LifeMD, Inc.

Listed Company

LFMDPCIK 0000948320NasdaqAcceleratedServices-Offices & Clinics Of Doctors Of MedicineDelawareFY ends Dec 31

Period

FY 2024

Revenue

$212.45M

Net Income

$-18.88M

Total Assets

$72.46M

Equity

$-5.49M

Shares Out

47.97M

Op. Cash Flow

$17.51M

Business

LifeMD, Inc. is a direct-to-patient telehealth company that provides comprehensive virtual and in-home healthcare through a proprietary technology platform and affiliated provider network. It offers virtual primary care, chronic disease management, men’s and women’s health services, GLP-1 weight management, prescription and OTC treatments, diagnostics, and integrated pharmacy fulfillment. The business operates core direct-to-patient telehealth brands (LifeMD, Rex MD, ShapiroMD) alongside a majority-owned SaaS subsidiary (WorkSimpli/PDFSimpli). Services are delivered nationwide via mobile and web platforms, a 50-state medical group, mail-order and third-party pharmacy networks, and B2B enterprise partnerships.

Summary from filing dated 2025-03-11

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31
Total revenues, net	212	153	119	93	37
Total cost of revenues	24	19	19	18	9
Gross profit	188	134	100	75	28
Selling and marketing expenses	103	76	78	83	39
General and administrative expenses	73	52	47	40	45
Customer service expenses	10	8	5	3	716,325
Development costs	10	6	3	948,157	446,749
Other operating expenses	9	6	7	3	1
Total expenses	205	148	144	129	86
Operating loss	−16	−14	−43	−54	−58
Interest expense, net	−2	−3	−1	−3	−2
Loss on debt extinguishment	—	−325,198	63,400	−4	−914,862
Loss from operations before income taxes	−18	−17	−45	−61	−60
Income tax provision	−402,000	−428,000	−360,700	−7,700	−122,500
Net loss	−19	−18	−45	−61	−61
Net income attributable to non-controlling interest	153,000	3	514,632	−426,352	−2
Net loss attributable to LifeMD, Inc.	−19	−21	−46	−61	−59
Preferred stock dividends	−3	−3	−3	−871,476	—
Net loss attributable to LifeMD, Inc. common stockholders	−22	−24	−49	−62	−63
Basic loss per share attributable to LifeMD, Inc. common stockholders	−0.53	−0.7	−1.57	−2.29	−4.44
Diluted loss per share attributable to LifeMD, Inc. common stockholders	−0.53	−0.7	−1.57	−2.29	−4.44
Basic	41	34	31	27	14
Diluted	41	34	31	27	14

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31
Cash	35	33	4	41	9
Accounts receivable, net	8	5	3	980,055	997,757
Product deposit	41,000	486,000	127,000	204,000	817,000
Inventory, net	3	3	4	2	1
Other current assets	3	934,510	687,022	793,190	154,876
Total Current Assets	49	43	11	45	12
Equipment, net	1	476,303	476,441	233,805	—
Right of use assets	6	594,897	1	2	274,437
Capitalized software, net	14	12	9	3	375,983
Intangible assets, net	2	3	4	19,761	339,840
Total Non-current Assets	24	16	14	5	990,260
Total Assets	72	58	26	50	13
Accounts payable	16	11	10	9	—
Accrued expenses	21	14	12	12	—
Notes payable, net	—	327,597	3	63,400	779,132
Current operating lease liabilities	508,537	603,180	756,093	607,490	93,001
Current portion of long-term debt	8	—	—	—	—
Deferred revenue	14	9	6	1	—
Total Current Liabilities	60	35	31	23	14
Long-term debt, net	10	18	—	—	—
Noncurrent operating lease liabilities	6	73,849	574,136	1	192,322
Contingent consideration	100,000	131,250	443,750	100,000	100,000
Total Liabilities	77	53	33	24	14
Commitments and contingencies (Note 10)	—	—	—	—	—
Preferred Stock, $0.0001 par value; 5,000,000 shares authorized Series B Convertible Preferred Stock, $0.0001 par value; 5,000 shares authorized, zero shares issued and outstanding, liquidation value, $0 per share as of December 31, 2024 and 2023	—	—	5	4	4
Series A Preferred Stock, $0.0001 par value; 1,610,000 shares authorized, 1,400,000 shares issued and outstanding, liquidation value approximately, $25.55 per share as of December 31, 2024 and 2023	140	140	140	140	—
Common Stock, $0.01 par value; 100,000,000 shares authorized, 42,293,907 and 38,358,641 shares issued, 42,190,867 and 38,255,601 outstanding as of December 31, 2024 and 2023, respectively	422,939	383,586	315,528	307,045	234,337
Additional paid-in capital	231	218	179	165	78
Accumulated deficit	−236	−214	−191	−142	−80
Treasury stock, 103,040 shares, at cost, as of December 31, 2024 and 2023	−163,701	−163,701	−163,701	−163,701	−163,701
Total LifeMD, Inc. Stockholders (Deficit) Equity	−5	4	−11	23	−2
Non-controlling interest	1	2	−475,548	−1	−2
Total Stockholders (Deficit) Equity	−4	6	−12	22	−4
Total Liabilities, Mezzanine Equity and Stockholders (Deficit) Equity	72	58	26	50	13

