LifeMD, Inc. (NASDAQ:LFMD) Q4 2023 Earnings Conference Call March 11, 2024 4:30 PM ET

Company Participants

Justin Schreiber - Chairman and CEO

Marc Benathen - CFO

Conference Call Participants

David Larsen - BTIG

William Wood - B. Riley

Alex Fuhrman - Craig-Hallum

Ilya Zubkov - Freedom Broker

Yi Chen - H.C. Wainwright

Operator

Good afternoon. Thank you for joining us today to discuss LifeMD's Results for the Fourth Quarter and Year Ended December 31, 2023.

Joining on the call today are Justin Schreiber, Chairman and Chief Executive Officer; and Marc Benathen, Chief Financial Officer. Following management's prepared remarks, we will open the call for a question-and-answer session.

Before we begin, I would like to remind everyone that 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. These risks and uncertainties are described in the company's 10-K and 10-Q filings and within other filings that LifeMD 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, March 11, 2024. 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 management will be discussing certain non-GAAP financial measures that the company believes are important in evaluating LifeMD's performance. Details on the relationship between these 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 close, we issued a press release announcing our fourth quarter and year-end results. Later today, we will post an updated corporate presentation on our website at ir.lifemd.com as well as our shareholder letter. I share a lot of my thoughts on our journey and where we're headed. So I encourage everyone on this call to give it a read.

With that said, 2023 was a tremendous and record-setting year for LifeMD. Our revenue, patient subscriber base and profitability all increased sharply versus 2022. Catalyzing this growth was the launch of our nationwide GLP-1 weight management program in April 2023, which has since grown to become one of the largest and fastest-growing businesses of its kind in the U.S. In fact, our weight management program finished 2023 with over 22,000 active patient subscribers, well ahead of the 20,000 patients we previously guided to.