LifeMD, Inc. Reports First Quarter 2023 Results; Record Revenues and Adjusted EBITDA

About this update from Lifemd, Inc.

[{"type":"text","content":"Record first quarter 2023 consolidated revenue of $33.1 million, up 14% from the same year-ago period.Record Adjusted EPS of $0.06 per share, up 126% versus the prior year.Record Adjusted EBITDA of $2.0 million, up 126% versus the prior year.Executed debt financing transaction with Avenue Capital, providing up to $40 million of total capital and strengthening LifeMD’s long-term capital position.Re-affirm Full Year 2023 revenue guidance of $140 to $150 million and consolidated Adjusted EBITDA guidance of $12 to $18 million. NEW YORK, May 12, 2023 (GLOBE NEWSWIRE) -- LifeMD, Inc. (NASDAQ: LFMD), a leading direct-to-patient telehealth company, reported results for the first quarter ended March 31, 2023. All figure comparisons are to the same year-ago quarter unless otherwise noted. Management will host a conference call today, May 12, 2023, at 8:30 a.m. Eastern Time to discuss the results. An updated corporate presentation was posted to https://ir.lifemd.com/#/ prior to market open. First Quarter Financial Highlights First quarter revenue of $33.1 million, up 14%. Revenue increased 18% sequentially versus fourth quarter 2022 driven by a 23% sequential increase in telehealth revenue.First quarter consolidated Gross Margin of 87%, up from 82% in the same year-ago period.Net loss attributable to common stockholders was $4.8 million or $(0.15) per share, as compared to a net loss attributable to common stockholders of $14.1 million or $(0.46) per share in the prior year.Consolidated Adjusted EBITDA profit of $2.0 million as compared to a loss of $7.6 million in the same year-ago period (see definition of this non-GAAP financial measure and reconciliation to GAAP, below).First quarter Adjusted EPS of $0.06, up 126% versus same year-ago period (see definition of this non-GAAP financial measure and reconciliation to GAAP, below).Gross revenue attributable to LifeMD’s Virtual Primary Care business grew 97% versus fourth quarter 2022.Free Cash Flow (Operating Cash Flow less Cash Flow from Investing Activities), net of discretionary timing related Accounts Payable paydowns and Accrued Expenses, reduced to a $678K loss, an 84% sequential improvement versus the comparable cash burn of $4.2 million in the fourth quarter of 2022. LifeMD remains on track to achieve Free Cash Flow positivity by the middle of 2023. Q1 and Recent Operational Highlig...

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