LifeMD Announces Key Appointments to Drive Launch of Proprietary Virtual Care Platform

Rhea-AI Summary

LifeMD, Inc. (NASDAQ: LFMD) announced key executive appointments aimed at enhancing its telehealth services. Dennis Wijnker joins as CTO, bringing over 20 years in software development from Doctor Evidence, while Garett Hunter takes on the role of SVP and GM of LifeMD Primary Care, previously serving at Yumi. Their expertise in technology and marketing is expected to play a crucial role in the upcoming launch of LifeMD’s virtual primary care platform. Both received equity awards as part of their compensation packages.

Positive

• Appointment of experienced executives to enhance technology and marketing efforts.
• Wijnker and Hunter bring valuable expertise from reputable companies in telehealth and consumer marketing.
• Expected launch of LifeMD's virtual primary care platform, positioning the company for growth.

Negative

• None.

Appointments add key technology and direct-to-consumer marketing expertise for the rollout of LifeMD’s virtual primary care platform.

NEW YORK, Jan. 04, 2022 (GLOBE NEWSWIRE) -- LifeMD, Inc. (NASDAQ: LFMD), a leading direct-to-patient telehealth company, today announced the appointments of Dennis Wijnker as Chief Technology Officer and Garett Hunter as Senior Vice President and General Manager of LifeMD Primary Care. Wijnker succeeds Stefan Galluppi, who will continue in his role as LifeMD’s Chief Innovation and Marketing Officer.

Wijnker brings over 20 years of experience in software development, having held positions of technical and managerial leadership. He has extensive experience building web-based and standalone platforms, primarily in the fields of health care and life sciences. He joins LifeMD from Doctor Evidence, where he worked as Senior Architect and Senior Vice President of Technology with various teams to create innovative solutions bringing analytics and insights powered by AI to the field of evidence-based medicine. He also held leadership positions at Parexel/Perceptive Informatics (now Calyx), where along with others he developed a web-based fully configurable electronic data capture platform for managing clinical trials that enjoyed wide adoption in the industry. He was also instrumental in introducing and implementing clinical data standards to connect said platform with other technologies used in clinical trials.

Hunter is a proven marketing executive with over 15 years of experience in driving customer acquisition through strategic, integrated marketing campaigns. Garett joins LifeMD from Yumi, where he worked as Vice President of Growth. Prior to Yumi, Garett co-founded Vegamour and Gravity Brands, the former a direct-to-consumer vegan beauty brand and the latter an eCommerce company with over 2 million customers.

“We’re thrilled to have Dennis and Garett with us as we advance our mission of providing a caring, personalized health care experience that brings patients a comprehensive, one-on-one relationship with a primary care physician. Their expertise is greatly appreciated as we enter a pivotal stage for LifeMD, with the upcoming full launch of our virtual care platform,” said Stefan Galluppi, LifeMD’s Chief Innovation and Marketing Officer. “We’re excited to see just how much we can accomplish as we continue to mature and evolve as a leading provider of telehealth.”

In accordance with Nasdaq Listing Rule 5635(c)(4), the Compensation Committee of the Company’s Board of Directors granted equity awards to Wijnker and Hunter with grant dates of December 29, 2021 and January 3, 2022, respectively, as equity inducement awards outside of the Company’s 2020 Equity and Incentive Plan (but under the terms of the 2020 Equity and Incentive Plan) and material to the employees’ accepting employment with the company.

Wijnker received options to purchase an aggregate of 80,000 shares of LifeMD, Inc. common stock. The options have an exercise price of $3.78, which is equal to the closing price of LifeMD common stock on December 29, 2021, the grant date of the award. The options, which have a five-year term, will vest annually over a three-year period that commenced on the grant date, subject to the employee’s continued employment with LifeMD on such vesting dates.

Hunter received options to purchase an aggregate of 50,000 shares of LifeMD, Inc. common stock. The options have an exercise price of $4.12, which is equal to the closing price of LifeMD common stock on January 3, 2022, the grant date of the award. The options, which have a five-year term, will vest annually over a 3-year period that commenced on the grant date, subject to the employee’s continued employment with LifeMD on such vesting dates. On the same grant date, Hunter also received a Performance Stock Option, which has a four-year term, to purchase up to 150,000 shares of LifeMD, Inc. common stock, subject to, inter alia, brands that the employee is managing meeting certain revenue and profitability targets, as set forth in more detail in the employment agreement.

About LifeMD
LifeMD, Inc. is a rapidly growing direct-to-patient telehealth company that offers cash-pay virtual medical care across all 50 states. 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, as amended; Section 21E of the Securities Exchange Act of 1934, as amended; and the safe harbor provision of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this news release may be identified by the use of words such as: “believe,” “expect,” “anticipate,” “project,” “should,” “plan,” “will,” “may,” “intend,” “estimate,” “predict,” “continue,” and “potential,” or, in each case, their negative or other variations or comparable terminology referencing future periods. Examples of forward-looking statements include, but are not limited to, statements regarding our financial outlook and guidance, short and long-term business performance and operations, future revenues and earnings, regulatory developments, legal events or outcomes, ability to comply with complex and evolving regulations, market conditions and trends, new or expanded products and offerings, growth strategies, underlying assumptions, and the effects of any of the foregoing on our future results of operations or financial condition.

Forward-looking statements are not historical facts and are not assurances of future performance. Rather, these statements are based on our current expectations, beliefs, and assumptions regarding future plans and strategies, projections, anticipated and unanticipated events and trends, the economy, and other future conditions, including the impact of any of the aforementioned on our future business. As forward-looking statements relate to the future, they are subject to inherent risk, uncertainties, and changes in circumstances and assumptions that are difficult to predict, including some of which are out of our control. Consequently, our actual results, performance, and financial condition may differ materially from those indicated in the forward-looking statements. These risks and uncertainties include, but are not limited to, “Risk Factors” identified in our filings with the Securities and Exchange Commission, including, but not limited to, our most recently filed Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and any amendments thereto. Even if our actual results, performance, or financial condition are consistent with forward-looking statements contained in such filings, they may not be indicative of our actual results, performance, or financial condition in subsequent periods.

Any forward-looking statement made in the news release is based on information currently available to us as of the date on which this release is made. We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required under applicable law or regulation.

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

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

LifeMD Virtual Primary Care Partnership Contact
LifeMD, Inc.
Corey Deutsch, CBO
cdeutsch@lifemd.com

Contact:
Eric Herman
eherman@kivvit.com