• LifeMD, Inc. Reports Third Quarter 2022 Results

    المصدر: Nasdaq GlobeNewswire / 10 نوفمبر 2022 15:05:04   America/Chicago

    • Fourteenth consecutive quarter of record consolidated revenue. Third quarter 2022 consolidated revenue of $31.4 million up 26% from the same year ago period.
    • Adjusted EPS of $(0.03), 91% improvement versus the prior year, 86% sequentially versus prior quarter.
    • Remain on track to achieve consolidated Adjusted EBITDA profitability in fourth quarter 2022.
    • Consolidated Adjusted EBITDA loss for the third quarter reduced to $889,000.

    NEW YORK, Nov. 10, 2022 (GLOBE NEWSWIRE) -- LifeMD, Inc. (NASDAQ: LFMD), a leading direct-to-patient telehealth company, reported results for the third quarter ended September 30, 2022. All figure comparisons are to the same year-ago quarter unless otherwise noted. Management will host a conference call today, November 10, 2022, at 4:30 p.m. Eastern Time to discuss the results.

    Q3 2022 Financial Highlights

    • Record revenue of $31.4 million, up 26%.
    • Consolidated Gross Margin of 85%, up from 80% in the same year-ago period. Gross profit totaled $26.7 million.
    • 93% of revenue generated by subscriptions.
    • Consolidated Adjusted EBITDA loss reduced to $889,000 in the third quarter; remain on track to achieve consolidated Adjusted EBITDA profitability in the fourth quarter 2022.
    • Adjusted EPS $(0.03), up 91% versus same year-ago period and a 86% sequential improvement versus the prior quarter (see definition of this non-GAAP financial measure and reconciliation to GAAP, below).

    Q3 and Recent Operational Highlights

    • Continued leverage of Selling and Marketing expenses, with third quarter expenses as a percentage of revenue reducing to 55%, a 1,700-basis point improvement versus the prior quarter and a 2,600-basis point improvement versus the same year-ago period.
    • Virtual primary care business saw average daily patient acquisition increase by 440% from prior quarter with strong retention and high patient satisfaction scores.
    • Telehealth active subscribers increased 36% to approximately 176,000.
    • Reduced blended telehealth Customer Acquisition Costs (CAC) by 18% versus year-ago period and by 8% sequentially versus prior quarter.
    • Executed an agreement with our third pharmaceutical partner using LifeMD’s technology and affiliated medical group for 4 additional branded prescription medications.
    • In final stages of WorkSimpli divestiture process. Actively in negotiations and received interest from multiple bidders.
    • WorkSimpli active subscribers increased by 45% to approximately 150,000 worldwide subscribers.
    • WorkSimpli performance remains on a tremendous trajectory with third quarter results producing 57% year-over-year revenue growth with mid-teens EBITDA margins. WorkSimpli remains on track to deliver 2023 EBITDA margins of 25%-plus coupled with significant growth in revenue.


    Key Performance Metrics

          
    ($ in 000s) Three Months Ended September 30 Y-o-Y
    Key Performance Metrics  2022  2021  % Growth
    Revenue     
    Telehealth $21,365 $18,541  15%
    WorkSimpli $10,047 $6,406  57%
    Total Revenue $ 31,412  $ 24,947   26%
          
    Subscription Revenue as % of Total  93%  92%  1%
          
    Telehealth Volume     
    Total Telehealth Orders  220,933  255,138  -13%
    Total Active Subscribers  175,944  129,100  36%
    WorkSimpli     
    Active Subscribers  149,905  103,395  45%

