LifeMD Reports Fourth Quarter 2024 Results

Consolidated revenues increased 43% year-over-year to $64.3 million with telehealth revenue up 60%Adjusted EBITDA increased 78% to $9.0 millionTelehealth adjusted EBITDA increased 396% to $5.9 millionFull-year cash flow from operations increased 99% to $17.5 million and generated positive full-year net cash flowExited 2024 with over $35 million in cashIntroduces 2025 guidance for consolidated revenue of $265 million to $275 million and consolidated adjusted EBITDA of $30 million to $32 million Conference call begins at 4:30 p.m. Eastern time today NEW YORK, March 10, 2025 (GLOBE NEWSWIRE) -- LifeMD, Inc. (Nasdaq: LFMD), a leading provider of virtual primary care services, today reported financial results for the three and 12 months ended December 31, 2024. Management Commentary “LifeMD had a great fourth quarter. We not only achieved record quarterly revenue and adjusted EBITDA but continued to accelerate growth across our core telehealth brands. We are especially pleased with the growth of our weight management program. While GLP-1 market dynamics continue to change with semaglutide coming off shortage, the quality of synchronous care we provide positions and differentiates LifeMD. We have a comprehensive care platform, which includes our pharmacy benefits infrastructure that helps patients access branded GLP-1 medications. In addition, our Medicare launch is slated for April 1 and could be a significant growth driver for our weight management program as we expect Medicare ultimately will cover GLP-1 medications for eligible beneficiaries. Further, we recently announced integration with LillyDirect to provide another more affordable route to Zepbound for patients who don’t have coverage through insurance,” said Justin Schreiber, Chairman and CEO of LifeMD. “We also are pleased with the uptake of Rex MD’s Hormone Replacement Therapy offering. We have begun laying the groundwork for the launch of our virtual-first behavioral health offering followed by a women’s health specialty offering later this year. We remain laser focused on building the highest quality virtual care platform in the United States that is transparent, affordable and accessible to everyone.” “LifeMD had an exceptionally strong quarter with top- and bottom-line growth led by our core telehealth business. Telehealth achieved 60% year-over-year growth on a standalone basis, while our telehealth adjusted EBITDA increased 396% to $5.9 million. Our consolidated adjusted EBITDA was a record $9.0 million. Also, I am pleased to report that the WorkSimpli business returned to growth on both a sequential and year-over-year basis and their adjusted EBITDA exceeded $1 million per month during the quarter, in line with our previously guided expectations,” commented Marc Benathen, Chief Financial Officer of LifeMD. “We entered 2025 well positioned for another year of record growth and profitability. As such, we are introducing 2025 guidance for consolidated revenue of $265 million to $275 million and consolidated adjusted EBITDA of $30 million to $32 million.” Fourth Quarter Financial HighlightsAll comparisons are with the fourth quarter of 2023. Consolidated revenue increased 43% to $64.3 million with telehealth revenue up 60%.Telehealth active subscribers increased 27% to approximately 275,000 at quarter-end.WorkSimpli active subscribers increased 3% to approximately 164,000 at quarter-end and increased sequentially by approximately 3,000 subscribers.Gross margin was 85% compared with 88% due to one-time start-up costs with a new pharmacy and revenue mix changes. We expect gross margin to return to a range of 88% to 90% in 2025.GAAP net loss was $0.9 million or $0.02 per share, compared with $4.5 million or $0.12 per share.Adjusted EBITDA was $9.0 million compared with $5.0 million (see definition below of this non-GAAP financial measure and reconciliation to GAAP).The telehealth business achieved adjusted EBITDA profitability of $5.9 million compared with $1.2 million (see definition below of this non-GAAP financial measure and reconciliation to