LifeMD Reports Second Quarter 2024 Results

GlobeNewswire08-08

Revenue increased 41% year-over-year to $50.7 million with telehealth revenue up 67% Telehealth achieved standalone profitability one quarter ahead of guidance, with adjusted EBITDA of $820,000 Weight...

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height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nLifeMD Reports Second Quarter 2024 Results\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-08-08 04:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/lifemd-reports-second-quarter-2024-200500953.html><strong>GlobeNewswire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Revenue increased 41% year-over-year to $50.7 million with telehealth revenue up 67%\nTelehealth achieved standalone profitability one quarter ahead of guidance, with adjusted EBITDA of $820,000\nWeight...</p>\n\n<a href=\"https://finance.yahoo.com/news/lifemd-reports-second-quarter-2024-200500953.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4183","symbol_name":"个人用品","start_time":0,"source_url":"https://finance.yahoo.com/news/lifemd-reports-second-quarter-2024-200500953.html","article_id":"2457187174","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/Ls.HxuncEKXZVpPdSIIBVA--~B/aD0xMDAwO3c9MzQ1NTthcHBpZD15dGFjaHlvbg--/https://media.zenfs.com/en/globenewswire.com/3fddd422a379304d09af48e0f840b88a"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2457187174","pubTimestamp":1723061100,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Revenue increased 41% year-over-year to $50.7 million with telehealth revenue up 67%. Telehealth achieved standalone profitability one quarter ahead of guidance, with adjusted EBITDA of $820,000. Weight management subscribers exceeded 60,000 as of June 30, 2024. Cash of $35.7 million as of June 30, 2024, and positive net cash flow in three of the last four quarters. “We are extremely pleased with the performance of our telehealth business, which led to positive net cash flow for LifeMD on a consolidated basis. On a standalone basis, this business posted cash flow from operations of approximately $3 million for the quarter and generated positive adjusted EBITDA,” commented Marc Benathen, Chief Financial Officer of LifeMD. “Our core telehealth business’ performance continues to be ahead of expectations and, as such, we are raising our 2024 telehealth revenue guidance to $150 million from $140 million previously and are introducing adjusted EBITDA guidance for telehealth of $3 to $4 milli","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4183":"个人用品","LFMD":"LifeMD Inc.","BK4167":"医疗保健技术","LFMDP":"LifeMD Inc."},"translate_title":"LifeMD报告2024年第二季度业绩","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"LFMD":0.9,"LFMDP":0.9},"content_text":"Revenue increased 41% year-over-year to $50.7 million with telehealth revenue up 67%\nTelehealth achieved standalone profitability one quarter ahead of guidance, with adjusted EBITDA of $820,000\nWeight management subscribers exceeded 60,000 as of June 30, 2024\nAdjusted EBITDA increased 44% to $2.5 million\nCash of $35.7 million as of June 30, 2024, and positive net cash flow in three of the last four quarters\n\nConference call begins at 4:30 p.m. Eastern time today\nNEW YORK, Aug. 07, 2024 (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, 2024.\nManagement Commentary\n“LifeMD’s core telehealth business had a very strong quarter, led by continued outperformance in our GLP-1 weight management offering. Telehealth revenue increased 67% over the prior year and our patient subscriber base grew to approximately 254,000 by quarter end. Importantly, our telehealth business became profitable on an adjusted EBITDA basis, one quarter ahead of guidance,” said Justin Schreiber, Chairman and CEO of LifeMD. “The demand we continue to generate for our virtual care services and pharmacy offerings is indicative of the significant market opportunity that exists for the convenient and affordable access to high-quality healthcare our telehealth platform and affiliated medical group offers. What we continue to demonstrate, quarter over quarter, is that we have a sustainable and now profitable business that is well positioned to leverage the transformational shift that is occurring in how consumers access healthcare.”