Telehealth revenue grew 18% to $47.3 million, while telehealth adjusted EBITDA increased 30% to $2.9 million.
Paid off all outstanding debt during the quarter.
Subsequent to quarter end, fully divested our majority stake in WorkSimpli, positioning LifeMD as a pure-play telehealth and pharmacy platform.
Continued to diversify clinical platform with new launches in women's health, men's health and psychiatry.
Conference call begins at 4:30 p.m. Eastern time today
NEW YORK, Nov. 17, 2025 (GLOBE NEWSWIRE) -- LifeMD, Inc. (NASDAQ:LFMD), a leading provider of virtual primary care services, today reported financial results for the three and nine months ended September 30, 2025.
Management Commentary
"The third quarter of 2025 marked an important step forward for LifeMD," said Justin Schreiber, Chairman and CEO of LifeMD. "While the weight management market remained challenging, driven largely by fierce competition from low-price compounded GLP-1 providers, our business continued to demonstrate real strength. We continued to on-board a significant volume of new weight management patients per day supported by the power of our brand, our best-in-class care platform and our strategic partnerships. We expect the GLP-1 market to evolve rapidly in the year to come as product innovation and improved pricing expand access, and we believe LifeMD is uniquely positioned to capitalize on these trends and accelerate growth in 2026."At the same time, we are gaining significant traction in diversifying our platform. We are seeing strong early traction in behavioral health, women's health, men's hormone therapy, and personalized compounded ED therapies. Our RexMD business returned to growth and added nearly 10,000 net new subscribers in the quarter. We also achieved a major milestone with the regulatory approval of our Pennsylvania-based 503-A compounding pharmacy. We are currently licensed in 14 states and are aggressively pursuing licensure in all 50 states. This pharmacy meaningfully strengthens our competitive positioning by expanding our ability to deliver personalized therapies, improving cost structure, and enhancing the patient experience.Subsequent to quarter end, we completed the divestiture of our majority ownership in WorkSimpli, which transformed LifeMD into a pure-play virtual care and pharmacy platform and significantly strengthened our balance sheet. As we look to 2026, we believe LifeMD remains very well positioned with a strong balance sheet, an increasingly diversified virtual care and pharmacy platform and a full suite of industry-leading capabilities to accelerate our growth," concluded Mr. Schreiber.
"Third quarter results for our telehealth business on a stand-alone basis were solid with revenue increasing 18% and adjusted EBITDA increasing 30% versus the prior year period. Importantly, our RexMD business returned to sequential growth in both revenue and patient subscriber count. Additionally, we took major steps to significantly strengthen the company's balance sheet and liquidity including paying off all outstanding debt and the divestiture of our majority interest in WorkSimpli subsequent to quarter end. We have also continued to make significant strides in the company's ongoing telehealth business profitability with year-to-date telehealth Adjusted EBITDA profitability up 294% versus year," said Marc Benathen, LifeMD's Chief Financial Officer.
Third Quarter Financial Highlights
All comparisons are with the third 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 13% to $60.2 million, driven by an 18% increase in telehealth revenue.
The number of active telehealth subscribers increased 14% to approximately 310,000 at quarter-end.
Gross margin was 88% compared to 91% in the prior-year period due to revenue mix. Telehealth gross margin, excluding WorkSimpli, was 86% compared to 89% in the year-ago period due to revenue mix.
GAAP net loss was $4.6 million or ($0.10) per share compared to a net loss of $5.4 million or ($0.13) per share in the prior-year period.
Adjusted EBITDA was $5.1 million compared to $4.3 million in the prior-year period.
Telehealth adjusted EBITDA was $2.9 million compared to $2.2 million in the prior-year period.
Cash totaled $23.8 million as of September 30, 2025 following the payoff of approximately $17 million of all remaining debt in the third quarter.
Third Quarter Key Performance Metrics
($ in 000s)
Three Months Ended Sept. 30,
Y-o-Y
Nine Months Ended Sept. 30,
Y-o-Y
Key Telehealth Performance Metrics
2025
2024
% Growth
2025
2024
% Growth
Revenue
Telehealth Revenue
$47,280
$40,155
18%
$147,187
$109,687
34%
Telehealth Adjusted EBITDA
$2,871
$2,217
30%
$10,494
$2,665
294%
Telehealth Active Subscribers
310,818
271,863
14%
310,818
271,863
14%
Financial Guidance
For the fourth quarter of 2025, the Company's guidance reflects revenue and adjusted EBITDA as a stand-alone telehealth company following the WorkSimpli divestiture:
Revenue in the range of $45 million to $46 million.
