LifeMD Reports Third Quarter 2025 Results

Rhea-AI Summary

LifeMD (Nasdaq: LFMD) reported Q3 2025 total revenue of $60.2M, up 13% year-over-year, and adjusted EBITDA of $5.1M, up 20%.

Telehealth revenue was $47.3M (+18%), telehealth adjusted EBITDA was $2.9M (+30%), and active telehealth subscribers were ~310,000 (+14%). The company paid off approximately $17M of debt and ended the quarter with $23.8M cash. Subsequent to quarter end, LifeMD divested its majority stake in WorkSimpli, positioning the company as a pure-play telehealth and pharmacy platform.

Guidance: Q4 2025 revenue $45M–$46M and adjusted EBITDA $3M–$4M; full-year 2025 revenue $192M–$193M (+~24%) and adjusted EBITDA $13.5M–$14.5M (+~254%).

Positive

• Total revenue +13% to $60.2M in Q3 2025
• Telehealth revenue +18% to $47.3M in Q3 2025
• Telehealth adjusted EBITDA +30% to $2.9M
• Active telehealth subscribers +14% to ~310,000
• Paid off ~ $17M of remaining debt; cash $23.8M
• Divestiture of WorkSimpli creates pure-play telehealth/pharmacy focus

Negative

• GAAP net loss of $4.6M in Q3 2025
• Gross margin down 3 points to 88% year-over-year
• Telehealth gross margin, excluding WorkSimpli, down 3 points to 86%
• Weight management market remains challenged by low-price GLP-1 competition

Insights

Financial Strategist

Solid quarter: revenue and adjusted EBITDA growth, debt paid, and a strategic divestiture leave the company as a pure‑play telehealth and pharmacy operator.

LifeMD grew total revenue 13% to $60.2 million and raised adjusted EBITDA 20% to $5.1 million, driven by an 18% increase in telehealth revenue to $47.3 million and a 30% rise in telehealth adjusted EBITDA to $2.9 million. The company added roughly 39,000 telehealth subscribers year‑over‑year to ~310,000 and reported cash of $23.8 million after paying off ~$17 million of debt, which materially improves near‑term balance sheet flexibility.

Key dependencies and risks remain factual and company‑stated: revenue mix reduced gross margin to 88%, and management cites competitive pressure in the weight‑management/GLP‑1 market. The post‑quarter divestiture of the majority stake in WorkSimpli repositions the firm as a focused telehealth and pharmacy platform; the company also highlighted regulatory approval of a Pennsylvania 503‑A compounding pharmacy and licensure in 14 states, both concrete capacity facts that affect service scope and cost structure.

Items to watch near term: the company’s standalone telehealth guidance for Q4 2025 of revenue $45–46 million and adjusted EBITDA $3–4 million, the full‑year 2025 guidance ranges of revenue $192–193 million and adjusted EBITDA $13.5–14.5 million, and progress toward broader pharmacy licensure beyond 14 states. Monitor sequential subscriber and revenue trends and the archived conference call for management details on GLP‑1 pricing dynamics and integration of pharmacy capabilities over the next 6–12 months.

• Total revenue increased 13% year-over-year to $60.2 million, and adjusted EBITDA rose 20% to $5.1 million.
• Telehealth revenue grew 18% to $47.3 million, while telehealth adjusted EBITDA increased 30% to $2.9 million.
• Paid off all outstanding debt during the quarter.
• Subsequent to quarter end, fully divested our majority stake in WorkSimpli, positioning LifeMD as a pure-play telehealth and pharmacy platform.
• Continued to diversify clinical platform with new launches in women’s health, men’s health and psychiatry.

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

NEW YORK, Nov. 17, 2025 (GLOBE NEWSWIRE) -- LifeMD, Inc. (Nasdaq: LFMD), a leading provider of virtual primary care services, today reported financial results for the three and nine months ended September 30, 2025.

Management Commentary

“The third quarter of 2025 marked an important step forward for LifeMD,” said Justin Schreiber, Chairman and CEO of LifeMD. “While the weight management market remained challenging, driven largely by fierce competition from low-price compounded GLP-1 providers, our business continued to demonstrate real strength. We continued to on-board a significant volume of new weight management patients per day supported by the power of our brand, our best-in-class care platform and our strategic partnerships. We expect the GLP-1 market to evolve rapidly in the year to come as product innovation and improved pricing expand access, and we believe LifeMD is uniquely positioned to capitalize on these trends and accelerate growth in 2026.”

