LifeMD, Inc.

Second-quarter revenue was $47.3 million, down approximately 4% year over year from telehealth revenue of $49 million and within guidance of $47 million to $50 million. GAAP net loss from continuing operations attributable to common stockholders was $7.9 million, or $0.16 per share, and adjusted EBITDA was a loss of approximately $3.5 million. Gross margin expanded to 89%, up about 60 basis points sequentially. Cash at quarter end was $25.1 million. For the third quarter, management guided to revenue of $48 million to $51 million and EBITDA of negative $1 million to positive $2 million. For the fourth quarter, it guided to revenue of $60 million to $64 million and EBITDA of $3 million to $6 million; excluding XYOSTED launch impact, that implies a Q4 annualized revenue run rate of about $250 million and annualized adjusted EBITDA of about $22 million. Full-year 2026 guidance was revised to revenue of $205.5 million to $212.5 million and adjusted EBITDA of negative $6 million to break even.

Justin Schreiber framed the quarter as a deliberate but costly transition toward a more durable healthcare and pharmacy model built around recurring revenue, branded therapies, insurance, and partnerships rather than heavy dependence on paid media. He said the company “owns” the EBITDA miss, attributing it to elevated acquisition costs and the new $39 introductory offer, but argued the underlying model is improving through a higher recurring revenue mix, better gross margins, and more diversified demand channels. His tone was candid about the near-term pressure but optimistic that the business is positioned for stronger profitability in the second half and beyond.

Atul Kavthekar said revenue of $47.3 million was down sequentially because of the planned marketing pullback, higher customer acquisition costs, and the price change from $79 to $39 in the first month of the GLP-1 offering. He highlighted gross margin of 89%, advertising and marketing expense of $28 million, a sequential decline of $1.8 million in ad spend, and a roughly $1.5 million sequential decline in G&A, plus a $7.9 million GAAP net loss and $25.1 million in cash. He also said cash flow was pressured by marketing investment and the pricing transition, but expects cash to improve through year-end as more patients choose longer-duration plans, partially offset by pharmacy working capital needs; he also noted the credit agreement was amended on favorable terms.

Analysts pressed on peptides, branded versus compounded GLP-1 economics, insurance adoption, and the women’s health ramp. Management said it has no revenue estimate for peptides but sees a significant opportunity if FDA allows compounding, and is preparing sterile compounding capabilities; on branded GLP-1s, it said almost 95% of new patients are now going on branded therapy and that compounding has become very small. On insurance, management said about 10% of new patients are coming through insurance flows, up from a much smaller base, and expects that mix to keep growing as patients increasingly want to use benefits for medications.