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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934

 

Date of Report (Date of earliest event reported): August 5, 2025

 

LIFEMD, INC.

(Exact name of Registrant as specified in its charter)

 

Delaware   001-39785   76-0238453

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

236 Fifth Avenue, Suite 400

New York, NY 10001

(Address of principal executive offices, including zip code)

 

(866) 351-5907

(Registrant’s telephone number, including area code)

 

Check the appropriate box below if the 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:

 

Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock, par value $0.01 per share   LFMD   The Nasdaq Global Market
8.875% Series A Cumulative Perpetual Preferred Stock, par value $0.0001 per share   LFMDP   The Nasdaq Global Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

Item 2.02. Results of Operations and Financial Condition.

 

On August 5, 2025, LifeMD, Inc. issued a press release announcing its financial results for the three and six months ended June 30, 2025. A copy of the press release is furnished herewith as Exhibit 99.1.

 

The information in this Item 2.02 (including Exhibit 99.1 attached hereto) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except as shall be expressly set forth by specific reference in such filing.

 

Item 9.01. Exhibits.

 

(d) Exhibits

 

Exhibit No.   Exhibit
99.1   Press Release dated August 5, 2025
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    LIFEMD, INC.
       
Dated: August 5, 2025 By: /s/ Marc Benathen
      Marc Benathen
      Chief Financial Officer

 

 

 

EX-99.1 2 ex99-1.htm EX-99.1

 

Exhibit 99.1

 

 

LifeMD Reports Second Quarter 2025 Results

 

Total revenue increased 23% year-over-year to $62.2 million; adjusted EBITDA rose 223% to $7.1 million
Telehealth revenue increased 30% to $48.6 million; telehealth adjusted EBITDA rose 560% to $3.4 million
Generated more than $8 million of operating cash flow
Paid down $2.1 million of senior debt, exited the quarter with $36.2 million in cash and fully repaid all remaining senior debt subsequent to quarter-end
Enhanced and diversified virtual care platform with nationwide launch of behavioral health offering, upgraded LifeMD+ membership program and acquisition of women’s health practice

 

Conference call begins at 4:30 p.m. Eastern time today

 

NEW YORK, August 5, 2025 — LifeMD, Inc. (Nasdaq: LFMD), a leading provider of virtual primary care services, today reported financial results for the three and six months ended June 30, 2025.

 

Management Commentary

 

“The second quarter of 2025 was an extremely productive quarter for LifeMD and the evolution of our telehealth platform,” said Justin Schreiber, Chairman and CEO of LifeMD. “Hundreds of thousands of patients now trust LifeMD to deliver affordable, accessible virtual care that meaningfully improves their health outcomes. Our platform is undergoing a transformational expansion, broadening our clinical scope into some of the most pressing and underserved areas of healthcare at a time when innovation is desperately needed. Technology-enabled virtual and in-home care platforms like ours are critical to closing this gap, and I believe we are exceptionally well positioned to transform the lives of millions of Americans in the years ahead.

 

“A key highlight of the second quarter was the diversification of our platform into high-need clinical areas. We launched a nationwide behavioral health offering that’s unique in its ability to support both synchronous and asynchronous care, and we acquired a virtual women’s health brand to accelerate our entry into this segment. In addition, we began scaling our enhanced LifeMD+ membership program, which highlights 24/7 urgent and primary care, and aggregates specialty care, prescription medications, in-home labs and wellness products and services that can help our customers manage their overall health,” Schreiber continued.

 

“Our long-term financial outlook remains strong and we continue to make significant strides in diversifying our offerings to optimize our position for growth and profitability,” said Marc Benathen, LifeMD’s Chief Financial Officer. “We exited the quarter with $36.2 million in cash and have now fully paid off all senior debt, significantly strengthening our balance sheet. Telehealth revenue grew 30% year-over-year and telehealth adjusted EBITDA increased 560%. WorkSimpli continued to perform well, with adjusted EBITDA increasing 119% versus the prior-year quarter. Due to some temporary challenges facing our Rex MD business—which are now largely resolved—we are revising our full-year 2025 guidance for revenue and adjusted EBITDA to reflect the full-year impact of these issues, while still anticipating strong year-over-year growth in both metrics.”

