LifeMD, Inc. (NASDAQ: LFMD), a leading
direct-to-patient telehealth company, reported results for the
first quarter ended March 31, 2023. All figure comparisons are to
the same year-ago quarter unless otherwise noted. Management will
host a conference call today, May 12, 2023, at 8:30 a.m. Eastern
Time to discuss the results. An updated corporate presentation was
posted to https://ir.lifemd.com/#/ prior to market open.
First Quarter Financial Highlights
- First quarter revenue of $33.1
million, up 14%. Revenue increased 18% sequentially versus fourth
quarter 2022 driven by a 23% sequential increase in telehealth
revenue.
- First quarter consolidated Gross
Margin of 87%, up from 82% in the same year-ago period.
- Net loss attributable to common
stockholders was $4.8 million or $(0.15) per share, as compared to
a net loss attributable to common stockholders of $14.1 million or
$(0.46) per share in the prior year.
- Consolidated Adjusted EBITDA profit
of $2.0 million as compared to a loss of $7.6 million in the same
year-ago period (see definition of this non-GAAP financial measure
and reconciliation to GAAP, below).
- First quarter Adjusted EPS of $0.06,
up 126% versus same year-ago period (see definition of this
non-GAAP financial measure and reconciliation to GAAP, below).
- Gross revenue attributable to
LifeMD’s Virtual Primary Care business grew 97% versus fourth
quarter 2022.
- Free Cash Flow (Operating Cash Flow
less Cash Flow from Investing Activities), net of discretionary
timing related Accounts Payable paydowns and Accrued Expenses,
reduced to a $678K loss, an 84% sequential improvement versus the
comparable cash burn of $4.2 million in the fourth quarter of 2022.
LifeMD remains on track to achieve Free Cash Flow positivity by the
middle of 2023.
Q1 and Recent Operational Highlights
- Improved leverage of Selling and
Marketing expenses, with first quarter expenses as a percentage of
revenue reducing to 50% versus 75% in the year-ago period.
- Executed institutional credit
facility with Avenue Capital, providing up to $40 million of
financing. $15 million drawn at closing.
- Telehealth active subscribers
increased 14% to approximately 180,000 and at the same time LifeMD
experienced a 40% improvement in Average Order Value and First-Year
Lifetime Value (LTV) driving significant improvements in return on
advertising investment.
- WorkSimpli active subscribers
increased 65% to approximately 173,000.
Subsequent Events
- Launched GLP-1 weight management
offering through LifeMD’s Virtual Primary Care platform.
Key Performance Metrics
($ in
000s) |
|
Three Months Ended March 31, |
|
Y-o-Y |
Key Performance
Metrics |
|
|
2023 |
|
|
2022 |
|
|
% Growth |
Revenue |
|
|
|
|
|
Telehealth |
|
$ |
20,203 |
|
$ |
22,598 |
|
|
-11% |
|
WorkSimpli |
|
$ |
12,923 |
|
$ |
6,445 |
|
|
101% |
|
Total
Revenue |
|
$ |
33,126 |
|
$ |
29,043 |
|
|
14% |
|
|
|
|
|
|
|
Subscription Revenue as % of
Total |
|
|
94% |
|
|
92% |
|
|
2% |
|
|
|
|
|
|
|
Active Subscribers |
|
|
|
|
|
Telehealth Active
Subscribers |
|
|
179,933 |
|
|
157,483 |
|
|
14% |
|
WorkSimpli Active
Subscribers |
|
|
173,333 |
|
|
105,050 |
|
|
65% |
|
Total Active
Subscribers |
|
|
353,266 |
|
|
262,533 |
|
|
35% |
|
|
|
|
|
|
|
Management Commentary “LifeMD started the
year with tremendous performance in the first quarter of 2023. We
exceeded our previous guidance for both Revenue and Consolidated
Adjusted EBITDA, with record performance in both metrics.
