LifeMD reports Q1 EPS (19c), consensus (15c)

Reports Q1 revenue $44.14M, consensus $42.54M. “During the first quarter of 2024, LifeMD continued to demonstrate the scalability of our virtual care platform and the alignment of a solid long-term strategy with a current market need. Our focus is on making high quality healthcare accessible for all and we are proud of the impact we are having in this area. We continue to accelerate growth in new patient sign-ups and active subscribers in our GLP-1 weight management business, which alone added over 20,000 net new patients and ended the quarter with over 42,000 subscribers. As of today, we have over 50,000 weight management subscribers on our platform. Moreover, retention for our weight management program remained strong with over 80% of patients starting GLP-1 treatment remaining a patient after 90 days. We also made significant progress on our pharmacy and medical benefits infrastructure and are now seeing prior authorization approval rates between 40-50% for branded GLP-1 treatments. Perhaps most important, our unit economics remain very strong as we continue to achieve a Day 1 return on ad spend of approximately 1.0x with retention that continues to exceed our expectations. I am also particularly proud of our recent announcement to partner with Withings, making us the first telehealth provider to leverage critical metabolic data to drive improved patient outcomes and improved management of chronic conditions and co-morbidities,” said Justin Schreiber, Chairman and CEO of LifeMD.