LifeMD Preannounces Expected Record Revenue of $18.2M for Q1’21, Up 323%

  LifeMD, Inc. (“the Company”) (NASDAQ: LFMD), a leading direct-to-patient telehealth company, today announced expected record revenue of $18.2M for Q1’21. The Company had previously guided towards revenue to be greater than $17 million (Link). However, a stronger than expected March resulted in performance exceeding that guidance. The expected quarterly revenue represents an increase of 323% year-over-year and a 41% increase compared to last quarter. Telehealth order volume grew by 373% versus the year-ago quarter, driven by both strong retention and new patient acquisition.

($ in 000s)		Three Months Ended March 31				Y-o-Y
Preliminary Key Performance Metrics		2021		2020		% Growth
Revenue
Telehealth		$13,290	$2,956			349.6%
LegalSimpli (LSS)		4,926		1,349		265.2%
Total Revenue		$18,216	$4,305			323.1%
Subscription Revenue as % of Total		92%		75%
Telehealth Volume
Total Telehealth Orders		164,452		34,753		373.2%
LegalSimpli
Active Subscribers		109,517		36,852		197.2%

Justin Schreiber, CEO of LifeMD commented, “We are pleased to report another strong quarter, as revenue for Q1‘21 grew by 323% compared to revenue in Q1’20 and more than 40% quarter-over-quarter, driven by a rapidly growing recurring subscriber base and efficient acquisition spending. We onboarded a substantial number of new patients to our platform this quarter at an improved cost per acquisition (“CPA”) when compared to the prior quarter. We are excited to share more detailed metrics on our upcoming earnings call.”

Subscriptions generated 92% of revenue in Q1’21, compared to 75% in Q1’20. The increase in subscription revenue is largely due to increased sales of the company’s Shapiro MD™ hair products for men and women under a new subscription-based program, as well as continued increased subscription sales of the company’s telemedicine brand for men, Rex MD™.

LifeMD CFO, Marc Benathen, commented, “LifeMD continues to realize the significant benefits of our subscription-based business model underscored by strong patient retention and growing levels of patient acquisition. Our team has done a tremendous job of thoroughly monitoring expenses across the full brand portfolio to ensure efficient spending, while achieving a 41% increase in sequential revenue growth. As mentioned, March 2021 was a record month. We look forward to providing a complete financial and operational update on our upcoming earnings call.”

https://finance.yahoo.com/news/lifemd-announces-expected-record-revenue-113000332.html