OptimizeRx Corp. (OPRX) swung to a net loss for the quarter ended Sep. 30, 2016. The company has made a net loss of $0.24 million in the quarter, against a net profit of $0.09 million in the last year period.
Revenue during the quarter dropped 11.02 percent to $1.79 million from $2.01 million in the previous year period. Gross margin for the quarter expanded 1153 basis points over the previous year period to 59.50 percent. Operating margin for the quarter stood at negative 13.95 percent as compared to a positive 4.36 percent for the previous year period.
Operating loss for the quarter was $0.25 million, compared with an operating income of $0.09 million in the previous year period.
"In Q3, we rebranded our company from one product to multiple services in and around point-of-care," said OptimizeRx chief executive officer William Febbo. "We rolled out new marketing materials to better represent our ability to provide not only financial messaging, but clinical messaging and brand support services. These tools will allow for more up-sell opportunities to existing clients. In addition, we continue to invest in our sales team as demonstrated by placing an account manager within one of the WPP companies to manage that relationship."
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