    Management Commentary
    “During the third quarter, LifeMD made significant progress against our top strategic and operational priorities. We came significantly closer this quarter toward our goal of achieving consolidated Adjusted EBITDA profitability by the fourth quarter 2022, performing even better than our profitability expectations and reducing our consolidated Adjusted EBITDA loss to under $(1) million for the quarter. This significant improvement in profitability was driven by strengthening unit economics, reduced CAC’s and improved efficiency brought by scale. In addition, our WorkSimpli business continued to exponentially grow both top and bottom-line results driven by 45% growth in active subscribers versus prior year, while achieving record profitability,” said Justin Schreiber, Chairman & CEO of LifeMD. “Additionally, beyond our core direct-to-consumer telehealth businesses, we continue to successfully build out our Business-to-Business operation, leveraging our best-in-class healthcare marketing and patient service capabilities to partner directly with pharmaceutical clients. We recently executed an agreement with our third client in this vertical and have a robust pipeline of additional deals under discussion that we expect to become accretive to our 2023 results. We have also made sizeable progress in the WorkSimpli process and are currently in late-stage negotiations after attracting interest from multiple bidders. We remain laser-focused though on maximizing value for our shareholders from this asset as the fundamentals of this business continue to support tremendous future profitability and free cash flow growth that is accretive to LifeMD overall.”

    LifeMD CFO Marc Benathen, commented: “During the quarter, we executed extremely well against our initiative to achieve consolidated Adjusted EBITDA profitability by the fourth quarter 2022, exceeding even our own expectations for bottom-line performance. In doing so, we reduced our consolidated Adjusted EBITDA loss to under $1 million. While we experienced a slight sequential decline in telehealth revenue versus the second quarter, this was intentional and a result of the continued work we’ve done to re-focus our growth efforts on our most profitable offerings that will drive long-term margin expansion and growth. In doing so, we cut back all activities related to consumer offerings that did not meet our profitability thresholds which while eliminating some short-term growth ensures that we maintain a base of patients and offerings that will drive continued growth at high levels of profitability. As previously guided in the second quarter, this reset process will continue to play out through year-end with a return to higher levels of growth supported by strong bottom-line margins in 2023 and beyond. In addition, our WorkSimpli subsidiary continued to post record results ahead of our own expectations on both the top and bottom-line including achieving EBITDA margins in the mid-teens. We are increasingly bullish on the financial and cash flow growth for WorkSimpli as we work through the late stages of the current process with a focus on maximizing long-term shareholder value. In addition to WorkSimpli, we currently have access to additional non-dilutive financing options that can further augment liquidity. We expect to consummate a transaction before the end of the year.”

    Q3 2022 Financial Summary

    • Revenue for the quarter ended September 30, 2022 increased 26% to $31.4 million from $24.9 million in 2021. The increase in revenues was attributable to a 15% increase in telehealth revenue and a 57% increase in WorkSimpli revenue versus the year-ago period.

    • Gross profit increased by 35% to $26.7 million, compared to $19.9 million in the prior year. Gross margins reached 85% on a consolidated basis for the third quarter ended September 30, 2022. Gross margins for the telehealth business totaled 79%.

    • Net loss attributable to common stockholders was $8.1 million or $(0.26) per share, as compared to a net loss attributable to common stockholders of $14.4 million or $(0.54) per share in the prior year.

    • Adjusted EBITDA, a non-GAAP financial measure, totaled a loss of $889,000, an improvement of 90% versus the same year-ago period and 87% sequentially versus the prior quarter. (see definition of this non-GAAP financial measure and reconciliation to GAAP, below).

    • Adjusted EPS, a non-GAAP financial measure, totaled a loss of $(0.03) per share, compared to an adjusted EPS loss of $(0.34) in the same year-ago period. Adjusted EPS improved 87% sequentially versus the prior quarter (see definition of this non-GAAP financial measure and reconciliation to GAAP, below).

    Financial Guidance
    For the Fourth Quarter 2022, the Company expects:

    • Consolidated Revenue to total between $33.0 million and $34.0 million
    • Consolidated Adjusted EBITDA between $0 million and $2 million, reflecting Adjusted EBITDA margins of between 0% and 6%

    Conference Call
    LifeMD’s management will host a conference call today, November 10, 2022 at 4:30 pm Eastern Time to discuss the company’s financial results and outlook, followed by a question-and-answer period. Details for the call are as follows:

    Toll-free dial-in number:1-800-218-2154
    International dial-in number:1-720-543-0214
    Conference ID:1668855
    Webcast:https://viavid.webcasts.com/starthere.jsp?ei=1580105&tp_key=82ee8cfb68

    The conference call will be webcast live and available for replay via a link provided in the Investors section of the company’s website at ir.lifemd.com. Please call the conference telephone number five minutes prior to the start time. An operator will register your name and organization.

