Q1 2024 LifeMD Inc Earnings Call Transcript
Key Points
- LifeMD Inc (LFMD) reported strong first quarter performance with significant growth in both weight management and Rex businesses.
- The company added 20,000 new patient subscribers during the quarter, reaching over 235,000 total subscribers.
- Revenue from the core telehealth business grew by 53% compared to the previous year, driven primarily by the GLP-1 weight management program.
- LifeMD Inc (LFMD) has raised its 2024 revenue guidance due to continued outperformance in its GLP-1 business.
- The company has made significant progress in implementing AI across the organization, enhancing response throughput for patient inquiries by 60%.
- The non-core subsidiary, Work Simply, started the year with softer than expected results in January and February.
- The company reported a GAAP net loss attributable to common stockholders of $7.5 million for the first quarter.
- Adjusted EBITDA for the first quarter was $0.5 million, which is lower compared to $2 million in the year-ago quarter.
- The initial drop in patient retention due to access issues and approval rates for GLP-1 treatment was a challenge, although it has since improved.
- LifeMD Inc (LFMD) faces the challenge of scaling appointment capacity and provider ratios to meet the growing demand for its services.
Good afternoon. Thank you for joining us today to discuss LifeMD results first quarter ended March 31st, 2024. Joining the call today are Justin Schreiber, Chairman and Chief Executive Officer; and Marc Benathen, Chief Financial Officer. Following management's prepared remarks, we will open the call for a question and answer session.
Before we begin, I would like to remind everyone that during this call, the Company will make a number of forward-looking statements, which are subject to numerous risks and uncertainties that may cause actual results to differ materially from those projected. These risks and uncertainties are described and the Company's 10 K and 10 Q filings and within other filings Life MD may make with the SEC from time to time forward-looking statements made during this call are based on current information available to the Company as of today, May eighth, 2024. The Company assumes no obligation to update or revise any forward-looking statements after today's call, except as required by law.
Also, please note that management will be discussing and non-GAAP financial
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