Oorspronkelijke tekst
Deze vertaling beoordelen
Je feedback wordt gebruikt om Google Translate te verbeteren
Home
Lifemd Inc
LifeMD Reports Second Quarter 2025 Results
Business
Aug 5 2025
19 min read

LifeMD Reports Second Quarter 2025 Results

news images
  • Total revenue increased 23% year-over-year to $62.2 million; adjusted EBITDA rose 223% to $7.1 million

  • Telehealth revenue increased 30% to $48.6 million; telehealth adjusted EBITDA rose 560% to $3.4 million

  • Generated more than $8 million of operating cash flow

  • Paid down $2.1 million of senior debt, exited the quarter with $36.2 million in cash and fully repaid all remaining senior debt subsequent to quarter-end

  • Enhanced and diversified virtual care platform with nationwide launch of behavioral health offering, upgraded LifeMD+ membership program and acquisition of women’s health practice

Conference call begins at 4:30 p.m. Eastern time today

NEW YORK, Aug. 05, 2025 (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, 2025.

Management Commentary

“The second quarter of 2025 was an extremely productive quarter for LifeMD and the evolution of our telehealth platform,” said Justin Schreiber, Chairman and CEO of LifeMD. “Hundreds of thousands of patients now trust LifeMD to deliver affordable, accessible virtual care that meaningfully improves their health outcomes. Our platform is undergoing a transformational expansion, broadening our clinical scope into some of the most pressing and underserved areas of healthcare at a time when innovation is desperately needed. Technology-enabled virtual and in-home care platforms like ours are critical to closing this gap, and I believe we are exceptionally well positioned to transform the lives of millions of Americans in the years ahead.

“A key highlight of the second quarter was the diversification of our platform into high-need clinical areas. We launched a nationwide behavioral health offering that’s unique in its ability to support both synchronous and asynchronous care, and we acquired a virtual women’s health brand to accelerate our entry into this segment. In addition, we began scaling our enhanced LifeMD+ membership program, which highlights 24/7 urgent and primary care, and aggregates specialty care, prescription medications, in-home labs and wellness products and services that can help our customers manage their overall health,” Schreiber continued.

“Our long-term financial outlook remains strong and we continue to make significant strides in diversifying our offerings to optimize our position for growth and profitability,” said Marc Benathen, LifeMD’s Chief Financial Officer. “We exited the quarter with $36.2 million in cash and have now fully paid off all senior debt, significantly strengthening our balance sheet. Telehealth revenue grew 30% year-over-year and telehealth adjusted EBITDA increased 560%. WorkSimpli continued to perform well, with adjusted EBITDA increasing 119% versus the prior-year quarter. Due to some temporary challenges facing our Rex MD business—which are now largely resolved—we are revising our full-year 2025 guidance for revenue and adjusted EBITDA to reflect the full-year impact of these issues, while still anticipating strong year-over-year growth in both metrics.”

Second Quarter Financial Highlights

All comparisons are with the second quarter of 2024. Non-GAAP financial measures referenced below are defined and reconciled to GAAP financial measures at the end of this press release.

  • Total revenue increased 23% to $62.2 million, driven by a 30% increase in telehealth revenue.

  • The number of active telehealth subscribers increased 16% to approximately 297,000 at quarter-end.

  • Gross margin was 88% compared to 90% in the prior-year period due to revenue mix.

  • GAAP net loss was $2.9 million or ($0.06) per share compared to a net loss of $7.7 million or ($0.19) per share in the prior-year period.

  • Adjusted EBITDA was $7.1 million compared to $2.2 million in the prior-year period.

  • Telehealth adjusted EBITDA was $3.4 million compared to $0.5 million in the prior-year period.

  • Cash totaled $36.2 million as of June 30, 2025 inclusive of paying down $2.1 million of senior debt during the quarter, an increase of $1.8 million from March 31, 2025.

  • Subsequent to quarter-end, all remaining senior debt was fully repaid from existing cash.

