LFMD

LifeMD, Inc. (NASDAQ: LFMD), a leading direct-to-patient telehealth company, reported results for the third quarter ended September 30, 2022. All figure comparisons are to the same year-ago quarter unless otherwise noted. Management will host a conference call today, November 10, 2022, at 4:30 p.m. Eastern Time to discuss the results.

Q3 2022 Financial Highlights

• Record revenue of $31.4 million, up 26%.
• Consolidated Gross Margin of 85%, up from 80% in the same year-ago period. Gross profit totaled $26.7 million.
• 93% of revenue generated by subscriptions.
• Consolidated Adjusted EBITDA loss reduced to $889,000 in the third quarter; remain on track to achieve consolidated Adjusted EBITDA profitability in the fourth quarter 2022.
• Adjusted EPS $(0.03), up 91% versus same year-ago period and a 86% sequential improvement versus the prior quarter (see definition of this non-GAAP financial measure and reconciliation to GAAP, below).

Q3 and Recent Operational Highlights

• Continued leverage of Selling and Marketing expenses, with third quarter expenses as a percentage of revenue reducing to 55%, a 1,700-basis point improvement versus the prior quarter and a 2,600-basis point improvement versus the same year-ago period.
• Virtual primary care business saw average daily patient acquisition increase by 440% from prior quarter with strong retention and high patient satisfaction scores.
• Telehealth active subscribers increased 36% to approximately 176,000.
• Reduced blended telehealth Customer Acquisition Costs (CAC) by 18% versus year-ago period and by 8% sequentially versus prior quarter.
• Executed an agreement with our third pharmaceutical partner using LifeMD’s technology and affiliated medical group for 4 additional branded prescription medications.
• In final stages of WorkSimpli divestiture process. Actively in negotiations and received interest from multiple bidders.
• WorkSimpli active subscribers increased by 45% to approximately 150,000 worldwide subscribers.
• WorkSimpli performance remains on a tremendous trajectory with third quarter results producing 57% year-over-year revenue growth with mid-teens EBITDA margins. WorkSimpli remains on track to deliver 2023 EBITDA margins of 25%-plus coupled with significant growth in revenue.

Key Performance Metrics

($ in 000s)		Three Months Ended September 30							Y-o-Y
Key Performance Metrics			2022			2021			% Growth
Revenue
Telehealth		$	21,365		$	18,541			15	%
WorkSimpli		$	10,047		$	6,406			57	%
Total Revenue		$	31,412		$	24,947			26	%
Subscription Revenue as % of Total			93%			92%			1	%
Telehealth Volume
Total Telehealth Orders			220,933			255,138			-13	%
Total Active Subscribers			175,944			129,100			36	%
WorkSimpli
Active Subscribers			149,905			103,395			45	%

Management Commentary“During the third quarter, LifeMD made significant progress against our top strategic and operational priorities. We came significantly closer this quarter toward our goal of achieving consolidated Adjusted EBITDA profitability by the fourth quarter 2022, performing even better than our profitability expectations and reducing our consolidated Adjusted EBITDA loss to under $(1) million for the quarter. This significant improvement in profitability was driven by strengthening unit economics, reduced CAC’s and improved efficiency brought by scale. In addition, our WorkSimpli business continued to exponentially grow both top and bottom-line results driven by 45% growth in active subscribers versus prior year, while achieving record profitability,” said Justin Schreiber, Chairman & CEO of LifeMD. “Additionally, beyond our core direct-to-consumer telehealth businesses, we continue to successfully build out our Business-to-Business operation, leveraging our best-in-class healthcare marketing and patient service capabilities to partner directly with pharmaceutical clients. We recently executed an agreement with our third client in this vertical and have a robust pipeline of additional deals under discussion that we expect to become accretive to our 2023 results. We have also made sizeable progress in the WorkSimpli process and are currently in late-stage negotiations after attracting interest from multiple bidders. We remain laser-focused though on maximizing value for our shareholders from this asset as the fundamentals of this business continue to support tremendous future profitability and free cash flow growth that is accretive to LifeMD overall.”