 

 

 

Second Quarter Financial Highlights

 

All comparisons are with the second quarter of 2024. Non-GAAP financial measures referenced below are defined and reconciled to GAAP financial measures at the end of this press release.

 

Total revenue increased 23% to $62.2 million, driven by a 30% increase in telehealth revenue.
The number of active telehealth subscribers increased 16% to approximately 297,000 at quarter-end.
Gross margin was 88% compared to 90% in the prior-year period due to revenue mix.
GAAP net loss was $2.9 million or ($0.06) per share compared to a net loss of $7.7 million or ($0.19) per share in the prior-year period.
Adjusted EBITDA was $7.1 million compared to $2.2 million in the prior-year period.
Telehealth adjusted EBITDA was $3.4 million compared to $0.5 million in the prior-year period.
Cash totaled $36.2 million as of June 30, 2025 inclusive of paying down $2.1 million of senior debt during the quarter, an increase of $1.8 million from March 31, 2025.
Subsequent to quarter-end, all remaining senior debt was fully repaid from existing cash.

 

Second Quarter Key Performance Metrics

 

($ in 000s)   Three Months Ended June 30,     Y-o-Y  
Key Performance Metrics   2025     2024     % Growth  
Revenue                        
Telehealth   $ 48,564     $ 37,432       30 %
WorkSimpli   $ 13,655     $ 13,230       3 %
Total Revenue   $ 62,218     $ 50,662       23 %
                         
Active Subscribers                        
Telehealth Active Subscribers     296,946       256,387       16 %
WorkSimpli Active Subscribers     149,465       158,265       -6 %
Total Active Subscribers     446,411       414,652       8 %

 

Financial Guidance

 

For the third quarter of 2025, the Company expects:

 

Total revenue in the range of $61 million to $63 million, with telehealth revenue in the range of $48 million to $50 million.
Adjusted EBITDA in the range of $6 million to $7 million, with telehealth adjusted EBITDA in the range of $3 million to $4 million.

 

For the full year 2025, the Company expects:

 

Total revenue in the range of $250 million to $255 million, compared with previous guidance of $268 million to $275 million.
Telehealth revenue in the range of $195 million to $200 million, compared with $208 million to $213 million previously.
Adjusted EBITDA in the range of $27 million to $29 million, compared with $31 million to $33 million previously.
Telehealth adjusted EBITDA is now forecast to be in the range of $14 million to $16 million, down from $21 million previously.

 

 

 

Conference Call

 

LifeMD’s management will host a conference call today at 4:30 p.m. Eastern time to discuss the Company’s financial results and outlook, and answer questions. Details for the call are as follows:

 

Toll-free dial-in number: 800-445-7795
International dial-in number: 785-424-1699
Conference ID: LIFEMD

 

A live and archived webcast will be available in the Investors section of the Company’s website at ir.lifemd.com.

 

About LifeMD

 

LifeMD® is a leading provider of virtual primary care. LifeMD offers telemedicine, access to laboratory and pharmacy services, and specialized treatment across more than 200 conditions, including primary care, men’s and women’s health, weight management, and hormone therapy. The Company leverages a vertically integrated, proprietary digital care platform, a 50-state affiliated medical group, a state-of-the-art affiliated pharmacy, and a U.S.-based patient care center to increase access to high-quality and affordable care. For more information, please visit LifeMD.com.

 

Cautionary Note Regarding Forward Looking Statements

 

This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended; Section 21E of the Securities Exchange Act of 1934, as amended; and the safe harbor provision of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this news release may be identified by the use of words such as: “believe,” “expect,” “anticipate,” “project,” “should,” “plan,” “will,” “may,” “intend,” “estimate,” predict,” “continue,” and “potential,” or, in each case, their negative or other variations or comparable terminology referencing future periods. Examples of forward-looking statements include, but are not limited to, statements regarding our financial outlook and guidance, short and long-term business performance and operations, future revenues and earnings, regulatory developments, legal events or outcomes, ability to comply with complex and evolving regulations, market conditions and trends, new or expanded products and offerings, growth strategies, underlying assumptions, and the effects of any of the foregoing on our future results of operations or financial condition.