Second Quarter Key Performance Metrics

 

 

 

 

 

 

($ in 000s)

 

Three Months Ended June 30,

 

Y-o-Y

Key Performance Metrics

 

 

2025

 

2024

 

% Growth

Revenue

 

 

 

 

 

Telehealth

 

$

48,564

$

37,432

 

30

%

WorkSimpli

 

$

13,655

$

13,230

 

3

%

Total Revenue

 

$

62,218

$

50,662

 

23

%

 

 

 

 

 

 

Active Subscribers

 

 

 

 

 

Telehealth Active Subscribers

 

 

296,946

 

256,387

 

16

%

WorkSimpli Active Subscribers

 

 

149,465

 

158,265

 

-6

%

Total Active Subscribers

 

 

446,411

 

414,652

 

8

%


Financial Guidance

For the third quarter of 2025, the Company expects:

  • Total revenue in the range of $61 million to $63 million, with telehealth revenue in the range of $48 million to $50 million.

  • Adjusted EBITDA in the range of $6 million to $7 million, with telehealth adjusted EBITDA in the range of $3 million to $4 million.

For the full year 2025, the Company expects:

  • Total revenue in the range of $250 million to $255 million, compared with previous guidance of $268 million to $275 million.

  • Telehealth revenue in the range of $195 million to $200 million, compared with $208 million to $213 million previously.

  • Adjusted EBITDA in the range of $27 million to $29 million, compared with $31 million to $33 million previously.

  • Telehealth adjusted EBITDA is now forecast to be in the range of $14 million to $16 million, down from $21 million previously.

Conference Call

LifeMD’s management will host a conference call today at 4:30 p.m. Eastern time to discuss the Company’s financial results and outlook, and answer questions. Details for the call are as follows:         

Toll-free dial-in number:

800-445-7795

International dial-in number:

785-424-1699

Conference ID:

LIFEMD


A live and archived webcast will be available in the Investors section of the Company’s website at ir.lifemd.com.

About LifeMD

LifeMD® is a leading provider of virtual primary care. LifeMD offers telemedicine, access to laboratory and pharmacy services, and specialized treatment across more than 200 conditions, including primary care, men’s and women's health, weight management, and hormone therapy. The Company leverages a vertically integrated, proprietary digital care platform, a 50-state affiliated medical group, a state-of-the-art affiliated pharmacy, and a U.S.-based patient care center to increase access to high-quality and affordable care. For more information, please visit LifeMD.com.

Cautionary Note Regarding Forward Looking Statements

This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended; Section 21E of the Securities Exchange Act of 1934, as amended; and the safe harbor provision of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this news release may be identified by the use of words such as: “believe,” “expect,” “anticipate,” “project,” “should,” “plan,” “will,” “may,” “intend,” “estimate,” predict,” “continue,” and “potential,” or, in each case, their negative or other variations or comparable terminology referencing future periods. Examples of forward-looking statements include, but are not limited to, statements regarding our financial outlook and guidance, short and long-term business performance and operations, future revenues and earnings, regulatory developments, legal events or outcomes, ability to comply with complex and evolving regulations, market conditions and trends, new or expanded products and offerings, growth strategies, underlying assumptions, and the effects of any of the foregoing on our future results of operations or financial condition.

Forward-looking statements are not historical facts and are not assurances of future performance. Rather, these statements are based on our current expectations, beliefs, and assumptions regarding future plans and strategies, projections, anticipated and unanticipated events and trends, the economy, and other future conditions, including the impact of any of the aforementioned on our future business. As forward-looking statements relate to the future, they are subject to inherent risk, uncertainties, and changes in circumstances and assumptions that are difficult to predict, including some of which are out of our control. Consequently, our actual results, performance, and financial condition may differ materially from those indicated in the forward-looking statements. These risks and uncertainties include, but are not limited to, “Risk Factors” identified in our filings with the Securities and Exchange Commission, including, but not limited to, our most recently filed Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and any amendments thereto. Even if our actual results, performance, or financial condition are consistent with forward-looking statements contained in such filings, they may not be indicative of our actual results, performance, or financial condition in subsequent periods.

Any forward-looking statement made in the news release is based on information currently available to us as of the date on which this release is made. We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required under applicable law or regulation.

Investor Contact
Marc Benathen, Chief Financial Officer
marc@lifemd.com

Media Contact
Jessica Friedeman, Chief Marketing and Product Officer
press@lifemd.com

Tables to Follow

LIFEMD, INC.

