LifeMD, Inc. (NASDAQ:LFMD) Q2 2023 Earnings Call Transcript August 9, 2023 4:30 PM ET

Company Participants

Justin Schreiber - Chairman and Chief Executive Officer

Marc Benathen - Chief Financial Officer

Conference Call Participants

David Larsen - BTIG, LLC

Sarah James - Cantor Fitzgerald

Operator

Good afternoon. Thank you for joining us today to discuss the results for LifeMD's Second Quarter ended June 30, 2023, Joining the call today are Justin Schreiber, Chairman and Chief Executive Officer; and Marc Benathen, Chief Financial Officer of LifeMD. Following management's prepared remarks, we will open the call for a question-and-answer session. [Operator Instructions].

Before we begin, I would like to remind everyone to during this call the company will make a number of forward-looking statements, which are subject to numerous risks and uncertainties that may cause actual results to differ materially from those projected.

Those risks and uncertainties are described in the company's 10-K and 10-Q filings, and we've seen other filings that LikeMD may make with the SEC from time to time. Forward-looking statements made during this call are based on current information available to the company as of today, August 9, 2023, the company assumes no obligation to update or revise any forward-looking statements after today's call, except as required by law.

Also, please note that the management will be discussing certain non-GAAP financial measures that the company believes are important in evaluating light in this performance. Details on the relationship between those non-GAAP measures to the most comparable GAAP measures and reconciliations thereof can be found in the press release issued earlier today.

Finally, I would like to remind everyone that today's call is being recorded and will be available for replay in the Investor Relations section of the company's website.

Now I'd like to turn the call over to LifeMD’s, CEO, Justin Schreiber. Please go ahead.

Justin Schreiber

Thank you, and good afternoon, everyone. After the market closed, we issued a press release announcing our second quarter results and posted an updated corporate presentation on our website at ir.lifemd.com. Our second quarter performance was strong, continuing the momentum established in the first quarter. Our core telehealth business demonstrated double-digit sequential revenue growth once again and we achieved positive free cash flow ahead of schedule.

Additionally, we successfully rolled out our weight management program, which helps patients access GLP-1 medications, such as Wegovy, Ozempic, and Mounjaro. The early results have far surpassed our expectations. I'll speak more about this in a moment. Given the tremendous opportunity ahead of us in weight management and the continued strong performance of our existing telehealth business, we are raising our full-year 2023 revenue guidance to $146 million to $152 million, up from the previous $140 million to $150 million.