-- Full year 2025 revenue grew 25% to $194.1 million; adjusted EBITDA rose
309% to $15.3 million.
-- Fourth quarter revenue increased 4% to $46.9 million; adjusted EBITDA
rose 348% to $4.8 million.
-- Successfully launched oral Wegovy subsequent to year end, with over 80%
of new weight management patients initiating branded therapy and Q1
sign-ups at record levels.
-- Exited 2025 with $36.8 million of cash and no debt, positioning LifeMD
for accelerated investments in growth.
-- Benefits infrastructure on track to cover approximately 220 million
Americans in second quarter; women's health offering seeing strong early
patient growth.
Conference call begins at 4:30 p.m. Eastern time today
NEW YORK, March 09, 2026 (GLOBE NEWSWIRE) -- LifeMD, Inc. (Nasdaq: LFMD), a leading provider of virtual primary care services, today reported financial results for the fourth quarter and year ended December 31, 2025.
Management Commentary
"LifeMD delivered strong fourth quarter results across all business lines and is entering its next phase of growth," said Justin Schreiber, Chairman and CEO of LifeMD. "Our strategy of building a trusted and sustainable platform for virtual healthcare delivery is gaining momentum. Our weight management business is seeing record patient sign-ups in the first quarter at attractive acquisition costs. More than 100 million Americans are clinically eligible for GLP-1 therapy, yet only a fraction are currently being treated--a generational opportunity. Subsequent to year end, we launched oral Wegovy to help patients overcome real barriers around cost, access, and ongoing clinical support. With multiple catalysts ahead--including Medicare coverage for GLP-1 medications, expanded collaborations with GLP-1 manufacturers, and an infrastructure that supports both self-pay and insurance--LifeMD is uniquely positioned for long-term leadership in this transformative market.
"Beyond weight management, our highly differentiated specialty offerings continue to scale. Rex MD, our men's health brand, delivered strong, profitable growth and recently launched oral Wegovy. Our women's health business, focused on menopause, hormonal, and bone health, is seeing encouraging early patient growth and represents a deeply underserved population we are uniquely equipped to help. Underpinning all of this is a virtual care infrastructure that we believe sets LifeMD apart and positions the Company for success in the years to come: a 50-state medical benefits infrastructure expected to cover 220 million Americans by end of the second quarter, a highly specialized affiliated provider group, and a national affiliated pharmacy operation. This foundation, combined with unique and growing collaborations with some of the largest healthcare and pharmaceutical brands in the world, uniquely positions LifeMD to capture significant growth in 2026 and the years ahead," concluded Mr. Schreiber.
"In our first quarter as a pure-play telehealth business, LifeMD delivered solid results with 4% revenue growth and a 348% increase in adjusted EBITDA. Our balance sheet has never been stronger--we exited the year with nearly $37 million in cash and no debt. This financial strength is a key asset as we invest aggressively in the expansion of our rapidly growing and diversifying platform. Our 2026 guidance reflects these investments, with annualized run-rate revenue expected to exceed $250 million and annualized adjusted EBITDA expected to exceed $25 million by the fourth quarter of 2026," said Marc Benathen, LifeMD's Chief Financial Officer.
Fourth Quarter Financial Highlights
All comparisons are with the fourth 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 4% to $46.9 million.
-- The number of active telehealth subscribers increased 16% to
approximately 323,000 at quarter end.
-- Gross margin expanded to 87%, up from 81% in the prior-year period,
reflecting favorable revenue mix.
-- GAAP net loss from continuing operations attributable to LifeMD, Inc.
common stockholders was $1.9 million or $0.04 per share compared to a net
loss from continuing operations attributable to LifeMD, Inc. common
stockholders of $6.8 million or ($0.16) per share in the prior-year
period.
-- Including income from discontinued operations related to the sale of
WorkSimpli, net income totaled $19.2 million, or $0.41 per share.
-- Adjusted EBITDA was $4.8 million compared to $1.1 million in the
prior-year period.
-- Cash totaled $36.8 million as of December 31, 2025 and the Company had no
debt as of year-end 2025.
