LifeMD Reports Third Quarter 2023 Results; Record Revenue and Adjusted EBITDA

Rhea-AI Summary

LifeMD, Inc. (Nasdaq: LFMD) reported a 23% year-over-year revenue increase to $38.6 million, with record revenues for telehealth and WorkSimpli. Adjusted EPS was $0.08 per share, compared to a loss of $0.03 in the previous year. Weight Management revenue more than quadrupled, and telehealth subscribers grew 22% to a record 207,000 patients.

Positive

• Record revenue and adjusted EBITDA growth
• Positive cash flow from operations and strong liquidity position
• Robust bottom-line margins exceeding 30%
• Substantial growth in Weight Management revenue and telehealth subscribers

Negative

• None.

• Revenue increased 23% year-over-year to $38.6 million with both telehealth and WorkSimpli achieving record revenues.
• Adjusted EPS of $0.08 per share compared with a loss of $0.03 in the year-ago period.
• Consolidated adjusted EBITDA increased to $2.8 million compared with a loss of $0.8 million in the year-ago period, and a 60% improvement versus the second quarter of 2023.
• Weight Management revenue more than quadrupled versus the second quarter of 2023.
• Telehealth subscribers grew 22% year-over-year to a record 207,000 patients.
  

Conference call begins at 4:30 p.m. Eastern time today

NEW YORK, Nov. 08, 2023 (GLOBE NEWSWIRE) -- LifeMD, Inc. (Nasdaq: LFMD), a leading provider of virtual primary care, today reported financial results for the three and nine months ended September 30, 2023.

Management Commentary

“During the third quarter of 2023 LifeMD achieved record revenue and adjusted EBITDA, largely driven by significant patient subscriber growth. Our GLP-1 Weight Management program alone added over 8,000 net new patients, ending the quarter with over 10,000, a number that has grown to over 16,000 today. Central to this acceleration is our industry-leading telehealth technology platform, complemented by an incredible provider network spanning all 50 states,” said Justin Schreiber, Chairman and CEO of LifeMD. “Our lifestyle healthcare businesses, led by RexMD, once again posted double-digit revenue growth with robust bottom-line margins that continued to exceed 30%. We also made sizeable progress in leveraging our best-in-class platform to drive meaningful B2B partnerships, including the execution of an agreement with Ascend Therapeutics to service the women’s health market and a joint marketing and sales agreement with IQVIA leveraging LifeMD’s tremendous telehealth infrastructure with IQVIA’s comprehensive commercialization solutions. We expect to execute additional opportunities in the near future. Given our sustained record performance and LifeMD’s leadership in key telehealth markets, including weight management with GLP-1s, I believe we are extremely well positioned for continued growth next year.”

“We finished the third quarter with outstanding top- and bottom-line financial results, with revenue increasing 23% and adjusted EBITDA increasing to a record $2.8 million. For the second consecutive quarter we achieved positive cash flow from operations and exited the third quarter with our strongest balance sheet and liquidity position ever. All of these factors continue to position 2023 to be a tremendous year for LifeMD while setting the stage for what we believe will be breakout performance in 2024,” commented Marc Benathen, Chief Financial Officer of LifeMD.

Third Quarter Financial Highlights

• Revenue increased 23% year-over-year to $38.6 million.
• Telehealth revenue increased 14% versus the year-ago period and 9% sequentially. WorkSimpli revenue increased 42% versus the year-ago period.
• Telehealth active subscribers increased 22% over the year-ago period to approximately 207,000.
• Weight Management revenue more than quadrupled sequentially.
• WorkSimpli active subscribers increased 14% over the year-ago period to approximately 170,000.
• LifeMD branded Virtual Primary Care products and services subscribers finished the third quarter at over 26,000 with over 10,000 active patients on our GLP-1 Weight Management platform.
• Gross margin expanded to a record 88%, up from 85% in the year-ago period.
• GAAP net loss was $6.9 million or $0.20 per share, compared with GAAP net loss of $8.1 million or $0.26 per share in the year-ago period.
• Adjusted EBITDA increased to $2.8 million compared with a loss of $0.8 million in the year-ago period (see definition below of this non-GAAP financial measure and reconciliation to GAAP).
• Adjusted diluted EPS was $0.08 compared with a loss of $0.03 in the year-ago period (see definition below of this non-GAAP financial measure and reconciliation to GAAP).
• Second consecutive quarter of positive cash flow from operations and exited the quarter with $15.3 million of cash.
  

