value proposition remains unchanged and our long-term outlook remains highly optimistic.

We are deeply embedded in our customers’ workflows. We’re delivering both meaningful and measurable ROI, and we are operating in a large dynamic and growing market with significant long-term opportunities. With that, I’d like to turn the time over to our CFSO, Edward Stelmakh, who will walk us through the financial details. Ed?

Edward Stelmakh, Chief Financial and Strategy Officer, OptimizeRx: Thanks, Steve. Good afternoon, everyone. As with all our calls, a press release was issued this afternoon with the results of our first quarter ended March 31st, 2026. A copy is available for viewing and may be downloaded from the investor relations section of our website. Additional information can be obtained through our forthcoming 10-Q. First quarter 2026 revenue was $19.8 million, a decrease of 10% from the $21.9 million we recognized during the same period in 2025. We believe this decrease was driven in part by a decline in low-margin managed services revenue reduction on a major client account and a more cautious budget allocation and shorter program duration commitments driven by most-favored-nation pricing and other macroeconomic challenges.

Our expenses for the quarter ended March 31st, 2026, decreased $4.6 million year-over-year, primarily driven by lower cost of revenue and G&A. The decrease in cost of revenue was related to a favorable product mix, as we didn’t have any DTC managed service revenue this quarter, as well as favorable channel partner mix. We believe various margin optimization strategies we implemented over the last 12 months continue to yield significant benefits. As a result, we now expect gross margins to normalize into the highest 60% range for the full year 2026.

GAAP net loss narrowed to $0.5 million or $0.03 per basic and dilutive share for the three months ended March 31, 2026, as compared to a net loss of $2.2 million or $0.12 per basic and dilutive share for the three months during the same period in 2025. On a non-GAAP basis, the company’s net income for the first quarter of 2026 increased to $2.7 million or $0.14 per dilutive share as compared to a non-GAAP net income of $1.5 million or $0.08 per dilutive share in the same year-ago period. Meanwhile, our adjusted EBITDA increased to $3.3 million for the quarter compared to $1.5 million during the first quarter of 2025.

Operating cash flow came in at -$0.5 million for the first quarter, which was primarily due to the payout of 2025 bonuses and fourth quarter 2025 sales commissions during the first quarter of 2026. Meanwhile, our cash balance at the end of the quarter was $20.2 million as compared to $23.4 million on December 31, 2025. Our debt balance at the end of the first quarter was $23.6 million, and we paid off $2.7 million of principal during the first quarter. Meanwhile, subsequent to the first quarter, our term loan with Blue Torch Capital was refinanced with Fifth Third Bank, through which we have a fully drawn $25 million term loan and have access to a $10 million revolver.

Our current interest rate on the term loan with Fifth Third Bank is SOFR plus 2.25% versus SOFR plus 8.5% we had with Blue Torch Capital, which represents approximately $1.5 million in annual interest expense savings. Given our strong working capital position, we are confident in our ability to fund our operating needs as well as key strategic priorities as we continue to strive to become a sustained Rule of 40 company. Let’s turn to our KPIs for the first quarter of 2026. Average revenue per top 20 pharmaceutical manufacturer now stands at approximately $2.8 million, with these top 20 companies representing 52% of our business in Q1 2026. Net revenue retention rate remains a strong 110%.

Meanwhile, revenue per FTE came in at $801,000, topping the $710,000 we had posted in Q1 2025. These metrics reflect the stickiness of our solutions with existing accounts, as well as our highly leverageable operating model. As Steve mentioned, despite seeing measurable growth within our business, macro headwinds are still present, and we have less visibility on our full year. Given this, and as Steve stated before, we’re updating our full year 2026 guidance to reflect a more conservative revenue outlook. We now expect revenue to be in the range of $95 million-$100 million, but continue to believe our operating leverage will result in our adjusted EBITDA being between $21 million and $25 million. Finally, we continue to expect revenue to be weighted toward the second half of the year at close to 40-60 split.

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

Steve Silvestro, Chief Executive Officer, OptimizeRx: Thank you, Ed. Operator, could we now please move to Q&A?

Operator: Thank you. We will now be conducting a question-and-answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 to remove yourself from the queue. If a participant is using speaker equipment, it may be necessary to pick up the handset before pressing the star keys. One moment please while we poll for questions. Our first question comes from the line of Jared Haase with William Blair. Please proceed with your question.

Jared Haase, Analyst, William Blair: Hey, guys. Thanks for taking the questions. I guess I’ll just start with the updated outlook here. I guess I just wanted to put a fine point on things. Like, what specifically changed in terms of how you were thinking about the shape of the year relative to when you last reported back in March? You know, I’m curious how much of the revised revenue guidance here would you attribute to just, you know, still seeing delays in decision-making with pharma clients, or, you know, if it’s more that, you know, these decisions are coming through and you’re just seeing less spend commitment here in 2026 compared to maybe what you anticipated back then.