Fourth Quarter Key Performance Metrics
Three Months Ended Twelve Months
($ in 000s) Dec. 31, Y-o-Y Ended Dec. 31, Y-o-Y
------------------ ---------- ------------------ ----------
Key
Performance
Metrics 2025 2024 % Growth 2025 2024 % Growth
------------ -------- -------- ---------- -------- -------- ----------
Revenue
------------
Revenue $ 46,868 $ 45,137 4% $194,055 $154,824 25%
Adjusted
EBITDA $ 4,759 $ 1,062 348% $ 15,254 $ 3,726 309%
Active
Subscribers 322,872 277,739 16% 322,872 277,739 16%
Financial Guidance
For the first quarter of 2026, the Company expects:
-- Revenue in the range of $48 million to $49 million.
-- Adjusted EBITDA loss of $4 million to $5 million, reflecting strategic
front-loaded patient acquisition investment spend as the number of GLP-1
patient sign-ups doubled versus Q4 2025.
-- Adjusted EBITDA expected to return to profitability in Q2 as customer
acquisition costs decline sequentially and the substantial rise in
patient volumes becomes accretive for the balance of 2026.
For the full year 2026, the Company expects:
-- Revenue in the range of $220 million to $230 million, representing 13% to
19% year-over-year growth. Annualized run-rate revenue expected to exceed
$250 million by Q4 2026, driven by GLP-1 and women's health momentum.
-- Adjusted EBITDA in the range of $12 million to $17 million. Annualized
run-rate adjusted EBITDA expected to exceed $25 million by Q4 2026, with
substantial second-half accretion as weight management and women's health
investments mature.
Conference Call
LifeMD's management will host a conference call today at 4:30 p.m. Eastern time to discuss the Company's financial results and outlook, and answer questions. Details for the call are as follows:
Toll-free dial-in number: 800-343-5172
International dial-in number: 203-518-9856
Conference ID: LIFEMD
A live and archived webcast will be available in the Investors section of the Company's website at ir.lifemd.com.
About LifeMD, Inc.
LifeMD$(R)$ 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
December 31, 2025 December 31, 2024
------------------- -------------------
ASSETS
Current Assets
Cash $ 36,786,318 $ 32,651,801
Accounts receivable 9,305,277 10,455,813
Product deposit 320,217 40,763
Inventory, net 2,773,576 2,797,358
Other current assets 2,646,077 3,003,539
Current assets of discontinued
operations - 3,420,086
Total Current Assets 51,831,465 52,369,360
Non-current Assets
Equipment, net 2,444,717 1,439,573
Right of use assets, net 5,267,857 6,228,559
Capitalized software, net 10,604,946 9,305,919
Intangible assets, net 262,334 53,336
Non-current assets of
discontinued operations - 6,699,550
Total Non-current Assets 18,579,854 23,726,937
Total Assets $ 70,411,319 $ 76,096,297
=============== ===============
LIABILITIES AND STOCKHOLDERS'
EQUITY (DEFICIT)
Current Liabilities
Accounts payable $ 14,149,154 $ 10,904,671
Accrued expenses 15,974,016 21,756,619
Current operating lease
liabilities 642,422 320,082
Current portion of convertible
long-term debt - 8,444,444
Deferred revenue 10,807,773 17,097,854
Current liabilities of
discontinued operations - 8,876,498
--------------- ---------------
Total Current Liabilities 41,573,365 67,400,168
Long-term Liabilities
Convertible long-term debt,
net - 9,885,057
Non-current operating lease
liabilities 5,681,374 6,279,004
Non-current liabilities of
discontinued operations - 86,188
Total Liabilities 47,254,739 83,650,417
Commitments and Contingencies
Stockholders' Equity (Deficit)
Series A Preferred Stock,
$0.0001 par value; 1,610,000
shares authorized, 1,400,000
shares issued and outstanding
as of December 31, 2025 and
2024 140 140
Common Stock, $0.01 par value;
100,000,000 shares
authorized, 46,760,016 and
42,293,907 shares issued,
46,656,976 and 42,190,867
outstanding as of December
31, 2025 and 2024,
respectively 467,600 422,939
Additional paid-in capital 251,455,616 230,508,339
Accumulated deficit (228,603,075) (239,850,931)
Treasury stock, 103,040
shares, at cost, as of
December 31, 2025 and 2024 (163,701) (163,701)
--------------- ---------------
Total LifeMD, Inc.
