ACCELERATING REVENUE GROWTH OF 295%!!!!! SUBSCRIPTION REVEUE NOW AT 80% OF TOTAL!!!! CONSIERGE TELEMEDICINE AND NAVA MD VERY SOON!!!! JUST SCRATCHING THE SURFACE OF GROWTH OPPORTUNITIES!!!!!
LifeMD Q1 2021 Revenues on Track to Exceed $17 Million, up 295%, with Subscriptions Representing More than 80% of Total Revenue
NEW YORK, March 05, 2021 (GLOBE NEWSWIRE) -- LifeMD, Inc. (NASDAQ: LFMD) (formerly Conversion Labs), a leading direct-to-patient telehealth company, expects revenue for the first quarter ending March 31, 2021 to exceed $17 million, up more than 295% compared to the same year-ago quarter.
“Given the strengthening sales and customer growth we’ve been seeing over the last few months, we are well on track for another record-breaking quarter that will once again exceed all expectations,” stated LifeMD CEO, Justin Schreiber. “We are now hitting an annualized run-rate of more than $68 million, with increasing momentum coming into March. Our growing recurring revenue stream from subscriptions is also providing us greater visibility into future performance.”
Subscriptions are expected to generate more than 80% of revenue in the quarter, compared to about 63% in the same year-ago period. The increase in subscription revenue is expected to be largely due to sales of the company’s Shapiro MD™ hair products for men and women under a new subscription-based program, as well as continued record subscription sales of the company’s telemedicine brand for men, Rex MD™.
“We believe this performance reflects our ability to deliver an expanding portfolio of telemedicine products and services to a growing population of patients across the U.S.,” commented LifeMD COO, Brad Roberts. “Over the course of the past year we established a strong foundation to address this opportunity and support rapid growth.”
Now just a few weeks away, the upcoming official launch of the company’s new subscription-based primary care and concierge telehealth services represents another valuable avenue for transforming the healthcare experience and attracting new patients to the LifeMD digital health platform.
“This new service is about realizing our vision for radically changing healthcare, by making the best physicians and medications more accessible and affordable,” added Schreiber. “From discreetly treating sexual health issues and hair loss, to providing long-term concierge care, we believe we will be able to dramatically improve the health and wellbeing of countless Americans.”
Anticipated as another major growth driver for 2021, the company will soon launch Nava MD™, a teledermatology clinic for women. Nava MD will offer teledermatology services and a clinically proven OTC technology to patients across all 50 states.
“As remarkable as our growth and market expansion has been over the last year, we believe we’ve only just begun to scratch the surface of our potential and market opportunity,” commented LifeMD CFO, Marc Benathen. “Our recently announced and completed $14 million strategic private placement supports our aggressive growth initiatives, including further scaling the size and reach of our digital health ecosystem, expanding our suite of brands for men’s and women’s health, and accelerating customer acquisition for our new concierge telehealth services.”
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