I guess with that in mind, you know, is there any way to contextualize your level of visibility at this point, in terms of the new guidance?

Steve Silvestro, Chief Executive Officer, OptimizeRx: Hey, Jared. Thanks for the question. I’ll take this one, and then Ed and Andy can chime in. I think what we had in March was, you know, initial visibility on where we thought the year would, you know, possibly turn around after Q1, where we’d have more visibility into the back half of the year. Specifically with, you know, a handful of clients that were reacting to sort of the administration’s position around MFN, how they were operating with budgets. Sort of post their initial reaction, some of those have actually come back and come back stronger, even though the contract duration periods have been shorter. I think we’ve articulated that kind of publicly. We said it in the last earnings call, we said it again this time.

We’ve got one specifically larger client where there’s continued disruption. I think that, you know, when we’re talking about asynchronous disruption at a client level, one of this size, we’ve got to work through it. It just gives us less visibility on, you know, full year guide, which is why we’re being a little bit more conservative and getting it back around to where we think we’re going to land for certain. I don’t expect that we’ll need to adjust again, but we, you know, we’re giving the best view that we’ve got right now.

Jared Haase, Analyst, William Blair: Okay. That’s helpful.

Steve Silvestro, Chief Executive Officer, OptimizeRx: Andy, anything?

Andy D’Silva, Chief Business Officer, OptimizeRx: No, I think you got it covered. Yeah.

Jared Haase, Analyst, William Blair: Okay. That’s helpful. Then, you know, I guess you characterize it as short to intermediate term pressure. I guess I don’t know if there’s any way to clarify exactly what you mean behind that. You know, as we think about.

Steve Silvestro, Chief Executive Officer, OptimizeRx: Yeah

Jared Haase, Analyst, William Blair: sort of the end of year here and, you know, is this something that maybe persists into 27, or do you think of it as sort of contained to this year?

Steve Silvestro, Chief Executive Officer, OptimizeRx: No, we think it’s contained to this year. The reality is we could see in the, you know, later in the third quarter, in the fourth quarter, increased buying from the set of clients, and particularly one client where there was disruption. Our best view right now is that there’s gonna be disruption through the end of 2026. Looking into 2027, there’s nothing mechanical wrong in any of these businesses, and certainly in our business, as you’ve seen from the expanded gross margin and just the way we’re operating the business with increased leverage and drop through, getting the debt paid, refining it, lowering the interest expense. Operationally, it’s never been stronger. We, we are communicating what’s going on with the top line, as one, you know, as we should.

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

Jared Haase, Analyst, William Blair: Okay. That’s good to hear. I’ll go ahead and leave it there and hop back in queue.

Steve Silvestro, Chief Executive Officer, OptimizeRx: Thanks, Jared.

Operator: Thank you. Our next question comes from the line of Jeff Garro with Stephens. Please proceed with your question.

Jeff Garro, Analyst, Stephens: Good afternoon. Thanks for taking the question. Wanted to follow up a little bit on the MFN disruption and maybe more specifically your comments that you’ve made around contract duration. I guess that relates to kind of overall visibility. I think last quarter you said contracted revenue was around 15%-20% behind where you were in the prior year, excluding the managed services piece. And that was mainly because of customers moving to shorter contract duration. Curious what you saw in the first quarter and even through April and into May here about that client renewal behavior and, you know, interest in extending duration renewal behavior and your expectations for the back half of the year.

Steve Silvestro, Chief Executive Officer, OptimizeRx: Yeah. Thanks, Jeff. Good to hear your voice. Yeah, first half of the year, we were off 15%, 20% in contracted revenue. We’re still right in that same area, that same zone. Most of that is being driven by the shorter contract duration that’s outside of the initial managed service sunset. Typically, what’s happening is the commitments are just shorter than they would be. They’d normally be 6-12 months, our contracted revenue methodology is we’re calculating the full value of the contract against the backlog, as I think everyone knows. When you’ve got a shorter contract duration, it gives you less visibility. It means you’ve got to be on the hook for the next quarter renewing that and then the next quarter renewing it again.

It is a little bit less visibility, although what I will say is that people are continuing to renew. We are seeing the flow of business continue to move, you know, we’ve had two or three accounts that have really accelerated between the time we had the first earnings call and the time we’re doing this call. That is really good news. The challenging news, Jeff, is I think still we have one major client that’s still working through some challenges. Part of those are MFN related. Part of them, honestly, is just we didn’t execute well in that, in that account and we need to improve. We sort of know where we fumbled the ball a little bit there.

