Conversion Labs Launches Veritas MD™ Telehealth Platform, Delivering Greater Access to Growing Portfolio of Industry-Leading, Direct-to-Consumer Pharmacy and Wellness Brands
NEW YORK, Dec. 11, 2020 (GLOBE NEWSWIRE) -- Conversion Labs, Inc. (NASDAQ: CVLB), a direct-to-consumer telemedicine and wellness company, has officially launched its new Veritas MD telehealth platform, opening the door to greater market expansion with a growing portfolio of industry leading, direct-to-consumer pharmacy and wellness brands.
Building upon its existing telemedicine infrastructure initially formed early last year, Veritas MD has been designed to deliver greater access and convenience to the rapidly growing number of consumers seeking medical treatment, prescription medications, and over-the-counter personal health products from the comfort and security of their home or office.
Veritas MD integrates patient electronic health records and health care provider workflows across the company’s existing telehealth platforms, which includes a 50-state physician network, a leading online pharmacy, and in-house telehealth product development lab. This is combined with Conversion Labs’ professional performance marketing team that is focused on delivering best-in-class telehealth services to patients nationwide.
“Our official launch of Veritas MD represents the culmination of years of development by experts in technology, medicine, and regulatory affairs,” stated Justin Schreiber, president and CEO of Conversion Labs. “Veritas MD revolutionizes the way people gain access to medical care and medications in this new post-COVID world, particularly where convenience, affordability and health security have become paramount.”
Huge value just got added to the company
The state-of-the-art telemedicine technology that forms the foundation of Veritas MD has also transformed the scalability and agility of the company’s entire operations.
Think DEEP & LONG here!!!!
“Given the enhanced capabilities of Veritas MD, we are now better able to develop and then deliver treatments for new indications faster and more efficiently than ever before,” added Schreiber. “Veritas MD delivers incredible operational leverage by supporting greater scale at lower cost, especially how it now allows us to transition away from less efficient and more expensive third-party systems. But more importantly, its expertly designed video-powered mobile interface enhances the overall user experience and quality of care for both patients and doctors.”
Veritas MD will support the upcoming nationwide rollout of Nava MD, the company’s first online teledermatology and over-the-counter skincare brand with patented and clinically proven formulations. Nava MD addresses one of the fastest-growing market segments of the healthcare market, with teledermatology projected to grow at a 24% CAGR to hit $45 billion by 2027.
Nava MD follows on the success of the company’s other increasingly popular brands that include Rex MD and Shapiro MD. The company plans to soon launch a brand expansion of Rex MD to address additional medical indications, which it expects to solidify Conversion Labs’ market position as a leader in men’s health.
Traditionally, access to prescription medications has been available only through an in-person visit to a doctor’s office. Telemedicine provides convenient access to prescription medications and eliminates the need for in-person visits, ultimately saving patients and medical professionals time and money.
According to Forrester Research, this year telehealth has “shifted into hyper-drive,” with virtual health care consultations on pace to top 1 billion by year end. The telemedicine market is expected to grow at a 19.3% CAGR, reaching $175.5 billion by 2026, while the ePharmacy market is projected to grow at a CAGR of 17.3% over the same period to reach $177.8 billion. The timely launch of Veritas MD benefits from this paradigm shift in healthcare and the strong industry tailwinds it creates.
As an emerging leader in these high-growth markets, Conversion Labs recently reported hitting a record annualized revenue run-rate of nearly $50 million—an impressive four-fold increase over the $12.5 million in revenues last year—with gross margins exceeding 75%.
Annual recurring revenue (ARR) from subscriptions to products and services has reached $22.1 million, up 514% over last year, demonstrating a growing level of customer retention and high level of customer satisfaction. Strengthened by the many benefits provided by Veritas MD, the company expects growth to continue to accelerate into the new year.
To learn more about Veritas MD, visit conversionlabs.com/veritas.
Market Data 
Markets 
AI