 

Forward-looking statements are not historical facts and are not assurances of future performance. Rather, these statements are based on our current expectations, beliefs, and assumptions regarding future plans and strategies, projections, anticipated and unanticipated events and trends, the economy, and other future conditions, including the impact of any of the aforementioned on our future business. As forward-looking statements relate to the future, they are subject to inherent risk, uncertainties, and changes in circumstances and assumptions that are difficult to predict, including some of which are out of our control. Consequently, our actual results, performance, and financial condition may differ materially from those indicated in the forward-looking statements. These risks and uncertainties include, but are not limited to, “Risk Factors” identified in our filings with the Securities and Exchange Commission, including, but not limited to, our most recently filed Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and any amendments thereto. Even if our actual results, performance, or financial condition are consistent with forward-looking statements contained in such filings, they may not be indicative of our actual results, performance, or financial condition in subsequent periods.

 

Any forward-looking statement made in the news release is based on information currently available to us as of the date on which this release is made. We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required under applicable law or regulation.

 

Investor Contact

Marc Benathen, Chief Financial Officer

marc@lifemd.com

 

Media Contact

Jessica Friedeman, Chief Marketing and Product Officer

press@lifemd.com

 

Tables to Follow

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LIFEMD, INC.

CONSOLIDATED BALANCE SHEETS

 

    June 30, 2025     December 31, 2024  
    (Unaudited)        
ASSETS                
                 
Current Assets                
Cash   $ 36,228,305     $ 35,004,924  
Accounts receivable, net     7,330,129       8,217,813  
Product deposit     251,000       40,763  
Inventory, net     3,251,355       2,797,358  
Other current assets     1,964,974       2,672,231  
Total Current Assets     49,025,763       48,733,089  
                 
Non-current Assets                
Equipment, net     2,050,318       1,479,184  
Right of use assets     5,822,907       6,400,596  
Capitalized software, net     14,837,946       13,816,501  
Intangible assets, net     1,827,768       2,030,656  
Total Non-current Assets     24,538,939       23,726,937  
                 
Total Assets   $ 73,564,702     $ 72,460,026  
                 
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY (DEFICIT)                
                 
Current Liabilities                
Accounts payable   $ 24,292,870     $ 16,009,484  
Accrued expenses     14,946,499       20,811,764  
Current operating lease liabilities     541,981       508,537  
Current portion of long-term debt     11,960,784       8,444,444  
Deferred revenue     11,790,024       14,480,917  
Total Current Liabilities     63,532,158       60,255,146  
                 
Long-term Liabilities                
Long-term debt, net     3,517,317       9,885,057  
Noncurrent operating lease liabilities     6,032,847       6,265,192  
Contingent consideration     100,000       100,000  
Total Liabilities     73,182,322       76,505,395  
                 
Commitments and Contingencies                
Mezzanine Equity                
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 June 30, 2025 and December 31, 2024
    -       -  
Stockholders’ Equity (Deficit)                
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 June 30, 2025 and December 31, 2024     140       140  
Common Stock, $0.01 par value; 100,000,000 shares authorized, 45,141,226 and 42,293,907 shares issued, 45,038,186 and 42,190,867 outstanding as of June 30, 2025 and December 31, 2024, respectively     451,412       422,939  
Additional paid-in capital     236,426,008       230,508,339  
Accumulated deficit     (238,496,413 )     (236,253,218 )
Treasury stock, 103,040 shares, at cost, as of June 30, 2025 and December 31, 2024     (163,701 )     (163,701 )
Total LifeMD, Inc. Stockholders’ Deficit     (1,782,554 )     (5,485,501 )
Non-controlling interest     2,164,934       1,440,132  
Total Stockholders’ Equity (Deficit)     382,380       (4,045,369 )
Total Liabilities, Mezzanine Equity and Stockholders’ Equity (Deficit)   $ 73,564,702     $ 72,460,026  

 

 

 

LIFEMD, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

    Three Months Ended June 30,     Six Months Ended June 30,  
    2025     2024     2025     2024  
Revenues                                
Telehealth revenue, net   $ 48,563,672     $ 37,432,309     $ 101,020,153     $ 68,273,711  
WorkSimpli revenue, net     13,654,513       13,229,536       26,895,788       26,532,398  
Total revenues, net     62,218,185       50,661,845       127,915,941       94,806,109  
                                 
Cost of revenues                                
Cost of telehealth revenue     6,838,703       4,553,843       14,975,164       8,748,438  
Cost of WorkSimpli revenue     592,201       471,072       1,099,456       876,654  
Total cost of revenues     7,430,904       5,024,915       16,074,620       9,625,092  
                                 