    Listeners are encouraged to review the Company's periodic reports filed with the U.S. Securities and Exchange Commission, including the discussion of risk factors, historical results of operations and financial condition as provided in these reports.

    About LifeMD
    LifeMD is a 50-state direct-to-patient telehealth company with a portfolio of brands that offer virtual primary care, diagnostics, and specialized treatment for men’s and women’s health, allergy & asthma, and dermatological conditions. By leveraging its proprietary technology platform, 50-state affiliated medical group, and nationwide mail-order pharmacy network, LifeMD is increasing access to top-notch healthcare that is affordable to anyone. To learn more, go to 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.

    Company Contact
    LifeMD, Inc.
    Marc Benathen, CFO
    marc@lifemd.com

    Tables to Follow
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    LIFEMD, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited)
          
     September 30, 2022 December 31, 2021
          
    ASSETS
          
    Current Assets     
    Cash$5,836,823  $41,328,039 
    Accounts receivable, net 2,538,118   980,055 
    Product deposit 108,051   203,556 
    Inventory, net 3,676,131   1,616,600 
    Other current assets 814,576   793,190 
    Total Current Assets 12,973,699   44,921,440 
          
    Non-current Assets     
    Equipment, net 533,561   233,805 
    Right of use asset, net 1,289,250   1,752,448 
    Capitalized software, net 7,991,836   2,995,789 
    Goodwill 5,654,665   - 
    Intangible assets, net 4,918,550   19,761 
    Total Non-current Assets 20,387,862   5,001,803 
          
    Total Assets$33,361,561  $49,923,243 
          
    LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' (DEFICIT) EQUITY     
          
    Current Liabilities     
    Accounts payable$10,797,544  $9,059,214 
    Accrued expenses 11,082,354   11,595,605 
    Notes payable, net -   63,400 
    Current operating lease liabilities 702,237   607,490 
    Deferred revenue 2,353,152   1,499,880 
    Total Current Liabilities 24,935,287   22,825,589 
          
    Long-term Liabilities     
    Noncurrent operating lease liabilities 705,702   1,178,544 
    Contingent consideration 3,120,250   100,000 
    Purchase price payable 1,517,381   - 
    Total Liabilities 30,278,620   24,104,133 
          
    Commitments and Contingencies     
    Mezzanine Equity     
    Preferred Stock, $0.0001 par value; 5,000,000 shares authorized     
    Series B Preferred Stock, $0.0001 par value; 5,000 shares authorized, 3,500 and 3,500 shares issued and outstanding, liquidation value approximately, $1,272 and $1,175 per share as of September 30, 2022 and December 31, 2021, respectively 4,451,137   4,110,822 
          
    Stockholders’ (Deficit) Equity     
    Series A Preferred Stock, $0.0001 par value; 1,610,000 shares authorized, 1,400,000 shares issued and outstanding, liquidation value approximately $27.27 and $25.62 per share as of September 30, 2022 and December 31, 2021, respectively 140   140 
    Common Stock, $0.01 par value; 100,000,000 shares authorized, 31,457,775 and 30,704,434 shares issued, 31,354,735 and 30,601,394 outstanding as of September 30, 2022 and December 31, 2021, respectively 314,578   307,045 
    Additional paid-in capital 177,131,586   164,517,634 
    Accumulated deficit (177,851,083)  (141,921,085)
    Treasury stock, 103,040 and 103,040 shares, at cost (163,701)  (163,701)
    Total LifeMD, Inc. Stockholders’ (Deficit) Equity (568,480)  22,740,033 
    Non-controlling interest (799,716)  (1,031,745)
    Total Stockholders’ (Deficit) Equity (1,368,196)  21,708,288 
    Total Liabilities, Mezzanine Equity and Stockholders’ (Deficit) Equity$33,361,561  $49,923,243 
          

     

