How are energy investors positioned?
LifeMD , Inc. (NASDAQ:LFMD), a telehealth company specializing in offices and clinics of doctors of medicine with impressive gross profit margins of 89% and annual revenue of $212 million, announced on Monday the appointment of CBIZ (NYSE:CBZ) CPAs P.C. as its new independent registered public accounting firm, following the resignation of Marcum LLP. According to InvestingPro data, the company’s revenue grew by 39% in the last twelve months. The change was effective as of April 24, 2025, and was approved by the Audit Committee of LifeMD’s Board of Directors.
Marcum, which had been serving LifeMD since 2022, resigned after its attest business was acquired by CBIZ CPAs P.C. on November 1, 2024. The financial statements for the years ended December 31, 2024, and December 31, 2023, audited by Marcum, did not contain any adverse opinions or disclaimers and were not qualified or modified in terms of accounting principles.
During the tenure of Marcum, there were no disagreements related to accounting principles or practices, financial statement disclosure, or auditing scope or procedure. However, there were identified material weaknesses in LifeMD’s internal control over financial reporting. This comes as the company maintains a moderate debt level, with a total debt to capital ratio of 0.08, though InvestingPro analysis indicates that short-term obligations exceed liquid assets with a current ratio of 0.81. These weaknesses pertained to IT general controls, particularly in areas of user access and change management, as well as business process controls related to the use and review of key third-party service provider reports.
LifeMD has provided Marcum with the disclosures regarding these changes and has included a letter from Marcum to the Securities and Exchange Commission (SEC) as part of its Current Report on Form 8-K, confirming their agreement with the statements made.
The company has not consulted with CBIZ CPAs P.C. regarding the application of accounting principles or auditing matters prior to their engagement. This transition in the company’s accounting oversight comes as LifeMD continues to operate within the telehealth industry, offering a range of healthcare services remotely. The company’s stock has shown significant momentum, with a 41% return over the past six months, and analysts are optimistic about its prospects. For deeper insights into LifeMD’s financial health and detailed analysis, investors can access the comprehensive Pro Research Report available on InvestingPro, which covers over 1,400 US stocks with expert analysis and actionable intelligence.
The information in this article is based on LifeMD’s recent SEC filing.
In other recent news, LifeMD Inc. reported a strong financial performance for the fourth quarter of 2024, with a total revenue of $64.3 million, marking a 43% increase year-over-year. This result exceeded analyst expectations, such as those from H.C. Wainwright, which had anticipated $57.2 million. The company’s telehealth services contributed significantly to this growth, generating $49.9 million, a 60% increase from the previous year. LifeMD’s full-year revenue for 2024 reached $212.5 million, reflecting a 39% growth compared to 2023. Analyst firms have responded positively, with H.C. Wainwright raising its price target for LifeMD to $14, maintaining a Buy rating, and Cantor Fitzgerald keeping an Overweight rating with a $15 target. LifeMD’s recent expansion into Medicare coverage is expected to further drive growth, as the company plans to extend its services to over 60 million beneficiaries by mid-2025. Additionally, the company anticipates significant revenue contributions from its Medicare and commercial networks in the coming years. KeyBanc Capital Markets also maintains an Overweight rating, with a price target of $7.50, highlighting the company’s strong telehealth revenue and positive future projections.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.