At the same time, we are gaining significant traction in diversifying our platform. We are seeing strong early traction in behavioral health, women’s health, men’s hormone therapy, and personalized compounded ED therapies. Our RexMD business returned to growth and added nearly 10,000 net new subscribers in the quarter. We also achieved a major milestone with the regulatory approval of our Pennsylvania-based 503-A compounding pharmacy. We are currently licensed in 14 states and are aggressively pursuing licensure in all 50 states. This pharmacy meaningfully strengthens our competitive positioning by expanding our ability to deliver personalized therapies, improving cost structure, and enhancing the patient experience.

Subsequent to quarter end, we completed the divestiture of our majority ownership in WorkSimpli, which transformed LifeMD into a pure-play virtual care and pharmacy platform and significantly strengthened our balance sheet. As we look to 2026, we believe LifeMD remains very well positioned with a strong balance sheet, an increasingly diversified virtual care and pharmacy platform and a full suite of industry-leading capabilities to accelerate our growth,” concluded Mr. Schreiber.

“Third quarter results for our telehealth business on a stand-alone basis were solid with revenue increasing 18% and adjusted EBITDA increasing 30% versus the prior year period. Importantly, our RexMD business returned to sequential growth in both revenue and patient subscriber count. Additionally, we took major steps to significantly strengthen the company’s balance sheet and liquidity including paying off all outstanding debt and the divestiture of our majority interest in WorkSimpli subsequent to quarter end. We have also continued to make significant strides in the company’s ongoing telehealth business profitability with year-to-date telehealth Adjusted EBITDA profitability up 294% versus year,” said Marc Benathen, LifeMD’s Chief Financial Officer.

Third Quarter Financial Highlights

All comparisons are with the third 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 13% to $60.2 million, driven by an 18% increase in telehealth revenue.
• The number of active telehealth subscribers increased 14% to approximately 310,000 at quarter-end.
• Gross margin was 88% compared to 91% in the prior-year period due to revenue mix. Telehealth gross margin, excluding WorkSimpli, was 86% compared to 89% in the year-ago period due to revenue mix.
• GAAP net loss was $4.6 million or ($0.10) per share compared to a net loss of $5.4 million or ($0.13) per share in the prior-year period.
• Adjusted EBITDA was $5.1 million compared to $4.3 million in the prior-year period.
• Telehealth adjusted EBITDA was $2.9 million compared to $2.2 million in the prior-year period.
• Cash totaled $23.8 million as of September 30, 2025 following the payoff of approximately $17 million of all remaining debt in the third quarter.

Third Quarter Key Performance Metrics

($ in 000s)	Three Months Ended Sept. 30,		Y-o-Y	Nine Months Ended Sept. 30,		Y-o-Y
Key Telehealth Performance Metrics	2025	2024	% Growth	2025	2024	% Growth
Revenue
Telehealth Revenue	$47,280	$40,155	18%	$147,187	$109,687	34%
Telehealth Adjusted EBITDA	$2,871	$2,217	30%	$10,494	$2,665	294%
Telehealth Active Subscribers	310,818	271,863	14%	310,818	271,863	14%

Financial Guidance

For the fourth quarter of 2025, the Company’s guidance reflects revenue and adjusted EBITDA as a stand-alone telehealth company following the WorkSimpli divestiture:

• Revenue in the range of $45 million to $46 million.
• Adjusted EBITDA in the range of $3 million to $4 million.

For the full year 2025, the Company’s guidance reflects revenue and adjusted EBITDA as a stand-alone telehealth company following the WorkSimpli divestiture and reflecting a $1.1 million adjustment in 2025 related to the November 5, 2025 press release:

• Revenue in the range of $192 million to $193 million, reflecting an increase of approximately 24% versus 2024.
• Adjusted EBITDA in the range of $13.5 million to $14.5 million, reflecting an increase of approximately 254% versus 2024.

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:	800-245-3047
International dial-in number:	203-518-9765
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