Stockholders' Equity
(Deficit) 23,156,580 (9,083,214)
Non-controlling interest of
discontinued operations - 1,529,094
--------------- ---------------
Total Stockholders' Equity
(Deficit) 23,156,580 (7,554,120)
--------------- ---------------
Total Liabilities and
Stockholders' Equity
(Deficit) $ 70,411,319 $ 76,096,297
=============== ===============
LIFEMD, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
Fourth Quarter Ended Year Ended
December 31, December 31,
-------------------------- ----------------------------
2025 2024 2025 2024
------------ ------------ ------------- -------------
Telehealth revenue,
net $ 46,868,484 $ 45,137,021 $ 194,055,198 $ 154,824,075
Cost of telehealth
revenue 6,025,408 8,391,484 27,714,808 21,440,799
Gross profit 40,843,076 36,745,537 166,340,390 133,383,276
----------- ----------- ------------ ------------
Expenses
Selling and
marketing expenses 19,086,443 17,819,834 86,074,473 70,102,961
General and
administrative
expenses 15,541,255 16,603,620 57,937,023 57,947,932
Customer service
expenses 2,493,087 2,831,985 11,579,636 10,217,654
Other operating
expenses 3,000,591 2,663,872 11,073,155 8,659,712
Development costs 1,819,418 1,670,906 7,345,797 6,857,005
Total expenses 41,940,794 41,590,217 174,010,084 153,785,264
----------- ----------- ------------ ------------
Operating loss from
continuing
operations (1,097,718) (4,844,680) (7,669,694) (20,401,988)
Other expenses
Interest expense,
net 24,079 (610,954) (1,360,967) (2,175,405)
Loss on debt
extinguishment - - (1,155,851) -
Loss from continuing
operations before
income taxes (1,073,639) (5,455,634) (10,186,512) (22,577,393)
Income tax provision (13,898) (598,000) (45,721) (598,000)
----------- ----------- ------------ ------------
Net loss from
continuing
operations (1,087,537) (6,053,634) (10,232,233) (23,175,393)
Net income from
discontinued
operations 21,030,505 1,426,807 25,852,024 2,315,252
Net income (loss) 19,942,968 (4,626,827) 15,619,791 (20,860,141)
Net (loss) income
attributable to
noncontrolling
interests of
discontinued
operations (20,697) 311,838 1,265,685 548,875
----------- ----------- ------------ ------------
Net income (loss)
attributable to
LifeMD, Inc. 19,963,665 (4,938,665) 14,354,106 (21,409,016)
Preferred stock
dividends (776,562) (776,562) (3,106,250) (3,106,250)
Net income (loss)
attributable to
LifeMD, Inc. common
stockholders $ 19,187,103 $(5,715,227) $ 11,247,856 $(24,515,266)
=========== =========== ============ ============
Basic earnings
(loss) per share
attributable to
LifeMD, Inc.
common
stockholders
Continuing
operations $ (0.04) $ (0.16) $ (0.30) $ (0.64)
Discontinued
operations 0.45 0.03 0.54 0.04
Basic earnings
(loss) per
share $ 0.41 $ (0.14) $ 0.25 $ (0.60)
=========== =========== ============ ============
Diluted earnings
(loss) per share
attributable to
LifeMD, Inc.