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31
Amortization of debt discount	401,775	333,939	—	2	817,118
Amortization of capitalized software	8	5	3	512,887	62,153
Amortization of intangibles	982,000	971,000	927,000	342,310	335,612
Accretion of consideration payable	13,644	167,221	273,822	—	—
Depreciation of fixed assets	487,976	203,952	161,885	13,560	—
Write-down of inventory	675,669	537,685	103,417	57,481	—
Noncash operating lease expense	776,080	766,280	546,439	22,700	4,533
Stock issued for legal settlement	—	532,000	816,000	—	—
Stock compensation expense	12	12	14	12	19
Accounts receivable	−3	−2	−2	17,702	−816,756
Product deposit	445,087	−358,585	76,291	613,209	−666,765
Inventory	−713,095	405,746	−2	−409,823	−314,199
Other current assets	−2	−247,488	106,168	−638,314	95,595
Operating lease liabilities	−485,079	−808,368	−455,805	—	—
Deferred revenue	6	3	4	583,000	807,328
Accounts payable	5	978,062	1	−893,956	—
Accrued expenses	8	5	−1	10	—
Other operating activity	—	−579,319	−888,486	—	—
Net cash provided by operating activities	18	9	−23	−33	−12
Cash paid for capitalized software costs	−10	−8	−9	−3	−398,136
Purchase of equipment	−1	−203,814	−366,633	−247,365	—
Purchase of intangible assets	−3,798	−148,868	−4	−22,231	—
Net cash used in investing activities	−12	−9	−14	−3	−798,136
Proceeds from long-term debt, net	—	19	—	—	2
Cash proceeds from common stock issued to Medifast	—	10	—	493,481	2
Proceeds from notes payable	—	2	3	963,965	242,000
Sale of common stock under ATM, net	—	6	—	—	—
Repayment of notes payable, net of prepayment penalty	−327,597	−5	−168,750	−1	−2
Cash proceeds from exercise of options	120,312	94,500	90,400	670,750	302,400
Preferred stock dividends	−3	−3	−3	−871,476	—
Contingent consideration payments for ResumeBuild acquisition	−31,250	−312,500	−156,250	—	—
Net payments for membership interest in WorkSimpli	—	−305,625	12,150	—	—
Distributions to non-controlling interest	−773,888	−144,000	−144,000	−144,000	−157,223
Net cash (used in) provided by financing activities	−4	29	−528,200	69	21
Net increase in cash	2	29	−37	32	8
Cash paid during the period for interest	3	2	189,000	435,048	2
Cashless exercise of options	5,127	744	297	8,730	—
Cashless exercise of warrants	16,305	793	—	—	—
Stock issued for noncontingent consideration payments	642,000	3	—	—	—
Stock issued for debt conversion	—	1	—	—	—
Series B Preferred Stock conversion	—	5	—	—	—
Warrants issued for debt instruments	—	873,100	—	6	—
Right of use assets	7	155,168	89,595	2	274,437
Operating lease liabilities	7	155,168	94,168	2	285,323

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