\n“WorkSimpli’s performance during the quarter was pressured by an unexpectedly challenging advertising environment for its products and executional issues, which have since been addressed by their leadership. Based on its current operational performance and following recent strategic efforts, we expect WorkSimpli’s financial results to improve in the second half of the year, and to return to peak profitability by year-end 2024 on a monthly run-rate basis with significant growth in 2025. While we remain confident in our ability to monetize this non-core asset, we expect our core telehealth business will be the driving force of long-term growth in revenue and profitability,” he added.\n“We are extremely pleased with the performance of our telehealth business, which led to positive net cash flow for LifeMD on a consolidated basis. On a standalone basis, this business posted cash flow from operations of approximately $3 million for the quarter and generated positive adjusted EBITDA,” commented Marc Benathen, Chief Financial Officer of LifeMD. “Our core telehealth business’ performance continues to be ahead of expectations and, as such, we are raising our 2024 telehealth revenue guidance to $150 million from $140 million previously and are introducing adjusted EBITDA guidance for telehealth of $3 to $4 million, both ahead of previous expectations. Despite the outperformance of telehealth, due to WorkSimpli’s first half results we are revising 2024 consolidated adjusted EBITDA guidance to $13 million to $15 million, with no change to consolidated revenue guidance. We remain bullish on the consolidated business led by our core telehealth platform, which remains well positioned as the long-term growth driver.”\nSecond Quarter Financial Highlights\n\nRevenue increased 41% year-over-year to $50.7 million with telehealth revenue up 67% versus the year-ago period.\nTelehealth active subscribers increased 32% over the year-ago period to approximately 254,000 at quarter-end.\nWorkSimpli active subscribers declined 8% versus the year-ago period driven by softness in first half 2024 customer acquisition.\nWeight management revenue grew 82% versus the first quarter of 2024.\nGross margin expanded to 90%, up from 87% in the year-ago period.\nGAAP net loss was $7.7 million or $0.19 per share, compared with GAAP net loss of $7.5 million or $0.23 per share in the year-ago period.\nAdjusted EBITDA was $2.5 million compared with $1.7 million in the year-ago period (see definition below of this non-GAAP financial measure and reconciliation to GAAP).\nTelehealth achieved adjusted EBITDA of $820,000, reaching profitability one quarter ahead of guidance (see definition below of this non-GAAP financial measure and reconciliation to GAAP).\nAdjusted diluted EPS was $0.06 compared with $0.05 in the year-ago period (see definition below of this non-GAAP financial measure and reconciliation to GAAP).\nCash and cash equivalents were $35.7 million as of June 30, 2024.\n\nSecond Quarter Key Performance Metrics\n\n\n\n \n \n \n \n \n\n\n($ in 000s)\nThree Months Ended June 30,\n \nY-o-Y\n\n\nKey Performance Metrics\n2024\n \n2023\n \n% Growth\n\n\nRevenue\n \n \n \n \n\n\nTelehealth\n$\n37,432\n \n \n$\n22,351\n \n \n67\n%\n\n\nWorkSimpli\n$\n13,230\n \n \n$\n13,596\n \n \n-3\n%\n\n\nTotal Revenue\n$\n50,662\n \n \n$\n35,947\n \n \n41\n%\n\n\n \n \n \n \n \n\n\nSubscription Revenue as % of Total\n \n96\n%\n \n \n95\n%\n \n1\n%\n\n\n \n \n \n \n \n\n\nActive Subscribers\n \n \n \n \n\n\nTelehealth Active Subscribers\n \n253,759\n \n \n \n192,667\n \n \n32\n%\n\n\nWorkSimpli Active Subscribers\n \n158,514\n \n \n \n171,775\n \n \n-8\n%\n\n\nTotal Active Subscribers\n \n412,273\n \n \n \n364,442\n \n \n13\n%\n\n\n \n \n \n \n \n \n \n \n \n \n \n\n\n\nFinancial Guidance\nFor the third quarter of 2024, the Company expects:\n\nRevenue of $53 million to $54 million, with telehealth revenue of $39.5 million to $40.5 million and WorkSimpli revenue of approximately $13.5 million.