LifeMD, Inc. (NASDAQ:LFMD) Q2 2024 Earnings Conference Call August 7, 2024 4:30 PM ET

Company Participants

Justin Schreiber – Chairman and Chief Executive Officer
Marc Benathen – Chief Financial Officer

Conference Call Participants

David Larsen – BTIG
Steve Dechert – KeyBanc
William Wood – B. Riley Securities
Sarah James – Cantor
Yi Chen – H.C. Wainwright
Alex Fuhrman – Craig-Hallum Capital Group
Ilya Zubkov – Freedom Broker

Operator

Good afternoon. Thank you for joining us today to discuss LifeMD’s Results for the Second Quarter Ended June 30, 2024. Joining 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 question-and-answer session.

Before we begin, I’d 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, August 7, 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 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 financial results and posted an updated corporate presentation on our website at ir.lifemd.com.

During the quarter, the performance of LifeMD’s core telehealth business was very strong, led by our GLP-1 weight management offering. This business achieved 67% year-over-year revenue growth, while surpassing our expectations. This business also achieved positive adjusted EBITDA one quarter earlier than guidance.

We are pleased with the results from our core healthcare business during the quarter and for the year, we expect continued outperformance on both top and bottom line metrics. WorkSimpli’s performance was pressured in the second quarter due to a tougher-than-expected advertising environment, coupled with some executional missteps from the business.