Gross profit     54,787,281       45,636,930       111,841,321       85,181,017  
                                 
Expenses                                
Selling and marketing expenses     29,125,097       26,378,928       58,319,158       50,552,808  
General and administrative expenses     17,565,187       18,521,385       34,620,856       33,827,117  
Customer service expenses     3,230,735       2,733,418       6,302,229       4,581,459  
Other operating expenses     3,028,762       1,906,175       5,543,520       4,206,622  
Development costs     2,744,272       2,402,590       5,419,406       4,489,822  
Total expenses     55,694,053       51,942,496       110,205,169       97,657,828  
                                 
Operating (loss) income     (906,772 )     (6,305,566 )     1,636,152       (12,476,811 )
                                 
Other expenses                                
Interest expense, net     (663,027 )     (531,468 )     (1,289,302 )     (1,009,146 )
                                 
Net (loss) income before income taxes     (1,569,799 )     (6,837,034 )     346,850       (13,485,957 )
                                 
Income tax expense     -       -       -       -  
                                 
Net (loss) income     (1,569,799 )     (6,837,034 )     346,850       (13,485,957 )
                                 
Net income attributable to noncontrolling interests     505,075       38,606       1,036,920       158,038  
                                 
Net loss attributable to LifeMD, Inc.     (2,074,874 )     (6,875,640 )     (690,070 )     (13,643,995 )
                                 
Preferred stock dividends     (776,562 )     (776,562 )     (1,553,125 )     (1,553,125 )
                                 
Net loss attributable to LifeMD, Inc. common stockholders   $ (2,851,436 )   $ (7,652,202 )   $ (2,243,195 )   $ (15,197,120 )
                                 
Basic loss per share attributable to LifeMD, Inc. common stockholders   $ (0.06 )   $ (0.19 )   $ (0.05 )   $ (0.38 )
Diluted loss per share attributable to LifeMD, Inc. common stockholders   $ (0.06 )   $ (0.19 )   $ (0.05 )   $ (0.38 )
                                 
Weighted average number of common shares outstanding:                                
Basic     44,401,531       41,296,042       43,772,151       40,269,139  
Diluted     44,401,531       41,296,042       43,772,151       40,269,139  

 

 

 

LIFEMD, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

    Three Months Ended June 30,     Six Months Ended June 30,  
    2025     2024     2025     2024  
                         
CASH FLOWS FROM OPERATING ACTIVITIES                                
Net (loss) income   $ (1,569,799 )   $ (6,837,034 )   $ 346,850     $ (13,485,957 )
Adjustments to reconcile net (loss) income to net cash provided by operating activities:                                
Amortization of debt discount     100,444       100,444       200,888       200,888  
Amortization of capitalized software     2,377,484       1,937,708       4,627,520       3,725,112  
Amortization of intangibles     261,360       246,066       505,888       492,032  
Accretion of consideration payable     -       -       -       13,644  
Depreciation of fixed assets     184,256       104,451       346,822       170,366  
Noncash operating lease expense     281,956       184,588       577,689       391,397  
Stock compensation expense     2,094,614       4,191,176       4,643,142       6,735,606  
                                 
Changes in Assets and Liabilities                                
Accounts receivable     2,862,645       (331,451 )     887,684       (390,692 )
Product deposit     (59,160 )     172,804       (210,237 )     369,716  
Inventory     (283,658 )     312,921       (453,997 )     699,213  
Other current assets     262,226       (222,683 )     707,257       (586,910 )
Operating lease liabilities     (94,004 )     (130,846 )     (198,901 )     (334,790 )
Deferred revenue     (2,835,878 )     1,958,902       (2,690,893 )     6,333,061  
Accounts payable     8,613,842       2,656,697       8,283,386       3,966,874  
Accrued expenses     (3,556,881 )     196,020       (5,865,264 )     1,442,362  
Net cash provided by operating activities     8,639,447       4,539,763       11,707,834       9,741,922  
                                 
