LifeMD Reports First Quarter 2026 Results
Rhea-AI Summary
LifeMD (NASDAQ: LFMD) reported Q1 2026 revenue of $50.2 million and an adjusted EBITDA loss of $4.5 million, in line with guidance. Gross margin expanded ~420 bps to 88%. Active subscribers rose 26% to ~365,000 with the largest quarterly net adds in company history (~42,000). Cash totaled $34.5 million with no debt. The company affirmed full-year 2026 guidance of $220M–$230M revenue and $12M–$17M adjusted EBITDA, and expects annualized run-rate revenue >$250M by Q4 2026.
Positive
- Revenue of $50.2M in Q1 2026
- Gross margin expanded ~420 bps to 88%
- Active subscribers ~365,000 (+26% YoY) with ~42,000 net adds
- Cash balance of $34.5M and no debt
- Affirmed full-year revenue guidance of $220M–$230M
Negative
- GAAP net loss of $9.6M in Q1 2026
- Adjusted EBITDA loss of $4.5M in Q1 2026
- Selling and marketing expense up 34% (front-loaded patient acquisition)
- Total revenue down ~1% YoY from Q1 2025
Key Figures
Market Reality Check
Peers on Argus
LFMD’s modest 0.79% gain contrasts with mixed peers: AMWL appeared in momentum scans moving down, while other close comparables (HCAT, SLP, SOPH) showed varied individual moves, pointing to company-specific drivers around earnings.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 09 | Q4/FY25 earnings | Positive | +25.3% | Strong FY25 and Q4 revenue and EBITDA growth with higher cash and subscribers. |
| Nov 17 | Q3 2025 earnings | Neutral | -13.5% | Solid Q3 growth and debt paydown balanced by updated guidance and WorkSimpli divestiture. |
| Aug 05 | Q2 2025 earnings | Negative | -44.9% | Strong Q2 metrics but full‑year guidance cut due to Rex MD challenges. |
| Aug 04 | Peer MED earnings | Negative | -4.1% | Medifast revenue decline and GLP‑1 headwinds despite solid balance sheet. |
| May 06 | Q1 2025 earnings | Positive | +3.2% | Q1 2025 beat with first GAAP profit and raised full‑year guidance. |
Earnings releases have often led to sizable moves, but direction has depended on guidance and revisions; reactions have generally aligned with the qualitative tone of each report.
Recent earnings for LifeMD show rapid growth paired with evolving profitability. Prior updates highlighted rising revenue, expanding adjusted EBITDA, and growing telehealth subscribers, alongside balance sheet strengthening and debt repayment. Occasional guidance revisions influenced market reactions. Today’s Q1 2026 report fits this pattern: revenue of $50.2M slightly below year-ago levels but above guidance, higher 88% gross margin, and an adjusted EBITDA loss of $4.5M tied to heavier acquisition spending, while management reaffirmed full‑year 2026 revenue and EBITDA targets.
Historical Comparison
Across the last 5 earnings releases, LFMD’s average move was -6.79%, with direction largely tracking whether guidance and profitability trended favorably.
Earnings updates trace a shift from high-growth, improving EBITDA in 2025 toward a 2026 profile focused on GLP‑1 and women’s health, with rising subscribers and higher gross margins but near‑term EBITDA pressure from stepped‑up acquisition spend.
Market Pulse Summary
This announcement delivered Q1 2026 revenue of $50.2M, above guidance, alongside gross margin expansion to 88% and rapid growth in GLP‑1 and women’s health programs. However, the company posted a $4.5M adjusted EBITDA loss as it stepped up patient acquisition spending. Management reaffirmed full‑year $220M–$230M revenue and $12M–$17M adjusted EBITDA guidance. Investors may monitor subscriber growth, mix shifts, and the pace of margin recovery to gauge how effectively this spending converts into sustainable profitability.
Key Terms
adjusted ebitda financial
gross margin financial
basis points financial
recurring subscriptions financial
run-rate revenue financial
gaap net loss financial
revolving credit facility financial
unit economics financial
AI-generated analysis. Not financial advice.