    LIFEMD, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
                
     Three Months Ended September 30, Nine Months Ended September 30,
     2022
     2021
     2022
     2021
    Revenues           
    Telehealth revenue, net$21,365,178  $18,540,897  $66,231,202  $47,623,822 
    WorkSimpli revenue, net 10,047,291   6,406,302   24,682,602   17,835,100 
    Total revenues, net 31,412,469   24,947,199   90,913,804   65,458,922 
    Cost of revenues           
    Cost of telehealth revenue 4,502,919   4,969,306   14,042,112   12,113,336 
    Cost of WorkSimpli revenue 213,923   127,181   558,216   314,428 
    Total cost of revenues 4,716,842   5,096,487   14,600,328   12,427,764 
                
    Gross profit 26,695,627   19,850,712   76,313,476   53,031,158 
                
    Expenses           
    Selling and marketing expenses 17,200,859   20,293,935   60,928,649   61,372,815 
    General and administrative expenses 12,476,760   10,695,663   38,029,907   28,194,305 
    Goodwill impairment charge -   -   2,735,000   - 
    Other operating expenses 1,525,645   818,404   4,804,623   2,264,257 
    Customer service expenses 1,488,428   505,880   3,428,098   1,274,392 
    Development costs 821,636   128,134   1,951,039   561,793 
    Total expenses 33,513,328   32,442,016   111,877,316   93,667,562 
                
    Operating loss (6,817,701)  (12,591,304)  (35,563,840)  (40,636,404)
                
    Interest expense, net (132,235)  (1,824,777)  (432,405)  (2,866,150)
    Change in fair value of contingent consideration (248,000)  -   2,487,000   - 
    Gain on debt forgiveness -   -   63,400   184,914 
    Net loss (7,197,936)  (14,416,081)  (33,445,845)  (43,317,640)
                
    Net income (loss) attributable to noncontrolling interests 83,737   (62,706)  154,464   (531,182)
                
    Net loss attributable to LifeMD, Inc. (7,281,673)  (14,353,375)  (33,600,309)  (42,786,458)
                
    Preferred stock dividends (776,563)  -   (2,329,688)  - 
                
    Net loss attributable to LifeMD, Inc. common stockholders$(8,058,236) $(14,353,375) $(35,929,997) $(42,786,458)
                
    Basic loss per share attributable to LifeMD, Inc. common stockholders$(0.26) $(0.54) $(1.17) $(1.66)
    Diluted loss per share attributable to LifeMD, Inc. common stockholders$(0.26) $(0.54) $(1.17) $(1.66)
                
    Weighted average number of common shares outstanding:           
    Basic 30,935,643   26,684,591   30,830,533   25,820,478 
    Diluted 30,935,643   26,684,591   30,830,533   25,820,478 
              

     

    LIFEMD, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
                  
     Three Months Ended September 30, Nine Months Ended September 30,
     2022
      2021
     2022
      2021
              
    CASH FLOWS FROM OPERATING ACTIVITIES             
    Net loss$(7,197,936)  $(14,416,081) $(33,445,845)  $(43,317,640)
    Adjustments to reconcile net loss to net cash used in operating activities:             
    Amortization of debt discount -    1,567,677   -    2,090,236 
    Amortization of capitalized software 770,873    114,062   1,746,899    177,926 
    Amortization of intangibles 325,495    617   666,782    340,457 
    Accretion of consideration payable 37,373    -   172,741    - 
    Depreciation of fixed assets 43,761    2,865   117,008    2,865 
    Gain on forgiveness of debt -    -   (63,400)   (184,914)
    Change in fair value of contingent consideration 248,000    -   (2,487,000)   - 
    Goodwill impairment charge -    -   2,735,000    - 
    Operating lease payments 172,836    24,588   463,198    73,767 
    Stock compensation expense 3,336,213    3,110,816   11,850,000    7,983,891 
    Stock issued for legal settlement 816,000    -   816,000    - 
                  