CASH FLOWS FROM INVESTING ACTIVITIES                                
Cash paid for capitalized software costs     (2,903,838 )     (2,488,039 )     (5,648,965 )     (4,502,712 )
Purchase of equipment     (795,745 )     (642,053 )     (917,956 )     (817,645 )
Purchase of intangible assets     -       (1,936 )     -       (1,936 )
Net cash used in investing activities     (3,699,583 )     (3,132,028 )     (6,566,921 )     (5,322,293 )
                                 
CASH FLOWS FROM FINANCING ACTIVITIES                                
Repayment of notes payable, net of prepayment penalty     -       (102,887 )     -       (314,577 )
Repayment of debt instruments     (2,052,288 )     -       (2,052,288 )     -  
Cash proceeds from exercise of options     -       100,000       -       107,813  
Preferred stock dividends     (776,562 )     (776,562 )     (1,553,125 )     (1,553,125 )
Contingent consideration payment for ResumeBuild     -       -       -       (31,250 )
Distributions to non-controlling interest     (276,119 )     (36,000 )     (312,119 )     (72,000 )
Net cah used in financing activities     (3,104,969 )     (815,449 )     (3,917,532 )     (1,863,139 )
                                 
Net increase in cash     1,834,895       592,286       1,223,381       2,556,490  
                                 
Cash at beginning of period     34,393,410       35,110,929       35,004,924       33,146,725  
                                 
Cash at end of period   $ 36,228,305     $ 35,703,215     $ 36,228,305     $ 35,703,215  
                                 
Cash paid for interest                                
Cash paid during the period for interest   $ 625,818     $ 637,788     $ 1,219,568     $ 1,282,707  
                                 
Non-cash investing and financing activities:                                
Cashless exercise of options   $ 501     $ 4,489     $ 1,062     $ 5,127  
Cashless exercise of warrants   $ 3,901     $ 3,620     $ 3,901     $ 16,305  
Stock issued for debt conversion   $ 1,000,000     $ -     $ 1,000,000     $ -  
Stock issued for asset acquisition   $ 303,000     $ -     $ 303,000     $ -  
Stock issued for noncontingent consideration payments   $ -     $ -     $ -     $ 642,000  
Right of use asset   $ -     $ 1,045,305     $ -     $ 2,331,231  
Operating lease liabilities   $ -     $ 1,045,305     $ -     $ 2,331,231  

 

 

 

About the Use of Non-GAAP Financial Measures:

 

To supplement our financial information presented in accordance with GAAP, we use adjusted EBITDA as a non-GAAP financial measure to clarify and enhance an understanding of past performance. Additionally, we report telehealth adjusted EBITDA as a non-GAAP financial measure to clarify the financial performance of our core telehealth business excluding WorkSimpli. We believe that the presentation of these financial measures enhances an investor’s understanding of our financial performance. We further believe that these financial measures are useful financial metrics to assess our operating performance from period-to-period by excluding certain items that we believe are not representative of our core business. We use certain financial measures for business planning purposes and in measuring our performance relative to that of our competitors.

 

Adjusted EBITDA is defined as income (loss) attributable to common shareholders before interest, taxes, depreciation, amortization, accretion, financing transaction expense, non-controlling interests, foreign currency translation, extraordinary litigation costs, loss on debt extinguishment, dividends, insurance acceptance and Sarbanes-Oxley readiness expenses, acquisition costs, severance expenses and stock-based compensation expense. We have provided below a reconciliation of adjusted EBITDA to net loss attributable to common shareholders, its most directly comparable GAAP financial measure.

 

Telehealth and WorkSimpli adjusted EBITDA is defined as segment operating income or loss before depreciation, amortization, accretion, financing transaction expense, extraordinary litigation costs, insurance acceptance and Sarbanes-Oxley readiness expenses, acquisition costs, severance expenses and stock-based compensation expense. We have provided below a reconciliation of segment operating income or loss to segment Adjusted EBITDA.

 

We believe the above financial measures are commonly used by investors to evaluate our performance and that of our competitors. However, our use of the terms adjusted EBITDA may vary from that of others in our industry. Telehealth adjusted EBITDA is specifically relevant to LifeMD to provide shareholders a comparable measure of profitability for our core telehealth business without the impact of our majority owned, but separately managed non-core subsidiary, WorkSimpli. Adjusted EBITDA, telehealth adjusted EBITDA and WorkSimpli adjusted EBITDA should not be considered as an alternative to net loss before taxes, net loss per share, operating loss or any other performance measures derived in accordance with GAAP as measures of performance.

