LifeMD (LFMD) Q4 2024 earnings summary

Executive summary

• Achieved record Q4 and full-year 2024 results, exceeding prior guidance, with strong growth and profitability in telehealth and WorkSimpli platforms, and over 275,000 active patients and 1.1M virtual consults as of year-end.

• Launched new offerings including male hormone replacement therapy, a nationwide pharmacy licensed in 47 states, and expanded medical/pharmacy benefits infrastructure.

• Holds a 73% stake in WorkSimpli, a profitable SaaS business, contributing to diversified revenue streams.

• Strategic 2025 priorities include expanding weight loss/metabolic care, growing hormone therapy, launching LifeMD Plus membership, and scaling insurance/payer programs.

• Notable uptake in weight management and hormone therapy programs; Medicare launch and LillyDirect integration expected to drive future growth.

Financial highlights

• Q4 2024 consolidated revenue grew 43% year-over-year to $64.3M; telehealth revenue up 60%.

• Q4 adjusted EBITDA reached $9M (up 78% YoY); telehealth adjusted EBITDA $5.9M (up 396%).

• Q4 gross margin was 85%–85.3%, down from 88% due to one-time pharmacy costs, expected to normalize at 88–90% in 2025.

• Q4 GAAP net loss narrowed to $883K ($0.02/share) from $4.5M ($0.12/share) YoY.

• Full-year 2024 revenue was $212.5M (+39% YoY); telehealth revenue +61%.

• Full-year adjusted EBITDA was $14.4M, up from $11.2M; cash flow from operations increased 99% to $17.5M.

• Ended 2024 with $35M in cash.

Outlook and guidance

• 2025 consolidated revenue guidance: $265M–$275M; telehealth revenue: $205M–$213M.

• 2025 adjusted EBITDA guidance: $30M–$32M consolidated, ~$20M telehealth.

• Gross margin expected to normalize at 88–90% in 2025.

• Insurance revenue expected to be mid-single-digit % of 2025 revenue, with potential to reach 30–50% in 3–4 years.

• Q1 2025 revenue expected at $61M–$63M; telehealth revenue $48M–$49M; adjusted EBITDA $5M–$7M.