LifeMD CFO Marc Benathen, commented: “During the quarter, we executed extremely well against our initiative to achieve consolidated Adjusted EBITDA profitability by the fourth quarter 2022, exceeding even our own expectations for bottom-line performance. In doing so, we reduced our consolidated Adjusted EBITDA loss to under $1 million. While we experienced a slight sequential decline in telehealth revenue versus the second quarter, this was intentional and a result of the continued work we’ve done to re-focus our growth efforts on our most profitable offerings that will drive long-term margin expansion and growth. In doing so, we cut back all activities related to consumer offerings that did not meet our profitability thresholds which while eliminating some short-term growth ensures that we maintain a base of patients and offerings that will drive continued growth at high levels of profitability. As previously guided in the second quarter, this reset process will continue to play out through year-end with a return to higher levels of growth supported by strong bottom-line margins in 2023 and beyond. In addition, our WorkSimpli subsidiary continued to post record results ahead of our own expectations on both the top and bottom-line including achieving EBITDA margins in the mid-teens. We are increasingly bullish on the financial and cash flow growth for WorkSimpli as we work through the late stages of the current process with a focus on maximizing long-term shareholder value. In addition to WorkSimpli, we currently have access to additional non-dilutive financing options that can further augment liquidity. We expect to consummate a transaction before the end of the year.”

Q3 2022 Financial Summary

• Revenue for the quarter ended September 30, 2022 increased 26% to $31.4 million from $24.9 million in 2021. The increase in revenues was attributable to a 15% increase in telehealth revenue and a 57% increase in WorkSimpli revenue versus the year-ago period.
• Gross profit increased by 35% to $26.7 million, compared to $19.9 million in the prior year. Gross margins reached 85% on a consolidated basis for the third quarter ended September 30, 2022. Gross margins for the telehealth business totaled 79%.
• Net loss attributable to common stockholders was $8.1 million or $(0.26) per share, as compared to a net loss attributable to common stockholders of $14.4 million or $(0.54) per share in the prior year.
• Adjusted EBITDA, a non-GAAP financial measure, totaled a loss of $889,000, an improvement of 90% versus the same year-ago period and 87% sequentially versus the prior quarter. (see definition of this non-GAAP financial measure and reconciliation to GAAP, below).
• Adjusted EPS, a non-GAAP financial measure, totaled a loss of $(0.03) per share, compared to an adjusted EPS loss of $(0.34) in the same year-ago period. Adjusted EPS improved 87% sequentially versus the prior quarter (see definition of this non-GAAP financial measure and reconciliation to GAAP, below).

Financial GuidanceFor the Fourth Quarter 2022, the Company expects:

• Consolidated Revenue to total between $33.0 million and $34.0 million
• Consolidated Adjusted EBITDA between $0 million and $2 million, reflecting Adjusted EBITDA margins of between 0% and 6%

Conference CallLifeMD’s management will host a conference call today, November 10, 2022 at 4:30 pm Eastern Time to discuss the company’s financial results and outlook, followed by a question-and-answer period. Details for the call are as follows:

Toll-free dial-in number:	1-800-218-2154
International dial-in number:	1-720-543-0214
Conference ID:	1668855
Webcast:	https://viavid.webcasts.com/starthere.jsp?ei=1580105&tp_key=82ee8cfb68

The conference call will be webcast live and available for replay via a link provided in the Investors section of the company’s website at ir.lifemd.com. Please call the conference telephone number five minutes prior to the start time. An operator will register your name and organization.

Listeners are encouraged to review the Company's periodic reports filed with the U.S. Securities and Exchange Commission, including the discussion of risk factors, historical results of operations and financial condition as provided in these reports.

About LifeMDLifeMD is a 50-state direct-to-patient telehealth company with a portfolio of brands that offer virtual primary care, diagnostics, and specialized treatment for men’s and women’s health, allergy & asthma, and dermatological conditions. By leveraging its proprietary technology platform, 50-state affiliated medical group, and nationwide mail-order pharmacy network, LifeMD is increasing access to top-notch healthcare that is affordable to anyone. To learn more, go to LifeMD.com.

Cautionary Note Regarding Forward Looking StatementsThis 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.