 

CONSOLIDATED BALANCE SHEETS

 

 

 

 

 

 

 

 

 

June 30, 2025

 

December 31, 2024

 

 

(Unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

Cash

$

36,228,305

 

 

$

35,004,924

 

 

Accounts receivable, net

 

7,330,129

 

 

 

8,217,813

 

 

Product deposit

 

251,000

 

 

 

40,763

 

 

Inventory, net

 

3,251,355

 

 

 

2,797,358

 

 

Other current assets

 

1,964,974

 

 

 

2,672,231

 

 

Total Current Assets

 

49,025,763

 

 

 

48,733,089

 

 

 

 

 

 

 

 

 

Non-current Assets

 

 

 

 

 

 

Equipment, net

 

2,050,318

 

 

 

1,479,184

 

 

Right of use assets

 

5,822,907

 

 

 

6,400,596

 

 

Capitalized software, net

 

14,837,946

 

 

 

13,816,501

 

 

Intangible assets, net

 

1,827,768

 

 

 

2,030,656

 

 

Total Non-current Assets

 

24,538,939

 

 

 

23,726,937

 

 

 

 

 

 

 

 

 

Total Assets

$

73,564,702

 

 

$

72,460,026

 

 

 

 

 

 

 

 

 

LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY (DEFICIT)

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

Accounts payable

$

24,292,870

 

 

$

16,009,484

 

 

Accrued expenses

 

14,946,499

 

 

 

20,811,764

 

 

Current operating lease liabilities

 

541,981

 

 

 

508,537

 

 

Current portion of long-term debt

 

11,960,784

 

 

 

8,444,444

 

 

Deferred revenue

 

11,790,024

 

 

 

14,480,917

 

 

Total Current Liabilities

 

63,532,158

 

 

 

60,255,146

 

 

 

 

 

 

 

 

 

Long-term Liabilities

 

 

 

 

 

 

Long-term debt, net

 

3,517,317

 

 

 

9,885,057

 

 

Noncurrent operating lease liabilities

 

6,032,847

 

 

 

6,265,192

 

 

Contingent consideration

 

100,000

 

 

 

100,000

 

 

Total Liabilities

 

73,182,322

 

 

 

76,505,395

 

 

 

 

 

 

 

 

 

Commitments and Contingencies

 

 

 

 

 

 

Mezzanine Equity

 

 

 

 

 

 

Preferred Stock, $0.0001 par value; 5,000,000 shares authorized
Series B Convertible Preferred Stock, $0.0001 par value; 5,000 shares authorized, zero shares issued and outstanding, liquidation value, $0 per share as of June 30, 2025 and December 31, 2024

 

-

 

 

 

-

 

 

Stockholders’ Equity (Deficit)

 

 

 

 

 

 

Series A Preferred Stock, $0.0001 par value; 1,610,000 shares authorized, 1,400,000 shares issued and outstanding, liquidation value approximately $25.55 per share as of June 30, 2025 and December 31, 2024

 

140

 

 

 

140

 

 

Common Stock, $0.01 par value; 100,000,000 shares authorized, 45,141,226 and 42,293,907 shares issued, 45,038,186 and 42,190,867 outstanding as of June 30, 2025 and December 31, 2024, respectively

 

451,412

 

 

 

422,939

 

 

Additional paid-in capital

 

236,426,008

 

 

 

230,508,339

 

 

Accumulated deficit

 

(238,496,413

)

 

 

(236,253,218

)

 

Treasury stock, 103,040 shares, at cost, as of June 30, 2025 and December 31, 2024

 

(163,701

)

 

 

(163,701

)

 

Total LifeMD, Inc. Stockholders’ Deficit

 

(1,782,554

)

 

 

(5,485,501

)

 

Non-controlling interest

 

2,164,934

 

 

 

1,440,132

 

 

Total Stockholders’ Equity (Deficit)

 

382,380

 

 

 

(4,045,369

)

 

Total Liabilities, Mezzanine Equity and Stockholders’ Equity (Deficit)

$

73,564,702

 

 

$

72,460,026

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

LIFEMD, INC.