Importantly, and consistent with guidance we gave throughout 2022,
our telehealth business returned to meaningful double digit revenue
growth with sequential revenue in the first quarter of 2023
increasing 23% versus the fourth quarter of 2022. WorkSimpli
continued to outperform, achieving EBITDA margins in the first
quarter exceeding 20%, while executing numerous impactful launches,
including expansion of its products to numerous new languages,
launching digital signature capabilities, and executing several
product enhancements to its product and forms suite.” said Justin
Schreiber, Chairman & CEO of LifeMD. “Looking ahead, we remain
extremely well positioned to accelerate our performance in 2023
anchored by strong lifestyle healthcare brands, a rapidly growing
Virtual Primary Care (VPC) platform, recent successful launches of
new product offerings, a healthy B2B pipeline, a strengthened
balance sheet, and a highly profitable subsidiary producing
significant cash flow that can help us further accelerate the core
telehealth business.”
LifeMD CFO Marc Benathen, commented: “Our first quarter
performance was extremely strong, exceeding guidance on both the
top- and bottom-line, while producing substantial sequential
revenue growth across both our telehealth and WorkSimpli
businesses. Operationally, we also achieved several record
performance levels, including consolidated Gross Margins of 87%,
continued reductions in our G&A, Selling & Marketing spend
as a percentage of Revenue. and a 40% improvement in First Year
Lifetime Patient Value (LTV). We are particularly proud to report
tat net of Accounts Payable timing, LifeMD’s cash burn reduced to
just $678K and we are well on our way to achieving our guidance of
Free Cash Flow positivity by mid-2023. Additionally, during the
quarter we completed a significant institutional debt financing
arrangement with Avenue Capital, providing up to $40 million of
total funding capacity, which we believe puts us a in a very strong
long-term capital position when combined with our growing
profits.”
Financial GuidanceFor the Second Quarter 2023,
the Company expects:
- Consolidated Revenue to total between $35.0 million and $36.0
million
- Consolidated Adjusted EBITDA between $2.5 and $3.5 million
For the Full Year 2023, the Company re-affirms guidance of:
- Consolidated Revenue to total between $140.0 million and $150.0
million
- Consolidated Adjusted EBITDA between $12.0 and $18.0
million
Conference CallLifeMD’s management will host a
conference call today, May 12, 2023 at 8:30 am 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: |
1-877-704-4453 |
International dial-in number: |
1-201-389-0920 |
Conference ID: |
13738585 |
Webcast: |
https://viavid.webcasts.com/starthere.jsp?ei=1613338&tp_key=c0937faa82 |
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 |
|
|
|
|
|
|
|
March 31, 2023 |
|
December 31, 2022 |
|
(Unaudited) |
|
|
|
ASSETS |
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
Cash |
$ |
