2024-03-13 10:07:18 ET
Summary
- LifeMD reported impressive revenue growth, with a 60% increase to $44.9 million, driven by a 90% increase in telehealth revenues.
- Weight management subscribers more than doubled sequentially, resulting greater than 100% revenue growth quarter over quarter from this segment.
- Management raised its 2024 revenue forecast to at least $200 million, indicating strong growth potential and the likelihood of analyst upward revisions.
LifeMD ( LFMD ) reported Q4 '23 results today . Revenues advanced by 60% to $44.9 million. Telehealth revenues increased by 90% to $31.2 million, and very impressively, gained 28% sequentially. This was driven by an increase in weight management subscribers from 10,000 in September to over 22,000 on December 31, resulting in revenues from this segment more than doubling from the third quarter. Management noted that subscribers have grown to 35,000 as of today, and that 80% of the 70% of initial subscribers who start pharmacotherapy (or 56% of the total) remain on medication after ninety days. Currently, the weight management program is adding over 250 net new patients daily....
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LifeMD: Results And Guidance Point To Continued Strength In Weight Management Program