 

Reconciliation of Consolidated GAAP Net Loss to Consolidated Adjusted EBITDA

(in whole numbers, unaudited)

 

    Three Months Ended June 30,     Six Months Ended June 30,  
    2025     2024     2025     2024  
Net loss attributable to common shareholders   $ (2,851,436 )   $ (7,652,202 )   $ (2,243,195 )   $ (15,197,120 )
                                 
Interest expense (excluding amortization of debt discount)     562,583       431,024       1,088,414       808,258  
Depreciation, amortization and accretion expense     2,823,100       2,288,225       5,480,230       4,401,154  
Amortization of debt discount     100,444       100,444       200,888       200,888  
Financing transactions expense     -       151,143       -       323,372  
Litigation costs (a)     486,462       495,784       739,659       678,331  
Severance costs     25,535       360,182       102,417       520,677  
Acquisitions expenses     1,806,277       -       2,014,777       -  
Insurance acceptance readiness     34,780       263,492       175,140       969,834  
Sarbanes Oxley readiness     -       23,220       -       183,128  
Foreign exchange loss     253,512       504,969       485,159       478,721  
Taxes     502,408       3,000       502,408       3,000  
Dividends     776,562       1,004,793       1,553,125       2,048,173  
Stock-based compensation expense     2,094,614       4,191,176       4,643,142       6,735,606  
Net income attributable to noncontrolling interests     505,075       38,606       1,036,920       158,038  
                                 
Consolidated Adjusted EBITDA   $ 7,119,915     $ 2,203,856     $ 15,779,084     $ 2,312,060  

 

(a) For the three and six months ended June 30, 2025 and June 30, 2024, the Company included costs related to a class action complaint alleging, inter alia, unauthorized disclosure of certain information of class members to third parties (the Marden v. LifeMD, Inc. case), as disclosed in the Company’s Form 10-Q for the three and six months ended June 30, 2025, filed on August 5, 2025, and a heavily negotiated executive separation agreement.

 

 

 

Reconciliation of Telehealth GAAP Operating Loss to Telehealth Adjusted EBITDA

(in whole numbers, unaudited)

 

    Three Months Ended June 30,     Six Months Ended June 30,  
    2025     2024     2025     2024  
Telehealth operating loss   $ (2,802,097 )   $ (6,450,683 )   $ (2,415,231 )   $ (13,070,446 )
                                 
Depreciation, amortization and accretion expense     1,785,344       1,485,696       3,476,753       2,848,770  
Financing transactions expense     -       151,143       -       323,372  
Litigation costs (a)     486,462       495,784       739,659       678,331  
Severance costs     25,535       360,182       102,417       520,677  
Acquisitions expenses     1,806,277       -       2,014,777       -  
Insurance acceptance readiness     34,780       263,492       175,140       969,834  
Sarbanes Oxley readiness     -       23,220       -       183,128  
Stock-based compensation expense     2,094,614       4,191,176       4,643,142       6,735,606  
                                 
Telehealth Adjusted EBITDA   $ 3,430,914     $ 520,010     $ 8,736,657     $ (810,728 )

 

(a) For the three and six months ended June 30, 2025 and June 30, 2024, the Company included costs related to a class action complaint alleging, inter alia, unauthorized disclosure of certain information of class members to third parties (the Marden v. LifeMD, Inc. case), as disclosed in the Company’s Form 10-Q for the three and six months ended June 30, 2025, filed on August 5, 2025, and a heavily negotiated executive separation agreement.

 

Reconciliation of WorkSimpli GAAP Operating Income to WorkSimpli Adjusted EBITDA

(in whole numbers, unaudited)

 

    Three Months Ended June 30,     Six Months Ended June 30,  
    2025     2024     2025     2024  
WorkSimpli operating income   $ 1,895,325     $ 145,116     $ 4,051,383     $ 593,635  
                                 
Depreciation, amortization and accretion expense     1,037,756       802,529       2,003,477       1,552,384  
Foreign exchange loss     253,512       504,969       485,159       478,721  
Distributions     -       228,231       -       495,048  
Taxes     502,408       3,000       502,408       3,000  
                                 
WorkSimpli Adjusted EBITDA   $ 3,689,001     $ 1,683,845     $ 7,042,427     $ 3,122,788  

 

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