11,524,846 |
|
|
$ |
3,958,957 |
|
Accounts receivable, net |
|
2,936,999 |
|
|
|
2,834,750 |
|
Product deposit |
|
246,279 |
|
|
|
127,265 |
|
Inventory, net |
|
3,382,582 |
|
|
|
3,703,363 |
|
Other current assets |
|
1,074,063 |
|
|
|
687,022 |
|
Total Current Assets |
|
19,164,769 |
|
|
|
11,311,357 |
|
|
|
|
|
|
|
Non-current Assets |
|
|
|
|
|
Equipment, net |
|
462,446 |
|
|
|
476,441 |
|
Right of use asset |
|
1,114,791 |
|
|
|
1,206,009 |
|
Capitalized software, net |
|
9,529,525 |
|
|
|
8,840,187 |
|
Intangible assets, net |
|
3,598,299 |
|
|
|
3,831,859 |
|
Total Non-current Assets |
|
14,705,061 |
|
|
|
14,354,496 |
|
|
|
|
|
|
|
Total Assets |
$ |
33,869,830 |
|
|
$ |
25,665,853 |
|
|
|
|
|
|
|
LIABILITIES, MEZZANINE
EQUITY AND STOCKHOLDERS' DEFICIT |
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
Accounts payable |
$ |
6,903,034 |
|
|
$ |
10,106,793 |
|
Accrued expenses |
|
11,575,597 |
|
|
|
12,166,509 |
|
Notes payable, net |
|
1,822,489 |
|
|
|
2,797,250 |
|
Current operating lease liabilities |
|
821,941 |
|
|
|
756,093 |
|
Deferred revenue |
|
5,895,545 |
|
|
|
5,547,506 |
|
Total Current Liabilities |
|
27,018,606 |
|
|
|
31,374,151 |
|
|
|
|
|
|
|
Long-term Liabilities |
|
|
|
|
|
Convertible long-term debt, net |
|
13,423,121 |
|
|
|
- |
|
Noncurrent operating lease liabilities |
|
407,857 |
|
|
|
574,136 |
|
Contingent consideration |
|
381,250 |
|
|
|
443,750 |
|
Purchase price payable |
|
- |
|
|
|
579,319 |
|
Total Liabilities |
|
41,230,834 |
|
|
|
32,971,356 |
|
|
|
|
|
|
|
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, $1,337 and $1,305 per share as of
March 31, 2023 and December 31, 2022, respectively |
|
4,678,014 |
|
|
|
4,565,822 |
|
|
|
|
|
|
|
Stockholders’ Deficit |
|
|
|
|
|
Series A Preferred Stock, $0.0001 par value; 1,610,000 shares
authorized, 1,400,000 shares issued and outstanding, liquidation
value approximately $28.39 and $27.84 per share as of March 31,
2023 and December 31, 2022, respectively |
|
140 |
|
|
|
140 |
|
Common Stock, $0.01 par value; 100,000,000 shares authorized,
32,040,045 and 31,552,775 shares issued, 31,937,005 and 31,449,735
outstanding as of March 31, 2023 and December 31, 2022,
respectively |
|
320,401 |
|
|
|
315,528 |
|
Additional paid-in capital |
|
183,183,652 |
|
|
|
179,015,250 |
|
Accumulated deficit |
|
(195,348,013 |
) |
|
|
(190,562,994 |
) |
Treasury stock, 103,040 and 103,040 shares, at cost, as of March
31, 2023 and December 31, 2022, respectively |
|
(163,701 |
) |
|
|
(163,701 |
) |
Total LifeMD, Inc. Stockholders’ Deficit |
|
(12,007,521 |
) |
|
|
(11,395,777 |
) |
Non-controlling interest |
|
(31,497 |
) |
|
|
(475,548 |
) |
Total Stockholders’ Deficit |
|
(12,039,018 |
) |
|
|
(11,871,325 |
) |
Total Liabilities, Mezzanine Equity and Stockholders’ Deficit |
$ |
33,869,830 |
|
|
$ |
25,665,853 |
|
|
|
|
|
|
|
LIFEMD, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(Unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2023 |
|
|
2022 |
|