Company Contact LifeMD, Inc. Marc Benathen, CFOmarc@lifemd.com

Tables to Follow++++++

LIFEMD, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
	September 30, 2022				December 31, 2021
ASSETS
Current Assets
Cash	$	5,836,823			$	41,328,039
Accounts receivable, net		2,538,118				980,055
Product deposit		108,051				203,556
Inventory, net		3,676,131				1,616,600
Other current assets		814,576				793,190
Total Current Assets		12,973,699				44,921,440
Non-current Assets
Equipment, net		533,561				233,805
Right of use asset, net		1,289,250				1,752,448
Capitalized software, net		7,991,836				2,995,789
Goodwill		5,654,665				-
Intangible assets, net		4,918,550				19,761
Total Non-current Assets		20,387,862				5,001,803
Total Assets	$	33,361,561			$	49,923,243
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' (DEFICIT) EQUITY
Current Liabilities
Accounts payable	$	10,797,544			$	9,059,214
Accrued expenses		11,082,354				11,595,605
Notes payable, net		-				63,400
Current operating lease liabilities		702,237				607,490
Deferred revenue		2,353,152				1,499,880
Total Current Liabilities		24,935,287				22,825,589
Long-term Liabilities
Noncurrent operating lease liabilities		705,702				1,178,544
Contingent consideration		3,120,250				100,000
Purchase price payable		1,517,381				-
Total Liabilities		30,278,620				24,104,133
Commitments and Contingencies
Mezzanine Equity
Preferred Stock, $0.0001 par value; 5,000,000 shares authorized
Series B Preferred Stock, $0.0001 par value; 5,000 shares authorized, 3,500 and 3,500 shares issued and outstanding, liquidation value approximately, $1,272 and $1,175 per share as of September 30, 2022 and December 31, 2021, respectively		4,451,137				4,110,822
Stockholders’ (Deficit) Equity
Series A Preferred Stock, $0.0001 par value; 1,610,000 shares authorized, 1,400,000 shares issued and outstanding, liquidation value approximately $27.27 and $25.62 per share as of September 30, 2022 and December 31, 2021, respectively		140				140
Common Stock, $0.01 par value; 100,000,000 shares authorized, 31,457,775 and 30,704,434 shares issued, 31,354,735 and 30,601,394 outstanding as of September 30, 2022 and December 31, 2021, respectively		314,578				307,045
Additional paid-in capital		177,131,586				164,517,634
Accumulated deficit		(177,851,083	)			(141,921,085	)
Treasury stock, 103,040 and 103,040 shares, at cost		(163,701	)			(163,701	)
Total LifeMD, Inc. Stockholders’ (Deficit) Equity		(568,480	)			22,740,033
Non-controlling interest		(799,716	)			(1,031,745	)
Total Stockholders’ (Deficit) Equity		(1,368,196	)			21,708,288
Total Liabilities, Mezzanine Equity and Stockholders’ (Deficit) Equity	$	33,361,561			$	49,923,243

 

LIFEMD, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
	Three Months Ended September 30,								Nine Months Ended September 30,
	2022				2021				2022				2021
Revenues
Telehealth revenue, net	$	21,365,178			$	18,540,897			$	66,231,202			$	47,623,822
WorkSimpli revenue, net		10,047,291				6,406,302				24,682,602				17,835,100
Total revenues, net		31,412,469				24,947,199				90,913,804				65,458,922
Cost of revenues
Cost of telehealth revenue		4,502,919				4,969,306				14,042,112				12,113,336
Cost of WorkSimpli revenue		213,923				127,181				558,216				314,428
Total cost of revenues		4,716,842				5,096,487				14,600,328				12,427,764
Gross profit		26,695,627				19,850,712				76,313,476				53,031,158
Expenses
Selling and marketing expenses		17,200,859				20,293,935				60,928,649				61,372,815
General and administrative expenses		12,476,760				10,695,663				38,029,907				28,194,305
Goodwill impairment charge		-				-				2,735,000				-
Other operating expenses		1,525,645				818,404				4,804,623				2,264,257
Customer service expenses		1,488,428				505,880				3,428,098				1,274,392
Development costs		821,636				128,134				1,951,039				561,793
Total expenses		33,513,328				32,442,016				111,877,316				93,667,562
Operating loss		(6,817,701	)			(12,591,304	)			(35,563,840	)			(40,636,404	)
Interest expense, net		(132,235	)			(1,824,777	)			(432,405	)			(2,866,150	)
Change in fair value of contingent consideration		(248,000	)			-				2,487,000				-
Gain on debt forgiveness		-				-				63,400				184,914
Net loss		(7,197,936	)			(14,416,081	)			(33,445,845	)			(43,317,640	)
Net income (loss) attributable to noncontrolling interests		83,737				(62,706	)			154,464				(531,182	)
Net loss attributable to LifeMD, Inc.		(7,281,673	)			(14,353,375	)			(33,600,309	)			(42,786,458	)
Preferred stock dividends		(776,563	)			-				(2,329,688	)			-
Net loss attributable to LifeMD, Inc. common stockholders	$	(8,058,236	)		$	(14,353,375	)		$	(35,929,997	)		$	(42,786,458	)
Basic loss per share attributable to LifeMD, Inc. common stockholders	$	(0.26	)		$	(0.54	)		$	(1.17	)		$	(1.66	)
Diluted loss per share attributable to LifeMD, Inc. common stockholders	$	(0.26	)		$	(0.54	)		$	(1.17	)		$	(1.66	)
Weighted average number of common shares outstanding:
Basic		30,935,643				26,684,591				30,830,533				25,820,478
Diluted		30,935,643				26,684,591				30,830,533				25,820,478