- First quarter 2026 revenue of
$50.2 million and adjusted EBITDA loss of$4.5 million , above and in line, respectively, with the Company’s guidance. - Gross margin increased approximately 420 basis points to
88% , versus the first quarter of 2025, reflecting favorable revenue mix and lower fulfillment costs. - Record GLP-1 patient sign-ups, with weight management new-patient revenues growing approximately
120% versus the fourth quarter of 2025. 657% quarter-over-quarter growth in Women’s Health patient signups with approximately70% reduction in customer acquisitions costs with scalable unit economics achieved.- Exited the quarter with
$34.5 million of cash and no debt; affirming full year 2026 guidance for revenue of$220 million to$230 million and adjusted EBITDA of$12 million to$17 million .
Conference call begins at 4:30 p.m. Eastern time today
NEW YORK, May 06, 2026 (GLOBE NEWSWIRE) -- LifeMD, Inc. (Nasdaq: LFMD), a leading platform for virtual primary care services, today reported financial results for the first quarter ended March 31, 2026.
Management Commentary
“Q1 was a strong start to 2026. We added more than 42,000 net telehealth subscribers, the largest quarterly net addition in our history. We ended the quarter with over 365,000 subscribers. In weight management, sign-ups increased approximately
“LifeMD is no longer just a telehealth company focused on a handful of conditions. We are building what we believe can become one of the most important virtual healthcare platforms in the country — a trusted destination where patients can access care, medications, labs, insurance-supported services, and ongoing clinical support through one connected experience.
“Our platform is uniquely positioned to support both direct-to-consumer self-pay and insurance-covered programs, and we are seeing continued traction with strong unit economics across our insurance-sponsored offerings. As previously guided, we are on track to expand coverage to approximately 230 million lives this month and believe our benefits infrastructure will be a key driver of long-term growth.
“At the same time, our women’s health business delivered exceptional performance in the quarter, with strong retention and improved customer acquisition costs supporting scalable, high-quality growth. Looking ahead, we are energized by the momentum across the business, with multiple strategic partnerships and new product launches in men’s and women’s health expected in the coming months, positioning us to drive continued top-line growth and profitability throughout the year,” concluded Mr. Schreiber.
“The first quarter played out largely as we expected: strong subscriber momentum, following a planned step-up in patient acquisition spend, and the early benefits of platform efficiency beginning to show in our gross margin,” said Atul Kavthekar, Chief Financial Officer of LifeMD. “Revenue for the first quarter was
First Quarter 2026 Financial Highlights
All comparisons are with the first quarter of 2025 on a continuing operations basis (excluding WorkSimpli, which was divested on November 4, 2025, and is reported as discontinued operations for all periods presented). Non-GAAP financial measures referenced below are defined and reconciled to the most directly comparable GAAP measures at the end of this press release.
- Total revenue was
$50.2 million compared with$50.9 million in the prior-year period. - The majority of revenue was derived from recurring subscriptions.
- At quarter end, the number of Weight Management program subscribers was just under 100,000.
- The number of active telehealth subscribers increased
26% to approximately 365,000. - Gross profit increased
3% to$44.2 million ; gross margin expanded to88% , compared to84% in the prior-year period, primarily due to product mix. - Selling and marketing expenses increased
34% to$29.9 million , reflecting strategic, front-loaded patient acquisition investments to drive accelerated growth in subsequent quarters. - GAAP net loss from continuing operations attributable to common stockholders was
$9.6 million , or$0.20 per share, compared with a GAAP net loss from continuing operations attributable to common stockholders of$2.4 million , or$0.06 per share, in the prior-year period. - Adjusted EBITDA loss was
$4.5 million , compared with adjusted EBITDA of$3.7 million in the prior-year period, primarily reflecting the planned opportunistic increase in patient acquisition spend during the quarter. - Cash totaled
$34.5 million as of March 31, 2026, and the Company had no debt at quarter end.
First Quarter Key Performance Metrics
| ($ in 000s) | Three Months Ended March 31, | Y-o-Y | |||||
| Key Performance Metrics | 2026 | 2025 | % Growth | ||||
| Revenue | $ | 50,163 | $ | 50,888 | -1 | % | |
| Adjusted EBITDA | $ | (4,458 | ) | $ | 3,737 | -219 | % |
| Active Subscribers | 365,004 | 290,660 | 26 | % | |||
Financial Guidance
For the second quarter of 2026, the Company expects:
- Revenue in the range of
$47 million to$50 million . - Adjusted EBITDA of negative
$2 million to positive$1 million as we continue to realize efficiencies and cost savings in our business.
