Vancouver, BC, July 16, 2014 - San Francisco-based Merriman Capital has initiated coverage on OptimizeRx Corporation (OTCQB:OPRX). Analyst Brian Murphy gives the company a buy rating, and a target price of $3.00, a premium of 131% to the $1.30 price on July 14th, the day the report was issued.
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Founded by a group of pharmaceutical industry veterans, the company provides software solutions that offer pharmaceutical manufacturers direct-to physician channels for communicating and promoting their products.
The company's core product offering, its SampleMD(TM) software application, replaces traditional physical drug samples by enabling doctors or other healthcare providers to automatically print and electronically distribute sample vouchers or co-pay discount coupons within their ePrescribing/EHR system or from their computer desktops. The company's consumer support website, www.OPTIMIZERx.com, and its permanent subscriber base exceeding 2.5 million patients, continues to grow each month and is quickly becoming the preferred way to access branded prescription vouchers, co-pay savings and other support programs.
After years of laying the foundation for its distribution network via integration with more than 350 electronic health and medical record software vendors, the company has over 20 leading pharmaceutical clients and approximately 65 brands on its platform.
According to industry statistics, the pharmaceutical industry spends $15 billion annually on field reps and about $6 billion on drug samples. The company is well positioned to garner a much larger percentage of its client's promotional budgets, particularly as the aggregate number of e-prescriptions is expected to grow at a 25% compound annual growth rate to 2 billion by 2016. Recent results have been strong, with revenue growing nearly 150% in 2013 to $5 million, as the company's e-prescription transactions more than quadrupled to approximately 1.1 million.
The company recently launched its VoucherDVM solution to the veterinarian community which will deliver similar automated savings to animal owners while allowing veterinarians to remain competitive in their pharmacy business.
Analyst Brian Murphy stated, "with the company aggressively expanding channel distribution and substantial operating leverage set to manifest on the P & L in the second half of 2014, we think OptimizeRx shares are poised to rally".
The company currently trades at $1.50, well below the $3.00 target price, and with 14.8 million shares outstanding, the company is capitalized at $22.2 million.
For more information about OptimizeRx, please visit the company's website www.optimizerxcorp.com (http://www.optimizerxcorp.com), or contact Gabrielle Sabatini at 248-651-6568.
For more information about Merriman Capital, or to obtain a copy of their research report, please visit the company's website www.merrimanco.com (http://www.merrimanco.com) or contact Brian Murphy at 646-292-1411 or email bmurphy@merrimanco.com (mailto:bmurphy@merrimanco.com).
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