LIFEMD, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
	September 30, 2025				December 31, 2024
ASSETS
Current Assets
Cash	$	23,785,771			$	35,004,924
Accounts receivable		9,244,321				10,854,084
Product deposit		370,518				40,763
Inventory		3,432,382				2,797,358
Other current assets		4,252,613				3,672,231
Total Current Assets		41,085,605				52,369,360
Non-current Assets
Equipment, net		2,584,829				1,479,184
Right of use assets, net		5,578,992				6,400,596
Capitalized software, net		15,175,634				13,816,501
Intangible assets, net		1,558,318				2,030,656
Total Non-current Assets		24,897,773				23,726,937
Total Assets	$	65,983,378			$	76,096,297
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current Liabilities
Accounts payable	$	19,554,735			$	16,009,484
Accrued expenses		22,079,805				22,811,763
Current operating lease liabilities		673,482				508,537
Current portion of convertible long-term debt		-				8,444,444
Deferred revenue		14,355,531				19,625,940
Total Current Liabilities		56,663,553				67,400,168
Long-term Liabilities
Convertible long-term debt, net		-				9,885,057
Noncurrent operating lease liabilities		5,851,673				6,265,192
Contingent consideration		100,000				100,000
Total Liabilities		62,615,226				83,650,417
Commitments and Contingencies
Stockholders’ Equity (Deficit)
Series A Preferred Stock, $0.0001 par value; 1,610,000 shares authorized, 1,400,000 shares issued and outstanding as of September 30, 2025 and December 31, 2024		140				140
Common Stock, $0.01 par value; 100,000,000 shares authorized, 46,686,350 and 42,293,907 shares issued, 46,583,310 and 42,190,867 outstanding as of September 30, 2025 and December 31, 2024, respectively		466,864				422,939
Additional paid-in capital		248,801,209				230,508,339
Accumulated deficit		(247,790,178	)			(239,850,931	)
Treasury stock, 103,040 shares, at cost, as of September 30, 2025 and December 31, 2024		(163,701	)			(163,701	)
Total LifeMD, Inc. Stockholders’ Equity (Deficit)		1,314,334				(9,083,214	)
Non-controlling interest		2,053,818				1,529,094
Total Stockholders’ Equity (Deficit)		3,368,152				(7,554,120	)
Total Liabilities, Mezzanine Equity and Stockholders’ Equity (Deficit)	$	65,983,378			$	76,096,297

LIFEMD, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
	Three Months Ended September 30,								Nine Months Ended September 30,
	2025				2024				2025				2024
Revenues
Telehealth revenue, net	$	47,279,933			$	40,154,683			$	147,186,714			$	109,687,054
WorkSimpli revenue, net		12,892,537				13,117,611				39,788,325				39,650,009
Total revenues, net		60,172,470				53,272,294				186,975,039				149,337,063
Cost of revenues
Cost of telehealth revenue		6,714,235				4,300,877				21,689,400				13,049,315
Cost of WorkSimpli revenue		693,678				712,664				1,793,133				1,589,318
Total cost of revenues		7,407,913				5,013,541				23,482,533				14,638,633
Gross profit		52,764,557				48,258,753				163,492,506				134,698,430
Expenses
Selling and marketing expenses		29,474,490				26,611,672				87,793,648				77,164,480
General and administrative expenses		16,589,390				18,115,143				51,210,246				51,160,883
Customer service expenses		2,784,320				2,804,210				9,086,549				7,385,669
Other operating expenses		3,039,135				2,112,169				8,582,655				6,318,791
Development costs		2,846,436				2,611,833				8,265,842				7,101,655
Total expenses		54,733,771				52,255,027				164,938,940				149,131,478
Operating loss		(1,969,214	)			(3,996,274	)			(1,446,434	)			(14,433,048	)
Other expenses
Interest expense, net		(262,456	)			(558,597	)			(1,551,758	)			(1,567,743	)
Loss on debt extinguishment		(1,155,851	)			-				(1,155,851	)			-
Net loss before income taxes		(3,387,521	)			(4,554,871	)			(4,154,043	)			(16,000,791	)
Income tax expense		(169,134	)			(232,523	)			(169,134	)			(232,523	)
Net income (loss)		(3,556,655	)			(4,787,394	)			(4,323,177	)			(16,233,314	)
Net income (loss) attributable to noncontrolling interests		249,462				(129,472	)			1,286,382				237,037
Net loss attributable to LifeMD, Inc.		(3,806,117	)			(4,657,922	)			(5,609,559	)			(16,470,351	)
Preferred stock dividends		(776,563	)			(776,563	)			(2,329,688	)			(2,329,688	)
Net loss attributable to LifeMD, Inc. common stockholders	$	(4,582,680	)		$	(5,434,485	)		$	(7,939,247	)		$	(18,800,039	)
Basic loss per share attributable to LifeMD, Inc. common stockholders	$	(0.10	)		$	(0.13	)		$	(0.18	)		$	(0.46	)
Diluted loss per share attributable to LifeMD, Inc. common stockholders	$	(0.10	)		$	(0.13	)		$	(0.18	)		$	(0.46	)
Weighted average number of common shares outstanding:
Basic		46,162,625				42,020,965				44,575,553				40,857,344
Diluted		46,162,625				42,020,965				44,575,553				40,857,344