 

CONSOLIDATED STATEMENTS OF OPERATIONS

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

Telehealth revenue, net

 

$

48,563,672

 

 

$

37,432,309

 

 

$

101,020,153

 

 

$

68,273,711

 

 

WorkSimpli revenue, net

 

 

13,654,513

 

 

 

13,229,536

 

 

 

26,895,788

 

 

 

26,532,398

 

 

Total revenues, net

 

 

62,218,185

 

 

 

50,661,845

 

 

 

127,915,941

 

 

 

94,806,109

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of telehealth revenue

 

 

6,838,703

 

 

 

4,553,843

 

 

 

14,975,164

 

 

 

8,748,438

 

 

Cost of WorkSimpli revenue

 

 

592,201

 

 

 

471,072

 

 

 

1,099,456

 

 

 

876,654

 

 

Total cost of revenues

 

 

7,430,904

 

 

 

5,024,915

 

 

 

16,074,620

 

 

 

9,625,092

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

54,787,281

 

 

 

45,636,930

 

 

 

111,841,321

 

 

 

85,181,017

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling and marketing expenses

 

 

29,125,097

 

 

 

26,378,928

 

 

 

58,319,158

 

 

 

50,552,808

 

 

General and administrative expenses

 

 

17,565,187

 

 

 

18,521,385

 

 

 

34,620,856

 

 

 

33,827,117

 

 

Customer service expenses

 

 

3,230,735

 

 

 

2,733,418

 

 

 

6,302,229

 

 

 

4,581,459

 

 

Other operating expenses

 

 

3,028,762

 

 

 

1,906,175

 

 

 

5,543,520

 

 

 

4,206,622

 

 

Development costs

 

 

2,744,272

 

 

 

2,402,590

 

 

 

5,419,406

 

 

 

4,489,822

 

 

Total expenses

 

 

55,694,053

 

 

 

51,942,496

 

 

 

110,205,169

 

 

 

97,657,828

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating (loss) income

 

 

(906,772

)

 

 

(6,305,566

)

 

 

1,636,152

 

 

 

(12,476,811

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

(663,027

)

 

 

(531,468

)

 

 

(1,289,302

)

 

 

(1,009,146

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income before income taxes

 

 

(1,569,799

)

 

 

(6,837,034

)

 

 

346,850

 

 

 

(13,485,957

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income

 

 

(1,569,799

)

 

 

(6,837,034

)

 

 

346,850

 

 

 

(13,485,957

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to noncontrolling interests

 

 

505,075

 

 

 

38,606

 

 

 

1,036,920

 

 

 

158,038

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss attributable to LifeMD, Inc.

 

 

(2,074,874

)

 

 

(6,875,640

)

 

 

(690,070

)

 

 

(13,643,995

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred stock dividends

 

 

(776,562

)

 

 

(776,562

)

 

 

(1,553,125

)

 

 

(1,553,125

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss attributable to LifeMD, Inc. common stockholders

 

$

(2,851,436

)

 

$

(7,652,202

)

 

$

(2,243,195

)

 

$

(15,197,120

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic loss per share attributable to LifeMD, Inc. common stockholders

 

$

(0.06

)

 

$

(0.19

)

 

$

(0.05

)

 

$

(0.38

)

 

Diluted loss per share attributable to LifeMD, Inc. common stockholders

 

$

(0.06

)

 

$

(0.19

)

 

$

(0.05

)

 

$

(0.38

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

44,401,531

 

 

 

41,296,042

 

 

 

43,772,151

 

 

 

40,269,139

 

 

Diluted

 

 

44,401,531

 

 

 

41,296,042

 

 

 

43,772,151

 

 

 

40,269,139

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


LIFEMD, INC.

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income

 

 

 

$

(1,569,799

)

 

$

(6,837,034

)

 

$

346,850

 

 

$

(13,485,957

)

 

Adjustments to reconcile net (loss) income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of debt discount

 

 

 

 

100,444

 

 

 

100,444

 

 

 

200,888

 

 

 

200,888

 

 

Amortization of capitalized software

 

 

 

 

2,377,484

 

 

 

1,937,708

 

 

 

4,627,520

 

 

 

3,725,112

 

 

Amortization of intangibles

 

 

 

 

261,360

 

 

 

246,066

 

 

 

505,888

 

 

 

492,032

 

 

Accretion of consideration payable

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

13,644

 

 

Depreciation of fixed assets

 

 

 

 

184,256

 

 

 

104,451

 

 

 