For the full year 2026, the Company affirms its previously issued guidance:
- Revenue in the range of
$220 million to$230 million , representing13% to19% year-over-year growth. Annualized run-rate revenue is expected to exceed$250 million by Q4 2026, driven by GLP-1 and women’s health momentum. - Adjusted EBITDA in the range of
$12 million to$17 million . Annualized run-rate adjusted EBITDA expected to exceed$25 million by Q4 2026, with substantial second-half accretion as weight management and women’s health investments mature.
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: | 877-270-2148 |
| International dial-in number: | 412-902-6510 |
| 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, Inc.
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
ir@lifemd.com
Media Contact
press@lifemd.com
Tables to Follow
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| LIFEMD, INC. | |||||||
| CONSOLIDATED BALANCE SHEETS | |||||||
| (Unaudited) | |||||||
| March 31, 2026 | December 31, 2025 | ||||||
| ASSETS | |||||||
| Current Assets | |||||||
| Cash | $ | 34,478,137 | $ | 36,786,318 | |||
| Accounts receivable | 9,855,117 | 9,305,277 | |||||
| Product deposit | 331,525 | 320,217 | |||||
| Inventory, net | 3,177,136 | 2,773,576 | |||||
| Other current assets | 3,855,131 | 2,646,077 | |||||
| Total Current Assets | 51,697,046 | 51,831,465 | |||||
| Non-current Assets | |||||||
| Equipment, net | 2,260,437 | 2,444,717 | |||||
| Right of use assets, net | 5,055,090 | 5,267,857 | |||||
| Capitalized software, net | 10,881,678 | 10,604,946 | |||||
| Intangible assets, net | 230,417 | 262,334 | |||||
| Total Non-current Assets | 18,427,622 | 18,579,854 | |||||
| Total Assets | $ | 70,124,668 | $ | 70,411,319 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
| Current Liabilities | |||||||
| Accounts payable | $ | 21,653,122 | $ | 14,149,154 | |||
| Accrued expenses | 15,244,963 | 15,974,016 | |||||
| Current operating lease liabilities | 670,825 | 642,422 | |||||
| Deferred revenue | 12,016,840 | 10,807,773 | |||||
| Total Current Liabilities | 49,585,750 | 41,573,365 | |||||
| Long-term Liabilities | |||||||
| Non-current operating lease liabilities | 5,502,072 | 5,681,374 | |||||
| Total Liabilities | 55,087,822 | 47,254,739 | |||||
| Commitments and Contingencies | |||||||
| Stockholders’ Equity | |||||||
| Series A Preferred Stock, | 140 | 140 | |||||
| Common Stock, | 476,327 | 467,600 | |||||
| Additional paid-in capital | 252,976,314 | 251,455,616 | |||||
| Accumulated deficit | (238,252,234 | ) | (228,603,075 | ) | |||
| Treasury stock, 103,040 shares, at cost, as of March 31, 2026 and December 31, 2025 | (163,701 | ) | (163,701 | ) | |||
| Total LifeMD, Inc. Stockholders’ Equity | 15,036,846 | 23,156,580 | |||||
| Total Liabilities and Stockholders’ Equity | $ | 70,124,668 | $ | 70,411,319 | |||
| LIFEMD, INC. | |||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||
| (Unaudited) | |||||||||
| Three Months Ended March 31, | |||||||||
| 2026 | 2025 | ||||||||
| Telehealth revenue, net | $ | 50,162,956 | $ | 50,887,899 | |||||
| Cost of telehealth revenue | 5,925,499 | 8,136,462 | |||||||
| Gross profit | 44,237,457 | 42,751,437 | |||||||
| Expenses | |||||||||
| Selling and marketing expenses | 29,874,860 | 22,272,924 | |||||||
| General and administrative expenses | 15,176,355 | 14,340,151 | |||||||
| Other operating expenses | 3,179,946 | 2,389,536 | |||||||
| Customer service expenses | 3,139,305 | 3,071,494 | |||||||
| Development costs | 1,796,063 | 1,859,049 | |||||||
| Total expenses | 53,166,529 | 43,933,154 | |||||||
| Operating loss from continuing operations | (8,929,072 | ) | (1,181,717 | ) | |||||
| Interest income (expense), net | 56,476 | (463,638 | ) | ||||||
| Loss from continuing operations before income taxes | (8,872,596 | ) | (1,645,355 | ) | |||||
