Business
LifeMD Reports Fourth Quarter 2023 Results
Fourth quarter revenue increased 60% year-over-year to $44.9 million with Telehealth revenues increasing 90% versus the year-ago period.Adjusted EPS of $0.15
About this update from Lifemd, Inc.
[{"type":"text","content":"Fourth quarter revenue increased 60% year-over-year to $44.9 million with Telehealth revenues increasing 90% versus the year-ago period.Adjusted EPS of $0.15 per share compared with $0.02 in the year-ago period.Consolidated adjusted EBITDA of $5.5 million compared with $1.0 million in the year-ago period.Weight Management subscribers exceeded 22,000 as of year-end 2023, ahead of previous guidance.Telehealth subscribers grew 27% year-over-year to a record 215,000 patients at year-end 2023. Conference call begins at 4:30 p.m. Eastern time today NEW YORK, March 11, 2024 (GLOBE NEWSWIRE) -- LifeMD, Inc. (Nasdaq: LFMD), a leading provider of virtual primary care, today reported financial results for the three and twelve months ended December 31, 2023. Management Commentary “2023 was a record-setting year for LifeMD, characterized by sharp increases in revenue, telehealth subscribers and profitability. During the year, we launched our GLP-1 weight management program which has rapidly grown to become one of the leading providers of medically supported weight loss management services nationwide. In less than nine months, we scaled this business to over 22,000 subscribers and growing. Year to date in 2024, we continue to see record daily performance in the sale of new weight management subscriptions and at a rate in excess of our previous 2024 guidance. We demonstrated the tremendous value of our proprietary telehealth platform and dedicated 50-state, affiliated medical group through the execution of a substantial platform license and investment agreement with Medifast that provided LifeMD with a $10 million collaboration fee plus a $10 million equity investment,” said Justin Schreiber, Chairman and CEO of LifeMD. “Our RexMD business, once again posted double-digit revenue growth with robust contribution margins that continued to exceed 30%. Looking ahead, we are exceptionally well-positioned to meet or exceed our 2024 financial guidance while continuing to expand our position as a market leading disruptor in telemedicine.” “We exited 2023 with the strongest financial position in our company’s history and are well capitalized to execute upon our aggressive expansion goals. Last year, we produced record cash flow from operations of approximately $9 million compared with negative operating cash flow of almost $23 million in 2022. We achiev...