    Changes in Assets and Liabilities             
    Accounts receivable (24,491)   115,121   (1,558,063)   (969,053)
    Product deposit 332,790    479,816   95,505    (95,183)
    Inventory (710,889)   27,023   (2,052,363)   (322,836)
    Other current assets 58,629    (242,122)  (21,386)   (534,479)
    Change in operating lease liability (167,644)   (23,432)  (378,095)   (68,085)
    Deferred revenue 360,650    54,043   853,272    519,101 
    Accounts payable (1,026,708)   (2,406,968)  1,827,103    (1,150,858)
    Accrued expenses (150,954)   4,172,834   (2,303,466)   8,195,255 
    Net cash used in operating activities (2,776,002)   (7,419,141)  (20,966,110)   (27,259,550)
                  
    CASH FLOWS FROM INVESTING ACTIVITIES             
    Cash paid for capitalized software costs (2,220,018)   (779,160)  (6,742,946)   (1,731,507)
    Purchase of equipment (21,546)   (51,989)  (378,877)   (70,105)
    Purchase of intangible assets -    (22,231)  (4,000,500)   (22,231)
    Acquisition of business, net of cash acquired -    -   (1,012,395)   - 
    Net cash used in investing activities (2,241,564)   (853,380)  (12,134,718)   (1,823,843)
                  
    CASH FLOWS FROM FINANCING ACTIVITIES             
    Cash proceeds from private placement offering, net -    -   -    13,495,270 
    Proceeds from issuance of debt instruments -    -   -    15,000,000 
    Cash proceeds from sale of common stock under ATM -    493,481   -    493,481 
    Cash proceeds from exercise of options -    54,000   90,400    820,750 
    Cash proceeds from exercise of warrants -    168,610   38,500    480,609 
    Preferred stock dividends (776,563)   -   (2,329,688)   - 
    Proceeds from notes payable -    -   -    963,965 
    Repayment of notes payable -    (374,834)  -    (1,494,784)
    Contingent consideration payment for ResumeBuild (62,500)   -   (93,750)   - 
    Purchase of membership interest of WorkSimpli -    -   -    (300,000)
    Reduction of membership interest of WorkSimpli 12,150    -   12,150    - 
    Distributions to non-controlling interest (36,000)   (36,000)  (108,000)   (108,000)
    Net cash (used in) provided by financing activities (862,913)   305,257   (2,390,388)   29,351,291 
                  
    Net (decrease) increase in cash (5,880,479)   (7,967,264)  (35,491,216)   267,898 
                  
    Cash at beginning of period 11,717,302    17,414,237   41,328,039    9,179,075 
                  
    Cash at end of period$5,836,823   $9,446,973  $5,836,823   $9,446,973 
                  
    Cash paid for interest             
    Cash paid during the period for interest$-   $-  $-   $120,062 
                  
    Non-cash investing and financing activities:             
    Cashless exercise of options$42   $8,730  $297   $8,730 
    Consideration payable for Cleared acquisition$-   $-  $8,079,367   $- 
    Consideration payable for ResumeBuild acquisition$-   $-  $500,000   $- 
    Warrants issued for debt instruments$-   $-  $-   $6,270,710 
    Principal of Paycheck Protection Program loans forgiven$-   $-  $63,400   $184,914 
    Additional purchase of membership interest in WorkSimpli issued in performance options$-   $-  $-   $144,002 
     

    About the Use of Non-GAAP Financial Measures:
    To supplement our financial information presented in accordance with GAAP, we use Adjusted EBITDA and Adjusted EPS as non-GAAP financial measures to clarify and enhance an understanding of past performance. We believe that the presentation of these financial measures enhances an investor’s understanding of our financial performance. We further believe that these financial measures are useful financial metrics to assess our operating performance from period-to-period by excluding certain items that we believe are not representative of our core business. We use certain financial measures for business planning purposes and in measuring our performance relative to that of our competitors.

    Adjusted EBITDA is defined as income (loss) attributable to common shareholders before interest, taxes, depreciation, amortization, accretion, financing transaction expense, foreign currency translation, inventory valuation, litigation costs, gain on debt forgiveness, preferred stock dividends, acquisition costs, severance expenses, goodwill impairment charges, change in fair value of contingent consideration and stock-based compensation expense. We have provided below a reconciliation of Adjusted EBITDA to Net loss attributable to common shareholders, its most directly comparable GAAP financial measure.