We’ve had great conversations with their leadership team, and there’s a plan to get things back on track, and our team has taken good ownership of that and is moving forward. I think we feel very confident it’s short term. We’re excited about the innovation and all of our partners are very excited about the innovation announcements that we’ve just made, so we’re looking forward to pressing ahead. Yeah, the contracted revenue is still the challenge till we poke through that.

Jeff Garro, Analyst, Stephens: Understood. Appreciate all those comments. One more from me. Did wanna ask about demand activity by customer size, kind of thinking about the top 20 pharma versus that, you know, kind of mid-tier, long tail cohort.

Steve Silvestro, Chief Executive Officer, OptimizeRx: Yeah

Jeff Garro, Analyst, Stephens: Through your KPI, it’s been declining as a percentage of revenue over the last year. Where does that trend go from here, and how should we think about kind of sales cycle, renewal rates, and budget behavior from that mid-tier, long tail cohort? Thanks.

Steve Silvestro, Chief Executive Officer, OptimizeRx: Yeah, no problem. Thanks for the questions. You know, we are very excited internally about the mid-tier long tail. We’ve seen tremendous progress in that cohort of clients. We’ve got a team that’s now focused on that. We’re starting to see some really encouraging growth there. We’re also seeing it, I think I shared previously in the med tech sector, it was in my prepared remarks as well, where, you know, clients basically weren’t clients previously, weren’t even a market that we were speaking to, are coming to the table with, you know, multiple million dollar investments in the platform. We’re very, very encouraged by that.

On the top 20, we still continue to see great engagement, and we are so, I would say, under-penetrated in terms of the brands that we’re servicing in the top 20. We do have sort of a footprint in each one of the accounts, but the ability to expand where we’ve landed still remains a tremendous opportunity for this business. We’ve got an excellent sales team that have my full faith and trust, and they continue to push and execute well. I have every belief it’ll be a solid finish from them and prep for 2027, which is really what we’re focused on right now. Thanks, Jeff.

Jeff Garro, Analyst, Stephens: Thank you, guys.

Operator: Thank you. Our next question comes from the line of David Grossman with Stifel. Please proceed with your question.

David Grossman, Analyst, Stifel: Thanks. Good afternoon. Steve, I’m wondering. It sounds like there’s one particular client that may be off more or having a kind of an outsized impact on your growth rate this year. Is there anything unique about the issues that client’s having, or was that the same client that there were some execution issues on your end?

Steve Silvestro, Chief Executive Officer, OptimizeRx: No, that’s the same client. I mean, oftentimes, David, By the way, it’s great to hear your voice. Can’t wait to see you next week or week after next. Oftentimes we have these sort of asynchronous events that happen at a client level where a client will change an agency or the team will be swapped out, there’ll be turnover, people are making decisions. We’ve been chatting long enough for you to know that that happens often in this space, and that’s just sort of what you need to deal with. The gap growth at 60%, and particularly the 45% growth on the, on the subscriptive basis is designed to help get rid of that lumpiness, and it’s definitely helping.

This was not a DAP client where the disruption was in place, and so that was sort of bimodal buys even at scale. When there is disruption amongst the ranks, turnover in employees making decisions, et cetera, it is challenging and we didn’t execute as well as we needed to in that area. You know, we need to improve it. The good news that I will share is that we, you know, we since visited with that leadership group, had very open conversations, great feedback, and I think that relationship has been revivicated and will be in a pretty good spot. You know, again, too early to count it as part of our forecasting guide. We’ve got to work with that group and make sure that we deliver.

David Grossman, Analyst, Stifel: Just kind of assuming it takes its ordinary course, is that just a headwind for the next three quarters and once you comp it in March of next year, we’re kind of beyond that, or could it?

Steve Silvestro, Chief Executive Officer, OptimizeRx: Yeah, I think so.

David Grossman, Analyst, Stifel: Even turn sooner?

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

David Grossman, Analyst, Stifel: Got it. Well, thanks for the transparency on that one. Thank you for that. On the DSP side, you know, the connection to the DSPs, what’s the sales cycle? You know, how long does it take for that, you know, kind of flywheel to start with these media buyers where that actually can start contributing to revenue growth in a meaningful enough way that we would see it?

Steve Silvestro, Chief Executive Officer, OptimizeRx: Yeah. I think we’ll start to see early innings of this probably toward the, you know, later part of the back half of this year. Q4, we should start to see some revenue start to flow. Going into the renewal cycle for 2027, we will see it really flow. You know, the way the DSPs operate is once there’s a connection there, right, it starts a bidding system where agencies and agencies are the principal ones that are buying in these, you know, in these ecosystems through the demand-side platforms. It’ll follow that typical brand plan, you know, RFP process, but they have the ability to accelerate, set the parameters within these DSP platforms and start to action buys.