\nAdjusted EBITDA of $3.0 million to $4.0 million, with telehealth adjusted EBITDA of $500,000 to $1.5 million and WorkSimpli adjusted EBITDA of approximately $2.5 million.\n\nFor the full year 2024, the Company expects:\n\nRevenue of at least $205 million, unchanged from previous guidance, with telehealth revenue guidance increasing to $150 million from $140 million and WorkSimpli revenue guidance decreasing to $55 million from $65 million.\nAdjusted EBITDA of $13 million to $15 million, from $18 million to $22 million previously, with telehealth adjusted EBITDA of $3 million to $4 million and WorkSimpli adjusted EBITDA of $10 million to $11 million. This revised guidance is solely due to lower-than-expected customer acquisition at WorkSimpli, with telehealth outperforming previous expectations.\n\nConference Call\nLifeMD’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:\n\n\n\nToll-free dial-in number:\n800-245-3047\n\n\nInternational dial-in number:\n203-518-9765\n\n\nConference ID:\nLIFEMD\n\n\n \n \n\n\n\nA live and archived webcast will be available in the Investors section of the Company’s website at ir.lifemd.com.\nAbout LifeMD\nLifeMD 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, and a U.S.-based patient care center to increase access to high-quality and affordable care. For more information, please visit LifeMD.com.\nCautionary Note Regarding Forward Looking Statements\nThis 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.\nForward-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.\nAny 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.\nInvestor ContactLifeMD, Inc.Marc Benathen, Chief Financial Officermarc@lifemd.com\nMedia ContactJessica Friedeman, Chief Marketing Officerpress@lifemd.com\nTables to Follow++++++\n\n\n\n \n\n\nLIFEMD, INC.\n\n\nCONDENSED CONSOLIDATED BALANCE SHEETS\n\n\n \n \n \n \n \n \n\n\n \nJune 30, 2024\n \nDecember 31, 2023\n\n\n \n(Unaudited)\n \n \n \n\n\nASSETS\n\n\n \n \n \n \n \n \n\n\nCurrent Assets\n \n \n \n \n \n\n\nCash\n$\n35,703,215\n \n \n$\n33,146,725\n \n\n\nAccounts receivable, net\n \n5,667,942\n \n \n \n5,277,250\n \n\n\nProduct deposit\n \n116,134\n \n \n \n485,850\n \n\n\nInventory, net\n \n2,060,719\n \n \n \n2,759,932\n \n\n\nOther current assets\n \n1,521,420\n \n \n \n934,510\n \n\n\nTotal Current Assets\n \n45,069,430\n \n \n \n42,604,267\n \n\n\n \n \n \n \n \n \n\n\nNon-current Assets\n \n \n \n \n \n\n\nEquipment, net\n \n1,123,582\n \n \n \n476,303\n \n\n\nRight of use assets\n \n2,534,731\n \n \n \n594,897\n \n\n\nCapitalized software, net\n \n12,573,579\n \n \n \n11,795,979\n \n\n\nIntangible assets, net\n \n2,519,167\n \n \n \n3,009,263\n \n\n\nTotal Non-current Assets\n \n18,751,059\n \n \n \n15,876,442\n \n\n\n \n \n \n \n \n \n\n\nTotal Assets\n$\n63,820,489\n \n \n$\n58,480,709\n \n\n\n \n \n \n \n \n \n\n\nLIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY (DEFICIT)\n \n \n \n \n \n\n\n \n \n \n \n \n \n\n\nCurrent Liabilities\n \n \n \n \n \n\n\nAccounts payable\n$\n15,051,729\n \n \n$\n11,084,855\n \n\n\nAccrued expenses\n \n14,751,501\n \n \n \n13,937,494\n \n\n\nNotes payable, net\n \n13,020\n \n \n \n327,597\n \n\n\nCurrent operating lease liabilities\n \n337,276\n \n \n \n603,180\n \n\n\nCurrent portion of long-term debt\n \n6,333,333\n \n \n \n-\n \n\n\nDeferred revenue\n \n15,161,659\n \n \n \n8,828,598\n \n\n\nTotal Current Liabilities\n \n51,648,518\n \n \n \n34,781,724\n \n\n\n \n \n \n \n \n \n\n\nLong-term Liabilities\n \n \n \n \n \n\n\nLong-term debt, net\n \n11,795,281\n \n \n \n17,927,727\n \n\n\nNoncurrent operating lease liabilities\n \n2,336,194\n \n \n \n73,849\n \n\n\nContingent consideration\n \n100,000\n \n \n \n131,250\n \n\n\nTotal Liabilities\n \n65,879,993\n \n \n \n52,914,550\n \n\n\n \n \n \n \n \n \n\n\nCommitments and Contingencies\n \n \n \n \n \n\n\nMezzanine Equity\n \n \n \n \n \n\n\nPreferred 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, 2024 and December 31, 2023\n \n-\n \n \n \n-\n \n\n\nStockholders’ Equity (Deficit)\n \n \n \n \n \n\n\nSeries 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, 2024 and December 31, 2023\n \n140\n \n \n \n140\n \n\n\nCommon Stock, $0.01 par value; 100,000,000 shares authorized, 41,759,572 and 38,358,641 shares issued, 41,656,532 and 38,255,601 outstanding as of June 30, 2024 and December 31, 2023, respectively\n \n417,596\n \n \n \n383,586\n \n\n\nAdditional paid-in capital\n \n225,001,992\n \n \n \n217,550,583\n \n\n\nAccumulated deficit\n \n(229,462,356\n)\n \n \n(214,265,236\n)\n\n\nTreasury stock, 103,040 shares, at cost, as of June 30, 2024 and December 31, 2023\n \n(163,701\n)\n \n \n(163,701\n)\n\n\nTotal LifeMD, Inc. Stockholders’ (Deficit) Equity\n \n(4,206,329\n)\n \n \n3,505,372\n \n\n\nNon-controlling interest\n \n2,146,825\n \n \n \n2,060,787\n \n\n\nTotal Stockholders’ (Deficit) Equity\n \n(2,059,504\n)\n \n \n5,566,159\n \n\n\nTotal Liabilities, Mezzanine Equity and Stockholders’ Equity (Deficit)\n$\n63,820,489\n \n \n$\n58,480,709\n \n\n\n \n \n \n \n \n \n\n\n\n\n\n\n \n\n\nLIFEMD, INC.\n\n\nCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS\n\n\n(Unaudited)\n\n\n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \nThree Months Ended June 30,\n \nSix Months Ended June 30,\n\n\n \n2024\n \n2023\n \n2024\n \n2023\n\n\nRevenues\n \n \n \n \n \n \n \n \n \n \n \n\n\nTelehealth revenue, net\n$\n37,432,309\n \n \n$\n22,351,128\n \n \n$\n68,273,711\n \n \n$\n42,553,931\n \n\n\nWorkSimpli revenue, net\n \n13,229,536\n \n \n \n13,595,785\n \n \n \n26,532,398\n \n \n \n26,519,317\n \n\n\nTotal revenues, net\n \n50,661,845\n \n \n \n35,946,913\n \n \n \n94,806,109\n \n \n \n69,073,248\n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n\n\nCost of revenues\n \n \n \n \n \n \n \n \n \n \n \n\n\nCost of telehealth revenue\n \n4,553,843\n \n \n \n4,125,945\n \n \n \n8,748,438\n \n \n \n8,046,126\n \n\n\nCost of WorkSimpli revenue\n \n471,072\n \n \n \n422,485\n \n \n \n876,654\n \n \n \n717,273\n \n\n\nTotal cost of revenues\n \n5,024,915\n \n \n \n4,548,430\n \n \n \n9,625,092\n \n \n \n8,763,399\n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n\n\nGross profit\n \n45,636,930\n \n \n \n31,398,483\n \n \n \n85,181,017\n \n \n \n60,309,849\n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n\n\nExpenses\n \n \n \n \n \n \n \n \n \n \n \n\n\nSelling and marketing expenses\n \n26,378,928\n \n \n \n19,567,903\n \n \n \n50,552,808\n \n \n \n36,285,548\n \n\n\nGeneral and administrative expenses\n \n18,521,385\n \n \n \n12,119,573\n \n \n \n33,827,117\n \n \n \n22,722,336\n \n\n\nCustomer service expenses\n \n2,733,418\n \n \n \n1,912,078\n \n \n \n4,581,459\n \n \n \n3,467,482\n \n\n\nOther operating expenses\n \n1,906,175\n \n \n \n1,313,789\n \n \n \n4,206,622\n \n \n \n3,018,554\n \n\n\nDevelopment costs\n \n2,402,590\n \n \n \n1,380,686\n \n \n \n4,489,822\n \n \n \n2,564,285\n \n\n\nTotal expenses\n \n51,942,496\n \n \n \n36,294,029\n \n \n \n97,657,828\n \n \n \n68,058,205\n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n\n\nOperating loss\n \n(6,305,566\n)\n \n \n(4,895,546\n)\n \n \n(12,476,811\n)\n \n \n(7,748,356\n)\n\n\n \n \n \n \n \n \n \n \n \n \n \n \n\n\nOther expenses\n \n \n \n \n \n \n \n \n \n \n \n\n\nInterest expense, net\n \n(531,468\n)\n \n \n(995,670\n)\n \n \n(1,009,146\n)\n \n \n(1,260,135\n)\n\n\nLoss on debt extinguishment\n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n(325,198\n)\n\n\n \n \n \n \n \n \n \n \n \n \n \n \n\n\nNet loss\n \n(6,837,034\n)\n \n \n(5,891,216\n)\n \n \n(13,485,957\n)\n \n \n(9,333,689\n)\n\n\n \n \n \n \n \n \n \n \n \n \n \n \n\n\nNet income attributable to noncontrolling interests\n \n38,606\n \n \n \n841,784\n \n \n \n158,038\n \n \n \n1,407,767\n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n\n\nNet loss attributable to LifeMD, Inc.