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what it is
LifeMD sells virtual doctor visits and prescriptions through online brands for primary care, men’s health, women’s health, allergy, and skin care.
how it gets paid
FY2025 telehealth revenue ~$194.1M (+~25% vs. FY2024) — EX-99.1.
why it's growing
Adj. EBITDA ~$15.25M FY2025 (+~309% vs. $3,726,231 FY2024). Q4 revenue +~3.8% vs. prior-year quarter; Adj. EBITDA ~$4.76M ($4,759,487) Q4 (+~348% vs. $1,061,729 prior-year quarter). GAAP remains loss-making on continuing operations at the operating line.
what just happened
Q4 2025 revenue ~$46.9M (+~3.8% vs. prior-year quarter). 2026 guide: revenue $220M–$230M; Adj. EBITDA $12M–$17M; Q1 revenue $48M–$49M with planned Adj. EBITDA loss from GLP-1 acquisition spend — EX-99.1.
At a glance
B balance sheet — gets the job done, barely
35 / 100 earnings predictability — expect surprises
$(0.30) FY2025 diluted EPS · continuing
~$194.1M FY2025 telehealth revenue
~−3.95% operating margin · continuing FY2025 (loss ÷ revenue, EX-99.1)
xvary composite: 47 / 100 — below average
What they do
LifeMD sells virtual doctor visits and prescriptions through online brands for primary care, men’s health, women’s health, allergy, and skin care.
Multi-brand virtual care (men’s health, women’s health, weight management, etc.) plus affiliated medical group and pharmacy — retention comes from subscriptions and refill behavior. As of Dec 31, 2025, the company reported 389 employees (347 full-time) in the FY2025 Form 10-K (accession 0001493152-26-009549, filed Mar 10, 2026) — separate from contracted clinicians.
How they make money
~$194.1M
FY2025 telehealth revenue, net · +~25% vs. FY2024 · single consolidated line in EX-99.1
telehealth revenue, net
~$194.1M
+~25%
Segment revenue by product line: FY2025 Form 10-K (accession 0001493152-26-009549) / MD&A — this 8-K release reports one telehealth revenue total.
The products that matter
weight management · GLP-1
GLP-1 / obesity care
strategic focus per Mar 9, 2026 release
Post–year-end oral Wegovy launch; release cites record Q1 sign-ups and front-loaded Q1 2026 patient acquisition spend. Medicare / manufacturer collaborations cited as future catalysts — forward-looking, not guaranteed.
growth bet
men’s health brand
Rex MD
CEO: strong, profitable growth · no segment revenue in EX-99.1
Narrative link to weight-management launch; still rolls into the single telehealth revenue line in EX-99.1.
brand
platform
Benefits + pharmacy stack
~323,000 active subscribers · Q4 2025
Release: benefits infrastructure targeting ~220M Americans by end Q2 2026; vertically integrated care + affiliated pharmacy — execution and regulation risk remain high.
infrastructure
Key numbers
~$194.1M
FY2025 revenue
Telehealth revenue, net — +~25% vs. FY2024 per EX-99.1 ($194,055,198 vs. $154,824,075 FY2024).
$(0.30)
FY2025 diluted EPS · continuing
Diluted GAAP from continuing operations; total diluted $0.25 incl. discontinued (WorkSimpli). Do not mix the two when sizing earnings power.
~85.7%
gross margin FY2025
$166,340,390 ÷ $194,055,198 (GAAP, EX-99.1 income statement). Q4 2025 gross margin ~87.1% ($40,843,076 ÷ $46,868,484) vs. ~81.4% prior-year quarter.
~$15.25M
Adj. EBITDA FY2025
Non-GAAP $15,253,533; +~309% vs. $3,726,231 FY2024; reconciled in EX-99.1. 2026 guide $12M–$17M full year.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
- cash · debt ~$36.79M cash ($36,786,318) · $0 convertible debt on balance sheet at Dec 31, 2025 (EX-99.1); FY2024 column shows prior convertible balances paid down
letter grade and risk rank are xvary composite / third-party methodology — cash & debt lines above trace to EX-99.1.
Total return vs. market
Return history isn't available for LFMD right now.
source: n/a — verify total return vs. benchmark independently
What just happened
reported results
Q4 2025: revenue ~$46.9M ($46,868,484; +~3.8% vs. $45,137,021). Net loss from continuing operations ~$(1.09)M ($(1,087,537)); diluted continuing EPS $(0.04). Including discontinued operations (WorkSimpli), net income to common $19,187,103 (~$19.2M); diluted $0.41 — EX-99.1.