Third Quarter Key Performance Metrics 

($ in 000s)		Three Months Ended Sept 30,							Y-o-Y
Key Performance Metrics		2023			2022				% Growth
Revenue
Telehealth		$	24,343		$	21,365			14	%
WorkSimpli		$	14,271		$	10,047			42	%
Total Revenue		$	38,614		$	31,412			23	%
Subscription Revenue as % of Total			96	%		95	%		1	%
Active Subscribers
Telehealth Active Subscribers			206,536			169,916			22	%
WorkSimpli Active Subscribers			170,388			149,095			14	%
Total Active Subscribers			376,924			319,011			18	%

Financial Guidance

For the fourth quarter of 2023, the Company expects:

• Revenue to be between $40 million and $41 million.
• Adjusted EBITDA to be between $3 million and $4 million.

For the full year 2023, the Company expects:

• Revenue to be between $148 million and $149 million.
• Adjusted EBITDA to be between $10 and $11 million.

Guidance for 2023 includes a $4.0 million impact of deferred revenue related to GAAP accounting rules for the Weight Management business. Net of this impact, both revenue and adjusted EBITDA would be higher by $4.0 million.

Conference Call

LifeMD’s management will host a conference call today at 4:30 p.m. Eastern time to discuss the Company’s financial results and outlook, and answer questions. Details for the call are as follows:

Toll-free dial-in number:		877-704-4453
International dial-in number:		201-389-0920
Conference ID:		13741419

A replay of the webcast will be available in the Investors section of the Company’s website at ir.lifemd.com.

About LifeMD

LifeMD is a leading provider of virtual primary care. LifeMD offers telemedicine, laboratory and pharmacy services, and specialized treatment across more than 200 conditions, including primary care, men’s health, women’s health, allergy & asthma, and dermatology. Leveraging a vertically-integrated, proprietary digital care platform, a 50-state affiliated medical group, and a US-based patient care center, LifeMD is elevating healthcare by increasing access to top-notch and affordable care. For more information, please visit 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.