 

LIFEMD, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
	Three Months Ended September 30,									Nine Months Ended September 30,
	2022					2021				2022					2021
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(7,197,936	)			$	(14,416,081	)		$	(33,445,845	)			$	(43,317,640	)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of debt discount		-					1,567,677				-					2,090,236
Amortization of capitalized software		770,873					114,062				1,746,899					177,926
Amortization of intangibles		325,495					617				666,782					340,457
Accretion of consideration payable		37,373					-				172,741					-
Depreciation of fixed assets		43,761					2,865				117,008					2,865
Gain on forgiveness of debt		-					-				(63,400	)				(184,914	)
Change in fair value of contingent consideration		248,000					-				(2,487,000	)				-
Goodwill impairment charge		-					-				2,735,000					-
Operating lease payments		172,836					24,588				463,198					73,767
Stock compensation expense		3,336,213					3,110,816				11,850,000					7,983,891
Stock issued for legal settlement		816,000					-				816,000					-
Changes in Assets and Liabilities
Accounts receivable		(24,491	)				115,121				(1,558,063	)				(969,053	)
Product deposit		332,790					479,816				95,505					(95,183	)
Inventory		(710,889	)				27,023				(2,052,363	)				(322,836	)
Other current assets		58,629					(242,122	)			(21,386	)				(534,479	)
Change in operating lease liability		(167,644	)				(23,432	)			(378,095	)				(68,085	)
Deferred revenue		360,650					54,043				853,272					519,101
Accounts payable		(1,026,708	)				(2,406,968	)			1,827,103					(1,150,858	)
Accrued expenses		(150,954	)				4,172,834				(2,303,466	)				8,195,255
Net cash used in operating activities		(2,776,002	)				(7,419,141	)			(20,966,110	)				(27,259,550	)
CASH FLOWS FROM INVESTING ACTIVITIES
Cash paid for capitalized software costs		(2,220,018	)				(779,160	)			(6,742,946	)				(1,731,507	)
Purchase of equipment		(21,546	)				(51,989	)			(378,877	)				(70,105	)
Purchase of intangible assets		-					(22,231	)			(4,000,500	)				(22,231	)
Acquisition of business, net of cash acquired		-					-				(1,012,395	)				-
Net cash used in investing activities		(2,241,564	)				(853,380	)			(12,134,718	)				(1,823,843	)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash proceeds from private placement offering, net		-					-				-					13,495,270
Proceeds from issuance of debt instruments		-					-				-					15,000,000
Cash proceeds from sale of common stock under ATM		-					493,481				-					493,481
Cash proceeds from exercise of options		-					54,000				90,400					820,750
Cash proceeds from exercise of warrants		-					168,610				38,500					480,609
Preferred stock dividends		(776,563	)				-				(2,329,688	)				-
Proceeds from notes payable		-					-				-					963,965
Repayment of notes payable		-					(374,834	)			-					(1,494,784	)
Contingent consideration payment for ResumeBuild		(62,500	)				-				(93,750	)				-
Purchase of membership interest of WorkSimpli		-					-				-					(300,000	)
Reduction of membership interest of WorkSimpli		12,150					-				12,150					-
Distributions to non-controlling interest		(36,000	)				(36,000	)			(108,000	)				(108,000	)
Net cash (used in) provided by financing activities		(862,913	)				305,257				(2,390,388	)				29,351,291
Net (decrease) increase in cash		(5,880,479	)				(7,967,264	)			(35,491,216	)				267,898
Cash at beginning of period		11,717,302					17,414,237				41,328,039					9,179,075
Cash at end of period	$	5,836,823				$	9,446,973			$	5,836,823				$	9,446,973
Cash paid for interest
Cash paid during the period for interest	$	-				$	-			$	-				$	120,062
Non-cash investing and financing activities:
Cashless exercise of options	$	42				$	8,730			$	297				$	8,730
Consideration payable for Cleared acquisition	$	-				$	-			$	8,079,367				$	-
Consideration payable for ResumeBuild acquisition	$	-				$	-			$	500,000				$	-
Warrants issued for debt instruments	$	-				$	-			$	-				$	6,270,710
Principal of Paycheck Protection Program loans forgiven	$	-				$	-			$	63,400				$	184,914
Additional purchase of membership interest in WorkSimpli issued in performance options	$	-				$	-			$	-				$	144,002