common
stockholders
Continuing
operations $ (0.04) $ (0.16) $ (0.30) $ (0.64)
Discontinued
operations 0.45 0.03 0.54 0.04
Diluted
earnings
(loss) per
share $ 0.41 $ (0.14) $ 0.25 $ (0.60)
=========== =========== ============ ============
Weighted average
number of common
shares
outstanding:
Basic 46,773,743 42,205,767 45,129,617 41,196,292
=========== =========== ============ ============
Diluted 46,773,743 42,205,767 45,129,617 41,196,292
=========== =========== ============ ============
LIFEMD, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Fourth Quarter Ended Year Ended
December 31, December 31,
-------------------------- ----------------------------
2025 2024 2025 2024
------------ ------------ ------------- -------------
CASH FLOWS FROM
OPERATING
ACTIVITIES
Net income (loss) $ 19,942,968 $(4,626,827) $ 15,619,791 $(20,860,141)
Less: Net income
from discontinued
operations 21,030,505 1,426,807 25,852,024 2,315,252
----------- ----------- ------------ ------------
Net loss from
continuing
operations (1,087,537) (6,053,634) (10,232,233) (23,175,393)
Adjustments to
reconcile net
loss from
continuing
operations to net
cash (used in)
provided by
operating
activities:
Amortization of
debt discount - 100,444 234,369 401,775
Amortization of
capitalized
software 1,636,200 1,481,039 6,348,932 5,696,865
Amortization of
intangibles 31,918 6,666 94,002 26,667
Accretion of
consideration
payable - - - 13,644
Depreciation of
fixed assets 281,609 159,380 865,524 465,830
Write-down of
inventory - 675,669 - 675,669
Loss on debt
extinguishment - - 1,155,851 -
Noncash
operating lease
expense 217,495 220,622 960,702 672,983
Stock
compensation
expense 2,655,143 3,104,956 10,496,321 12,234,797
Changes in Assets
and Liabilities
Accounts
receivable (363,895) 661,327 1,150,536 (4,487,546)
Product deposit 50,301 95,992 (279,454) 445,087
Inventory 658,806 (827,584) 23,782 (713,095)
Other current
assets 915,702 (121,682) 357,463 (2,270,374)
Operating lease
liabilities (103,449) (13,780) (275,290) (381,189)
Deferred revenue (1,340,226) (933,283) (6,290,081) 9,826,219
Accounts payable (651,595) 1,043,605 3,244,483 4,176,113
Accrued expenses (4,998,738) 662,521 (5,782,603) 10,755,261
Net cash (used
in) provided
by operating
activities of
continuing
operations (2,098,266) 262,258 2,072,304 14,363,313
Net cash (used
in) provided
by operating
activities of
discontinued
operations (1,182,257) 811,043 6,207,871 3,149,877
Net cash (used
in) provided
by operating
activities (3,280,523) 1,073,301 8,280,175 17,513,190
=========== =========== ============ ============
CASH FLOWS FROM
INVESTING
ACTIVITIES
Cash paid for
capitalized
software costs (1,763,287) (1,601,100) (7,647,959) (6,738,742)
Purchase of
equipment (190,704) (212,287) (1,870,668) (1,463,357)
Net cash used
in investing
activities of
continuing
operations (1,953,991) (1,813,387) (9,518,627) (8,202,099)
Net cash
provided by
(used in)
investing
activities of
discontinued
operations 19,023,623 (907,340) 16,426,858 (3,334,219)
Net cash
provided by
(used in)
investing
activities 17,069,632 (2,720,727) 6,908,231 (11,536,318)
=========== =========== ============ ============
CASH FLOWS FROM
FINANCING
ACTIVITIES
Repayment of debt
instruments - - (18,719,721) -
Sale of common
stock under ATM,
net - - 8,721,717 -
Repayment of notes
payable, net of
prepayment
penalty - - - (327,597)
Cash proceeds from
exercise of
warrants - - 464,950 -
Cash proceeds from
exercise of
options - 12,499 5,950 120,312
Preferred stock
dividends (776,562) (776,562) (3,106,250) (3,106,250)
Net cash used
in financing
activities of
continuing
operations (776,562) (764,063) (12,633,354) (3,313,535)
Net cash used
in financing
activities of
discontinued
operations (12,000) (170,840) (773,658) (805,138)
Net cash used
in financing
activities (788,562) (934,903) (13,407,012) (4,118,673)
=========== =========== ============ ============
Net increase
(decrease) in
cash 13,000,547 (2,582,329) 1,781,394 1,858,199
Cash at beginning
of period 23,785,771 37,587,253 35,004,924 33,146,725
Cash at end of
year 36,786,318 35,004,924 36,786,318 35,004,924
Less: Cash of
discontinued
operations at end
of year - 2,353,123 - 2,353,123
Cash of continuing
operations at end
of year $ 36,786,318 $ 32,651,801 $ 36,786,318 $ 32,651,801
=========== =========== ============ ============
Cash paid for
interest and
taxes
-----------------
Cash paid during
the period for