Investor Contact
LifeMD, Inc.
Marc Benathen, CFO
marc@lifemd.com

Media Contact
press@lifemd.com

Tables to Follow

LIFEMD, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
	September 30, 2023				December 31, 2022
	(Unaudited)
ASSETS
Current Assets
Cash	$	15,288,330			$	3,958,957
Accounts receivable, net		4,418,582				2,834,750
Product deposit		84,768				127,265
Inventory, net		3,790,646				3,703,363
Other current assets		1,303,960				687,022
Total Current Assets		24,886,286				11,311,357
Non-current Assets
Equipment, net		424,637				476,441
Right of use asset		799,104				1,206,009
Capitalized software, net		11,325,766				8,840,187
Intangible assets, net		3,255,231				3,831,859
Total Non-current Assets		15,804,738				14,354,496
Total Assets	$	40,691,024			$	25,665,853
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' DEFICIT
Current Liabilities
Accounts payable	$	9,637,390			$	10,106,793
Accrued expenses		15,493,128				12,166,509
Notes payable, net		426,223				2,797,250
Current operating lease liabilities		725,832				756,093
Deferred revenue		6,239,354				5,547,506
Total Current Liabilities		32,521,927				31,374,151
Long-term Liabilities
Long-term debt, net		18,827,283				-
Noncurrent operating lease liabilities		169,821				574,136
Contingent consideration		256,250				443,750
Purchase price payable		-				579,319
Total Liabilities		51,775,281				32,971,356
Commitments and Contingencies
Mezzanine Equity
Preferred Stock, $0.0001 par value; 5,000,000 shares authorized
Series B Preferred Stock, $0.0001 par value; 5,000 shares authorized, zero and 3,500 shares issued and outstanding, as of September 30, 2023 and December 31, 2022, respectively. Liquidation value approximately $0 and $1,305 per share as of September 30, 2023 and December 31, 2022, respectively		-				4,565,822
Stockholders’ Deficit
Series A Preferred Stock, $0.0001 par value; 1,610,000 shares authorized, 1,400,000 shares issued and outstanding, liquidation value approximately $29.44 and $27.84 per share as of September 30, 2023 and December 31, 2022, respectively		140				140
Common Stock, $0.01 par value; 100,000,000 shares authorized, 34,759,250 and 31,552,775 shares issued, 34,656,210 and 31,449,735 outstanding as of September 30, 2023 and December 31, 2022, respectively		347,593				315,528
Additional paid-in capital		196,901,377				179,015,250
Accumulated deficit		(209,756,573	)			(190,562,994	)
Treasury stock, 103,040 and 103,040 shares, at cost, as of September 30, 2023 and December 31, 2022, respectively		(163,701	)			(163,701	)
Total LifeMD, Inc. Stockholders’ Deficit		(12,671,164	)			(11,395,777	)
Non-controlling interest		1,586,907				(475,548	)
Total Stockholders’ Deficit		(11,084,257	)			(11,871,325	)
Total Liabilities, Mezzanine Equity and Stockholders’ Deficit	$	40,691,024			$	25,665,853

 

LIFEMD, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
		Three Months Ended September 30,								Nine Months Ended September 30,
		2023				2022				2023				2022
Revenues
Telehealth revenue, net		$	24,342,789			$	21,365,178			$	66,896,719			$	66,231,202
WorkSimpli revenue, net			14,271,122				10,047,291				40,790,439				24,682,602
Total revenues, net			38,613,911				31,412,469				107,687,158				90,913,804
Cost of revenues
Cost of telehealth revenue			4,479,760				4,502,919				12,525,887				14,042,112
Cost of WorkSimpli revenue			301,746				213,923				1,019,018				558,216
Total cost of revenues			4,781,506				4,716,842				13,544,905				14,600,328
Gross profit			33,832,405				26,695,627				94,142,253				76,313,476
Expenses
Selling and marketing expenses			19,776,797				17,200,859				56,062,345				60,928,649
General and administrative expenses			13,398,387				12,385,030				36,120,723				37,757,710
Other operating expenses			1,622,137				1,617,375				4,640,690				5,076,820
Customer service expenses			2,106,252				1,488,428				5,573,734				3,428,098
Development costs			1,498,213				821,636				4,062,498				1,951,039
Goodwill impairment charge			-				-				-				2,735,000
Change in fair value of contingent consideration			-				248,000				-				(2,487,000	)
Total expenses			38,401,786				33,761,328				106,459,990				109,390,316
Operating loss			(4,569,381	)			(7,065,701	)			(12,317,737	)			(33,076,840	)
Other expenses
Interest expense, net			(713,766	)			(132,235	)			(1,973,901	)			(432,405	)
(Loss) gain on debt extinguishment			-				-				(325,198	)			63,400
Net loss			(5,283,147	)			(7,197,936	)			(14,616,836	)			(33,445,845	)
Net income attributable to noncontrolling interests			839,288				83,737				2,247,055				154,464
Net loss attributable to LifeMD, Inc.			(6,122,435	)			(7,281,673	)			(16,863,891	)			(33,600,309	)
Preferred stock dividends			(776,563	)			(776,563	)			(2,329,688	)			(2,329,688	)
Net loss attributable to LifeMD, Inc. common stockholders		$	(6,898,998	)		$	(8,058,236	)		$	(19,193,579	)		$	(35,929,997	)
Basic loss per share attributable to LifeMD, Inc. common stockholders		$	(0.20	)		$	(0.26	)		$	(0.58	)		$	(1.17	)
Diluted loss per share attributable to LifeMD, Inc. common stockholders		$	(0.20	)		$	(0.26	)		$	(0.58	)		$	(1.17	)
Weighted average number of common shares outstanding:
Basic			34,472,904				30,935,643				32,959,665				30,830,533
Diluted			34,472,904				30,935,643				32,959,665				30,830,533