Revenues |
|
|
|
|
|
|
Telehealth revenue, net |
|
$ |
20,202,803 |
|
|
$ |
22,598,061 |
|
WorkSimpli revenue, net |
|
|
12,923,532 |
|
|
|
6,444,776 |
|
Total revenues, net |
|
|
33,126,335 |
|
|
|
29,042,837 |
|
Cost of
revenues |
|
|
|
|
|
|
Cost of telehealth
revenue |
|
|
3,920,182 |
|
|
|
5,086,068 |
|
Cost of WorkSimpli
revenue |
|
|
294,787 |
|
|
|
162,107 |
|
Total cost of revenues |
|
|
4,214,969 |
|
|
|
5,248,175 |
|
|
|
|
|
|
|
|
Gross
profit |
|
|
28,911,366 |
|
|
|
23,794,662 |
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
Selling and marketing
expenses |
|
|
16,717,645 |
|
|
|
21,909,825 |
|
General and administrative
expenses |
|
|
10,602,763 |
|
|
|
12,212,743 |
|
Other operating expenses |
|
|
1,704,765 |
|
|
|
1,417,469 |
|
Customer service expenses |
|
|
1,555,404 |
|
|
|
933,307 |
|
Development costs |
|
|
1,183,599 |
|
|
|
428,333 |
|
Total expenses |
|
|
31,764,176 |
|
|
|
36,901,677 |
|
|
|
|
|
|
|
|
Operating
loss |
|
|
(2,852,810 |
) |
|
|
(13,107,015 |
) |
|
|
|
|
|
|
|
Other
expenses |
|
|
|
|
|
|
Interest expense, net |
|
|
(264,465 |
) |
|
|
(167,934 |
) |
Loss on debt
extinguishment |
|
|
(325,198 |
) |
|
|
- |
|
|
|
|
|
|
|
|
Net loss |
|
|
(3,442,473 |
) |
|
|
(13,274,949 |
) |
|
|
|
|
|
|
|
Net income attributable to
noncontrolling interests |
|
|
565,983 |
|
|
|
24,726 |
|
|
|
|
|
|
|
|
Net loss attributable
to LifeMD, Inc. |
|
|
(4,008,456 |
) |
|
|
(13,299,675 |
) |
|
|
|
|
|
|
|
Preferred stock dividends |
|
|
(776,563 |
) |
|
|
(776,563 |
) |
|
|
|
|
|
|
|
Net loss attributable
to LifeMD, Inc. common stockholders |
|
$ |
(4,785,019 |
) |
|
$ |
(14,076,238 |
) |
|
|
|
|
|
|
|
Basic loss per share
attributable to LifeMD, Inc. common stockholders |
|
$ |
(0.15 |
) |
|
$ |
(0.46 |
) |
Diluted loss per share
attributable to LifeMD, Inc. common stockholders |
|
$ |
(0.15 |
) |
|
$ |
(0.46 |
) |
|
|
|
|
|
|
|
Weighted average number of
common shares outstanding: |
|
|
|
|
|
|
Basic |
|
|
31,680,776 |
|
|
|
30,853,118 |
|
Diluted |
|
|
31,680,776 |
|
|
|
30,853,118 |
|
|
|
|
|
|
|
|
LIFEMD, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(Unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
CASH FLOWS FROM
OPERATING ACTIVITIES |
|
|
|
|
|
|
Net loss |
|
$ |
(3,442,473 |
) |
|
$ |
(13,274,949 |
) |
Adjustments to reconcile net
loss to net cash used in operating activities: |
|
|
|
|
|
|
Amortization of debt discount |
|
|
38,461 |
|
|
|
- |
|
Amortization of capitalized software |
|
|
1,088,645 |
|
|
|
383,812 |
|
Amortization of intangibles |
|
|
233,560 |
|
|
|
114,394 |
|
Accretion of consideration payable |
|
|
65,478 |
|
|
|
- |
|
Depreciation of fixed assets |
|
|
47,651 |
|
|
|
32,477 |
|
Loss on debt extinguishment |
|
|
325,198 |
|
|
|
- |
|
Operating lease payments |
|
|
184,333 |
|
|
|
118,524 |
|
Stock compensation expense |
|
|
2,663,514 |
|
|
|
4,472,781 |
|
|
|
|
|
|
|
|
Changes in Assets and
Liabilities |
|
|
|
|
|
|
Accounts receivable |
|
|
(102,249 |
) |
|
|
(816,447 |
) |
Product deposit |