About the Use of Non-GAAP Financial Measures:To supplement our financial information presented in accordance with GAAP, we use Adjusted EBITDA and Adjusted EPS as non-GAAP financial measures to clarify and enhance an understanding of past performance. 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, foreign currency translation, inventory valuation, litigation costs, gain on debt forgiveness, preferred stock dividends, acquisition costs, severance expenses, goodwill impairment charges, change in fair value of contingent consideration 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.

Adjusted EPS is defined as the diluted net loss attributable to LifeMD, Inc common shareholders before interest, taxes, depreciation, amortization, accretion, financing transaction expense, foreign currency translation, inventory valuation, litigation costs, preferred stock dividends, acquisition costs, severance expenses, goodwill impairment charges, change in fair value of contingent consideration and stock-based compensation expense. We have provided below a reconciliation of Adjusted EPS to Diluted loss per share attributable to LifeMD, Inc common shareholders, its most directly comparable GAAP financial measure.

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 and Adjusted EPS may vary from that of others in our industry. Adjusted EBITDA and Adjusted EPS 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 GAAP Net Loss to Adjusted EBITDA
(in whole numbers, unaudited)
	Three Months Ended September 30,								Nine Months Ended September 30,
	2022				2021				2022				2021
Net loss attributable to common shareholders	$	(8,058,236	)		$	(14,353,375	)		$	(35,929,997	)		$	(42,786,458	)
Interest expense (excluding debt discount and acceleration of debt)		17,550				142,415				92,090				435,599
Depreciation, amortization and accretion expense		1,177,502				117,544				2,703,430				521,248
Amortization of debt discount		-				1,567,677				-				2,090,236
Gain on debt forgiveness		-				-				(63,400	)			(184,914	)
Financing transactions expense		-				186,682				152,015				1,259,072
Litigation costs		813,000				64,541				1,517,359				279,666
Inventory valuation adjustment		-				-				230,661				-
Severance costs		-				-				179,090				-
Acquisitions expenses		-				-				265,153				-
Change in fair value of contingent consideration		248,000				-				(2,487,000	)			-
Goodwill impairment charge		-				-				2,735,000				-
Accrued interest on Series B Convertible Preferred Stock		114,685				114,685				340,315				340,315
Foreign exchange (gain) loss		685,242				-				685,242				-
Preferred dividends		776,563				-				2,329,688				-
Stock-based compensation expense		3,336,213				3,110,816				11,850,000				7,983,891
Adjusted EBITDA	$	(889,481	)		$	(9,049,016	)		$	(15,400,354	)		$	(30,061,346	)

 

Reconciliation of GAAP Diluted Loss per Share Attributable to Common Shareholders to Adjusted EPS
	Three Months Ended September 30,								Nine Months Ended September 30,
	2022				2021				2022				2021
Diluted loss per share attributable to LifeMD, Inc. common shareholders	$	(0.26	)		$	(0.54	)		$	(1.17	)		$	(1.66	)
Adjustments to Reconcile GAAP Diluted Loss Per Share to Adjusted EPS
Interest expense (excluding debt discount and acceleration of debt)		-				0.01				-				0.02
Depreciation, amortization and accretion expense		0.04				-				0.09				0.02
Amortization of debt discount		-				0.06				-				0.08
Gain on debt forgiveness		-				-				-				-
Financing transactions expense		-				0.01				-				0.05
Litigation costs		0.03				-				0.05				0.01
Inventory valuation adjustment		-				-				0.01				-
Severance costs		-				-				0.01				-
Acquisitions expenses		-				-				0.01				-
Change in fair value of contingent consideration		0.01				-				(0.08	)			-
Goodwill impairment charge		-				-				0.09				-
Accrued interest on Series B Convertible Preferred Stock		-				-				0.01				0.01
Foreign exchange (gain) loss		0.02				-				0.02				-
Preferred dividends		0.02				-				0.08				-
Stock-based compensation expense		0.11				0.12				0.38				0.31
Adjusted EPS	$	(0.03	)		$	(0.34	)		$	(0.50	)		$	(1.16	)