 

LIFEMD, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
		Three Months Ended September 30,								Nine Months Ended September 30,
		2023				2022				2023				2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss		$	(5,283,147	)		$	(7,197,936	)		$	(14,616,836	)		$	(33,445,845	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Amortization of debt discount			79,653				-				233,495				-
Amortization of capitalized software			1,439,049				770,873				3,787,716				1,746,899
Amortization of intangibles			245,968				325,495				725,496				666,782
Accretion of consideration payable			34,265				37,373				148,481				172,741
Depreciation of fixed assets			49,852				43,761				146,286				117,008
Loss (gain) on debt extinguishment			-				-				325,198				(63,400	)
Change in fair value of contingent consideration			-				248,000				-				(2,487,000	)
Goodwill impairment charge			-				-				-				2,735,000
Operating lease payments			191,645				172,836				562,073				463,198
Stock issued for legal settlement			532,000				816,000				532,000				816,000
Stock compensation expense			3,318,253				3,336,213				8,843,736				11,850,000
Changes in Assets and Liabilities
Accounts receivable			(750,039	)			(24,491	)			(1,583,832	)			(1,558,063	)
Product deposit			150,347				332,790				42,497				95,505
Inventory			(92,344	)			(710,889	)			(87,283	)			(2,052,363	)
Other current assets			(631,765	)			58,629				(616,938	)			(21,386	)
Change in operating lease liability			(201,667	)			(167,644	)			(589,744	)			(378,095	)
Deferred revenue			571,144				360,650				691,848				853,272
Accounts payable			44,011				(1,026,708	)			(469,403	)			1,827,103
Accrued expenses			1,378,992				(150,954	)			5,611,131				(2,303,466	)
Other operating activity			-				-				(579,319	)			-
Net cash provided by (used in) operating activities			1,076,217				(2,776,002	)			3,106,602				(20,966,110	)
CASH FLOWS FROM INVESTING ACTIVITIES
Cash paid for capitalized software costs			(2,373,443	)			(2,220,018	)			(6,273,295	)			(6,742,946	)
Purchase of equipment			(30,263	)			(21,546	)			(94,482	)			(378,877	)
Purchase of intangible assets			-				-				(148,868	)			(4,000,500	)
Acquisition of business, net of cash acquired			-				-				-				(1,012,395	)
Net cash used in investing activities			(2,403,706	)			(2,241,564	)			(6,516,645	)			(12,134,718	)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term debt, net			4,993,885				-				19,466,887				-
Proceeds from notes payable			347,691				-				2,347,691				-
Sale of common stock under ATM, net			899,567				-				899,567				-
Repayment of notes payable, net of prepayment penalty			(657,002	)			-				(5,043,916	)			-
Cash proceeds from exercise of options			-				-				-				90,400
Cash proceeds from exercise of warrants			-				-				-				38,500
Preferred stock dividends			(776,563	)			(776,563	)			(2,329,688	)			(2,329,688	)
Contingent consideration payment for ResumeBuild			(62,500	)			(62,500	)			(187,500	)			(93,750	)
Net payments for membership interest of WorkSimpli			-				12,150				(305,625	)			12,150
Distributions to non-controlling interest			(36,000	)			(36,000	)			(108,000	)			(108,000	)
Net cash provided by (used in) financing activities			4,709,078				(862,913	)			14,739,416				(2,390,388	)
Net increase (decrease) in cash			3,381,589				(5,880,479	)			11,329,373				(35,491,216	)
Cash at beginning of period			11,906,741				11,717,302				3,958,957				41,328,039
Cash at end of period		$	15,288,330			$	5,836,823			$	15,288,330			$	5,836,823
Cash paid for interest
Cash paid during the period for interest		$	717,054			$	-			$	1,485,242			$	-
Non-cash investing and financing activities:
Warrants issued for debt instruments		$	(215,243	)		$	-			$	873,100			$	-
Cashless exercise of options		$	579			$	42			$	744			$	297
Consideration payable for Cleared acquisition		$	-			$	-			$	-			$	8,079,367
Consideration payable for ResumeBuild acquisition		$	-			$	-			$	-			$	500,000
Stock issued for noncontingent consideration payment		$	642,000			$	-			$	1,926,000			$	-
Series B Preferred Stock conversion		$	5,072,814			$	-			$	5,072,814			$	-
Principal of Paycheck Protection Program loans forgiven		$	-			$	-			$	-			$	63,400
Right of use asset		$	62,053			$	-			$	155,168			$	-
Right of use lease liability		$	62,053			$	-			$	155,168			$	-