| Income tax provision | - | - | |||||||
| Net loss from continuing operations | (8,872,596 | ) | (1,645,355 | ) | |||||
| Net income from discontinued operations | - | 1,993,422 | |||||||
| Net (loss) income | (8,872,596 | ) | 348,067 | ||||||
| Net income attributable to noncontrolling interests of discontinued operations | - | 531,845 | |||||||
| Net loss attributable to LifeMD, Inc. | (8,872,596 | ) | (183,778 | ) | |||||
| Preferred stock dividends | (776,563 | ) | (776,563 | ) | |||||
| Net loss attributable to LifeMD, Inc. common stockholders | $ | (9,649,159 | ) | $ | (960,341 | ) | |||
| Basic (loss) earnings per share attributable to LifeMD, Inc. common stockholders | |||||||||
| Continuing operations | $ | (0.20 | ) | $ | (0.06 | ) | |||
| Discontinued operations | - | 0.03 | |||||||
| Basic loss per share | $ | (0.20 | ) | $ | (0.02 | ) | |||
| Diluted (loss) earnings per share attributable to LifeMD, Inc. common stockholders | |||||||||
| Continuing operations | $ | (0.20 | ) | $ | (0.06 | ) | |||
| Discontinued operations | - | 0.03 | |||||||
| Diluted loss per share | $ | (0.20 | ) | $ | (0.02 | ) | |||
| Weighted average number of common shares outstanding: | |||||||||
| Basic | 47,336,060 | 43,135,778 | |||||||
| Diluted | 47,336,060 | 43,135,778 | |||||||
| LIFEMD, INC. | |||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| (Unaudited) | |||||||
| Three Months Ended March 31, | |||||||
| 2026 | 2025 | ||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
| Net (loss) income | $ | (8,872,596 | ) | $ | 348,067 | ||
| Less: Net income from discontinued operations | - | 1,993,422 | |||||
| Net loss from continuing operations | (8,872,596 | ) | (1,645,355 | ) | |||
| Adjustments to reconcile net loss from continuing operations to net cash provided by operating activities: | |||||||
| Amortization of debt discount | - | 100,444 | |||||
| Amortization of capitalized software | 1,674,852 | 1,529,380 | |||||
| Amortization of intangibles | 31,917 | 6,667 | |||||
| Depreciation of fixed assets | 289,458 | 155,361 | |||||
| Noncash operating lease expense | 212,767 | 269,888 | |||||
| Stock compensation expense | 1,448,905 | 2,548,528 | |||||
| Changes in Assets and Liabilities | |||||||
| Accounts receivable | (549,840 | ) | (459,948 | ) | |||
| Product deposit | (11,308 | ) | (151,077 | ) | |||
| Inventory | (403,560 | ) | (170,339 | ) | |||
| Other current assets | (1,209,054 | ) | 302,221 | ||||
| Operating lease liabilities | (150,899 | ) | (79,799 | ) | |||
| Deferred revenue | 1,209,067 | 197,334 | |||||
| Accounts payable | 7,503,968 | (85,373 | ) | ||||
| Accrued expenses | (729,053 | ) | (2,259,106 | ) | |||
| Net cash provided by operating activities of continuing operations | 444,624 | 258,826 | |||||
| Net cash provided by operating activities of discontinued operations | - | 2,809,561 | |||||
| Net cash provided by operating activities | 444,624 | 3,068,387 | |||||
| CASH FLOWS FROM INVESTING ACTIVITIES | |||||||
| Cash paid for capitalized software costs | (1,951,584 | ) | (1,886,815 | ) | |||
| Purchase of equipment | (105,178 | ) | (117,545 | ) | |||
| Net cash used in investing activities of continuing operations | (2,056,762 | ) | (2,004,360 | ) | |||
| Net cash used in investing activities of discontinued operations | - | (862,978 | ) | ||||
| Net cash used in investing activities | (2,056,762 | ) | (2,867,338 | ) | |||
| CASH FLOWS FROM FINANCING ACTIVITIES | |||||||
| Preferred stock dividends | (776,563 | ) | (776,563 | ) | |||
| Cash proceeds from exercise of options | 80,520 | - | |||||
| Net cash used in financing activities of continuing operations | (696,043 | ) | (776,563 | ) | |||
| Net cash used in financing activities of discontinued operations | - | (36,000 | ) | ||||
