LifeMD Announces Expected Record Revenue of $18.2M for Q1’21, Up 323% Vs. Q1’20, Due to Growth in Subscriptions and Patient Acquisition

Rhea-AI Summary

LifeMD, Inc. (NASDAQ: LFMD) reported expected record revenue of $18.2 million for Q1 2021, exceeding its prior guidance of $17 million. This marks a 323% increase year-over-year and a 41% rise from the previous quarter. Strong retention and patient acquisition led to a 373% growth in telehealth order volume. Subscriptions accounted for 92% of Q1 revenue, up from 75% the previous year, driven by sales of Shapiro MD™ and Rex MD™ products. The company also launched NavaMD™, a teledermatology service, enhancing its market portfolio.

Positive

• Expected record revenue of $18.2 million for Q1 2021, exceeding guidance by over 7%.
• 323% year-over-year revenue growth.
• 41% quarter-over-quarter revenue increase.
• Telehealth order volume grew by 373% compared to Q1 2020.
• Subscriptions represented 92% of total revenue, compared to 75% in the prior year.
• Successfully launched NavaMD™, expanding service offerings.

Negative

• None.

Exceeds Initial Guidance Due to Stronger Than Expected March; 41% Growth Vs. Q4‘20

NEW YORK, April 19, 2021 (GLOBE NEWSWIRE) -- LifeMD, Inc. (“the Company”) (NASDAQ: LFMD), a leading direct-to-patient telehealth company, today announced expected record revenue of $18.2M for Q1’21. The Company had previously guided towards revenue to be greater than $17 million (Link). However, a stronger than expected March resulted in performance exceeding that guidance. The expected quarterly revenue represents an increase of 323% year-over-year and a 41% increase compared to last quarter. Telehealth order volume grew by 373% versus the year-ago quarter, driven by both strong retention and new patient acquisition.

($ in 000s)		Three Months Ended March 31				Y-o-Y
Preliminary Key Performance Metrics		2021		2020		% Growth
Revenue
Telehealth		$13,290	$2,956			349.6%
LegalSimpli (LSS)		4,926		1,349		265.2%
Total Revenue		$18,216	$4,305			323.1%
Subscription Revenue as % of Total		92%		75%
Telehealth Volume
Total Telehealth Orders		164,452		34,753		373.2%
LegalSimpli
Active Subscribers		109,517		36,852		197.2%

Justin Schreiber, CEO of LifeMD commented, “We are pleased to report another strong quarter, as revenue for Q1‘21 grew by 323% compared to revenue in Q1’20 and more than 40% quarter-over-quarter, driven by a rapidly growing recurring subscriber base and efficient acquisition spending. We onboarded a substantial number of new patients to our platform this quarter at an improved cost per acquisition (“CPA”) when compared to the prior quarter. We are excited to share more detailed metrics on our upcoming earnings call.”

Subscriptions generated 92% of revenue in Q1’21, compared to 75% in Q1’20. The increase in subscription revenue is largely due to increased sales of the company’s Shapiro MD™ hair products for men and women under a new subscription-based program, as well as continued increased subscription sales of the company’s telemedicine brand for men, Rex MD™.

LifeMD CFO, Marc Benathen, commented, “LifeMD continues to realize the significant benefits of our subscription-based business model underscored by strong patient retention and growing levels of patient acquisition. Our team has done a tremendous job of thoroughly monitoring expenses across the full brand portfolio to ensure efficient spending, while achieving a 41% increase in sequential revenue growth. As mentioned, March 2021 was a record month. We look forward to providing a complete financial and operational update on our upcoming earnings call.”

Mr. Schreiber added, “I am very proud of what our management team has accomplished in short order, and with their help, LifeMD is well-positioned to continue achieving revenue growth and further expand its footprint nationwide. In bridging the gap between technology and healthcare, we are also driving innovation, as evidenced by our patients actively choosing to enroll in our subscription-based offerings. We were also able to expand our portfolio of brand offerings at the end of the quarter when we successfully launched NavaMD™, the Company’s teledermatology brand. We are pleased by the early data we are seeing from this newly launched brand. We are also gearing up for the launch of LifeMD’s longitudinal telehealth service as part of a holistic patient-centered business model and comprehensive brand portfolio.”

About LifeMD
LifeMD, Inc. is a leading telehealth company that is transforming the healthcare landscape with direct-to-patient product and service offerings. LifeMD's telemedicine platform enables virtual access to affordable and convenient medical treatment from licensed providers and, when appropriate, prescription medications and over-the-counter products delivered directly to the patient's home.  To learn more, go to LifeMD.com. 

Cautionary Note Regarding Forward Looking Statements
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things our plans, strategies and prospects -- both business and financial. While we believe that our plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Many of the forward-looking statements contained in this news release may be identified by the use of forward-looking words such as "believe," "expect," "anticipate," "should," "planned," "will," "may," "intend," "estimated," and "potential," among others. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include market conditions and those set forth in reports or documents that we file from time to time with the United States Securities and Exchange Commission. All forward-looking statements attributable to LifeMD, Inc. or a person acting on its behalf are expressly qualified in their entirety by this cautionary language.

Company Contact                                
LifeMD, Inc.        
Marc Benathen, CFO
Email Contact        

Investor Relations Contact
Ashley Robinson
LifeSci Advisors, LLC
arr@lifesciadvisors.com

 

FAQ

What is LifeMD's expected revenue for Q1 2021?

LifeMD expects to report record revenue of $18.2 million for Q1 2021.

How much did LifeMD's revenue grow compared to Q1 2020?

LifeMD's revenue grew by 323% year-over-year compared to Q1 2020.

What percentage of LifeMD's revenue came from subscriptions in Q1 2021?

In Q1 2021, subscriptions accounted for 92% of LifeMD's total revenue.

What new services did LifeMD launch recently?

LifeMD launched NavaMD™, its teledermatology brand, enhancing its portfolio of services.

How much did telehealth order volume increase for LifeMD?

Telehealth order volume increased by 373% compared to the same quarter last year.