\n \n(6,875,640\n)\n \n \n(6,733,000\n)\n \n \n(13,643,995\n)\n \n \n(10,741,456\n)\n\n\n \n \n \n \n \n \n \n \n \n \n \n \n\n\nPreferred stock dividends\n \n(776,562\n)\n \n \n(776,562\n)\n \n \n(1,553,125\n)\n \n \n(1,553,125\n)\n\n\n \n \n \n \n \n \n \n \n \n \n \n \n\n\nNet loss attributable to LifeMD, Inc. common stockholders\n$\n(7,652,202\n)\n \n$\n(7,509,562\n)\n \n$\n(15,197,120\n)\n \n$\n(12,294,581\n)\n\n\n \n \n \n \n \n \n \n \n \n \n \n \n\n\nBasic loss per share attributable to LifeMD, Inc. common stockholders\n$\n(0.19\n)\n \n$\n(0.23\n)\n \n$\n(0.38\n)\n \n$\n(0.38\n)\n\n\nDiluted loss per share attributable to LifeMD, Inc. common stockholders\n$\n(0.19\n)\n \n$\n(0.23\n)\n \n$\n(0.38\n)\n \n$\n(0.38\n)\n\n\n \n \n \n \n \n \n \n \n \n \n \n \n\n\nWeighted average number of common shares outstanding:\n \n \n \n \n \n \n \n \n \n \n \n\n\nBasic\n \n41,296,042\n \n \n \n32,560,035\n \n \n \n40,269,139\n \n \n \n32,189,954\n \n\n\nDiluted\n \n41,296,042\n \n \n \n32,560,035\n \n \n \n40,269,139\n \n \n \n32,189,954\n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n\n\n\n\n\n\n \n\n\nLIFEMD, INC.\n\n\nCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS\n\n\n(Unaudited)\n\n\n \n \n \n \n \n \n \n \n \n \n \n \n\n\n \nThree Months Ended June 30,\n \nSix Months Ended June 30,\n\n\n \n2024\n \n2023\n \n2024\n \n2023\n\n\n \n \n \n \n \n \n \n \n\n\nCASH FLOWS FROM OPERATING ACTIVITIES\n \n \n \n \n \n \n \n \n \n \n \n\n\nNet loss\n$\n(6,837,034\n)\n \n$\n(5,891,216\n)\n \n$\n(13,485,957\n)\n \n$\n(9,333,689\n)\n\n\nAdjustments to reconcile net loss to net cash provided by operating activities:\n \n \n \n \n \n \n \n \n \n \n \n\n\nAmortization of debt discount\n \n100,444\n \n \n \n115,381\n \n \n \n200,888\n \n \n \n153,842\n \n\n\nAmortization of capitalized software\n \n1,937,708\n \n \n \n1,260,022\n \n \n \n3,725,112\n \n \n \n2,348,667\n \n\n\nAmortization of intangibles\n \n246,066\n \n \n \n245,968\n \n \n \n492,032\n \n \n \n479,528\n \n\n\nAccretion of consideration payable\n \n-\n \n \n \n48,738\n \n \n \n13,644\n \n \n \n114,216\n \n\n\nDepreciation of fixed assets\n \n104,451\n \n \n \n48,783\n \n \n \n170,366\n \n \n \n96,434\n \n\n\nLoss (gain) on debt extinguishment\n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n325,198\n \n\n\nOperating lease payments\n \n184,588\n \n \n \n186,095\n \n \n \n391,397\n \n \n \n370,428\n \n\n\nStock compensation expense\n \n4,191,176\n \n \n \n2,861,969\n \n \n \n6,735,606\n \n \n \n5,525,483\n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n\n\nChanges in Assets and Liabilities\n \n \n \n \n \n \n \n \n \n \n \n\n\nAccounts receivable\n \n(331,451\n)\n \n \n(731,544\n)\n \n \n(390,692\n)\n \n \n(833,793\n)\n\n\nProduct deposit\n \n172,804\n \n \n \n11,164\n \n \n \n369,716\n \n \n \n(107,850\n)\n\n\nInventory\n \n312,921\n \n \n \n(315,720\n)\n \n \n699,213\n \n \n \n5,061\n \n\n\nOther current assets\n \n(222,683\n)\n \n \n401,868\n \n \n \n(586,910\n)\n \n \n14,827\n \n\n\nOperating lease liabilities\n \n(130,846\n)\n \n \n(194,531\n)\n \n \n(334,790\n)\n \n \n(388,077\n)\n\n\nDeferred revenue\n \n1,958,902\n \n \n \n(227,335\n)\n \n \n6,333,061\n \n \n \n120,704\n \n\n\nAccounts payable\n \n2,656,697\n \n \n \n2,690,345\n \n \n \n3,966,874\n \n \n \n(513,414\n)\n\n\nAccrued expenses\n \n196,020\n \n \n \n4,134,337\n \n \n \n1,442,362\n \n \n \n4,232,140\n \n\n\nOther operating activity\n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n(579,319\n)\n\n\nNet cash provided by operating activities\n \n4,539,763\n \n \n \n4,644,324\n \n \n \n9,741,922\n \n \n \n2,030,386\n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n\n\nCASH FLOWS FROM INVESTING ACTIVITIES\n \n \n \n \n \n \n \n \n \n \n \n\n\nCash paid for capitalized software costs\n \n(2,488,039\n)\n \n \n(2,121,869\n)\n \n \n(4,502,712\n)\n \n \n(3,899,852\n)\n\n\nPurchase of equipment\n \n(642,053\n)\n \n \n(30,563\n)\n \n \n(817,645\n)\n \n \n(64,219\n)\n\n\nPurchase of intangible assets\n \n(1,936\n)\n \n \n(148,868\n)\n \n \n(1,936\n)\n \n \n(148,868\n)\n\n\nNet cash used in investing activities\n \n(3,132,028\n)\n \n \n(2,301,300\n)\n \n \n(5,322,293\n)\n \n \n(4,112,939\n)\n\n\n \n \n \n \n \n \n \n \n \n \n \n \n\n\nCASH FLOWS FROM FINANCING ACTIVITIES\n \n \n \n \n \n \n \n \n \n \n \n\n\nProceeds from long-term debt, net\n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n14,473,002\n \n\n\nProceeds from notes payable\n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n2,000,000\n \n\n\nRepayment of notes payable, net of prepayment penalty\n \n(102,887\n)\n \n \n(1,086,956\n)\n \n \n(314,577\n)\n \n \n(4,386,915\n)\n\n\nCash proceeds from exercise of options\n \n100,000\n \n \n \n-\n \n \n \n107,813\n \n \n \n-\n \n\n\nPreferred stock dividends\n \n(776,562\n)\n \n \n(776,562\n)\n \n \n(1,553,125\n)\n \n \n(1,553,125\n)\n\n\nContingent consideration payment for ResumeBuild\n \n-\n \n \n \n(62,500\n)\n \n \n(31,250\n)\n \n \n(125,000\n)\n\n\nNet payments for membership interest of WorkSimpli\n \n-\n \n \n \n889\n \n \n \n-\n \n \n \n(305,625\n)\n\n\nDistributions to non-controlling interest\n \n(36,000\n)\n \n \n(36,000\n)\n \n \n(72,000\n)\n \n \n(72,000\n)\n\n\nNet cash (used in) provided by financing activities\n \n(815,449\n)\n \n \n(1,961,129\n)\n \n \n(1,863,139\n)\n \n \n10,030,337\n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n\n\nNet increase in cash\n \n592,286\n \n \n \n381,895\n \n \n \n2,556,490\n \n \n \n7,947,784\n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n\n\nCash at beginning of period\n \n35,110,929\n \n \n \n11,524,846\n \n \n \n33,146,725\n \n \n \n3,958,957\n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n\n\nCash at end of period\n$\n35,703,215\n \n \n$\n11,906,741\n \n \n$\n35,703,215\n \n \n$\n11,906,741\n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n\n\nCash paid for interest\n \n \n \n \n \n \n \n \n \n \n \n\n\nCash paid during the period for interest\n$\n637,788\n \n \n$\n495,188\n \n \n$\n1,282,707\n \n \n$\n768,188\n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n\n\nNon-cash investing and financing activities:\n \n \n \n \n \n \n \n \n \n \n \n\n\nCashless exercise of options\n$\n4,486\n \n \n$\n165\n \n \n$\n5,127\n \n \n$\n165\n \n\n\nCashless exercise of warrants\n$\n3,620\n \n \n$\n-\n \n \n$\n16,305\n \n \n$\n-\n \n\n\nStock issued for noncontingent consideration payments\n$\n-\n \n \n$\n642,000\n \n \n$\n642,000\n \n \n$\n1,284,000\n \n\n\nWarrants issued for debt instruments\n$\n-\n \n \n$\n-\n \n \n$\n-\n \n \n$\n873,100\n \n\n\nRight of use asset\n$\n1,045,305\n \n \n$\n-\n \n \n$\n2,331,231\n \n \n$\n93,115\n \n\n\nRight of use lease liability\n$\n1,045,305\n \n \n$\n-\n \n \n$\n2,331,231\n \n \n$\n93,115\n \n\n\n \n \n \n \n \n \n \n \n \n \n \n \n\n\n\nAbout the Use of Non-GAAP Financial Measures:To supplement our financial information presented in accordance with GAAP, we use adjusted EBITDA, cash-adjusted EBITDA and adjusted EPS as non-GAAP financial measures 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.\nAdjusted 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, inventory valuation, sales return reserves, litigation costs, loss on debt extinguishment, dividends, insurance acceptance and Sarbanes-Oxley readiness, 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.\nCash adjusted EBITDA is defined as adjusted EBITDA before the change in the Company's deferred revenue balance. We have provided below a reconciliation of cash adjusted EBITDA to adjusted EBITDA.