346,822

 

 

 

170,366

 

 

Noncash operating lease expense

 

 

 

 

281,956

 

 

 

184,588

 

 

 

577,689

 

 

 

391,397

 

 

Stock compensation expense

 

 

 

 

2,094,614

 

 

 

4,191,176

 

 

 

4,643,142

 

 

 

6,735,606

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Changes in Assets and Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable

 

 

 

 

2,862,645

 

 

 

(331,451

)

 

 

887,684

 

 

 

(390,692

)

 

Product deposit

 

 

 

 

(59,160

)

 

 

172,804

 

 

 

(210,237

)

 

 

369,716

 

 

Inventory

 

 

 

 

(283,658

)

 

 

312,921

 

 

 

(453,997

)

 

 

699,213

 

 

Other current assets

 

 

 

 

262,226

 

 

 

(222,683

)

 

 

707,257

 

 

 

(586,910

)

 

Operating lease liabilities

 

 

 

 

(94,004

)

 

 

(130,846

)

 

 

(198,901

)

 

 

(334,790

)

 

Deferred revenue

 

 

 

 

(2,835,878

)

 

 

1,958,902

 

 

 

(2,690,893

)

 

 

6,333,061

 

 

Accounts payable

 

 

 

 

8,613,842

 

 

 

2,656,697

 

 

 

8,283,386

 

 

 

3,966,874

 

 

Accrued expenses

 

 

 

 

(3,556,881

)

 

 

196,020

 

 

 

(5,865,264

)

 

 

1,442,362

 

 

Net cash provided by operating activities

 

 

 

 

8,639,447

 

 

 

4,539,763

 

 

 

11,707,834

 

 

 

9,741,922

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash paid for capitalized software costs

 

 

 

 

(2,903,838

)

 

 

(2,488,039

)

 

 

(5,648,965

)

 

 

(4,502,712

)

 

Purchase of equipment

 

 

 

 

(795,745

)

 

 

(642,053

)

 

 

(917,956

)

 

 

(817,645

)

 

Purchase of intangible assets

 

 

 

 

-

 

 

 

(1,936

)

 

 

-

 

 

 

(1,936

)

 

Net cash used in investing activities

 

 

 

 

(3,699,583

)

 

 

(3,132,028

)

 

 

(6,566,921

)

 

 

(5,322,293

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repayment of notes payable, net of prepayment penalty

 

 

 

 

-

 

 

 

(102,887

)

 

 

-

 

 

 

(314,577

)

 

Repayment of debt instruments

 

 

 

 

(2,052,288

)

 

 

-

 

 

 

(2,052,288

)

 

 

-

 

 

Cash proceeds from exercise of options

 

 

 

 

-

 

 

 

100,000

 

 

 

-

 

 

 

107,813

 

 

Preferred stock dividends

 

 

 

 

(776,562

)

 

 

(776,562

)

 

 

(1,553,125

)

 

 

(1,553,125

)

 

Contingent consideration payment for ResumeBuild

 

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(31,250

)

 

Distributions to non-controlling interest

 

 

 

 

(276,119

)

 

 

(36,000

)

 

 

(312,119

)

 

 

(72,000

)

 

Net cah used in financing activities

 

 

 

 

(3,104,969

)

 

 

(815,449

)

 

 

(3,917,532

)

 

 

(1,863,139

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net increase in cash

 

 

 

 

1,834,895

 

 

 

592,286

 

 

 

1,223,381

 

 

 

2,556,490

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash at beginning of period

 

 

 

 

34,393,410

 

 

 

35,110,929

 

 

 

35,004,924

 

 

 

33,146,725

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash at end of period

 

 

 

$

36,228,305

 

 

$

35,703,215

 

 

$

36,228,305

 

 

$

35,703,215

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash paid for interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash paid during the period for interest

 

 

 

$

625,818

 

 

$

637,788

 

 

$

1,219,568

 

 

$

1,282,707

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-cash investing and financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cashless exercise of options

 

 

 

$

501

 

 

$

4,489

 

 

$

1,062

 

 

$

5,127

 

 

Cashless exercise of warrants

 

 

 

$

3,901

 

 

$

3,620

 

 

$

3,901

 

 

$

16,305

 

 

Stock issued for debt conversion

 

