Shares of OptimizeRx saw a significant surge in value after the company announced its acquisition of Medicx Health for $95 million. Alongside this news, OptimizeRx also provided guidance for higher revenue in the third quarter.
As of 11:01 a.m. ET, shares were up by 23% at $8.80. However, it’s worth noting that the stock has experienced a 48% drop since the beginning of the year.
To finance the acquisition, which is set to be finalized in the fourth quarter of 2023, OptimizeRx plans to utilize its existing cash resources, short-term investments, and a new $40 million credit facility provided by Blue Torch Capital. Notably, certain members of Medicx’s management team intend to invest approximately $10.5 million of their proceeds into OptimizeRx’s common stock.
OptimizeRx’s Chief Executive, Will Febbo, expressed his confidence in the acquisition, stating, “Medicx has a very healthy financial profile and we believe this acquisition will be transformative to our growth and profitability.”
In addition to the acquisition announcement, OptimizeRx expects to close the third quarter with revenue ranging from $15.2 million to $15.5 million, showing an increase from the reported revenue of $15.1 million in the previous year.
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