\nAdjusted EPS is defined as the diluted net loss attributable to LifeMD, Inc common shareholders before interest, taxes, depreciation, amortization, accretion, financing transaction expense, non-controlling interests, foreign currency translation, inventory valuation, sales return reserves, litigation costs, loss on debt extinguishment, dividends, insurance acceptance and Sarbanes-Oxley readiness, acquisition costs, severance expenses and stock-based compensation expense. We have provided below a reconciliation of adjusted EPS to Diluted loss per share attributable to LifeMD, Inc common shareholders, its most directly comparable GAAP financial measure.\nTelehealth adjusted EBITDA is defined as adjusted EBITDA for the telehealth business excluding WorkSimpli. We have provided below a reconciliation of telehealth adjusted EBITDA to net loss attributable to common shareholders solely related to the telehealth business excluding WorkSimpli.\nWe 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 and adjusted EPS may vary from that of others in our industry. Adjusted EBITDA, cash adjusted EBITDA, telehealth adjusted EBITDA and adjusted EPS 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.\n\n\n\n \n\n\nReconciliation of GAAP Net Loss to Adjusted EBITDA to Cash Adjusted EBITDA\n\n\n(in whole numbers, unaudited)\n\n\n \nThree Months Ended June 30,\n \nSix Months Ended June 30,\n\n\n \n2024\n \n2023\n \n2024\n \n2023\n\n\nNet loss attributable to common shareholders\n$\n(7,652,202\n)\n \n$\n(7,509,562\n)\n \n$\n(15,197,120\n)\n \n$\n(12,294,581\n)\n\n\n \n \n \n \n \n \n \n \n\n\nInterest expense (excluding amortization of debt discount)\n \n431,024\n \n \n \n525,374\n \n \n \n808,258\n \n \n \n639,186\n \n\n\nDepreciation, amortization and accretion expense\n \n2,288,225\n \n \n \n1,603,511\n \n \n \n4,401,154\n \n \n \n3,038,845\n \n\n\nAmortization of debt discount\n \n100,444\n \n \n \n115,381\n \n \n \n200,888\n \n \n \n153,842\n \n\n\nLoss on debt extinguishment\n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n325,198\n \n\n\nFinancing transactions expense\n \n151,143\n \n \n \n285,626\n \n \n \n323,372\n \n \n \n430,077\n \n\n\nLitigation costs\n \n495,784\n \n \n \n933,126\n \n \n \n678,331\n \n \n \n1,005,926\n \n\n\nInventory and reserve adjustments\n \n263,513\n \n \n \n132,991\n \n \n \n566,142\n \n \n \n232,630\n \n\n\nSeverance costs\n \n360,182\n \n \n \n-\n \n \n \n520,677\n \n \n \n-\n \n\n\nAcquisitions expenses\n \n-\n \n \n \n15,070\n \n \n \n-\n \n \n \n40,196\n \n\n\nInsurance acceptance readiness\n \n263,493\n \n \n \n58,540\n \n \n \n969,834\n \n \n \n58,540\n \n\n\nSarbanes Oxley readiness\n \n23,220\n \n \n \n-\n \n \n \n183,128\n \n \n \n-\n \n\n\nAccrued interest on Series B Convertible Preferred Stock\n \n-\n \n \n \n354,915\n \n \n \n-\n \n \n \n467,107\n \n\n\nForeign exchange (gain) loss\n \n504,969\n \n \n \n168,098\n \n \n \n478,721\n \n \n \n523,720\n \n\n\nTaxes\n \n3,000\n \n \n \n-\n \n \n \n3,000\n \n \n \n-\n \n\n\nDividends\n \n1,040,793\n \n \n \n1,346,197\n \n \n \n2,120,173\n \n \n \n2,158,760\n \n\n\nStock-based compensation expense\n \n4,191,176\n \n \n \n2,861,969\n \n \n \n6,735,606\n \n \n \n5,525,483\n \n\n\nNet income attributable to noncontrolling interests\n \n38,606\n \n \n \n841,784\n \n \n \n158,038\n \n \n \n1,407,767\n \n\n\n \n \n \n \n \n \n \n \n\n\nAdjusted EBITDA\n$\n2,503,370\n \n \n$\n1,733,020\n \n \n$\n2,950,201\n \n \n$\n3,712,696\n \n\n\n \n \n \n \n \n \n \n \n\n\nChange in Deferred Revenue\n \n1,958,902\n \n \n \n(227,335\n)\n \n \n6,333,061\n \n \n \n120,704\n \n\n\n \n \n \n \n \n \n \n \n\n\nCash Adjusted EBITDA\n$\n4,462,272\n \n \n$\n1,505,685\n \n \n$\n9,283,262\n \n \n$\n3,833,400\n \n\n\n \n \n \n \n \n \n \n \n\n\n\n\n\n\n \n\n\nReconciliation of GAAP Diluted Loss per Share Attributable to Common Shareholders to Adjusted EPS\n\n\n \n\n\n(unaudited)\nThree Months Ended June 30,\n \nSix Months Ended June 30,\n\n\n \n2024\n \n2023\n \n2024\n \n2023\n\n\nDiluted loss per share attributable to LifeMD, Inc. common shareholders\n$\n(0.19\n)\n \n$\n(0.23\n)\n \n$\n(0.38\n)\n \n$\n(0.38\n)\n\n\n \n \n \n \n \n \n \n \n\n\nAdjustments to Reconcile GAAP Diluted Loss Per Share to Adjusted EPS\n \n \n \n \n \n \n \n\n\nInterest expense (excluding amortization of debt discount)\n \n0.01\n \n \n \n0.01\n \n \n \n0.02\n \n \n \n0.02\n \n\n\nDepreciation, amortization and accretion expense\n \n0.06\n \n \n \n0.05\n \n \n \n0.11\n \n \n \n0.09\n \n\n\nAmortization of debt discount\n \n-\n \n \n \n-\n \n \n \n0.01\n \n \n \n-\n \n\n\nLoss on debt extinguishment\n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n0.02\n \n\n\nFinancing transactions expense\n \n-\n \n \n \n0.01\n \n \n \n0.01\n \n \n \n0.02\n \n\n\nLitigation costs\n \n0.01\n \n \n \n0.03\n \n \n \n0.02\n \n \n \n0.03\n \n\n\nInventory and reserve adjustments\n \n0.01\n \n \n \n-\n \n \n \n0.01\n \n \n \n0.01\n \n\n\nSeverance costs\n \n0.01\n \n \n \n-\n \n \n \n0.01\n \n \n \n-\n \n\n\nAcquisitions expenses\n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n\n\nInsurance acceptance readiness\n \n0.01\n \n \n \n-\n \n \n \n0.02\n \n \n \n-\n \n\n\nSarbanes Oxley readiness\n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n\n\nAccrued interest on Series B Convertible Preferred Stock\n \n-\n \n \n \n0.01\n \n \n \n-\n \n \n \n0.01\n \n\n\nForeign exchange (gain) loss\n \n0.01\n \n \n \n0.01\n \n \n \n0.01\n \n \n \n0.02\n \n\n\nTaxes\n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n\n\nDividends\n \n0.03\n \n \n \n0.04\n \n \n \n0.05\n \n \n \n0.07\n \n\n\nStock-based compensation expense\n \n0.10\n \n \n \n0.09\n \n \n \n0.17\n \n \n \n0.17\n \n\n\nNet income attributable to noncontrolling interests\n \n-\n \n \n \n0.03\n \n \n \n0.01\n \n \n \n0.04\n \n\n\n \n \n \n \n \n \n \n \n\n\nAdjusted EPS\n$\n0.06\n \n \n$\n0.05\n \n \n$\n0.07\n \n \n$\n0.12\n \n\n\n \n \n \n \n \n \n \n \n\n\n\n\n\n\n \n\n\nReconciliation of Telehealth GAAP Net Loss to Telehealth Adjusted EBITDA\n\n\n(in whole numbers, unaudited)\n\n\n \n\n\n \nThree Months Ended June 30,\n \nSix Months Ended June 30,\n\n\n \n2024\n \n2023\n \n2024\n \n2023\n\n\nTelehealth net loss attributable to common shareholders\n$\n(7,796,900\n)\n \n$\n(10,754,681\n)\n \n$\n(15,789,465\n)\n \n$\n(17,686,828\n)\n\n\n \n \n \n \n \n \n \n \n\n\nInterest expense (excluding amortization of debt discount)\n \n430,606\n \n \n \n524,171\n \n \n \n806,969\n \n \n \n636,563\n \n\n\nDepreciation, amortization and accretion expense\n \n1,485,696\n \n \n \n1,059,963\n \n \n \n2,848,770\n \n \n \n2,025,643\n \n\n\nAmortization of debt discount\n \n100,444\n \n \n \n115,381\n \n \n \n200,888\n \n \n \n153,842\n \n\n\nLoss on debt extinguishment\n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n325,198\n \n\n\nFinancing transactions expense\n \n151,143\n \n \n \n285,626\n \n \n \n323,372\n \n \n \n430,077\n \n\n\nLitigation costs\n \n495,784\n \n \n \n933,126\n \n \n \n678,331\n \n \n \n1,005,926\n \n\n\nInventory and reserve adjustments\n \n263,513\n \n \n \n132,991\n \n \n \n566,142\n \n \n \n232,630\n \n\n\nSeverance costs\n \n360,182\n \n \n \n-\n \n \n \n520,677\n \n \n \n-\n \n\n\nAcquisitions expenses\n \n-\n \n \n \n15,070\n \n \n \n-\n \n \n \n40,196\n \n\n\nInsurance acceptance readiness\n \n263,493\n \n \n \n58,540\n \n \n \n969,834\n \n \n \n58,540\n \n\n\nSarbanes Oxley readiness\n \n23,220\n \n \n \n-\n \n \n \n183,128\n \n \n \n467,107\n \n\n\nAccrued interest on Series B Convertible Preferred Stock\n \n-\n \n \n \n354,915\n \n \n \n-\n \n \n \n-\n \n\n\nForeign exchange (gain) loss\n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n\n\nTaxes\n \n-\n \n \n \n-\n \n \n \n-\n \n \n \n-\n \n\n\nDividends\n \n812,562\n \n \n \n812,562\n \n \n \n1,625,125\n \n \n \n1,625,125\n \n\n\nStock-based compensation expense\n \n4,191,176\n \n \n \n2,861,969\n \n \n \n6,735,606\n \n \n \n5,525,483\n \n\n\nNet income attributable to noncontrolling interests\n \n38,606\n \n \n \n841,784\n \n \n \n158,038\n \n \n \n1,407,767\n \n\n\n \n \n \n \n \n \n \n \n\n\nTelehealth adjusted EBITDA\n$\n819,525\n \n \n$\n(2,758,583\n)\n \n$\n(172,586\n)\n \n$\n(3,752,731\n)","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2457187174"}