LIFEMD, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
	Three Months Ended September 30,								Nine Months Ended September 30,
	2025				2024				2025				2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(3,556,655	)		$	(4,787,394	)		$	(4,323,177	)		$	(16,233,314	)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Amortization of debt discount		33,481				100,443				234,369				301,331
Amortization of capitalized software		2,459,534				2,159,781				7,087,054				5,884,893
Amortization of intangibles		269,450				245,804				775,338				737,836
Accretion of consideration payable		-				-				-				13,644
Loss on debt extinguishment		1,155,851				-				1,155,851				-
Depreciation of fixed assets		262,747				151,332				609,569				321,698
Noncash operating lease expense		243,915				137,641				821,604				529,038
Stock compensation expense		3,198,036				2,394,235				7,841,178				9,129,841
Changes in Assets and Liabilities
Accounts receivable		76,396				(1,179,804	)			1,609,763				(5,222,534	)
Product deposit		(119,518	)			(20,621	)			(329,755	)			349,095
Inventory		(181,027	)			(584,724	)			(635,024	)			114,489
Other current assets		(1,287,639	)			(716,585	)			(580,382	)			(2,303,495	)
Operating lease liabilities		(49,673	)			(111,892	)			(248,574	)			(446,682	)
Deferred revenue		(2,547,204	)			2,147,991				(5,270,408	)			10,874,430
Accounts payable		(4,738,135	)			815,740				3,545,251				4,782,614
Accrued expenses		4,633,304				5,450,972				(731,959	)			7,607,005
Net cash (used in) provided by operating activities		(147,137	)			6,202,919				11,560,698				16,439,889
CASH FLOWS FROM INVESTING ACTIVITIES
Cash paid for capitalized software costs		(2,797,222	)			(3,043,634	)			(8,446,187	)			(7,546,346	)
Purchase of equipment		(797,258	)			(447,802	)			(1,715,214	)			(1,265,447	)
Purchase of intangible assets		-				(1,862	)			-				(3,798	)
Net cash used in investing activities		(3,594,480	)			(3,493,298	)			(10,161,401	)			(8,815,591	)
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of notes payable, net of prepayment penalty		-				(13,020	)			-				(327,597	)
Repayment of debt instruments		(16,667,433	)			-				(18,719,721	)			-
Cash proceeds from exercise of warrants		464,950				-				464,950				-
Cash proceeds from exercise of options		5,950				-				5,950				107,813
Preferred stock dividends		(776,563	)			(776,563	)			(2,329,688	)			(2,329,688	)
Sale of common stock under ATM, net		8,721,717				-				8,721,717				-
Contingent consideration payment for ResumeBuild		-				-				-				(31,250	)
Distributions to non-controlling interest		(449,539	)			(36,000	)			(761,658	)			(603,048	)
Net cash used in financing activities		(8,700,918	)			(825,583	)			(12,618,450	)			(3,183,770	)
Net (decrease) increase in cash		(12,442,535	)			1,884,038				(11,219,153	)			4,440,528
Cash at beginning of period		36,228,306				35,703,215				35,004,924				33,146,725
Cash at end of period	$	23,785,771			$	37,587,253			$	23,785,771			$	37,587,253
Cash paid for interest
Cash paid during the period for interest	$	241,464			$	630,342			$	1,461,032			$	1,913,049
Non-cash investing and financing activities:
Cashless exercise of options	$	253			$	-			$	1,315			$	5,127
Cashless exercise of warrants	$	-			$	-			$	3,901			$	16,305
Stock issued for debt conversion	$	-			$	-			$	1,000,000			$	-
Stock issued for asset acquisition	$	-			$	-			$	303,000			$	-
Stock issued for noncontingent consideration payments	$	-			$	-			$	-			$	642,000
Right of use asset	$	-			$	4,353,166			$	-			$	6,684,397
Operating lease liabilities	$	-			$	4,353,166			$	-			$	6,684,397

