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LifeMD(LFMD) - 2024 Q4 - Annual Results
LFMDLifeMD(LFMD)2025-03-10 20:10

Financial Performance - Consolidated revenues increased 43% year-over-year to 64.3million,withtelehealthrevenueup6064.3 million, with telehealth revenue up 60% to 49.9 million[6] - Adjusted EBITDA increased 78% to 9.0million,whiletelehealthadjustedEBITDAsurged3969.0 million, while telehealth adjusted EBITDA surged 396% to 5.9 million[6] - Total revenues for the year ended December 31, 2024, were 212.45million,upfrom212.45 million, up from 152.55 million in 2023, representing a 39.2% growth[21] - Gross profit for Q4 2024 was 54.82million,comparedto54.82 million, compared to 39.50 million in Q4 2023, indicating a 38.8% increase[21] - Operating income for Q4 2024 was 1.02million,asignificantimprovementfromanoperatinglossof1.02 million, a significant improvement from an operating loss of 2.17 million in Q4 2023[21] - For the fourth quarter ended December 31, 2024, the consolidated adjusted EBITDA was 8,981,997,comparedto8,981,997, compared to 5,048,167 for the same period in 2023, representing a 77.4% increase[30] - The adjusted EPS for the fourth quarter of 2024 was 0.21,upfrom0.21, up from 0.14 in the fourth quarter of 2023, reflecting a 50% increase[31] Subscriber Growth - Telehealth active subscribers rose 27% to approximately 275,000 at quarter-end[7] Cash Flow and Liquidity - Full-year cash flow from operations increased 99% to 17.5million,generatingpositivefull−yearnetcashflow[6]−Thecompanyexited2024withover17.5 million, generating positive full-year net cash flow[6] - The company exited 2024 with over 35 million in cash[6] - Cash at the end of Q4 2024 was 35.00million,comparedto35.00 million, compared to 33.15 million at the end of Q4 2023[23] Future Guidance - For 2025, the company introduced guidance for consolidated revenue of 265millionto265 million to 275 million and consolidated adjusted EBITDA of 30millionto30 million to 32 million[4] Expenses and Losses - Total expenses for the year ended December 31, 2024, were 204.53million,upfrom204.53 million, up from 148.14 million in 2023, reflecting a 38.0% increase[21] - GAAP net loss was 0.9millionor0.9 million or 0.02 per share, an improvement from a loss of 4.5millionor4.5 million or 0.12 per share in the previous year[10] - Net loss attributable to LifeMD, Inc. common stockholders for Q4 2024 was 0.88million,animprovementfromalossof0.88 million, an improvement from a loss of 4.51 million in Q4 2023[21] - The net loss attributable to common shareholders for the year ended December 31, 2024, was (21,987,982),adecreasefrom(21,987,982), a decrease from (23,702,242) in 2023, indicating an improvement of 7.2%[30] Operational Developments - WorkSimpli business returned to growth with adjusted EBITDA exceeding 1millionpermonthduringthequarter[4]−Thecompanyplanstolaunchavirtual−firstbehavioralhealthofferingandawomen′shealthspecialtyofferinglaterthisyear[4]TelehealthPerformance−TelehealthrevenueforQ42024reached1 million per month during the quarter[4] - The company plans to launch a virtual-first behavioral health offering and a women's health specialty offering later this year[4] Telehealth Performance - Telehealth revenue for Q4 2024 reached 49.89 million, a 59.5% increase from 31.26millioninQ42023[21]−TelehealthadjustedEBITDAforthefourthquarterof2024was31.26 million in Q4 2023[21] - Telehealth adjusted EBITDA for the fourth quarter of 2024 was 5,870,484, compared to 1,183,037inthesamequarterof2023,markingasignificantincreaseof396.51,183,037 in the same quarter of 2023, marking a significant increase of 396.5%[32] - The company reported a telehealth operating loss of (92,328) for Q4 2024, a significant improvement from (4,401,440)inQ42023[32]OtherFinancialMetrics−Grossmarginwas85(4,401,440) in Q4 2023[32] Other Financial Metrics - Gross margin was 85% compared to 88% due to one-time start-up costs, with expectations to return to 88%-90% in 2025[10] - Stock-based compensation expense for the year ended December 31, 2024, was 12,234,797, slightly down from 12,489,343in2023,adecreaseof2.012,489,343 in 2023, a decrease of 2.0%[30] - Interest expense (excluding amortization of debt discount) for the year ended December 31, 2024, was 1,780,042, compared to 1,755,656in2023,anincreaseof1.41,755,656 in 2023, an increase of 1.4%[30] - The company incurred litigation costs of 376,030 in Q4 2024, compared to 168,600inQ42023,representinganincreaseof123.5168,600 in Q4 2023, representing an increase of 123.5%[30] - The total dividends paid for the year ended December 31, 2024, were 3,106,250, down from $5,227,450 in 2023, a decrease of 40.5%[30]