interest $ - $ 614,993 $ 1,461,032 $ 2,528,042
=========== =========== ============ ============
Cash paid during
the period for
taxes $ 184,791 $ 16,035 $ 667,262 $ 214,211
=========== =========== ============ ============
Non-cash
investing and
financing
activities:
-----------------
Cashless exercise
of options $ - $ - $ 1,315 $ 5,127
=========== =========== ============ ============
Cashless exercise
of warrants $ - $ - $ 3,901 $ 16,305
=========== =========== ============ ============
Stock issued for
debt conversion $ - $ - $ 1,000,000 $ -
=========== =========== ============ ============
Stock issued for
asset
acquisition $ - $ - $ 303,000 $ -
=========== =========== ============ ============
Stock issued for
noncontingent
consideration
payments $ - $ - $ - $ 642,000
=========== =========== ============ ============
Operating lease
liabilities
arising from
obtaining right
of use assets $ - $ (102,618) $ - $ 6,372,148
=========== =========== ============ ============
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. We believe that the presentation of this financial measure 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 net income (loss) attributable to LifeMD, Inc. common stockholders before interest, taxes, depreciation, amortization, accretion, financing transaction expense, non-controlling interests of discontinued operations, extraordinary litigation costs, loss on debt extinguishment, dividends, insurance acceptance and Sarbanes-Oxley readiness expenses, acquisition costs, severance expenses, stock-based compensation expense and net income from discontinued operations. We have provided below a reconciliation of adjusted EBITDA to net loss attributable to LifeMD, Inc. common stockholders, its most directly comparable GAAP financial measure.
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. 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 Net Income (Loss) Attributable to
LifeMD, Inc. Common Stockholders to Adjusted EBITDA
(in whole numbers,
unaudited)
Fourth Quarter Ended Year Ended
December 31, December 31,
2025 2024 2025 2024
Net income (loss)
attributable to LifeMD,
Inc. common stockholders $ 19,187,103 $(5,715,227) $ 11,247,856 $(24,515,266)
Interest (income) expense
(excluding amortization
of debt discount) (24,079) 510,510 1,126,598 1,773,630
Depreciation, amortization
and accretion expense 1,949,727 1,647,085 7,308,458 6,203,006
Amortization of debt
discount - 100,444 234,369 401,775
Loss on debt
extinguishment - - 1,155,851 -
Financing transactions
expense 36,716 13,125 134,415 336,497
Litigation costs(a) 573,894 376,030 2,273,355 1,698,531
Severance costs 266,863 - 369,280 1,142,068
Acquisitions expenses 211,836 537,662 1,995,042 537,662
Insurance acceptance
readiness - 92,661 183,330 1,454,298
Sarbanes Oxley readiness - 134,891 - 521,361
Taxes 176,925 598,000 208,748 598,000
Preferred stock dividends 776,562 776,562 3,106,250 3,106,250
Stock compensation expense 2,655,143 3,104,956 10,496,321 12,234,797
Net income from
discontinued operations (21,030,505) (1,426,807) (25,852,024) (2,315,252)
Net (loss) income
attributable to
noncontrolling interests
of discontinued
operations (20,697) 311,838 1,265,685 548,875
Adjusted EBITDA $ 4,759,487 $ 1,061,729 $ 15,253,533 $ 3,726,231
============ =========== ============ ============
(a) For the fourth quarter and year ended December
31, 2025 and 2024, the Company included costs related
to: (1) a class action complaint captionedJohnston
v. LifeMD, Inc., et al., against the Company and certain
executive officers alleging: (i) violations of Section
10(b) of the Securities Exchange Act of 1934, as amended,
and Rule 10b-5 promulgated thereunder by all defendants
for making false and misleading statements; and (ii)
violations of Section 20(a) of the Securities Exchange
Act of 1934, as amended, by the individual officer
defendants for violating their duty to disseminate
accurate and truthful information, (2) a class action
complaint alleging, inter alia, unauthorized disclosure
of certain information of class members to third parties
(theMarden v. LifeMD, Inc.case), both disclosed in
the Company's Form 10-K for the year ended December
31, 2025, filed on March 9, 2026, and (3) a heavily
negotiated executive separation agreement.
(END) Dow Jones Newswires
March 09, 2026 16:05 ET (20:05 GMT)
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