Business
LifeMD Reports Q1 2021 Revenue up 323% to Record $18.2M, Raises Full Year Revenue Guidance to $90-$100M
92% of Q1 2021 revenue was generated by subscriptions, up from 75% in Q1 2020Total patients and customers served nationwide surpassed 320,000Gross Margins of
About this update from Lifemd, Inc.
[{"type":"text","content":"92% of Q1 2021 revenue was generated by subscriptions, up from 75% in Q1 2020Total patients and customers served nationwide surpassed 320,000Gross Margins of 82%, up 13% from the same year-ago periodTotal Telehealth Order volume grew by 373% versus year ago period to 164,452 NEW YORK, May 13, 2021 (GLOBE NEWSWIRE) -- LifeMD, Inc. (“the Company”) (NASDAQ: LFMD), a leading direct-to-patient telehealth company, today reported results for the first quarter ended March 31, 2021. All quarterly comparisons are to the same year-ago period. The Company will hold a conference call at 4:30 p.m. Eastern time today to discuss the results (see dial-in information below.) ($ in 000s)Three Months Ended March 31 Y-o-YKey Performance Metrics20212020 % GrowthRevenue Product (Telehealth)$13,283$2,956 349%Software (LegalSimpli)4,9141,349 264%Total Revenue$18,198 $4,305 323%Subscription Revenue as % of Total92%75% Telehealth Volume Total Telehealth Orders164,45234,753 373% LegalSimpli Active Subscribers109,51736,852 197% Q1 Financial Highlights Revenue increased 323% to a record $18.2 million.92% of Q1 2021 revenue was generated by subscriptions, up from 75% in Q1 2020.Telemedicine orders increased 373% to more than 164,000.Gross profit increased 403% to $14.9 million or 82% of revenue.Cash totaled $13.4 million at March 31, 2021, versus $9.2 million at December 31, 2020. Subsequent to the end of the quarter, the Company completed a private placement with net proceeds of $13.5 million. Q1 Operational Highlights Total patients and customers served nationwide surpassed 320,000.At the end of the first quarter of 2021, launched Nava MD™, a tele-dermatology and skincare brand that offers virtual medical treatment from dermatologists and other providers. Nava MD’s proprietary products leverage intellectual property and proprietary formulations licensed from Restorsea, a leading skincare technology platform.In the quarter, the Company changed its name from Conversion Labs to Life MD™, reflecting its evolution and expansion from a branded telemedicine products company into a leading provider of end-to-end concierge telehealth services.Expanded the management team with the appointments of a Chief Medical Officer, Chief Financial Officer, Chief Digital Officer, Chief Business Officer, and Corporate Controller. Management Commentary “As a rising leader in teleh...