Welcome to our dedicated page for LifeMD news (Ticker: LFMD), a resource for investors and traders seeking the latest updates and insights on LifeMD stock.
LifeMD, Inc. (Nasdaq: LFMD) is a leading provider of virtual primary care, offering a comprehensive and integrated telehealth solution. The company's platform connects physicians, medical providers, pharmacists, and patients through a HIPAA-compliant system, ensuring secure AES-encrypted interactions. LifeMD provides a range of services including primary care, laboratory and pharmacy services, and specialized treatment for over 200 conditions such as men’s and women’s health, weight management, allergy & asthma, and dermatology.
LifeMD operates through two segments: Telehealth and WorkSimpli, with the majority of its revenue generated from the Telehealth segment. The company’s platform integrates electronic medical records (EMR), proprietary algorithms for case-load balancing and scheduling, customer relationship management (CRM), remote and in-home lab testing, digital prescription capabilities, and cloud pharmacy fulfillment. Additionally, LifeMD offers diagnostic telehealth equipment and sells nutritional supplements and over-the-counter products.
In 2023, LifeMD achieved significant business milestones, including the launch of a GLP-1 weight management program, which rapidly scaled to over 22,000 subscribers. The company also entered a strategic alliance with Medifast, receiving a $10 million collaboration fee and a $10 million equity investment. LifeMD continues to grow its RexMD brand, focusing on expanding telehealth products and services to increase patient lifetime value.
As of the end of 2023, LifeMD reported robust financial health with cash exceeding $30 million and a strong balance sheet. The company projects a revenue growth rate above 30% for 2024, alongside improvements in adjusted EBITDA and GAAP earnings. LifeMD remains optimistic about its strategic initiatives, including the expansion of private insurance-based programs and new offerings under its partnership with Medifast.
LifeMD is dedicated to making high-quality and affordable healthcare accessible to all, leveraging its vertically-integrated, proprietary digital care platform and a 50-state affiliated medical group. Its services are available 24/7/365, ensuring that patients can manage common medical conditions conveniently and cost-effectively.
LifeMD reported a significant milestone in Q4 2022, achieving consolidated Adjusted EBITDA profitability for the first time, totaling $631,000. Full Year 2022 consolidated revenue reached $119.0 million, a 28% increase year-over-year, despite a $2.9 million impact from deferred telehealth shipments in Q4. The company executed a $40 million debt financing agreement with Avenue Capital, bolstering its capital position for future growth. Guidance for 2023 indicates projected revenue of $140-$150 million and Adjusted EBITDA of $12-$18 million. Notably, active telehealth subscribers grew by 22% to approximately 169,000.
LifeMD (NASDAQ: LFMD) announced securing a senior secured credit facility with Avenue Capital, providing up to $40 million, including an initial $15 million. This financing aims to support the company’s strategic growth and profitability plans, with expectations of eliminating cash burn soon. The credit agreement includes an 18-month interest-only period and a growth option up to $20 million. Additionally, LifeMD issued warrants to Avenue Capital for purchasing shares at $1.24. This investment is expected to bolster LifeMD's financial flexibility and maintain its majority interest in WorkSimpli, projected to generate over 20% EBITDA margins in 2023.
LifeMD, Inc. (NASDAQ: LFMD) has announced its financial results for the fourth quarter and full year ending December 31, 2022, will be reported after market close on March 22, 2023. This will be followed by a conference call at 4:30 PM ET to discuss the results and provide corporate updates.
LifeMD specializes in direct-to-patient telehealth services, focusing on virtual primary care and specialized treatment for various health conditions. The company aims to enhance access to affordable healthcare through its technology platform and nationwide pharmacy network.
LifeMD, Inc. (NASDAQ: LFMD) announced the appointment of Dr. Joan LaRovere to its Board of Directors, expanding the board to nine members, with seven independent directors. Dr. LaRovere brings extensive experience from top hospitals and expertise in healthcare data and technology. Her roles include Director of Innovation at Boston Children’s Hospital and Assistant Professor at Harvard Medical School. She aims to leverage her background to enhance LifeMD's mission of improving access to affordable virtual care. The press release underscores LifeMD’s commitment to using technology for advancing healthcare delivery.
LifeMD, Inc. (NASDAQ: LFMD) has announced the appointment of Jessica Friedeman as Chief Marketing Officer, succeeding Stefan Galluppi, who remains as Chief Innovation Officer. Friedeman brings nearly 20 years of experience in patient engagement and revenue growth, having previously served as CMO at Healthgrades and Mercury Healthcare. CEO Justin Schreiber expressed optimism about her role in enhancing the company's telehealth services, which have served over 177,000 patients in the past year, highlighting LifeMD's commitment to delivering personalized healthcare.
LifeMD, Inc. (NASDAQ: LFMD/LFMDP) announced a cash dividend of $0.5546875 per share for its 8.875% Series A Cumulative Perpetual Preferred Stock. This dividend will be paid on January 17, 2023, to shareholders recorded by January 6, 2023. LifeMD is a telehealth company offering comprehensive healthcare services across all 50 states, utilizing technology to enhance accessibility and affordability of primary care, diagnostics, and treatments. This favorable announcement underscores the company's commitment to rewarding its investors.
LifeMD, Inc. (NASDAQ: LFMD) has ranked #140 on Deloitte’s Technology Fast 500™, recognizing its impressive growth in the telehealth sector. This ranking follows previous placements of #189 and #164 in 2019 and 2018, respectively. Companies are evaluated based on revenue growth from 2018 to 2021, with LifeMD demonstrating strong performance. The 2022 Fast 500 companies achieved revenue growth between 241% to 125,138%, with a median of 611%. CEO Justin Schreiber emphasized the importance of their innovative telehealth services in improving patient access and care.
LifeMD, a direct-to-patient telehealth company, announced its participation in several upcoming conferences. Key details include:
- BTIG Digital Health Forum: Nov 21, 2022, at 1:00 PM EST, focusing on Virtual Primary Care and Health Services.
- Piper Sandler 34th Annual Healthcare Conference: Nov 29-Dec 1, 2022, with one-on-one meetings available.
- RHK Capital 2022 Disruptive Growth Conference: Dec 5-6, 2022, featuring presentations and individual meetings.
Live presentation links will be accessible on the company's investor webpage.
LifeMD reported its thirteenth consecutive quarter of record revenue, achieving $31.4 million in Q3 2022, a 26% increase year-over-year. The company improved its adjusted EPS to $(0.03), marking a 91% enhancement from the previous year. The consolidated adjusted EBITDA loss was reduced to $889,000, with expectations of achieving profitability in Q4 2022. The company saw a 36% rise in telehealth active subscribers and a 57% increase in WorkSimpli revenue. Management remains focused on maximizing shareholder value amid ongoing negotiations for the divestiture of WorkSimpli.
LifeMD, Inc. (NASDAQ: LFMD) has announced it will release its financial results for Q3 2022 on November 10, 2022, after market close. The company's management will conduct a conference call at 4:30 PM ET to discuss the results and provide additional corporate updates. LifeMD specializes in direct-to-patient telehealth services across various medical fields, enhancing access to affordable healthcare through its technology platform and nationwide pharmacy network.
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