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NEW YORK - LifeMD, Inc. (NASDAQ:LFMD), a prominent telehealth company with a market capitalization of $272 million and impressive gross profit margins of 89%, announced today that it is expanding its weight management program to include streamlined access to Wegovy® (semaglutide), a medication approved for chronic weight management. According to InvestingPro data, the company has demonstrated strong revenue growth of 39% over the last twelve months. This new offering will be available through NovoCare® Pharmacy, allowing patients to directly access all FDA-approved dose strengths of Wegovy® via LifeMD’s virtual care platform.
LifeMD’s weight management program, which is already one of the fastest-growing cash-pay offerings in the United States, provides patients with virtual consultations, lab testing, diet and lifestyle support, and prescriptions to anti-obesity medications, including GLP-1s like Wegovy®, when clinically appropriate. The company’s expansion comes at a time of significant momentum, with InvestingPro analysis showing the company is expected to achieve profitability this year. The integration with NovoCare® Pharmacy is expected to enhance the patient experience by providing a brand-name GLP-1 option at a reduced self-pay cost of $499 per month, which includes home delivery.
Chairman and CEO of LifeMD, Justin Schreiber, emphasized the significance of this development, stating that it represents a meaningful step forward in the company’s commitment to reducing barriers for patients seeking access to life-changing medications.
Wegovy® is notable for being the first GLP-1 therapy approved in the U.S. for both chronic weight management and cardiovascular risk reduction in adults with obesity. The medication will be available in a pen device to eligible LifeMD patients who are uninsured or whose insurance does not cover prescription weight-loss medications.
LifeMD’s approach to healthcare delivery includes a vertically integrated infrastructure, featuring a 50-state affiliated medical group and national diagnostic lab partnerships, which allows the company to offer branded GLP-1 therapies at scale.
The announcement of this offering is based on a press release statement from LifeMD, which is a leading provider of virtual primary care services. The company offers telemedicine, laboratory and pharmacy services, and specialized treatment across more than 200 conditions, leveraging its proprietary digital care platform to increase access to high-quality and affordable care. With the stock currently trading at $6.10, InvestingPro analysis suggests the company is undervalued, and investors can access detailed valuation metrics and 12 additional ProTips through the platform’s comprehensive research reports. The company is scheduled to report its next earnings on May 9, 2025.
In other recent news, LifeMD reported impressive financial results for the fourth quarter and full year of 2024, with total revenue reaching $64.3 million for the quarter, a 43% increase year-over-year. Telehealth services, a significant contributor, generated $49.9 million, marking a 60% increase from the previous year. The company’s net loss for the quarter was $0.9 million, significantly lower than projected, with an adjusted earnings per share of $0.21. LifeMD’s management has set a revenue target of $265-275 million for 2025, with Telehealth revenue expected to be a major driver. The company also announced the expansion of its insurance acceptance to include Medicare beneficiaries, now covering over 21 million Medicare Part B beneficiaries across 26 states. Analyst firms have responded positively, with H.C. Wainwright increasing LifeMD’s stock price target to $14 and maintaining a Buy rating, while Cantor Fitzgerald and KeyBanc both reaffirmed Overweight ratings with price targets of $15 and $7.50, respectively. These developments underscore LifeMD’s strategic growth initiatives and potential for significant revenue generation from diversified services. Additionally, LifeMD appointed CBIZ CPAs as its new accounting firm, following the resignation of Marcum LLP.
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