Bitcoin price today: tumbles below $90k as Fed cut doubts spark risk-off mood
NEW YORK - LifeMD, Inc. (NASDAQ:LFMD) shares plunged 15% in after-hours trading Monday after the virtual primary care provider reported third-quarter financial results that fell short of analyst expectations, despite showing year-over-year growth.
The telehealth company reported a loss of -$0.10 per share for the quarter, missing the analyst consensus estimate of -$0.04. Revenue came in at $60.2 million, below the $62.13 million analysts had expected, though it still represented a 13% increase from the same period last year. The company’s telehealth segment grew 18% year-over-year to $47.3 million.
"While the weight management market remained challenging, driven largely by fierce competition from low-price compounded GLP-1 providers, our business continued to demonstrate real strength," said Justin Schreiber, Chairman and CEO of LifeMD . "We continued to on-board a significant volume of new weight management patients per day supported by the power of our brand."
The company’s adjusted EBITDA rose 20% to $5.1 million, while telehealth adjusted EBITDA increased 30% to $2.9 million compared to the prior-year period. Active telehealth subscribers grew 14% to approximately 310,000 at quarter-end.
For the fourth quarter, LifeMD expects revenue between $45 million and $46 million with adjusted EBITDA of $3 million to $4 million. The company also paid off all outstanding debt during the quarter and subsequently divested its majority stake in WorkSimpli, positioning itself as a pure-play telehealth and pharmacy platform.
Gross margin decreased to 88% from 91% in the prior-year period due to revenue mix, with telehealth gross margin specifically declining to 86% from 89%.
"We have also continued to make significant strides in the company’s ongoing telehealth business profitability with year-to-date telehealth Adjusted EBITDA profitability up 294% versus last year," said Marc Benathen, LifeMD’s Chief Financial Officer.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.