LifeMD Q1 Earnings Beat Estimates On Subscriber Growth, Sees Accelerated Performance Ahead

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  • LifeMD, Inc. LFMD reported first-quarter FY23 revenues of $33.12 million, beating the consensus of $30.80 million. Revenue rose 14% year over year.
  • The direct-to-patient telehealth company registered an adjusted EPS of $0.06 (+126%), better than the consensus loss of $(0.16).
  • Strength in subscriber base aided quarterly performance. Telehealth active subscribers increased 14% to approximately 180,000, while WorkSimpli active subscribers increased 65% to around 173,000. Combining both, total active subscribers rose 35% Y/Y.
  • Gross margin in Q1 was 87%, expanding 500 basis points from a year ago.
  • The company registered an Adjusted EBITDA profit of $2 million compared to a loss of $7.6 million in the same year-ago period.
  • "Looking ahead, we remain extremely well positioned to accelerate our performance in 2023 anchored by strong lifestyle healthcare brands, a rapidly growing Virtual Primary Care (VPC) platform, recent successful launches of new product offerings, a healthy B2B pipeline, a strengthened balance sheet, and a highly profitable subsidiary producing significant cash flow that can help us further accelerate the core telehealth business," said Chairman & CEO Justin Schreiber.
  • In the quarter, LifeMD executed an institutional credit facility with Avenue Capital, providing up to $40 million of financing. 
  • Guidance: For the second quarter, the company expects consolidated revenue to total $35 million-$36 million versus consensus of $35.70 million.
  • Consolidated Adjusted EBITDA is expected between $2.5 million and $3.5 million.
  • For FY23, the company reaffirmed guidance—revenue to total $140 million-$150 million versus the consensus of $145.80 million.
  • Consolidated Adjusted EBITDA is expected between $12 million and $18 million.
  • Price Action: LFMD shares are up 0.55% at $1.84 on the last check Friday.
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