LifeMD Inc LFMD

LFMD .... ER report

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LifeMD Reports Q3 2021 Revenue Up 127% to Record $24.9 Million and 24% Sequential Improvement in Adjusted EBITDA

 

2021-11-10 13:05 ET - News Release

 

• Revenue increased to a record $24.9 million, up 127% from the same year-ago period
• 24% sequential improvement in Adjusted EBITDA versus prior quarter
• 93% of Q3 2021 revenue generated by subscriptions, up from 61% in the same year-ago period
• Total telehealth order volume grew 153% to 232,293

NEW YORK, Nov. 10, 2021 (GLOBE NEWSWIRE) -- LifeMD, Inc. (NASDAQ: LFMD), a leading direct-to-patient telehealth company, reported results for the third quarter ended September 30, 2021. All figure comparisons are to the same year-ago quarter unless otherwise noted. Management will host a conference call today at 5:00 p.m. Eastern time to discuss the results.

Q3 Financial Highlights

• Record revenue of $24.9 million, up 127%
• 93% of revenue generated by subscriptions, up from 61%
• Gross profit totaled $19.9 million, or 80% of net revenues, up 113%
• Adjusted EBITDA of $(9.0) million, a 24% sequential improvement versus the prior quarter (see definition of this non-GAAP financial measure and reconciliation to GAAP, below)
• Adjusted EPS of $(0.36), a 25% sequential improvement versus the prior quarter (see definition of this non-GAAP financial measure and reconciliation to GAAP, below)

Q3 Operational Highlights

• Achieved significant leverage improvement in marketing investment expenses, reducing marketing spend as a percentage of revenue to 81% versus 100% in the prior quarter, with continued leverage expected.
• Total unique patients and customers served nationwide surpassed 427,000 during the quarter, up from over 360,000 in the prior quarter.
• Telemedicine orders increased 153% to approximately 232,000.
• Appointed seasoned investor and private equity professional Naveen Bhatia to its Board of Directors. Most notably, Mr. Bhatia served as Senior Managing Director in the Tactical Opportunities group of Blackstone for nearly a decade and as director of numerous public and private companies.

Subsequent Events

• Completed a public offering of 3,833,334 shares of its common stock and 1,400,000 shares of its 8.875% Series A Cumulative Perpetual Preferred Stock raising approximately $55 million in net proceeds.
• Announced transformational launch of our 50-state Virtual Primary Care business, which we expect to drive increased satisfaction with our existing patients and open the door to many new treatment areas for LifeMD.