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 September 30,								Nine Months Ended September 30,
	2025				2024				2025				2024
Net loss attributable to common shareholders	$	(4,582,680	)		$	(5,434,485	)		$	(7,939,247	)		$	(18,800,039	)
Interest expense (excluding amortization of debt discount)		228,975				458,154				1,317,389				1,266,412
Depreciation, amortization and accretion expense		2,991,731				2,556,917				8,471,961				6,958,071
Amortization of debt discount		33,481				100,443				234,369				301,331
Loss on debt extinguishment		1,155,851				-				1,155,851				-
Financing transactions expense		97,699				-				97,699				323,372
Litigation costs (a)		959,802				644,170				1,699,462				1,322,501
Severance costs		-				621,391				102,417				1,142,068
Acquisitions expenses		(231,571	)			-				1,783,206				-
Insurance acceptance readiness		8,190				391,803				183,330				1,361,637
Sarbanes Oxley readiness		-				203,342				-				386,470
Foreign exchange loss		314,960				429,695				800,119				908,416
Taxes		(69,488	)			1,258,553				432,920				1,261,553
Dividends		776,563				763,930				2,329,688				2,317,055
Stock-based compensation expense		3,198,036				2,394,235				7,841,178				9,129,841
Net income attributable to noncontrolling interests		249,462				(129,472	)			1,286,382				237,037
Consolidated Adjusted EBITDA	$	5,131,012			$	4,258,676			$	19,796,724			$	8,115,725
(a) For the three and nine months ended September 30, 2025 and 2024, the Company included costs related to: (1) a class action complaint captioned Johnston 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, (2) a class action complaint alleging, inter alia, unauthorized disclosure of certain information of class members to third parties (the Marden v. LifeMD, Inc. case), both disclosed in the Company’s Form 10-Q for the three and nine months ended September 30, 2025, filed on November 17, 2025, and (3) a heavily negotiated executive separation agreement.

Reconciliation of Telehealth GAAP Operating Loss to Telehealth Adjusted EBITDA
(in whole numbers, unaudited)
	Three Months Ended September 30,								Nine Months Ended September 30,
	2025				2024				2025				2024
Telehealth operating loss	$	(3,043,374	)		$	(3,745,522	)		$	(6,571,978	)		$	(15,557,309	)
Depreciation, amortization and accretion expense		1,881,977				1,707,151				5,358,730				4,555,921
Financing transactions expense		97,699				-				97,699				323,372
Litigation costs (a)		959,802				644,170				1,699,462				1,322,501
Severance costs		-				621,391				102,417				1,142,068
Acquisitions expenses		(231,571	)			-				1,783,206				-
Insurance acceptance readiness		8,190				391,803				183,330				1,361,637
Sarbanes Oxley readiness		-				203,342				-				386,470
Stock-based compensation expense		3,198,036				2,394,235				7,841,178				9,129,841
Telehealth Adjusted EBITDA	$	2,870,760			$	2,216,571			$	10,494,043			$	2,664,501
(a) For the three and nine months ended September 30, 2025 and 2024, 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, (2) a class action complaint alleging, inter alia, unauthorized disclosure of certain information of class members to third parties (theMarden v.LifeMD, Inc.case), both disclosed in the Company’s Form 10-Q for the three and nine months ended September 30, 2025, filed on November 17, 2025, and (3) a heavily negotiated executive separation agreement.

Reconciliation of WorkSimpli GAAP Operating Income (Loss) to WorkSimpli Adjusted EBITDA
(in whole numbers, unaudited)
	Three Months Ended September 30,								Nine Months Ended September 30,
	2025				2024				2025			2024
WorkSimpli operating income (loss)	$	1,074,160			$	(250,752	)		$	5,125,544		$	1,124,261
Depreciation, amortization and accretion expense		1,109,754				849,766				3,113,231			2,402,150
Foreign exchange loss		314,960				429,695				800,119			908,416
Distributions		-				(12,633	)			-			(12,633	)
Taxes		(238,622	)			1,026,030				263,786			1,029,030
WorkSimpli Adjusted EBITDA	$	2,260,253			$	2,042,106			$	9,302,680		$	5,451,224

FAQ

What were LifeMD (LFMD) Q3 2025 revenue and adjusted EBITDA?

LifeMD reported Q3 2025 revenue of $60.2M and adjusted EBITDA of $5.1M.

How much did LifeMD's telehealth revenue grow in Q3 2025 (LFMD)?

Telehealth revenue grew 18% year-over-year to $47.3M in Q3 2025.

How many active telehealth subscribers did LifeMD (LFMD) have at Sept. 30, 2025?

LifeMD reported approximately 310,000 active telehealth subscribers at quarter-end.

What balance sheet changes did LifeMD (LFMD) report in Q3 2025?

LifeMD paid off about $17M of remaining debt and held $23.8M cash at quarter-end.

What strategic transaction did LifeMD announce after Q3 2025 (LFMD)?

Subsequent to quarter end, LifeMD completed the divestiture of its majority stake in WorkSimpli.

What guidance did LifeMD (LFMD) give for Q4 and full-year 2025?

Q4 2025 revenue guidance: $45M–$46M and adjusted EBITDA $3M–$4M; full-year 2025 revenue $192M–$193M and adjusted EBITDA $13.5M–$14.5M.