GAAP).Adjusted diluted EPS was $0.21 compared with $0.14 (see definition below of this non-GAAP financial measure and reconciliation to GAAP).Cash was $35.0 million as of December 31, 2024. Full Year Financial HighlightsAll comparisons are with the full year of 2023. Consolidated revenue increased 39% to $212.5 million with telehealth revenue up 61%.Gross margin was 89% compared with 88%.GAAP net loss was $22.0 million or $0.53 per share, compared with $23.7 million or $0.70 per share.Adjusted EBITDA was $14.4 million compared with $11.2 million (see definition below of this non-GAAP financial measure and reconciliation to GAAP).The telehealth business achieved adjusted EBITDA of $7.4 million compared with a loss of $5.2 million (see definition below of this non-GAAP financial measure and reconciliation to GAAP).Adjusted diluted EPS was $0.35 compared with $0.32 (see definition below of this non-GAAP financial measure and reconciliation to GAAP). Fourth Quarter Key Performance Metrics ($ in 000s) Three Months Ended Dec 31, Y-o-YKey Performance Metrics 2024 2023 % GrowthRevenue Telehealth$49,889$31,256 60%WorkSimpli$14,365$13,603 6%Total Revenue$64,254$44,859 43% Active Subscribers Telehealth Active Subscribers 275,267 217,171 27%WorkSimpli Active Subscribers 163,743 158,363 3%Total Active Subscribers 439,010 375,534 17% Financial Guidance For the first quarter of 2025, the Company expects: Total revenue in the range of $61 million to $63 million, with telehealth revenue in the range of $48 million to $49 million.Adjusted EBITDA in the range of $5 million to $7 million, with telehealth adjusted EBITDA in the range of $3 million to $4 million. For the full year 2025, the Company expects: Total revenue in the range of $265 million to $275 million, with telehealth revenue in the range of $205 million to $213 million.Adjusted EBITDA in the range of $30 million to $32 million, with telehealth adjusted EBITDA of approximately $20 million. 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:800-225-9448International dial-in number:203-518-9708Conference ID:LIFEMDLive & Archived Webcast:Link 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 22,500-square-foot 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 ContactLifeMD, Inc.Marc Benathen, Chief Financial Officermarc@lifemd.com Media ContactJessica Friedeman, Chief Marketing Officerpress@lifemd.com LIFEMD, INC.CONSOLIDATED BALANCE SHEETS December 31, 2024 December 31, 2023 ASSETS Current Assets Cash$35,004,924 $33,146,725 Accounts receivable, net 8,217,813 5,277,250 Product deposit 40,763 485,850 Inventory, net 2,797,358 2,759,932 Other current assets 2,672,231 934,510 Total Current Assets 48,733,089 42,604,267 Non-current Assets Equipment, net 1,479,184 476,303 Right of use assets 6,400,596 594,897 Capitalized software, net 13,816,501 11,795,979 Intangible assets, net 2,030,656 3,009,263 Total Non-current Assets 23,726,937 15,876,442 Total Assets$72,460,026 $58,480,709 LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' (DEFICIT) EQUITY Current Liabilities Accounts payable$16,009,484 $11,084,855 Accrued expenses 20,811,763 13,937,494 Notes payable, net — 327,597 Current operating lease liabilities 508,537 603,180 Current portion of long-term debt 8,444,444 — Deferred revenue 14,480,917 8,828,598 Total Current Liabilities 60,255,145 34,781,724 Long-term Liabilities Long-term debt, net 9,885,057 17,927,727 Noncurrent operating lease liabilities 6,265,192 73,849 Contingent consideration 100,000 131,250 Total Liabilities 76,505,394 52,914,550 Commitments and Contingencies Mezzanine Equity Preferred Stock, $0.0001 par value; 5,000,000 shares authorized Series B Convertible Preferred Stock, $0.0001 par value; 5,000 shares authorized, zero shares issued and outstanding, liquidation value, $0 per share as of December 31, 2024 and 2023 — — 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 $25.55 per share as of December 31, 2024 and 2023 140 140 Common Stock, $0.01 par value; 100,000,000 shares authorized, 42,293,907 and 38,358,641 shares issued, 42,190,867 and 38,255,601 outstanding as of December 