Adjusted EBITDA in the range of $3 million to $4 million.
For the full year 2025, the Company's guidance reflects revenue and adjusted EBITDA as a stand-alone telehealth company following the WorkSimpli divestiture and reflecting a $1.1 million adjustment in 2025 related to the November 5, 2025 press release:
Revenue in the range of $192 million to $193 million, reflecting an increase of approximately 24% versus 2024.
Adjusted EBITDA in the range of $13.5 million to $14.5 million, reflecting an increase of approximately 254% versus 2024.
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:
800-245-3047
International dial-in number:
203-518-9765
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 ContactMarc Benathen, Chief Financial
Media ContactJessica Friedeman, Chief Marketing and Product
Tables to Follow
LIFEMD, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
September 30, 2025
December 31, 2024
ASSETS
Current Assets
Cash
$
23,785,771
$
35,004,924
Accounts receivable
9,244,321
10,854,084
Product deposit
370,518
40,763
Inventory
3,432,382
2,797,358
Other current assets
4,252,613
3,672,231
Total Current Assets
41,085,605
52,369,360
Non-current Assets
Equipment, net
2,584,829
1,479,184
Right of use assets, net
5,578,992
6,400,596
Capitalized software, net
15,175,634
13,816,501
Intangible assets, net
1,558,318
2,030,656
Total Non-current Assets
24,897,773
23,726,937
Total Assets
$
65,983,378
$
76,096,297
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current Liabilities
Accounts payable
$
19,554,735
$
16,009,484
Accrued expenses
22,079,805
22,811,763
Current operating lease liabilities
673,482
508,537
Current portion of convertible long-term debt
-
8,444,444
Deferred revenue
14,355,531
19,625,940
Total Current Liabilities
56,663,553
67,400,168
Long-term Liabilities
Convertible long-term debt, net
-
9,885,057
Noncurrent operating lease liabilities
5,851,673
6,265,192
Contingent consideration
100,000
100,000
Total Liabilities
62,615,226
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 September 30, 2025 and December 31, 2024
140
140
Common Stock, $0.01 par value; 100,000,000 shares authorized, 46,686,350 and 42,293,907 shares issued, 46,583,310 and 42,190,867 outstanding as of September 30, 2025 and December 31, 2024, respectively
466,864
422,939
Additional paid-in capital
248,801,209
230,508,339
Accumulated deficit
(247,790,178
)
(239,850,931
)
Treasury stock, 103,040 shares, at cost, as of September 30, 2025 and December 31, 2024
(163,701
)
(163,701
)
Total LifeMD, Inc. Stockholders' Equity (Deficit)
1,314,334
(9,083,214
)
Non-controlling interest
2,053,818
1,529,094
Total Stockholders' Equity (Deficit)
3,368,152
(7,554,120
)
Total Liabilities, Mezzanine Equity and Stockholders' Equity (Deficit)
$
65,983,378
$
76,096,297
LIFEMD, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended September 30,
Nine Months Ended September 30,
2025
2024
2025
2024
Revenues
Telehealth revenue, net
$
47,279,933
$
40,154,683
$
147,186,714
$
109,687,054
WorkSimpli revenue, net
12,892,537
13,117,611
39,788,325
39,650,009
Total revenues, net
60,172,470
53,272,294
186,975,039
149,337,063
Cost of revenues
Cost of telehealth revenue
6,714,235
4,300,877
21,689,400
13,049,315
Cost of WorkSimpli revenue
693,678
712,664
1,793,133
1,589,318
Total cost of revenues
7,407,913
5,013,541
23,482,533
14,638,633
Gross profit
52,764,557
48,258,753
163,492,506
134,698,430
Expenses
Selling and marketing expenses
29,474,490
26,611,672
87,793,648
77,164,480
General and administrative expenses
16,589,390
18,115,143
51,210,246
51,160,883
Customer service expenses
2,784,320
2,804,210
9,086,549
7,385,669
Other operating expenses
3,039,135
2,112,169
8,582,655
6,318,791
Development costs
2,846,436
2,611,833
8,265,842
7,101,655
Total expenses
54,733,771
52,255,027
164,938,940
149,131,478
Operating loss
(1,969,214
)
(3,996,274
)
(1,446,434
)
(14,433,048
)
Other expenses
Interest expense, net
(262,456
)
(558,597
)
(1,551,758
)
