Business
LifeMD Reports Q2 2021 Revenue Up 145% to Record $22.3 Million, Driven by Reduced Acquisition Costs and Strong Retention
New patient Customer Acquisition Cost (CAC) decreased 8% sequentially, while new patient acquisitions per day for comparable brands increased 11%Revenue
About this update from Lifemd, Inc.
[{"type":"text","content":"New patient Customer Acquisition Cost (CAC) decreased 8% sequentially, while new patient acquisitions per day for comparable brands increased 11%Revenue increased to a record $22.3 million, up 145% from the same year-ago period93% of Q2 2021 revenue generated by subscriptions, up from 56% in the same year-ago periodPlatform Contribution of $16.5 million, 74% of net revenue, up 145% from the same year-ago periodTotal telehealth order volume grew 155% to 199,764 NEW YORK, Aug. 12, 2021 (GLOBE NEWSWIRE) -- LifeMD, Inc. (NASDAQ: LFMD), a leading direct-to-patient telehealth company, reported results for the second quarter ended June 30, 2021. All figure comparisons are to the same year-ago quarter unless otherwise noted. Management will host a conference call today at 4:30 p.m. Eastern time to discuss the results. Q2 Financial Highlights Record revenue of $22.3 million, up 145%93% of revenue generated by subscriptions, up from 56%Gross profit totaled $18.1 million, or 81% of net revenues, up 145%Platform Contribution of $16.5 million, up 145% (see definition of this non-GAAP financial measure and reconciliation to GAAP, below)$17.4 million in cash as of June 30, 2021, versus $9.2 million as of December 31, 2020 Q2 Operational Highlights Strong new patient acquisition followed the launch of Nava MD™ in the prior quarter, with favorable Nava MD unit economics showing support for a two- to four-month payback on CACDrove an approximate 30% efficiency improvement in media spend resulting in Customer Acquisition Costs (CAC) that decreased 8% sequentially despite media rates in our core advertising channels rising by more than 20%.Daily rate of new patient acquisitions increased by 11% sequentially with improved cost efficiencyTotal patients and customers served nationwide surpassed 360,000 during the quarterTelemedicine orders increased 155% to approximately 200,000Appointed veteran pharmaceutical strategy and corporate development executive, Alexander Mironov, as president of LifeMD. The appointment reflects LifeMD’s focus on broadening its direct-to-patient pharmaceutical capabilities and further diversifying its telehealth portfolio with patented products.Made significant investments in technology and personnel to support the launch of our LifeMD branded primary care offering later this quarter. Subsequent Events LifeMD launched transf...