|
|
(119,014 |
) |
|
|
(411,737 |
) |
Inventory |
|
|
320,781 |
|
|
|
383,734 |
|
Other current assets |
|
|
(387,041 |
) |
|
|
(49,799 |
) |
Change in operating lease liability |
|
|
(193,546 |
) |
|
|
(45,501 |
) |
Deferred revenue |
|
|
348,039 |
|
|
|
288,675 |
|
Accounts payable |
|
|
(3,203,759 |
) |
|
|
2,477,466 |
|
Accrued expenses |
|
|
97,803 |
|
|
|
(1,764,573 |
) |
Other operating activity |
|
|
(579,319 |
) |
|
|
- |
|
Net cash used in operating activities |
|
|
(2,613,938 |
) |
|
|
(8,091,143 |
) |
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES |
|
|
|
|
|
|
Cash paid for capitalized
software costs |
|
|
(1,777,983 |
) |
|
|
(2,098,143 |
) |
Purchase of equipment |
|
|
(33,656 |
) |
|
|
(267,151 |
) |
Purchase of intangible
assets |
|
|
- |
|
|
|
(4,000,500 |
) |
Acquisition of business, net
of cash acquired |
|
|
- |
|
|
|
(1,012,395 |
) |
Net cash used in investing activities |
|
|
(1,811,639 |
) |
|
|
(7,378,189 |
) |
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES |
|
|
|
|
|
|
Proceeds from convertible
long-term debt, net |
|
|
14,473,002 |
|
|
|
- |
|
Proceeds from notes
payable |
|
|
2,000,000 |
|
|
|
- |
|
Repayment of notes payable,
net of prepayment penalty |
|
|
(3,299,959 |
) |
|
|
- |
|
Cash proceeds from exercise of
warrants |
|
|
- |
|
|
|
38,500 |
|
Preferred stock dividends |
|
|
(776,563 |
) |
|
|
(776,563 |
) |
Contingent consideration
payment for ResumeBuild |
|
|
(62,500 |
) |
|
|
- |
|
Adjustment of membership
interest of WorkSimpli |
|
|
(306,514 |
) |
|
|
- |
|
Distributions to
non-controlling interest |
|
|
(36,000 |
) |
|
|
(36,000 |
) |
Net cash provided by (used in) financing activities |
|
|
11,991,466 |
|
|
|
(774,063 |
) |
|
|
|
|
|
|
|
Net increase (decrease) in
cash |
|
|
7,565,889 |
|
|
|
(16,243,395 |
) |
|
|
|
|
|
|
|
Cash at beginning of
period |
|
|
3,958,957 |
|
|
|
41,328,039 |
|
|
|
|
|
|
|
|
Cash at end of period |
|
$ |
11,524,846 |
|
|
$ |
25,084,644 |
|
|
|
|
|
|
|
|
Cash paid for interest |
|
|
|
|
|
|
Cash paid during the period
for interest |
|
$ |
273,000 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
Non-cash investing and
financing activities: |
|
|
|
|
|
|
Warrants issued for debt
instruments |
|
$ |
1,088,343 |
|
|
$ |
- |
|
Cashless exercise of
options |
|
$ |
- |
|
|
$ |
255 |
|
Consideration payable for
Cleared acquisition |
|
$ |
- |
|
|
$ |
8,079,367 |
|
Consideration payable for
ResumeBuild acquisition |
|
$ |
- |
|
|
$ |
500,000 |
|
Stock issued for
nontcontingent consideration payment |
|
$ |
642,000 |
|
|
$ |
- |
|
Right of use asset |
|
$ |
93,115 |
|
|
$ |
- |
|
Right of use lease
liability |
|
$ |
93,115 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
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,
non-controlling interests, foreign currency translation, inventory
valuation, sales return reserves, litigation costs, loss on debt
extinguishment, preferred stock dividends, 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.
