LifeMD appoints Shayna Webb Dray as chief operating officer

NEW YORK - LifeMD, Inc. (NASDAQ:LFMD), a virtual healthcare services provider with impressive 43% year-over-year revenue growth and industry-leading 88% gross margins, announced Thursday the appointment of Shayna Webb Dray as Chief Operating Officer. According to InvestingPro analysis, the company, currently valued at $458 million, is trading near its Fair Value.

Webb Dray, who has been with the company since 2021, previously served as Senior Vice President of Operations. In that role, she led the launch and scaling of the company’s weight management program and oversaw the Care Center, Pharmacy, Clinical Operations and Project Management Office.

She joined LifeMD initially as Head of Supply Chain and Procurement. Prior to LifeMD, Webb Dray worked as Executive Director of Operations at Kaplan Publishing. She holds a Bachelor of Science in Supply Chain Management and Marketing from Syracuse University.

The company also announced expanded responsibilities for two other executives. Chief Marketing Officer Jessica Friedeman will now serve as Chief Marketing and Product Officer, adding product oversight to her duties. Jacob Ellison, previously Vice President of Analytics, has been appointed Chief Analytics Officer and will oversee data strategy, AI innovation and financial planning.

"Shayna’s proven track record of building and managing an industry-leading operations team and infrastructure in a complex and rapidly growing environment makes her the ideal leader to step into the role of COO," said Justin Schreiber, Chairman and Chief Executive Officer of LifeMD, according to the company’s press release.

LifeMD provides telemedicine services, laboratory and pharmacy access, and specialized treatment across more than 200 medical conditions including primary care, men’s and women’s health, weight management, and hormone therapy.

In other recent news, LifeMD Inc. has been in the spotlight due to various developments. The company reported a first-quarter earnings beat, with EBITDA exceeding expectations by $3 million, leading to an increased EBITDA forecast by $1 million. Cantor Fitzgerald maintained its Overweight rating on LifeMD shares with a price target of $15, citing improved customer retention as a key factor in the company’s performance. Additionally, BTIG raised its price target for LifeMD from $15 to $18, maintaining a Buy rating, driven by strong demand for obesity health services and GLP-1 medications.

LifeMD’s collaboration with Novo Nordisk continues, offering patients access to the weight-loss drug Wegovy through NovoCare Pharmacy. The company also launched a limited-time weight management bundle, including Wegovy and a virtual weight loss program, priced at $299 for the first month. This initiative is part of LifeMD’s ongoing partnership with Novo Nordisk to provide integrated care for patients seeking FDA-approved treatments.

Furthermore, LifeMD successfully conducted its annual meeting, re-electing seven directors and ratifying its independent auditor for the upcoming fiscal year. The meeting saw a majority of issued and outstanding shares represented, with all proposed resolutions passed. These developments signal a period of active engagement and strategic growth for LifeMD, as it continues to expand its offerings in the telehealth sector.

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