MED - LifeMD and Medifast Partner to Offer Transformative Weight Management Solution | Benzinga
Collaboration will integrate LifeMD's telehealth platform and GLP-1 offering for medically qualified patients with OPTAVIA Coach-guided, healthy lifestyle solution
Medifast has invested $20 million, including a $10 million payment in support of the collaboration and a $10 million purchase of LifeMD common stock
Conference call to discuss LifeMD and Medifast collaboration begins at 10:00 AM EST today
NEW YORK, Dec. 13, 2023 (GLOBE NEWSWIRE) -- LifeMD, Inc.TM (NASDAQ:LFMD), a leading provider of virtual primary care services, today announced a strategic alliance with Medifast (NYSE:MED), the health and wellness company known for its habit-based and coach-guided lifestyle solution OPTAVIA®. Under the terms of the agreement, Medifast will utilize LifeMD's virtual care technology platform to provide OPTAVIA Clients access to a clinically supported weight management program, including GLP-1 medications. This collaboration further establishes LifeMD in a market that is projected to reach $100 billion by 2030.1 In addition, LifeMD will have the ability to offer its patients an independent OPTAVIA Coach and other lifestyle support services as part of its weight management program.
This collaboration is intended to create a comprehensive, accessible, and coordinated approach to combating the escalating obesity public health crisis. By blending LifeMD's and Medifast's best-in-class capabilities, the collaboration uniquely offers clinical care complemented by one-on-one OPTAVIA Coach support, clinically proven plans and scientifically developed products, a proprietary Habits of Health® Transformational System, as well as community support, delivering a complete solution for effective weight management.
As part of the agreement, Medifast has invested $20 million into LifeMD, including $10 million in contributions to support the collaboration, funding enhancements to the LifeMD platform, operations and supporting infrastructure, and a $10 million purchase of LifeMD's common stock.
"Combining lifestyle programs and individualized support with top-tier medical care and prescription therapeutics, like GLP-1 medications, is crucial for improving and sustaining metabolic health outcomes," said Justin Schreiber, Chairman and CEO of LifeMD. "Medifast's proven coaching model and its established OPTAVIA brand is tightly aligned with LifeMD's innovative virtual care platform and network of affiliated clinicians. This synergy is not just complementary; it significantly amplifies LifeMD's impact in the weight loss sector. With Medifast's extensive client base and our advanced virtual care services, we believe that together we are exceptionally positioned to redefine the weight management industry."
Medifast and LifeMD agreed to collaborate following a successful ...