31, 2024 and 2023, respectively 422,939 383,586 Additional paid-in capital 230,508,339 217,550,583 Accumulated deficit (236253218) (214265236) Treasury stock, 103,040 shares, at cost, as of December 31, 2024 and 2023 (163701) (163701) Total LifeMD, Inc. Stockholders’ (Deficit) Equity (5485501) 3,505,372 Non-controlling interest 1,440,133 2,060,787 Total Stockholders’ (Deficit) Equity (4045368) 5,566,159 Total Liabilities, Mezzanine Equity and Stockholders’ (Deficit) Equity$72,460,026 $58,480,709 LIFEMD, INC.CONSOLIDATED STATEMENTS OF OPERATIONS Fourth Quarter Ended December 31, Year Ended December 31, 2024 2023 2024 2023Revenues Telehealth revenue, net $49,889,374 $31,256,199 $158,438,631 $98,152,919 WorkSimpli revenue, net 14,365,198 13,603,648 54,015,207 54,394,087 Total revenues, net 64,254,572 44,859,847 212,453,838 152,547,006 Cost of revenues Cost of telehealth revenue 8,391,484 4,954,646 21,440,799 17,480,533 Cost of WorkSimpli revenue 1,038,362 400,913 2,627,680 1,419,931 Total cost of revenues 9,429,846 5,355,559 24,068,479 18,900,464 Gross profit 54,824,726 3,504,288 188,385,359 133,646,542 Expenses Selling and marketing expenses 25,855,545 20,389,121 103,020,025 76,451,466 General and administrative expenses 19,909,060 15,573,509 72,662,021 51,694,232 Customer service expenses 2,831,985 2,058,549 10,217,654 7,632,283 Development costs 2,410,653 1,998,015 9,512,308 6,060,513 Other operating expenses 2,799,241 1,656,631 9,118,032 6,297,321 Total expenses 53,806,484 41,675,825 204,530,040 148,135,815 Operating income (loss) 1,018,242 (2,171,537) (16,144,681) (14,489,273) Other expenses Interest expense, net (614,074) (622,685) (2,181,817) (2,596,586)Loss on debt extinguishment — — — (325,198) Net income (loss) before income taxes 404,168 (2,794,222) (18,326,498) (17,411,057) Income tax expense (169,477) (428,000) (402,000) (428,000) Net income (loss) 234,691 (3,222,222) (18,728,498) (17,839,057) Net income attributable to noncontrolling interests 340,963 509,880 153,234 2,756,935 Net loss attributable to LifeMD, Inc. (106,272) (3,732,102) (18,881,732) (20,595,992) Preferred stock dividends (776,562) (776,562) (3,106,250) (3,106,250) Net loss attributable to LifeMD, Inc. common stockholders $(882,834) $(4,508,664) $(21,987,982) $(23,702,242) Basic loss per share attributable to LifeMD, Inc. common stockholders $(0.02) $(0.12) $(0.53) $(0.70)Diluted loss per share attributable to LifeMD, Inc. common stockholders$(0.02) $(0.12) $(0.53) $(0.70) Weighted average number of common shares outstanding: Basic 42,205,767 36,710,746 41,196,292 33,905,155 Diluted 42,205,767 36,710,746 41,196,292 33,905,155 LIFEMD, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS Fourth Quarter Ended December 31, Year Ended December 31, 2024 2023 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) $234,691 $(3,222,222) $(18,728,498) $(17,839,057)Adjustments to reconcile net loss to net cash provided by operating activities: Amortization of debt discount 100,444 100,444 401,775 333,939 Amortization of capitalized software 2,136,248 1,637,094 8,021,141 5,424,810 Amortization of intangibles 244,569 245,968 982,405 971,464 Accretion of consideration payable — 18,740 13,644 167,221 Depreciation of fixed assets 166,278 57,666 487,976 203,952 Write-down of inventory 675,669 537,685 675,669 537,685 Loss on debt extinguishment — — — 325,198 Noncash operating lease expense 247,042 204,207 776,080 766,280 Stock issued for legal settlement — — — 532,000 Stock compensation expense 3,104,956 3,645,607 12,234,797 12,489,343 Changes in Assets and Liabilities Accounts receivable (2,168,312) (858,668) (2,940,563) (2,442,500)Product deposit 95,992 (401,082) 445,087 (358,585)Inventory (827,584) 493,029 (713,095) 405,746 Other current assets (434,226) 369,450 (1,737,721) (247,488)Operating lease liabilities (38,397) (218,624) (485,079) (808,368)Deferred revenue (1,909,624) 2,589,244 5,652,319 3,281,092 Accounts payable 142,015 1,447,465 4,924,629 978,062 Accrued expenses (201,412) (932,373) 7,502,624 4,678,757 Other operating activity — — — (579,319)Net cash provided by operating