LifeMD, Inc. (NASDAQ:LFMD) Q1 2023 Earnings Conference Call May 12, 2023 8:30 AM ET Company Participants Justin Schreiber - Chairman and Chief Executive Officer Marc Benathen - Chief Financial Officer Conference Call Participants David Larsen - BTIG, LLC Operator Good morning. Thank you for joining us today to discuss the results for LifeMD's First Quarter ended March 31, 2023. Joining the call today are Justin Schreiber, Chairman and Chief Executive Officer; and Marc Benathen, Chief Financial Officer of Li ...

Customer Base and Revenue - The company has served approximately 715,000 customers, with total revenue from recurring subscriptions accounting for about 91%[161] - WorkSimpli, a majority-owned subsidiary, has achieved 101% year-over-year revenue growth, with recurring revenue at 98%[161] - Telehealth revenue decreased by 11% to $20.2 million, accounting for 61% of total revenue, while WorkSimpli revenue increased by 101% to $12.9 million, representing 39% of total revenue[172] Telehealth Services - The company's telehealth platform integrates various functionalities, including EMR, CRM, and digital prescriptions, enhancing patient care management[159] - LifeMD's virtual primary care offering provides 24/7 access to high-quality providers across all 50 states, supported by partnerships for discounts on lab work and prescriptions[165] - LifeMD's telehealth offerings aim to connect patients with licensed providers for diagnoses and treatment, addressing various health conditions[159] - The telehealth brands, including RexMD and ShapiroMD, have served over 410,000 and 260,000 customers respectively, with high Trustpilot ratings of 4.7 and 4.9[167] - The company plans to expand its diverse portfolio of telehealth services to meet the needs of a growing patient base[160] Financial Performance - Total revenue for the three months ended March 31, 2023, was approximately $33.1 million, an increase of 14% compared to $29.0 million for the same period in 2022[172] - Gross profit increased by approximately 22% to $28.9 million, with a gross profit margin of 87% for the three months ended March 31, 2023, compared to 82% for the same period in 2022[174] - The company recorded a net loss of approximately $3.4 million for the three months ended March 31, 2023, a significant improvement from a net loss of approximately $13.3 million for the same period in 2022[172] Expenses and Cash Flow - Total expenses decreased by 14% to approximately $31.8 million, primarily due to a reduction in selling and marketing expenses by approximately $5.2 million, or 24%[176] - Net cash used in operating activities was approximately $2.6 million for the three months ended March 31, 2023, compared to $8.1 million for the same period in 2022[181] - Net cash used in investing activities for Q1 2023 was approximately $1.8 million, a decrease of 75.7% from $7.4 million in Q1 2022[182] - Net cash provided by financing activities for Q1 2023 was approximately $12.0 million, compared to a net cash used of approximately $774 thousand in Q1 2022[183] Assets and Liabilities - Working capital increased by approximately $12.2 million during the three months ended March 31, 2023, primarily due to an increase in cash of approximately $7.6 million from the Avenue Facility[178] - Current assets increased to $19.2 million as of March 31, 2023, from $11.3 million as of December 31, 2022[178] - As of March 31, 2023, the company has accrued contract liabilities of approximately $5.9 million, up from $5.5 million as of December 31, 2022[198] Debt and Financing - The Avenue Facility provides a convertible senior secured credit facility of up to $40 million, with $15 million funded at closing and additional amounts available later[171] - The company entered into a Credit Agreement with Avenue for a convertible senior secured credit facility of up to $40 million, maturing on October 1, 2026[185] - The company recorded a loss on debt extinguishment of $325 thousand related to the repayment of the CRG Financial loan during the three months ended March 31, 2023[177] Strategic Focus and Challenges - The company has a strategic focus on enhancing digital patient awareness and engagement for healthcare product companies, addressing unmet needs in the market[168] - The company has begun implementing strategies to strengthen revenues and improve operational efficiencies, although substantial doubt remains about its ability to continue as a going concern[192] Accounting Changes - The Company adopted ASU 2016-13 on January 1, 2023, which requires the use of the current expected credit loss model for estimating lifetime expected credit losses[203] - The adoption of ASU 2016-13 did not have a material impact on the Company's financial statements[203] - The Company adopted ASU 2021-08 on January 1, 2023, affecting the accounting for contract assets and liabilities in business combinations[204] - The adoption of ASU 2021-08 also did not have a material impact on the Company's financial statements[204] Miscellaneous - The company has $18.435 million available under the At Market Issuance Sales Agreement as of March 31, 2023[189] - Customer discounts and allowances on telehealth revenues were approximately $331 thousand in Q1 2023, down from $1.5 million in Q1 2022[196] - The company recorded an $8.0 million goodwill impairment charge related to the Cleared acquisition during the year ended December 31, 2022[200] - As of March 31, 2023, the company has an accumulated deficit of approximately $195.3 million and a current cash balance of approximately $12.8 million[184] - As a smaller reporting company, the Company is not required to provide quantitative and qualitative disclosures about market risk[205]

Call Start: 17:00 January 1, 0000 5:33 PM ET LifeMD, Inc. (NASDAQ:LFMD) Q4 2022 Earnings Conference Call March 22, 2023, 17:00 ET Company Participants Justin Schreiber - Chairman & CEO Marc Benathen - CFO Conference Call Participants David Larsen - BTIG Operator Good afternoon. Thank you for joining us today to discuss the results for LifeMD's Fourth Quarter and Full Year ended December 31, 2022. Joining the call today are Justin Schreiber, Chairman and Chief Executive Officer; and Marc Benathen, Chief Fina ...