Adjusted EPS is defined as the diluted net loss attributable to
LifeMD, Inc common shareholders before interest, taxes,
depreciation, amortization, accretion, financing transaction
expense, non-controlling interests, foreign currency translation,
inventory valuation, sales return reserves, litigation costs, loss
on debt extinguishment, preferred stock dividends, acquisition
costs, severance expenses 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 March 31, |
|
|
|
|
2023 |
|
|
|
2022 |
|
Net loss attributable to
common shareholders |
|
|
$ |
(4,785,019 |
) |
|
$ |
(14,076,238 |
) |
|
|
|
|
|
|
Interest expense (excluding
amortization of debt discount) |
|
|
|
113,812 |
|
|
|
55,742 |
|
Depreciation, amortization and
accretion expense |
|
|
|
1,435,334 |
|
|
|
530,683 |
|
Amortization of debt
discount |
|
|
|
38,461 |
|
|
|
- |
|
Loss on debt
extinguishment |
|
|
|
325,198 |
|
|
|
- |
|
Financing transactions
expense |
|
|
|
144,451 |
|
|
|
152,015 |
|
Litigation costs |
|
|
|
72,800 |
|
|
|
48,865 |
|
Inventory and reserve
adjustment |
|
|
|
99,639 |
|
|
|
216,953 |
|
Severance costs |
|
|
|
- |
|
|
|
101,849 |
|
Acquisitions expenses |
|
|
|
25,126 |
|
|
|
25,000 |
|
Accrued interest on Series B
Convertible Preferred Stock |
|
|
|
112,192 |
|
|
|
112,192 |
|
Foreign exchange (gain)
loss |
|
|
|
355,622 |
|
|
|
- |
|
Dividends |
|
|
|
812,563 |
|
|
|
776,563 |
|
Stock-based compensation
expense |
|
|
|
2,663,514 |
|
|
|
4,472,781 |
|
Net income attributable to
noncontrolling interests |
|
|
|
565,983 |
|
|
|
24,726 |
|
|
|
|
|
|
|
Adjusted EBITDA |
|
|
$ |
1,979,676 |
|
|
$ |
(7,558,869 |
) |
|
|
|
|
|
|
Reconciliation of GAAP Diluted Loss per Share Attributable
to Common Shareholders to Adjusted EPS |
|
|
|
|
(unaudited) |
|
|
Three Months Ended March 31, |
|
|
|
|
2023 |
|
|
|
2022 |
|
Diluted loss per share
attributable to LifeMD, Inc. common shareholders |
|
|
$ |
(0.15 |
) |
|
$ |
(0.46 |
) |
|
|
|
|
|
|
Adjustments to Reconcile GAAP
Diluted Loss Per Share to Adjusted EPS |
|
|
|
|
|
Interest expense (excluding
amortization of debt discount) |
|
|
|
- |
|
|
|
- |
|
Depreciation, amortization and
accretion expense |
|
|
|
0.05 |
|
|
|
0.02 |
|
Amortization of debt
discount |
|
|
|
- |
|
|
|
- |
|
Loss on debt
extinguishment |
|
|
|
0.01 |
|
|
|
- |
|
Financing transactions
expense |
|
|
|
- |
|
|
|
0.01 |
|
Litigation costs |
|
|
|
- |
|
|
|
- |
|
Inventory and reserve
adjustment |
|
|
|
- |
|
|
|
0.01 |
|
Severance costs |
|
|
|
- |
|
|
|
- |
|
Acquisitions expenses |
|
|
|
- |
|
|
|
- |
|
Accrued interest on Series B
Convertible Preferred Stock |
|
|
|
- |
|
|
|
- |
|
Foreign exchange (gain)
loss |
|
|
|
0.02 |
|
|
|
- |
|
Dividends |
|
|
|
0.03 |
|
|
|
0.03 |
|
Stock-based compensation
expense |
|
|
|
0.08 |
|
|
|
0.14 |
|
Net income attributable to
noncontrolling interests |
|
|
|
0.02 |
|
|
|
- |
|
|
|
|
|
|
|
Adjusted EPS |
|
|
$ |
0.06 |
|
|
$ |
(0.25 |
) |
|
|
|
|
|
|
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