 

 

$

1,000,000

 

 

$

-

 

 

$

1,000,000

 

 

$

-

 

 

Stock issued for asset acquisition

 

 

 

$

303,000

 

 

$

-

 

 

$

303,000

 

 

$

-

 

 

Stock issued for noncontingent consideration payments

 

 

 

$

-

 

 

$

-

 

 

$

-

 

 

$

642,000

 

 

Right of use asset

 

 

 

$

-

 

 

$

1,045,305

 

 

$

-

 

 

$

2,331,231

 

 

Operating lease liabilities

 

 

 

$

-

 

 

$

1,045,305

 

 

$

-

 

 

$

2,331,231

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

About the Use of Non-GAAP Financial Measures:
To supplement our financial information presented in accordance with GAAP, we use adjusted EBITDA as a non-GAAP financial measure to clarify and enhance an understanding of past performance. Additionally, we report telehealth adjusted EBITDA as a non-GAAP financial measure to clarify the financial performance of our core telehealth business excluding WorkSimpli. We believe that the presentation of these financial measures enhances an investor’s understanding of our financial performance. We further believe that these financial measures are useful financial metrics to assess our operating performance from period-to-period by excluding certain items that we believe are not representative of our core business. We use certain financial measures for business planning purposes and in measuring our performance relative to that of our competitors.

Adjusted EBITDA is defined as income (loss) attributable to common shareholders before interest, taxes, depreciation, amortization, accretion, financing transaction expense, non-controlling interests, foreign currency translation, extraordinary litigation costs, loss on debt extinguishment, dividends, insurance acceptance and Sarbanes-Oxley readiness expenses, acquisition costs, severance expenses and stock-based compensation expense. We have provided below a reconciliation of adjusted EBITDA to net loss attributable to common shareholders, its most directly comparable GAAP financial measure.

Telehealth and WorkSimpli adjusted EBITDA is defined as segment operating income or loss before depreciation, amortization, accretion, financing transaction expense, extraordinary litigation costs, insurance acceptance and Sarbanes-Oxley readiness expenses, acquisition costs, severance expenses and stock-based compensation expense. We have provided below a reconciliation of segment operating income or loss to segment Adjusted EBITDA.

We believe the above financial measures are commonly used by investors to evaluate our performance and that of our competitors. However, our use of the terms adjusted EBITDA may vary from that of others in our industry. Telehealth adjusted EBITDA is specifically relevant to LifeMD to provide shareholders a comparable measure of profitability for our core telehealth business without the impact of our majority owned, but separately managed non-core subsidiary, WorkSimpli. Adjusted EBITDA, telehealth adjusted EBITDA and WorkSimpli adjusted EBITDA should not be considered as an alternative to net loss before taxes, net loss per share, operating loss or any other performance measures derived in accordance with GAAP as measures of performance.

Reconciliation of Consolidated GAAP Net Loss to Consolidated Adjusted EBITDA

(in whole numbers, unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

 

 

2025

 

 

 

2024

 

 

 

2025

 

 

 

2024

 

Net loss attributable to common shareholders

 

 

$

(2,851,436

)

 

$

(7,652,202

)

 

$

(2,243,195

)

 

$

(15,197,120

)

 

 

 

 

 

 

 

 

 

 

Interest expense (excluding amortization of debt discount)

 

 

 

562,583

 

 

 

431,024

 

 

 

1,088,414

 

 

 

808,258

 

Depreciation, amortization and accretion expense

 

 

 

2,823,100

 

 

 

2,288,225

 

 

 

5,480,230

 

 

 

4,401,154

 

Amortization of debt discount

 

 

 

100,444

 

 

 

100,444

 

 

 

200,888

 

 

 

200,888

 

Financing transactions expense

 

 

 

-

 

 

 

151,143

 

 

 

-

 

 

 

323,372

 

Litigation costs (a)

 

 

 

486,462

 

 

 

495,784

 

 

 

739,659

 

 

 

678,331

 

Severance costs

 

 

 

25,535

 

 

 

360,182

 

 

 

102,417

 

 

 

520,677

 

Acquisitions expenses

 

 

 

1,806,277

 

 

 

-

 

 

 

2,014,777

 

 

 

-

 

Insurance acceptance readiness

 

 