    Adjusted EPS is defined as the diluted net loss attributable to LifeMD, Inc common shareholders before interest, taxes, depreciation, amortization, accretion, financing transaction expense, foreign currency translation, inventory valuation, litigation costs, preferred stock dividends, acquisition costs, severance expenses, goodwill impairment charges, change in fair value of contingent consideration and stock-based compensation expense. We have provided below a reconciliation of Adjusted EPS to Diluted loss per share attributable to LifeMD, Inc common shareholders, its most directly comparable GAAP financial measure.

    We believe the above financial measures are commonly used by investors to evaluate our performance and that of our competitors. However, our use of the terms Adjusted EBITDA and Adjusted EPS may vary from that of others in our industry. Adjusted EBITDA and Adjusted EPS should not be considered as an alternative to net loss before taxes, net loss per share, operating loss or any other performance measures derived in accordance with GAAP as measures of performance. 

            
    Reconciliation of GAAP Net Loss to Adjusted EBITDA 
    (in whole numbers, unaudited) 
     Three Months Ended September 30, Nine Months Ended September 30,
      2022   2021   2022   2021 
    Net loss attributable to common shareholders$(8,058,236) $(14,353,375) $(35,929,997) $(42,786,458)
            
    Interest expense (excluding debt discount and acceleration of debt) 17,550   142,415   92,090   435,599 
    Depreciation, amortization and accretion expense 1,177,502   117,544   2,703,430   521,248 
    Amortization of debt discount -   1,567,677   -   2,090,236 
    Gain on debt forgiveness -   -   (63,400)  (184,914)
    Financing transactions expense -   186,682   152,015   1,259,072 
    Litigation costs 813,000   64,541   1,517,359   279,666 
    Inventory valuation adjustment -   -   230,661   - 
    Severance costs -   -   179,090   - 
    Acquisitions expenses -   -   265,153   - 
    Change in fair value of contingent consideration 248,000   -   (2,487,000)  - 
    Goodwill impairment charge -   -   2,735,000   - 
    Accrued interest on Series B Convertible Preferred Stock 114,685   114,685   340,315   340,315 
    Foreign exchange (gain) loss 685,242   -   685,242   - 
    Preferred dividends 776,563   -   2,329,688   - 
    Stock-based compensation expense 3,336,213   3,110,816   11,850,000   7,983,891 
            
    Adjusted EBITDA$(889,481) $(9,049,016) $(15,400,354) $(30,061,346)
     

     

            
    Reconciliation of GAAP Diluted Loss per Share Attributable to Common Shareholders to Adjusted EPS 
     Three Months Ended September 30, Nine Months Ended September 30,
     2022 2021 2022 2021
    Diluted loss per share attributable to LifeMD, Inc. common shareholders$(0.26) $(0.54) $(1.17) $(1.66)
            
    Adjustments to Reconcile GAAP Diluted Loss Per Share to Adjusted EPS       
    Interest expense (excluding debt discount and acceleration of debt) -   0.01   -   0.02 
    Depreciation, amortization and accretion expense 0.04   -   0.09   0.02 
    Amortization of debt discount -   0.06   -   0.08 
    Gain on debt forgiveness -   -   -   - 
    Financing transactions expense -   0.01   -   0.05 
    Litigation costs 0.03   -   0.05   0.01 
    Inventory valuation adjustment -   -   0.01   - 
    Severance costs -   -   0.01   - 
    Acquisitions expenses -   -   0.01   - 
    Change in fair value of contingent consideration 0.01   -   (0.08)  - 
    Goodwill impairment charge -   -   0.09   - 
    Accrued interest on Series B Convertible Preferred Stock -   -   0.01   0.01 
    Foreign exchange (gain) loss 0.02   -   0.02   - 
    Preferred dividends 0.02   -   0.08   - 
    Stock-based compensation expense 0.11   0.12   0.38   0.31 
     
    Adjusted EPS$(0.03) $(0.34) $(0.50) $(1.16)
     

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