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 $36.8 million as of December 31, 2025 and the Company had no debt as of year-end 2025.
Fourth Quarter Key Performance Metrics
($ in 000s)
Three Months Ended Dec. 31,
Y-o-Y
Twelve Months 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: 800-343-5172International dial-in number: 203-518-9856Conference 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® 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 Officer[email protected]
Media ContactJessica Friedeman, Chief Marketing and Product Officer[email protected]
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 December 31,
Year EndedDecember 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