Q4 gross margin ~87.1% vs. ~81.4% prior-year quarter (calculated from EX-99.1 revenue / gross profit lines). FY2025: operating loss from continuing operations ~$(7.67)M on ~$194.1M revenue. Active subscribers ~323,000 at quarter end (+16% vs. prior year) — company disclosure in release.
~$46.9M
Q4 revenue
$(0.04)
Q4 diluted EPS · continuing
~87.1%
Q4 gross margin
the numbers that mattered
Adj. EBITDA path ($15,253,533 FY2025; $4,759,487 Q4) vs. 2026 guide ($12M–$17M FY; Q1 expected Adj. EBITDA loss on GLP-1 spend) frames whether growth investment pays off in H2.
source: SEC Form 8-K accession 0001493152-26-009380, EX-99.1, filed Mar 9, 2026 (FY2025 · Q4 2025)
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What could go wrong
The #1 risk is continuing operations staying loss-making at the operating line while the stock prices in 2026 guidance ($220M–$230M revenue, $12M–$17M Adj. EBITDA) and GLP-1 scale — after a year when reported net income was lifted by discontinued gains.
high
growth slows harder than guidance
2026 guide implies ~13–19% revenue growth after ~25% in FY2025 ($194,055,198 vs. $154,824,075 FY2024, EX-99.1). If the business lands below $220M, the market may read that as more than conservatism.
puts the valuation reset back on the table
med
GAAP continuing losses vs. headline net income
FY2025 net income to common ~$11.25M ($11,247,856) vs. ~$(24.52)M ($(24,515,266)) FY2024 (EX-99.1) — but continuing operations still posted operating loss ~$(7.67)M. Adj. EBITDA is positive; GAAP operating leverage is still thin.
do not confuse discontinued gains with telehealth operating profit
med
regulatory, litigation, and execution risk
EX-99.1 notes class actions (Johnston v. LifeMD, Inc., et al.; Marden v. LifeMD, Inc.) and legal / separation costs in non-GAAP reconciliations. Telehealth and GLP-1 are highly regulated; guidance is forward-looking.
use FY2025 Form 10-K risk factors for the full list
low
the stock stays violent even if the business improves
a 5 / 100 price stability score tells you this name does not trade on calm institutional sponsorship. Small-cap healthcare can be right eventually and painful first.
can shake out holders before the thesis plays out
35 / 100 earnings predictability plus 5 / 100 price stability is a rough combination. If growth misses at the same time margins give back ground, the stock can reprice before management finishes the sentence.
GAAP figures: 8-K EX-99.1 accession 0001493152-26-009380 · headcount: FY2025 Form 10-K accession 0001493152-26-009549 · scores: xvary / third-party
Pay attention to
trend
the guided slowdown
2026 revenue $220M–$230M implies ~13–19% growth after ~25% FY2025. Release also cites annualized run-rate revenue >$250M by Q4 2026 — watch whether management keeps both stories aligned.
metric
gross margin versus operating margin
Strong Q4 gross margin (~87.1%) still collides with continuing operating loss FY2025 — sales & marketing and G&A are the levers. Track Q1/Q2 Adj. EBITDA trajectory per company commentary.
risk
predictability staying weak
35 / 100 earnings predictability (xvary composite) is not background noise until continuing GAAP results stabilize — headline net income can still swing with non-recurring items.
calendar
the next update needs to confirm the profit story
you do not need perfection. you do need another report that keeps revenue inside the $220M–$230M path and avoids a step back from positive net income.
Analyst rankings
short-term outlook
mixed
coverage looks thin and the story just changed shape. in human-speak, the market does not have a clean consensus on what this should be worth.
risk profile
volatile
a 5 / 100 price stability score says the stock can move harder than the fundamentals on any given day.
valuation setup
debatable
~11.6× on headline FY2025 diluted EPS (~$2.91 / $0.25) is misleading if read as “telehealth earnings power” — the $0.25 includes discontinued gains; continuing diluted EPS was $(0.30) (EX-99.1). build your own multiple on continuing or adjusted earnings.
earnings predictability
35 / 100
the business has improved faster than its credibility. you need more than one clean year for that to change.
xvary composite labels; EPS figures in valuation card from EX-99.1 — street coverage thin; verify consensus independently.
Institutional activity
institutional ownership is not on this snapshot yet — verify via EDGAR 13F or your data vendor.
no filing-sourced 13F table on this page — see institutional callout above.
Price targets
3–5 year target range
n/a
n/a
$2.91
current price
n/a
target midpoint · n/a from current
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