Neil Chatterji: Got it. And you might have answered my follow up, but just in terms of the seasonality for the business, I mean, just given the growing DAAP pipeline and the Medicx acquisition, how should we think about that in terms of is that in line with the historic seasonality or would that perhaps change a little bit next year?
William Febbo: Yes, I think Andy can give you the percentages by quarter. We’re going to probably stick with seasonality just because Pharma operates that way. We obviously hope to do better in that seasonality, but let’s it’s probably safer for modeling to keep the seasonality. Andy, you want to share the percentages just to have them on record?
Andrew D’Silva: Yes. I would say just roughly 35% to 40% of the business will be in the first half of the year, and 60% to 65% of the business will be in the second half of the year. I think that’s a fair way to think about in 2024. We’re still getting our hands around the acquisition, but they seem to follow a fairly similar cadence as well.
Neil Chatterji: Great. That’s it from me.
William Febbo: Thanks, Neil.
Operator: Thank you. Our next question is from the line of Eric Martinuzzi with Lake Street. Please go ahead.
Eric Martinuzzi: Yes, I wanted to tease out the Medicx revenue for 2023 here. I think when you talked about it on the acquisition, that it was about a $37 million business growing better than 20%. What is implied in 2023 for revenue from Medicx on a full year basis?
William Febbo: And Andy, do you want to take that one?
Andrew D’Silva: I can take yes. As we said, $63 million to $65 million of the full year projection will be coming from OptimizeRx, but the rest is basically the Q4 impact of Medicx acquisition. The new guidance is $68 million to $75 million in Q4.
Eric Martinuzzi: Right. I was asking what was standalone Medicx for the twelve months 2023.
William Febbo: Oh, standalone.
Andrew D’Silva: Yes. We’re not doing…
William Febbo: Go ahead.
Andrew D’Silva: Yes, full carb out guidance. Yes. Basically, the Q4 impact is what I just mentioned, but we’re not going to report on the two, and they just separately. Going forward, we plan to combine the two and basically operate as one company.
Eric Martinuzzi: Okay. And then regarding the competitors, sort of – are they being turned off completely? Is there a scale back that’s happening? And then secondarily, why are they is it a situation where they’re immeasurable ROI or is it just not scalable enough to meet the demands of the brands?
Steve Silvestro: I’ll take that one. Yes, it’s a little bit of both, Eric. I mean outside of us and connective. As you know, there’s not really a meaningful marketing network out there right now, so it’s really just 1Gs, 2Gs [ph]. So the scale is an issue. Scale meaning reach of physicians. Marketers are deciding to go with people that have got a proper network because they get a much broader reach. So every time they deploy a program, it just simplifies things for them. And then in terms of measurement, if they don’t have the ability to actually deliver that physician level data, which is the ultimate success metric of the campaigns that they’re running, they don’t have an ability to justify the investment going forward. They found that to be a huge problem.
But we invested. Luckily, we had the foresight at the beginning of really the end, middle of end – last year to invest and double down on the physician level data exercise. And that’s enabled us to be able to report back to these brands in an accurate, timely way on how the programs are going. And also to partner with other companies that do measurement, that are third party independent providers to validate the findings that we’re providing.
Eric Martinuzzi: Got it. And then, and one last one for you a housekeeping item here. Post the close of Medicx, what was kind of the post-closing? Cash balance and then what? Share count post closed?
William Febbo: Yes. So the post closed cash balance. Like we said, we have about $13 million in the bank number of shares. I’m going to have to ask Andy to help me with that one.
Andrew D’Silva: Just under $18 million.
William Febbo: $18 million. Okay.
Eric Martinuzzi: Got it.
William Febbo: Thanks, Eric.
Operator: Thank you. Our next question is from the line of Richard Baldry with ROTH Capital Partners. Please go ahead.
Richard Baldry: Thanks. Sort of curious, your early initial takeaways. It’s probably been pretty brief about how it’s affecting the acquisitions, affecting your RFP season. There’s two schools of thought, right? You want less noise to just have things run smooth. The other would be looks like you’d be a bigger, more important combined entity. So how quick can Farmer react to the fact that you are now a unified company? I think have you seen any, even anecdotal evidence that that’s been helpful? Or do you think the real benefit will probably come next year when they’ve had a year of seeing these sort of side by side integrated and your win rates change ASPs are – step up. Thanks.
Steve Silvestro: Rich. Hey, it’s Steve. Great to hear your voice. Glad you’re on. It’s interesting, the minute the announcement came out, we got sort of an immediate response of, hey, this is great, guys. What does it mean? And so there’s already a pretty good groundswell of interest coming in during the RFP season to connect these two solutions and to deploy them together in the marketplace. I think the market sees the synergy that we see and why we executed the acquisition. We’ll take a little bit of time, I think, to scale it going into 2024. But having said that, Will mentioned earlier a couple of the wins that we’ve had. Both of those wins included both the HCP side and the patient side, meaning the Medicx side being connected and using the DAAP model to drive the messaging across the ecosystem for these programs. So some early wins that are meaningful and sizable and really exciting and I think a good telltale to what 2024 will look like.
