Business
LifeMD, Inc. Reports Third Quarter 2022 Results
Fourteenth consecutive quarter of record consolidated revenue. Third quarter 2022 consolidated revenue of $31.4 million up 26% from the same year ago
About this update from Lifemd, Inc.
[{"type":"text","content":"Fourteenth consecutive quarter of record consolidated revenue. Third quarter 2022 consolidated revenue of $31.4 million up 26% from the same year ago period.Adjusted EPS of $(0.03), 91% improvement versus the prior year, 86% sequentially versus prior quarter.Remain on track to achieve consolidated Adjusted EBITDA profitability in fourth quarter 2022.Consolidated Adjusted EBITDA loss for the third quarter reduced to $889,000. NEW YORK, Nov. 10, 2022 (GLOBE NEWSWIRE) -- LifeMD, Inc. (NASDAQ: LFMD), a leading direct-to-patient telehealth company, reported results for the third quarter ended September 30, 2022. All figure comparisons are to the same year-ago quarter unless otherwise noted. Management will host a conference call today, November 10, 2022, at 4:30 p.m. Eastern Time to discuss the results. Q3 2022 Financial Highlights Record revenue of $31.4 million, up 26%.Consolidated Gross Margin of 85%, up from 80% in the same year-ago period. Gross profit totaled $26.7 million.93% of revenue generated by subscriptions.Consolidated Adjusted EBITDA loss reduced to $889,000 in the third quarter; remain on track to achieve consolidated Adjusted EBITDA profitability in the fourth quarter 2022.Adjusted EPS $(0.03), up 91% versus same year-ago period and a 86% sequential improvement versus the prior quarter (see definition of this non-GAAP financial measure and reconciliation to GAAP, below). Q3 and Recent Operational Highlights Continued leverage of Selling and Marketing expenses, with third quarter expenses as a percentage of revenue reducing to 55%, a 1,700-basis point improvement versus the prior quarter and a 2,600-basis point improvement versus the same year-ago period.Virtual primary care business saw average daily patient acquisition increase by 440% from prior quarter with strong retention and high patient satisfaction scores.Telehealth active subscribers increased 36% to approximately 176,000.Reduced blended telehealth Customer Acquisition Costs (CAC) by 18% versus year-ago period and by 8% sequentially versus prior quarter.Executed an agreement with our third pharmaceutical partner using LifeMD’s technology and affiliated medical group for 4 additional branded prescription medications.In final stages of WorkSimpli divestiture process. Actively in negotiations and received interest from multiple bidders.WorkSimpli active subscri...