LifeMD (LFMD) Q4 2025 earnings summary

Executive summary

• Achieved record fourth quarter and full-year results, with 25% revenue growth to $194.1 million in 2025, adjusted EBITDA up 309% to $15.3 million, and exited with $36.8 million in cash and no debt, supporting aggressive growth investments.

• Entered 2026 with over 322,000 active subscribers, 1.5 million virtual consults completed, and a 98% patient satisfaction rate.

• Vertically integrated, AI-enabled platform spans primary, specialty, and pharmacy care, with nationwide coverage and proprietary technology stack.

• Largest revenue and growth contributor is GLP-1 metabolic health, with strong collaborations and cross-vertical expansion in women's and men's health.

• Launched oral Wegovy post-year-end, driving record Q1 weight management patient sign-ups and strong early growth in women's health.

Financial highlights

• Q4 2025 revenue grew 4% YoY to $46.9 million; full-year 2025 revenue up 25% to $194.1 million; 2026E revenue forecast at $225 million.

• Q4 gross margin expanded to 87.1% (up 570 bps YoY); full-year gross margin at 85.7%; telehealth gross margins up to 90% YTD 2026.

• Q4 GAAP net income was $19 million ($0.41/share) including a one-time gain; excluding this, net loss from continuing operations was $1.9 million ($0.04/share).

• Q4 Adjusted EBITDA was $4.8 million (up from $1.1 million YoY); full-year Adjusted EBITDA was $15.3 million (up from $3.7 million YoY).

• Active telehealth subscribers grew 16% YoY to nearly 323,000 at quarter end.

Outlook and guidance

• Q1 2026 revenue expected at $48–$49 million, with Adjusted EBITDA loss of $4–$5 million due to record patient acquisition investments.

• Full-year 2026 revenue guidance of $220–$230 million and Adjusted EBITDA of $12–$17 million; Q4 2026 annualized run rate expected to exceed $250 million revenue and $25 million Adjusted EBITDA.

• Adjusted EBITDA expected to return to profitability in Q2 2026 as acquisition costs decline.