Business
LifeMD Reports Second Quarter 2023 Results; Achieves Positive Free Cash Flow and Raises 2023 Revenue Guidance
Revenue grew 18% year-over-year to a record $35.9 million; telehealth net revenues increased 11% versus the first quarter of 2023.Achieved positive free cash
About this update from Lifemd, Inc.
[{"type":"text","content":"Revenue grew 18% year-over-year to a record $35.9 million; telehealth net revenues increased 11% versus the first quarter of 2023.Achieved positive free cash flow, ahead of guidance.Adjusted EBITDA increased to $1.7 million in the second quarter 2023 from an adjusted EBITDA loss of $6.9 million in the year-ago period.Launched a comprehensive Weight Management program offering and onboarded over 5,000 new patient subscribers to date; the Weight Management program is expected to be substantially accretive beginning in 2024.Raised 2023 revenue guidance to $146 million to $152 million, reflecting early success with the Weight Management program. Conference call begins at 4:30 p.m. Eastern time today NEW YORK, Aug. 09, 2023 (GLOBE NEWSWIRE) -- LifeMD, Inc. (Nasdaq: LFMD), a leading provider of virtual primary care services, today reported financial results for the three and six months ended June 30, 2023. Management Commentary “The second quarter of 2023 was a breakout quarter for LifeMD. Record quarterly revenue was driven by increasing demand for our telehealth offering and we achieved positive free cash flow for the first time in our company’s history and ahead of guidance,” said Justin Schreiber, Chairman and Chief Executive Officer of LifeMD. “In addition, we launched our Weight Management telehealth service program, which is off to a tremendous start. We believe this comprehensive approach to weight management, including GLP-1 medications for medically qualified individuals, could be a catalyst for significant growth and enhanced profitability. It also is the primary reason for raising 2023 revenue guidance. In addition, I am extremely proud of the performance of our Lifestyle telehealth businesses anchored by our men’s health brand, RexMD. These businesses continued to exceed our expectations with a 16% increase in average daily new patient sign-ups in the quarter.” “Our strong second quarter financial performance coupled with tremendous momentum in our telehealth businesses position LifeMD to gain share within these large markets. As such, we are raising our 2023 revenue guidance and slightly lowering adjusted EBITDA guidance given the near-term investment necessary to accelerate our growth in the Weight Management business, which we believe will be materially accretive beginning in 2024,” commented Marc Benathen, Chief Finan...