About the Use of Non-GAAP Financial Measures:
To supplement our financial information presented in accordance with GAAP, we use adjusted EBITDA and adjusted EPS as non-GAAP financial measures to clarify and enhance an understanding of past performance. We believe that the presentation of these financial measures enhances an investor’s understanding of our financial performance. We further believe that these financial measures are useful financial metrics to assess our operating performance from period-to-period by excluding certain items that we believe are not representative of our core business. We use certain financial measures for business planning purposes and in measuring our performance relative to that of our competitors.

Adjusted EBITDA is defined as income (loss) attributable to common shareholders before interest, taxes, depreciation, amortization, accretion, financing transaction expense, non-controlling interests, foreign currency translation, inventory valuation, sales return reserves, litigation costs, loss on debt extinguishment, dividends, insurance acceptance and Sarbanes-Oxley readiness, acquisition costs, severance expenses and stock-based compensation expense. We have provided below a reconciliation of adjusted EBITDA to net loss attributable to common shareholders, its most directly comparable GAAP financial measure.

Adjusted EPS is defined as the diluted net loss attributable to LifeMD, Inc common shareholders before interest, taxes, depreciation, amortization, accretion, financing transaction expense, non-controlling interests, foreign currency translation, inventory valuation, sales return reserves, litigation costs, loss on debt extinguishment, dividends, insurance acceptance and Sarbanes-Oxley readiness, acquisition costs, severance expenses and stock-based compensation expense. We have provided below a reconciliation of adjusted EPS to Diluted loss per share attributable to LifeMD, Inc common shareholders, its most directly comparable GAAP financial measure.

We believe the above financial measures are commonly used by investors to evaluate our performance and that of our competitors. However, our use of the terms adjusted EBITDA and adjusted EPS may vary from that of others in our industry. Adjusted EBITDA and adjusted EPS should not be considered as an alternative to net loss before taxes, net loss per share, operating loss or any other performance measures derived in accordance with GAAP as measures of performance. 

