92% of Q1 2021 revenue was generated by subscriptions, up from 75% in Q1 2020
Total patients and customers served nationwide surpassed 320,000
Gross Margins of 82%, up 13% from the same year-ago period
Total Telehealth Order volume grew by 373% versus year ago period to 164,452
LifeMD, Inc. (“the Company”) (NASDAQ: LFMD), a leading direct-to-patient telehealth company, today reported results for the first quarter ended March 31, 2021. All quarterly comparisons are to the same year-ago period. The Company will hold a conference call at 4:30 p.m. Eastern time today to discuss the results (see dial-in information below.)
($ in 000s) | Three Months Ended March 31 | Y-o-Y | ||
Key Performance Metrics | 2021 | 2020 | % Growth | |
Revenue | ||||
Product (Telehealth) | $13,283 | $2,956 | 349% | |
Software (LegalSimpli) | 4,914 | 1,349 | 264% | |
Total Revenue | $18,198 | $4,305 | 323% | |
Subscription Revenue as % of Total | 92% | 75% | ||
Telehealth Volume | ||||
Total Telehealth Orders | 164,452 | 34,753 | 373% | |
LegalSimpli | ||||
Active Subscribers | 109,517 | 36,852 | 197% | |
Q1 Financial Highlights
Revenue increased 323% to a record $18.2 million.
92% of Q1 2021 revenue was generated by subscriptions, up from 75% in Q1 2020.
Telemedicine orders increased 373% to more than 164,000.
Gross profit increased 403% to $14.9 million or 82% of revenue.
Cash totaled $13.4 million at March 31, 2021, versus $9.2 million at December 31, 2020. Subsequent to the end of the quarter, the Company completed a private placement with net proceeds of $13.5 million.
Conference Call
LifeMD’s management will host a conference call followed by a question and answer session to discuss the company’s financial results and outlook.
Date: Thursday, May 13, 2021
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
Toll-free dial-in number: 1-866-269-4260
International dial-in number: 1-720-452-9102
Conference ID: 3530318
Webcast: http://public.viavid.com/index.php?id=144808
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 https://ir.lifemd.com.
https://finance.yahoo.com/news/lifemd-reports-q1-2021-revenue-200100741.html
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