 

34,780

 

 

 

263,492

 

 

 

175,140

 

 

 

969,834

 

Sarbanes Oxley readiness

 

 

 

-

 

 

 

23,220

 

 

 

-

 

 

 

183,128

 

Foreign exchange loss

 

 

 

253,512

 

 

 

504,969

 

 

 

485,159

 

 

 

478,721

 

Taxes

 

 

 

502,408

 

 

 

3,000

 

 

 

502,408

 

 

 

3,000

 

Dividends

 

 

 

776,562

 

 

 

1,004,793

 

 

 

1,553,125

 

 

 

2,048,173

 

Stock-based compensation expense

 

 

 

2,094,614

 

 

 

4,191,176

 

 

 

4,643,142

 

 

 

6,735,606

 

Net income attributable to noncontrolling interests

 

 

 

505,075

 

 

 

38,606

 

 

 

1,036,920

 

 

 

158,038

 

 

 

 

 

 

 

 

 

 

 

Consolidated Adjusted EBITDA

 

 

$

7,119,915

 

 

$

2,203,856

 

 

$

15,779,084

 

 

$

2,312,060

 

 

 

 

 

 

 

 

 

 

 


Reconciliation of Telehealth GAAP Operating Loss to Telehealth Adjusted EBITDA

(in whole numbers, unaudited)

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

 

2025

 

 

 

2024

 

 

 

2025

 

 

 

2024

 

Telehealth operating loss

 

$

(2,802,097

)

 

$

(6,450,683

)

 

$

(2,415,231

)

 

$

(13,070,446

)

 

 

 

 

 

 

 

 

 

Depreciation, amortization and accretion expense

 

 

1,785,344

 

 

 

1,485,696

 

 

 

3,476,753

 

 

 

2,848,770

 

Financing transactions expense

 

 

-

 

 

 

151,143

 

 

 

-

 

 

 

323,372

 

Litigation costs (a)

 

 

486,462

 

 

 

495,784

 

 

 

739,659

 

 

 

678,331

 

Severance costs

 

 

25,535

 

 

 

360,182

 

 

 

102,417

 

 

 

520,677

 

Acquisitions expenses

 

 

1,806,277

 

 

 

-

 

 

 

2,014,777

 

 

 

-

 

Insurance acceptance readiness

 

 

34,780

 

 

 

263,492

 

 

 

175,140

 

 

 

969,834

 

Sarbanes Oxley readiness

 

 

-

 

 

 

23,220

 

 

 

-

 

 

 

183,128

 

Stock-based compensation expense

 

 

2,094,614

 

 

 

4,191,176

 

 

 

4,643,142

 

 

 

6,735,606

 

 

 

 

 

 

 

 

 

 

Telehealth Adjusted EBITDA

 

$

3,430,914

 

 

$

520,010

 

 

$

8,736,657

 

 

$

(810,728

)

 

 

 

 

 

 

 

 

 

(a) For the three and six months ended June 30, 2025 and June 30, 2024, the Company included costs related to a class action complaint alleging, inter alia, unauthorized disclosure of certain information of class members to third parties (the Marden v. LifeMD, Inc. case), as disclosed in the Company’s Form 10-Q for the three and six months ended June 30, 2025, filed on August 5, 2025, and a heavily negotiated executive separation agreement.

 

 

 

 

 

 

 

 

 


Reconciliation of WorkSimpli GAAP Operating Income to WorkSimpli Adjusted EBITDA

(in whole numbers, unaudited)

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

WorkSimpli operating income

 

$

1,895,325

 

$

145,116

 

$

4,051,383

 

$

593,635

 

 

 

 

 

 

 

 

 

Depreciation, amortization and accretion expense

 

 

1,037,756

 

 

802,529

 

 

2,003,477

 

 

1,552,384

Foreign exchange loss

 

 

253,512

 

 

504,969

 

 

485,159

 

 

478,721

Distributions

 

 

-

 

 

228,231

 

 

-

 

 

495,048

Taxes

 

 

502,408

 

 

3,000

 

 

502,408

 

 

3,000

 

 

 

 

 

 

 

 

 

WorkSimpli Adjusted EBITDA

 

$

3,689,001

 

$

1,683,845

 

$

7,042,427

 

$

3,122,788