Reconciliation of GAAP Net Loss to Adjusted EBITDA
(in whole numbers, unaudited)
		Three Months Ended September 30,								Nine Months Ended September 30,
		2023				2022				2023				2022
Net loss attributable to common shareholders		$	(6,898,998	)		$	(8,058,236	)		$	(19,193,579	)		$	(35,929,997	)
Interest expense (excluding amortization of debt discount)			594,229				17,550				1,233,415				92,090
Depreciation, amortization and accretion expense			1,769,134				1,177,502				4,807,979				2,703,430
Amortization of debt discount			79,653				-				233,495				-
(Gain) loss on debt extinguishment			-				-				325,198				(63,400	)
Financing transactions expense			305,424				-				735,501				152,015
Litigation costs			420,404				813,000				1,426,330				1,517,359
Inventory and reserve adjustment			-				-				232,630				230,661
Severance costs			7,692				-				7,692				179,090
Acquisitions expenses			86,942				-				127,138				265,153
Change in fair value of contingent consideration			-				248,000				-				(2,487,000	)
Goodwill impairment charge			-				-				-				2,735,000
Insurance acceptance readiness			8,094				-				66,634				-
Sarbanes Oxley readiness			48,576				-				48,576				-
Accrued interest on Series B Convertible Preferred Stock			39,884				114,685				506,991				340,315
Foreign exchange (gain) loss			272,899				685,242				796,619				685,242
Taxes			70,378				-				70,378				-
Dividends			1,813,130				776,563				3,971,890				2,329,688
Stock-based compensation expense			3,318,253				3,336,213				8,843,736				11,850,000
Net income attributable to noncontrolling interests			839,288				83,737				2,247,055				154,464
Adjusted EBITDA		$	2,774,982			$	(805,744	)		$	6,487,678			$	(15,245,890	)

 

Reconciliation of GAAP Diluted Loss per Share Attributable to Common Shareholders to Adjusted EPS
(unaudited)	Three Months Ended September 30,								Nine Months Ended September 30,
	2023				2022				2023				2022
Diluted loss per share attributable to LifeMD, Inc. common shareholders	$	(0.20	)		$	(0.26	)		$	(0.58	)		$	(1.17	)
Adjustments to Reconcile GAAP Diluted Loss Per Share to Adjusted EPS
Interest expense (excluding amortization of debt discount)		0.02				-				0.04				-
Depreciation, amortization and accretion expense		0.05				0.04				0.15				0.09
Amortization of debt discount		-				-				0.01				-
Loss on debt extinguishment		-				-				0.01				-
Financing transactions expense		0.01				-				0.02				-
Litigation costs		0.01				0.03				0.04				0.05
Inventory and reserve adjustment		-				-				0.01				0.01
Severance costs		-				-				-				0.01
Acquisitions expenses		-				-				-				0.01
Change in fair value of contingent consideration		-				0.01				-				(0.08	)
Goodwill impairment charge		-				-				-				0.09
Insurance acceptance readiness		-				-				-				-
Sarbanes Oxley readiness		-				-				-				-
Accrued interest on Series B Convertible Preferred Stock		-				-				0.02				0.01
Foreign exchange (gain) loss		0.01				0.02				0.02				0.02
Taxes		-				-				-				-
Dividends		0.05				0.02				0.12				0.08
Stock-based compensation expense		0.10				0.11				0.27				0.38
Net income attributable to noncontrolling interests		0.03				-				0.07				0.01
Adjusted EPS	$	0.08			$	(0.03	)		$	0.20			$	(0.49	)

 

FAQ

What are LifeMD's financial results for the third quarter of 2023?

LifeMD reported a 23% year-over-year revenue increase to $38.6 million, with record revenues for telehealth and WorkSimpli. Adjusted EPS was $0.08 per share, compared to a loss of $0.03 in the previous year.

What were the key financial highlights for LifeMD in the third quarter?

The key financial highlights include a 23% year-over-year revenue increase, a record 207,000 telehealth subscribers, and a quadrupling of Weight Management revenue.

What are LifeMD's financial guidance for the fourth quarter of 2023?

For the fourth quarter, the company expects revenue to be between $40 million and $41 million, and adjusted EBITDA to be between $3 million and $4 million.

What is LifeMD's expected revenue and adjusted EBITDA for the full year 2023?

For the full year 2023, LifeMD expects revenue to be between $148 million and $149 million, and adjusted EBITDA to be between $10 and $11 million.