Revenue Performance - Total revenue for the year ended December 31, 2022 was approximately $119.0 million, an increase of 28% compared to approximately $92.9 million for the year ended December 31, 2021[198] - Telehealth revenue for 2022 was $82.6 million, accounting for 69% of total revenue, with a 21% increase from the previous year[198] - WorkSimpli revenue for 2022 was $36.4 million, representing a 47% increase and accounting for 31% of total revenue[198] Profit and Loss - Gross profit increased by approximately 34% to $100.4 million for 2022, with a gross profit margin of 84% compared to 81% in 2021[201] - Operating loss for 2022 was $(43.4) million, an improvement from $(54.3) million in 2021[198] - Net loss attributable to common stockholders for 2022 was $(48.6) million, compared to $(61.8) million in 2021[198] Expenses - Total expenses for 2022 were approximately $143.8 million, an increase of 11% from approximately $129.2 million in 2021[202] - General and administrative expenses increased by approximately $7.4 million in 2022, primarily due to a $7.0 million increase in payroll expenses[204] Cash Flow and Working Capital - For the year ended December 31, 2022, the company reported a net cash used in operating activities of approximately $23.0 million, a decrease from $33.1 million in 2021[208] - The company's working capital decreased by approximately $42.2 million during the year ended December 31, 2022, resulting in a working capital of $(20.1) million[206] - The company experienced a net decrease in cash of approximately $37.4 million during the year ended December 31, 2022[207] - As of December 31, 2022, the company had a current cash balance of approximately $14.6 million[212] Acquisitions and Impairments - The company acquired Cleared, a nationwide allergy telehealth platform, for approximately $9.1 million in January 2022[187] - WorkSimpli acquired assets associated with ResumeBuild for $4.0 million in February 2022[189] - The company recorded an $8.0 million goodwill impairment charge and an $827 thousand intangible asset impairment charge in 2022[204] - Goodwill of $8.0 million was recognized in conjunction with the Cleared acquisition, with an impairment charge of $8.0 million recorded in 2022[228] - An impairment loss of $827 thousand was recorded related to the Cleared customer relationship intangible asset during the year ended December 31, 2022[229] Capital Expenditures - Net cash used in investing activities for 2022 was approximately $13.9 million, compared to $3.4 million in 2021, mainly due to capitalized software costs of $8.5 million[209] - The Company capitalized $12.1 million in software costs as of December 31, 2022, an increase of $8.5 million or 236% from $3.6 million in 2021[225] Liabilities and Deficits - The company has an accumulated deficit of approximately $190.6 million as of December 31, 2022[212] - As of December 31, 2022, the Company had accrued contract liabilities of approximately $5.5 million, up from $1.5 million in 2021[224] - The company recorded a $5.1 million reduction in contingent consideration related to the Cleared acquisition due to remeasurement of fair value[204] Accounting and Revenue Recognition - The Company is evaluating the effects of the new accounting standards update effective after December 15, 2022, related to business combinations[231] - The Company allows subscribers to cancel their subscription at any point during the billing cycle, impacting revenue recognition[223] - The Company capitalizes certain internal payroll and third-party costs related to internally developed software, amortizing these costs over an estimated useful life of three years[225]

LifeMD, Inc. (NASDAQ:LFMD) Q3 2022 Earnings Conference Call November 10, 2022 4:30 PM ET Company Participants Justin Schreiber – Chief Financial Officer Marc Benathen – Chierf Financial Officer Conference Call Participants David Larsen – BTIG Marc Wiesenberger – B. Riley Securities Operator Good afternoon. Thank you for joining us today to discuss the results for LifeMD’s Third Quarter Ended September 30, 2022. Joining the call today are Justin Schreiber, Chairman and Chief Executive Officer; and Marc Benat ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from _________ to _________ Commission file number: 001-39785 LIFEMD, INC. (Exact name of registrant as specified in its charter) | Delaware | 76-0238453 | | --- | --- | ...

LifeMD: Q2 2022 Supplemental Investor Highlights Presentation Highlights Liquidity: We ended Q2 with $12 million in cash. For the firsttime ever, we reduced our consolidated burn rate in June to below $1M. We are on track to achieve Consolidated Adjusted EBITDA profitability by Q4 and on track to divest WorkSimpli by Q4. Virtual Primary Care: Our recently launched virtual primary care (VPC) platform saw a 1,500% increase in subscriber count during Q2. As of August 10th, we have more than 1,200 VPC subscribe ...

LifeMD, Inc. (NASDAQ:LFMD) Q2 2022 Earnings Conference Call August 11, 2022 4:30 PM ET Company Participants Justin Schreiber - Chairman & CEO Marc Benathen - CFO Conference Call Participants Marc Wiesenberger - B. Riley Securities David Larsen - BTIG Operator Good day. Thank you for joining us today to discuss the results for LifeMD’s Second Quarter ended June 30, 2022. Joining the call today are Justin Schreiber, Chairman and Chief Executive Officer; and Marc Benathen, Chief Financial Officer of LifeMD. Fo ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period from _________ to _________ Commission file number: 001-39785 LIFEMD, INC. (Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) ...

LifeMD, Inc. (NASDAQ:LFMD) Q1 2022 Earnings Conference Call May 13, 2022 8:00 AM ET Company Participants Justin Schreiber - Chairman & Chief Executive Officer Marc Benathen - Chief Financial Officer Conference Call Participants David Larsen - BTIG Marc Wiesenberger - B. Riley Securities Operator Good afternoon. Thank you for joining us today to discuss the results for LifeMD's First Quarter ended March 31, 2022. Joining the call today are Justin Schreiber, Chairman and Chief Executive Officer; and Marc Bena ...