activities 1,568,349 5,713,630 17,513,190 8,820,232 CASH FLOWS FROM INVESTING ACTIVITIES Cash paid for capitalized software costs (2,495,317) (2,107,307) (10,041,663) (8,380,602)Purchase of equipment (225,410) (109,332) (1,490,857) (203,814)Purchase of intangible assets — — (3,798) (148,868)Net cash used in investing activities (2,720,727) (2,216,639) (11,536,318) (8,733,284) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from long-term debt, net — — — 19,466,887 Proceeds from common stock issued to Medifast — 10,000,000 — 10,000,000 Proceeds from notes payable — — — 2,347,691 Sale of common stock under ATM, net — 5,303,092 — 6,202,659 Repayment of notes payable, net of prepayment penalty — (98,626) (327,597) (5,142,542)Cash proceeds from exercise of options 12,499 94,500 120,312 94,500 Preferred stock dividends (776,562) (776,562) (3,106,250) (3,106,250)Contingent consideration payment for ResumeBuild — (125,000) (31,250) (312,500)Net payments for membership interest of WorkSimpli — — — (305,625)Distributions to non-controlling interest (665,888) (36,000) (773,888) (144,000)Net cash (used in) provided by financing activities (1,429,951) 14,361,404 (4,118,673) 29,100,820 Net (decrease) increase in cash (2,582,329) 17,858,395 1,858,199 29,187,768 Cash at beginning of period 37,587,253 15,288,330 33,146,725 3,958,957 Cash at end of period $35,004,924 $33,146,725 $35,004,924 $33,146,725 Cash paid for interest Cash paid during the period for interest $614,993 $663,212 $2,528,042 $2,148,454 Non-cash investing and financing activities: Cashless exercise of options $— $— $5,127 $744 Cashless exercise of warrants $— $793 $16,305 $793 Stock issued for noncontingent consideration payments $— $642,000 $642,000 $2,568,000 Stock issued for debt conversion $— $1,000,000 $— $1,000,000 Series B Preferred Stock conversion $— $— $— $5,072,814 Warrants issued for debt instruments $— $— $— $873,100 Right of use assets $(102,618) $— $6,581,779 $155,168 Operating lease liabilities $(102,618) $— $6,581,779 $155,168 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. 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. 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, 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 EPS to Diluted loss per share attributable to LifeMD, Inc 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 and adjusted EPS 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 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 Consolidated GAAP Net Loss to Consolidated Adjusted EBITDA(in whole numbers, unaudited) Fourth Quarter Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Net loss attributable to common shareholders$(882,834) $(4,508,664) $(21,987,982) $(23,702,242) Interest expense (excluding amortization of debt discount) 513,630 522,241 1,780,042 1,755,656 Depreciation, amortization and accretion expense 2,547,095 1,959,468 9,505,166 6,767,447 Amortization of debt discount 100,444 100,444 401,775 333,939 Loss on debt extinguishment — — — 325,198 Financing transactions expense 13,125 38,431 336,497 773,932 Litigation costs (a) 376,030 168,600 1,698,531 1,594,930 Severance costs 56,403 17,400 1,198,471 25,092 Acquisitions expenses 537,662 30,909 537,662 158,047 Insurance acceptance readiness 92,661 252,250 1,454,298 318,884 Sarbanes Oxley readiness 134,891 151,248 521,361 199,824 Accrued interest on Series B Convertible Preferred Stock — — — 506,991 Foreign exchange loss 246,538 368,793 1,154,954 1,165,412 Taxes 1,023,872 428,000 2,285,425 498,378 Dividends 776,562 1,363,560 3,106,250 5,227,450 Stock-based compensation expense 3,104,956 3,645,607 12,234,797 12,489,343 Net income attributable to noncontrolling interests 340,963 509,880 153,234 2,756,935 Consolidated Adjusted EBITDA$8,981,997 $5,048,167 $14,380,480 $11,195,216 (a) For the quarter and year ended December 31, 2024, the Company included litigation costs related to a class action complaint alleging, inter alia, unauthorized disclosure of certain information of class members to third parties (the Marden v. LifeMD, Inc. case), as disclosed in the Company’s Form 