LifeMD Provides 2024 Financial Guidance

• Revenue expected to be between $195 and $205 million, represents a 31% to 38% increase over the midpoint of 2023 guidance.
  
• Adjusted EBITDA expected to be between $18 and $22 million, representing an increase of 71% to 110% over the midpoint of 2023 guidance.
• Positive full-year free cash flow with estimated year-end 2023 cash exceeding $30 million.
  

NEW YORK, Jan. 08, 2024 (GLOBE NEWSWIRE) -- LifeMD, Inc. (Nasdaq: LFMD), a leading provider of virtual primary care, today provided 2024 financial guidance highlighted by significant expected growth in revenue and adjusted EBITDA driven by its GLP-1 weight management business, continued growth and profitability in its lifestyle healthcare businesses led by RexMD, strong performance in its WorkSimpli subsidiary, and the launch of new offerings.

“LifeMD entered 2024 with tremendous business momentum. We expect to build significantly upon the performance we achieved during 2023 across all our businesses including our weight management business, RexMD, and our non-core subsidiary, WorkSimpli. We expect strong growth in our weight management business in 2024 driven by an increase in the availability of GLP-1 medications, potential reductions in the price of GLP-1 medications and/or expansion of payor coverage, and LifeMD's launch of private insurance based programs. Additionally, we plan to dramatically expand the telehealth products and services offered under our RexMD brand, which we anticipate will increase the lifetime value of existing patients and attract new ones to RexMD. We are highly optimistic about our strategic alliance with Medifast, and expect that this and other new offerings will be material contributors to our results in the years to come with the potential to drive upside to our 2024 guidance,” said Justin Schreiber, Chairman and Chief Executive Officer of LifeMD.

“Our 2024 financial guidance reflects the continued strength of our current offerings, led by our weight management business and RexMD. We expect 2024’s topline growth rate to be above our target of 30% while generating significant improvements in adjusted EBITDA and GAAP earnings along with steadily expanding margins, which we expect to accelerate in the second half of the year. Our balance sheet is the strongest it’s ever been with cash at year-end 2023 expected to exceed $30 million and increasing free cash flow. We remain laser-focused on leveraging the strength of our leading telehealth platform, our product and service offerings, and our balance sheet to generate value for our shareholders in 2024 and beyond,” commented Marc Benathen, Chief Financial Officer of LifeMD.

2024 Financial Guidance

• Revenue to be between $195 and $205 million and represents a 31% to 38% increase over the midpoint of 2023 guidance.
• Adjusted EBITDA to be between $18 and $22 million, representing an increase of 71% to 110% over the midpoint of 2023 guidance.
• Positive full-year free cash flow with year-end 2023 cash exceeding $30 million.
  

About LifeMD

LifeMD is a leading provider of virtual primary care. LifeMD offers telemedicine, laboratory and pharmacy services, and specialized treatment across more than 200 conditions, including primary care, men’s health, women’s health, allergy & asthma, and dermatology. The Company leverages a vertically-integrated, proprietary digital care platform, a 50-state affiliated medical group, and a U.S.-based patient care center to increase access to top-notch 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 this 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 Officer
press@lifemd.com