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LifeMD, Inc. 8.875% Series A Cumulative Perpetual Preferred Stock (symbol: LFMDP) is backed by a company that offers a comprehensive telemedicine solution connecting physicians, medical providers, pharmacists, and patients worldwide. Their platform is HIPAA-compliant and encrypted, allowing for secure interactions and management of medical conditions. In addition to telehealth services, they also provide mobile diagnostic telehealth equipment and sell nutritional supplements and over-the-counter products. With a focus on virtual primary care, LifeMD is committed to providing accessible, high-quality healthcare services.
LifeMD (Nasdaq: LFMD) will join the Russell 3000 Index after the 2024 Russell U.S. Indexes annual reconstitution. This inclusion will take effect at the start of U.S. equity markets on July 1, 2024. The Russell 3000 Index captures the 4,000 largest U.S. stocks by market capitalization. Membership means automatic inclusion in either the Russell 1000 or Russell 2000 Index, along with the corresponding growth and value style indexes. This inclusion reflects LifeMD's growth in providing affordable primary care and other healthcare services. The Russell indexes, managed by FTSE Russell, serve as benchmarks for approximately $10.5 trillion in assets. The annual rebalancing ensures the indexes accurately represent market segments.
LifeMD reported a strong first quarter of 2024 with a 33% revenue increase year-over-year to $44.1 million. Telehealth revenue grew by 53% compared to the previous year. The company raised full-year revenue guidance to at least $205 million, showing growth in all business segments. Weight management subscribers surpassed 50,000, with cash-adjusted EBITDA at $4.8 million, a 108% increase. The company generated $5.2 million in cash flow and had a $2.0 million net increase in cash during the quarter.
LifeMD, Inc.® (Nasdaq: LFMD) partners with Withings Health Solutions to enhance virtual patient care for GLP-1 weight-loss patients. By providing advanced in-home health monitoring devices, LifeMD aims to improve patient outcomes through real-time data, drive compliance, and enhance clinical decision-making. This partnership sets a new standard in virtual care, revolutionizing weight management patient care and supporting chronic care management.
LifeMD, Inc. announced the appointment of Dr. Calum MacRae, a renowned clinician and researcher at Harvard Medical School, to its Board of Directors. Dr. MacRae's expertise in cardiology and chronic disease management will enhance the company's virtual primary care services. His track record in implementing innovative solutions and leveraging technology in healthcare is expected to drive LifeMD's growth and improve patient care.
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