10-K for the year ended December 31, 2024 and a heavily negotiated executive separation agreement. For the quarter and year ended December 31, 2023, the Company included litigation costs related to a purported breach of an investment bank engagement concerning potential debt financing (the William Blair LLC v. LifeMD, Inc. case) and a purported breach of a consulting services agreement for strategic and corporate development services (the Harborside Advisors LLC v. LifeMD, Inc. case), as disclosed in the Company’s Form 10-K for the fiscal year ended December 31, 2023 and filed on March 11, 2024. Reconciliation of GAAP Diluted Loss per Share Attributable to Common Shareholders to Adjusted EPS (unaudited) Fourth Quarter Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Diluted loss per share attributable to LifeMD, Inc. common shareholders $(0.02) $(0.12) $(0.53) $(0.70) Adjustments to Reconcile GAAP Diluted Loss Per Share to Adjusted EPS Interest expense (excluding amortization of debt discount) 0.01 0.01 0.04 0.05 Depreciation, amortization and accretion expense 0.06 0.05 0.23 0.20 Amortization of debt discount — — 0.01 0.01 Loss on debt extinguishment — — — 0.01 Financing transactions expense — — — 0.02 Litigation costs 0.01 0.01 0.04 0.05 Severance costs — — 0.03 — Acquisitions expenses 0.01 — 0.01 0.01 Insurance acceptance readiness — 0.01 0.04 0.01 Sarbanes Oxley readiness 0.01 0.01 0.01 0.01 Accrued interest on Series B Convertible Preferred Stock — — — 0.01 Foreign exchange (gain) loss 0.01 0.01 0.03 0.03 Taxes 0.02 0.01 0.06 0.01 Dividends 0.02 0.04 0.08 0.15 Stock-based compensation expense 0.07 0.10 0.30 0.37 Net loss attributable to noncontrolling interests 0.01 0.01 — 0.08 Adjusted EPS $0.21 $0.14 $0.35 $0.32 Reconciliation of Telehealth GAAP Operating Loss to Telehealth Adjusted EBITDA(in whole numbers, unaudited) Fourth Quarter Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Telehealth operating loss $(92,328) $(4,401,440) $(16,787,433) $(25,261,021) Depreciation, amortization and accretion expense 1,647,085 1,280,032 6,203,006 4,456,393 Financing transactions expense 13,125 38,431 336,497 773,932 Litigation costs (a) 376,030 168,600 1,698,531 1,594,930 Severance costs 56,403 17,400 1,198,471 25,092 Acquisitions expenses 537,662 30,909 537,662 158,047 Insurance acceptance readiness 92,661 252,250 1,454,298 318,884 Sarbanes Oxley readiness 134,891 151,248 521,361 199,824 Stock-based compensation expense 3,104,956 3,645,607 12,234,797 12,489,343 Telehealth Adjusted EBITDA $5,870,484 $1,183,037 $7,397,189 $(5,244,576) (a) For the quarter and year ended December 31, 2024, the Company included litigation costs related to a class action complaint alleging, inter alia, unauthorized disclosure of certain information of class members to third parties (the Marden v. LifeMD, Inc. case), as disclosed in the Company’s Form 10-K for the year ended December 31, 2024 and a heavily negotiated executive separation agreement. For the quarter and year ended December 31, 2023, the Company included litigation costs related to a purported breach of an investment bank engagement concerning potential debt financing (the William Blair LLC v. LifeMD, Inc. case) and a purported breach of a consulting services agreement for strategic and corporate development services (the Harborside Advisors LLC v. LifeMD, Inc. case), as disclosed in the Company’s Form 10-K for the fiscal year ended December 31, 2023 and filed on March 11, 2024. Reconciliation of WorkSimpli GAAP Operating Income to WorkSimpli Adjusted EBITDA(in whole numbers, unaudited) Fourth Quarter Ended December 31, Year Ended December 31, 2024 2023 2024 2023 WorkSimpli operating income $1,110,570 $2,229,903 $642,752 $10,771,748 Depreciation, amortization and accretion expense 900,010 679,436 3,302,160 2,311,054 Foreign exchange loss 246,538 368,793 1,154,954 1,165,412 Taxes 854,395 — 1,883,425 70,378 Dividends — 586,998 — 2,121,200 WorkSimpli Adjusted EBITDA $3,111,513 $3,865,130 $6,983,291 $16,439,792

LifeMD Reports Fourth Quarter 2024 Results

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