LifeMD (NASDAQ:LFMD) executives highlighted strong fourth-quarter and full-year 2025 performance and outlined investment priorities for 2026, pointing to accelerating demand in its weight management business, expansion into women’s health, and continued momentum in men’s health. Management said the company ended 2025 with what it described as its strongest balance sheet and liquidity position in its history, including nearly $37 million in cash and no debt.
Operational momentum and platform scale
CEO Justin Schreiber said LifeMD entered 2026 with more than 322,000 active subscribers and is onboarding about 1,200 new patients per day across its platform. He added the company’s websites receive more than 120,000 unique daily visitors.
Schreiber said LifeMD launched oral Wegovy after year-end through a collaboration with Novo Nordisk, expanding access for patients who prefer an oral option. He also said LifeMD is integrated with both Novo Nordisk and Eli Lilly affiliated pharmacies and expects these collaborations to evolve. Management also pointed to “significant pipeline opportunities” with other pharmaceutical companies and partners, citing LifeMD’s infrastructure and patient base.
Women’s health launch and men’s health expansion
Women’s health was described as the company’s second-largest focus after weight management. Schreiber said LifeMD invested more resources into the women’s health launch than any prior launch, beginning with the acquisition of Optimal Human Health, a virtual concierge women’s health company founded by Dr. Doug Lucas. Schreiber also cited a partnership with Dr. Tara Scott, describing both clinicians’ experience and public profiles, and said additional advisors are expected to join the women’s health advisory board in coming weeks and months.
Schreiber framed the market opportunity around access constraints—nearly 50% of U.S. counties lacking an OBGYN and 1.3 million women entering menopause each year. He said unit economics are moving “in the right direction” and that women’s health is expected to contribute to growth in 2026. He listed several upcoming catalysts, including insurance and Medicare support, pharmacy bundles combining GLP-1, hormone, and other therapies, and strategic media and influencer programs planned for later in the year.
On men’s health, Schreiber said Rex MD has about 215,000 active patients and returned to growth in the second half of 2025 while remaining profitable. He said the company is expanding Rex MD beyond core sexual health programs into additional personalized generic and compounded medication categories. Schreiber also said LifeMD launched a Rex MD integration with NovoCare and now offers injectable and oral Wegovy to Rex MD patients. The company plans to introduce five new men’s health offerings from its pharmacy in the first half of 2026, including insomnia, erectile dysfunction, dermatology, and topical pain relief. Schreiber added that LifeMD is monitoring FDA guidance on peptide therapies and is prepared to launch those permitted to be compounded and supported by strong clinical data.
Pharmacy buildout, cardiology pilot, and AI priorities
Schreiber said the company’s affiliated pharmacy is licensed in all 50 states and is processing about 20,000 prescriptions per month. He added that a recently licensed 503A compounding operation allows LifeMD to produce personalized compounded medications at scale, which management expects will support multiple verticals and could expand margins and deepen patient engagement.
During the Q&A, CFO Marc Benathen said LifeMD is approaching 70% in-house fulfillment for Rex MD and Shapiro MD, and said the company is seeing roughly 150 to 200 basis points of margin improvement from internal fulfillment, while also gaining flexibility for personalized and 503A compounded products.
Schreiber also described a beta launch of a “30-state virtual cardiology offering” in March. The program allows patients to book cash-pay or insurance-covered visits with board-certified cardiologists, and he said an AI-supported intake process pulls patient history from a health information exchange and synchronizes it with biomarker and intake data. Schreiber said he expects the model to serve as a blueprint for broader triage, diagnosis, and treatment across the platform.
Looking to 2026, Schreiber outlined three infrastructure priorities:
- Artificial intelligence: LifeMD said it has built an internal AI and engineering team and plans to launch an AI clinical decision support tool in the first half of 2026 that connects to medical records, pulls health information exchange data, and integrates lab biomarkers.
- Benefits/insurance enablement: Schreiber said the platform currently covers more than 110 million lives through payer contracts and is expected to exceed 220 million lives by the end of the second quarter through an expanded partnership with a third-party benefits partner. He said CACs have declined by as much as 30% when patients can use insurance.
- Technology platform modernization: Management said it is building a more integrated platform experience so AI capabilities and benefits verification are embedded into the patient journey rather than existing as point solutions.
Financial results and 2026 guidance
Benathen said fourth-quarter results were “ahead of our previous guidance,” driven by outperformance across the company. LifeMD added more than 13,000 net new subscribers in the quarter, which he said was the largest net gain of any quarter in 2025.
Fourth quarter 2025 results included:
- Revenue of $46.9 million, up 4% year-over-year.
- Active subscribers up 16% year-over-year to nearly 323,000.
- Gross margin of 87.1%, up 570 basis points year-over-year; gross profit of $40.8 million, up 11%.
- GAAP net income attributable to common stockholders of $19.0 million, or $0.41 per share, including a one-time benefit from the sale of WorkSimpli. Excluding that one-time gain, GAAP net loss from continuing operations was $1.9 million, or $0.04 per share.
- Adjusted EBITDA of $4.8 million, compared with $1.1 million in the year-ago period.
Full-year 2025 results included:
- Revenue of $194.1 million, up 25% year-over-year.
- Gross margin of 85.7% (down 50 basis points), and gross profit of $166.3 million, up 25%.
- GAAP net income attributable to common stockholders of $11.2 million, or $0.25 per share, including the WorkSimpli sale benefit. Excluding that one-time gain, GAAP net loss from continuing operations was $13.3 million, or $0.30 per share.
- Adjusted EBITDA of $15.3 million, compared with $3.7 million in the prior year.
On guidance, Benathen said LifeMD expects first-quarter 2026 revenue of $48 million to $49 million and an Adjusted EBITDA loss of $4 million to $5 million, which he attributed to a discretionary increase in sales and marketing to capitalize on record demand in GLP-1 weight loss. He said the company achieved record demand with a 4% sequential decline in CACs in that business line and expects to return to Adjusted EBITDA profitability in the second quarter.
For full-year 2026, LifeMD guided to revenue of $220 million to $230 million and Adjusted EBITDA of $12 million to $17 million. Benathen also said that by the fourth quarter of 2026, the company expects an annualized revenue run rate exceeding $250 million and an annualized Adjusted EBITDA run rate exceeding $25 million.
During Q&A, management provided additional detail on oral Wegovy economics. Benathen said pricing varies by dosage, but is typically “$249 a month price all in as a bundle” and can move higher. He said gross margins are “healthy,” estimating roughly $100 in margin per order, and noted LifeMD recognizes net amounts in the P&L because the product is currently a pass-through, with margin generated from services provided to patients.
Management also discussed the company’s 2026 sales and marketing step-up, with Benathen saying telehealth sales and marketing spend is expected to be in the $30 million to low $30 million range in the first quarter, compared with a typical $20 million to $22 million range in 2025’s telehealth business.
Schreiber and Benathen said subscriber count growth—primarily in GLP-1 weight management, women’s health (early-stage), and continued sequential growth in Rex—are expected to be key drivers of revenue progression through 2026.
About LifeMD (NASDAQ:LFMD)
LifeMD (NASDAQ: LFMD) is a U.S.-based telehealth company that delivers on-demand, membership-based virtual healthcare services. Through its digital platform and mobile applications, LifeMD connects patients with board-certified healthcare providers for diagnosis, treatment and ongoing management of a range of acute and chronic conditions. The company’s core offering centers on personalized care plans supported by prescription fulfillment, lab testing and prescription delivery services.
LifeMD’s service portfolio spans several specialty areas, including men’s health, hormonal therapy, weight management and primary care.