Really, I would call them passive buys because it’s, you know, you’re not really engaging directly with the company other than setting up the pricing, setting up the bids, asking the questions of the sales team around it. The job of our sales team really is to continue to engage with those clients and make sure they’re utilizing those moduses of acquisition, right? Make sure they’re buying through those DSPs. They know it’s available, it’s in their favorite DSP of choice, and they can go in and action those buys.

David Grossman, Analyst, Stifel: Can you just give us some examples of what the revenue could look like? You know, whether it’s by I assume it’s by individual drug, right? You know, by buyer. I’m not quite sure how to think about, you know, what this could look like in terms of-

Steve Silvestro, Chief Executive Officer, OptimizeRx: Yeah. Revenue could be huge. Yeah. Revenue could be fairly huge. I’m not ready to share projections on it yet. In the prepared remarks, we shared that it’s 80% of the total digital spend in the space. That gives you a number. I know you know the TAM like the back of your head in the space. Back of your hand rather. It is very large, David, potential. It’s too early for us to call a potential revenue on it because we’re the first ones that are doing it at scale. There are other companies that have connected maybe a piece of a network or 1 EHR provider and sort of played with it. At scale at our size, we’re the first to actually go all in.

There will be subsequent announcements that we’ll share as we roll out the partnership agreements, and we’ll have more to say around that, but I don’t want to jump the gun here.

David Grossman, Analyst, Stifel: Sure. Just 1, if I could just 1 other sneak 1 in here. Is there any managed service? Was it 0 managed services in the quarter and in the guide? Did I hear that right?

Andy D’Silva, Chief Business Officer, OptimizeRx: That’s correct.

Yeah. Thanks, Andy.

David Grossman, Analyst, Stifel: Okay. All right, guys. Thanks very much for the time.

Steve Silvestro, Chief Executive Officer, OptimizeRx: Thanks, David. Look forward to seeing you.

David Grossman, Analyst, Stifel: Likewise.

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

Steve Silvestro, Chief Executive Officer, OptimizeRx: Thank you, operator. I want to close by reiterating our confidence in the long-term opportunity ahead of us. While we are navigating near-term pressure, we’re excited about the transformation within life science towards digital data-driven engagement, which remains a powerful and durable trend. OptimizeRx is uniquely positioned at the center of that transformation. Our point of care and point of prescribe network, combined with our data-driven targeting capabilities, allow us to deliver value at critical moments in the patient journey. All of which will now be available to customers programmatically to buy the way they like to buy. Our priorities remain consistent. We’re focused on increasing utilization of DAP, continuing our transition toward a more predictable subscription-based revenue model, and driving sustainable, profitable growth over time.

I would also like to thank our employees for their continued dedication and our customers for their partnership as we navigate this evolving landscape. Thank you again for your time today. We look forward to speaking with you at the upcoming investor conferences and on our next earnings call. Thank you.

Operator: Thank you, Mr. Silvestro. Before we conclude today’s call, I would like to provide the company’s safe harbor statement that includes important cautions regarding forward-looking statements made during today’s call. 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 Exchange 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.

Forward-looking statements in this call include statements regarding our future performance, growth plans, and market penetration, macroeconomic factors and disruptions not enduring, digital and data-driven engagement remaining intact and continuing to be a meaningful driver for the business, plans for shareholder value creation, becoming a sustained Rule of 40 company, plans to successfully launch programmatic access to the company’s authenticated EHR network, programmatic access increasing inventory utilization, and unlocking high-growth revenue channel, ability to capitalize on significant long-term opportunity, plans to grow shareholder value creation, shifting a greater portion of revenue toward a subscription-based model, cost management, estimated 2026 revenue and adjusted EBITDA ranges, technology, investments, growth opportunities, funding operating needs and key strategic priorities, and upcoming events, announcements. Forward-looking statements also include the management’s expectations for the rest of the year.

The company undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise. 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, 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 record networks, and other material risks.

Risks and uncertainties to which forward-looking statements are subject to could affect business and financial results are included in the company’s annual report on Form 10-K for the year ended December 31, 2025, and in other filings the company has made and may make with the SEC in the future. These filings, when made, are available on the company’s website and on the SEC website at sec.gov. Before we end today’s conference, I would like to remind everyone that an audio recording of this conference call will be available for replay starting later this evening, running through for a year on the investor section of the company’s website. Thank you for joining us today. This concludes today’s conference call. You may now disconnect your lines.