| Net cash used in financing activities | (696,043 | ) | (812,563 | ) | |||
| Net decrease in cash | (2,308,181 | ) | (611,514 | ) | |||
| Cash at beginning of period | 36,786,318 | 35,004,924 | |||||
| Cash at end of year | 34,478,137 | 34,393,410 | |||||
| Less: Cash of discontinued operations at end of year | - | 2,441,699 | |||||
| Cash of continuing operations at end of year | $ | 34,478,137 | $ | 31,951,711 | |||
| Cash paid for interest and taxes | |||||||
| Cash paid during the period for interest | $ | - | $ | 593,750 | |||
| Cash paid during the period for taxes | $ | - | $ | 22,696 | |||
| Non-cash investing and financing activities | |||||||
| Cashless exercise of options | $ | - | $ | 561 | |||
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. We believe that the presentation of this financial measure enhances an investor’s understanding of our financial performance. We further believe that this financial measure is a useful financial metric 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 net loss attributable to LifeMD, Inc. common stockholders before interest, taxes, depreciation, amortization, extraordinary litigation costs, severance and restructuring costs, acquisition expenses, insurance acceptance readiness expenses, preferred stock dividends, stock-based compensation expense, net income from discontinued operations and net income attributable to noncontrolling interests of discontinued operations. We have provided below a reconciliation of adjusted EBITDA to net loss attributable to LifeMD, Inc. common stockholders, its most directly comparable GAAP financial measure.
We believe the above financial measure is commonly used by investors to evaluate our performance and that of our competitors. However, our use of the term adjusted EBITDA may vary from that of others in our industry. 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 Net Loss Attributable to LifeMD, Inc. Common Stockholders to Adjusted EBITDA | ||||||||
| (in whole numbers, unaudited) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2026 | 2025 | |||||||
| Net loss attributable to LifeMD, Inc. common stockholders | $ | (9,649,159 | ) | $ | (960,341 | ) | ||
| Interest (income) expense (excluding amortization of debt discount) | (56,476 | ) | 363,194 | |||||
| Depreciation and amortization expense | 1,996,227 | 1,691,408 | ||||||
| Amortization of debt discount | - | 100,444 | ||||||
| Litigation costs(a) | 661,575 | 253,197 | ||||||
| Severance and restructuring costs | 363,885 | 76,882 | ||||||
| Acquisitions expenses | - | 208,500 | ||||||
| Insurance acceptance readiness | - | 140,360 | ||||||
| Preferred stock dividends | 776,563 | 776,563 | ||||||
| Stock compensation expense | 1,448,905 | 2,548,528 | ||||||
| Net income from discontinued operations | - | (1,993,422 | ) | |||||
| Net income attributable to noncontrolling interests of discontinued operations | - | 531,845 | ||||||
| Adjusted EBITDA | $ | (4,458,480 | ) | $ | 3,737,158 | |||
| (a)For the three months ended March 31, 2026, the Company included costs related to: (1) a class action complaint captionedJohnston v.LifeMD, Inc., et al., against the Company and certain executive officers alleging: (i) violations of Section 10(b) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 promulgated thereunder by all defendants for making false and misleading statements; and (ii) violations of Section 20(a) of the Securities Exchange Act of 1934, as amended, by the individual officer defendants for violating their duty to disseminate accurate and truthful information, and (2) a heavily negotiated executive separation agreement. For the three months ended March 31, 2025, the Company included litigation costs related to a heavily negotiated executive separation agreement. | ||||||||
