Q2 2026 LifeMD Inc Earnings Call

August 5, 2026

Operator: Good afternoon, and thank you for joining us today to discuss LifeMD's results for Q2 ending 30 June 2026. Joining the call today are Justin Schreiber, Chairman and Chief Executive Officer, and Atul Kavthekar, 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 in other filings LifeMD may make with the SEC from time to time. Forward-looking statements made during this call are based on information available to the company as of today, 5 August 2026.

Operator: Good afternoon, and thank you for joining us today to discuss LifeMD's Results for Q2 Ending 30 June 2026. Joining the call today are Justin Schreiber, Chairman and Chief Executive Officer, and Atul Kavthekar, Chief Financial Officer. Following management's prepared remarks, we will open the call for a question and answer session.

Speaker #1: Good afternoon, and thank you for joining us today to discuss LifeMD's results for the second quarter ending June 30th, 2026. Joining the call today are Justin Schreiber, Chairman and Chief Executive Officer, and Atul Kastikar, Chief Financial Officer.

Speaker #1: 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.

Operator: 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 in other filings LifeMD may make with the SEC from time to time. Forward-looking statements made during this call are based on information available to the company as of today, 5 August 2026.

Speaker #1: These risks and uncertainties are described in the company's 10-K and 10-Q filings and in other filings LifeMD made may make with the SEC from time to time.

Speaker #1: Forward-looking statements made during this call are based on information available to the company as of today, August 5, 2026. The company assumes no obligation to update or revise any forward-looking statements after today's call, except as required by law.

Operator: The company assumes no obligation to update or revise any forward-looking statements after today's call, except as required by law. Management will also discuss certain non-GAAP financial measures that the company believes are useful in evaluating its performance. Reconciliation to the most comparable GAAP measures can be found in the press release issued earlier today. Today's call is being recorded and will be available for replay in the investor relations section of the company's website. Now, I would like to turn the call over to LifeMD's Chairman and Chief Executive Officer, Justin Schreiber. Justin.

Speaker #1: non-GAAP financial measures that the company believes are useful in evaluating its performance. Reconciliation to the most comparable GAAP measures can be found in the press release issued earlier today.

Speaker #1: Today's call is being recorded and will be available for replay in the investor relations section of the company's website. Now, I would like to turn the call over to LifeMD's Chairman and Chief Executive Officer, Justin Schreiber.

Operator: Today's call is being recorded and will be available for replay in the investor relations section of the company's website. Now, I would like to turn the call over to LifeMD's Chairman and Chief Executive Officer, Justin Schreiber. Justin.

Speaker #1: Justin?

Speaker #2: Thank you, Operator, and good afternoon, everyone. After the market closed today, we issued our second quarter earnings release and filed our Form 10-Q. We have also posted an updated investor presentation on our investor relations website.

Justin Schreiber: Thank you, operator, and good afternoon, everyone. After the market closed today, we issued our Q2 earnings release and filed our Form 10-Q. We've also posted an updated investor presentation on our investor relations website. I encourage everyone to review those materials. I want to begin by addressing the quarter directly. Revenue was $47.3 million, within the guidance range we provided. Adjusted EBITDA was a loss of approximately $3.5 million, reflecting elevated customer acquisition costs earlier in the quarter and a new $39 introductory offer. While elevated media costs were transient and Adjusted EBITDA improved throughout the quarter, we missed our own target, and I want to be direct about why. This quarter, we restructured our customer acquisition model. We transformed our leadership team. We advanced our transition toward branded GLP-1 therapies and longer duration members. We launched an important pharmaceutical collaboration with Halozyme.

Speaker #2: I encourage everyone to review those materials. I want to begin by addressing the quarter directly. Revenue was $47.3 million, within the guidance range we provided.

Speaker #2: Adjusted EBITDA was a loss of approximately $3.5 million, reflecting elevated customer acquisition costs earlier in the quarter and a new $39 introductory offer. While elevated media costs were transient and adjusted EBITDA improved throughout the quarter, we missed our own target and I want to be direct about why.

Justin Schreiber: Adjusted EBITDA was a loss of approximately $3.5 million, reflecting elevated customer acquisition costs earlier in the quarter and a new $39 introductory offer. While elevated media costs were transient and Adjusted EBITDA improved throughout the quarter, we missed our own target, and I want to be direct about why. This quarter, we restructured our customer acquisition model.

Speaker #2: This quarter, we restructured our customer acquisition model. We transformed our leadership team; we advanced our transition toward branded GLP-1 therapies and longer-duration members. We launched an important pharmaceutical collaboration with Halozyme.

Justin Schreiber: We transformed our leadership team. We advanced our transition toward branded GLP-1 therapies and longer duration members. We launched an important pharmaceutical collaboration with Halozyme.

Speaker #2: We continue to scale our pharmacy. Women's Health, insurance, Medicare, enterprise, and technology capabilities. And we took tangible steps to reduce our reliance on paid media as the principal engine of growth.

Justin Schreiber: We continue to scale our pharmacy, women's health, insurance, Medicare, enterprise, and technology capabilities. We took tangible steps to reduce our reliance on paid media as the principal engine of growth. We knew these changes would carry near-term costs. What we underestimated was the near-term pressure of those changes on profitability, and that's a miss we own. I have said before that our model is simple, quality care, quality products, and quality revenue. Our objective is not merely to grow. It is to build a healthcare and pharmacy business that generates increasing profits from a base of long-term patient relationships, one that benefits both our patients and our shareholders. That standard drove our decisions in Q2, and it is the lens through which I will discuss this today.

Speaker #2: We knew these changes would carry near-term costs. What we underestimated was the near-term pressure those changes put on profitability. And that's a miss we own.

Speaker #2: I have said before that our model is simple. Quality care, quality products, and quality revenue. Our objective is not merely to grow; it is to build a healthcare and pharmacy business that generates increasing profits from a base of long-term patient relationships.

Justin Schreiber: Our objective is not merely to grow. It is to build a healthcare and pharmacy business that generates increasing profits from a base of long-term patient relationships, one that benefits both our patients and our shareholders. That standard drove our decisions in Q2, and it is the lens through which I will discuss this today.

Speaker #2: One that benefits both our patients and our shareholders. That standard drove our decisions in the second quarter, and it is the lens through which I will discuss this today.

Speaker #2: Before I do that, I want to explain the strategic choice underneath these numbers because it accounts for both the near-term pressure and how we expect the business to evolve and grow from here.

Justin Schreiber: Before I do that, I want to explain the strategic choice underneath these numbers because it accounts for both the near-term pressure and how we expect the business to evolve and grow from here. There's a well-worn playbook for growing a direct-to-consumer healthcare company quickly. Chase the lowest price medication, maximize promotional volume, concentrate spend on a single advertising channel, and optimize for immediate cash collection. That approach can produce attractive results for a period of time, but it also produces shallow patient relationships, volatile acquisition economics, regulatory exposure, and revenue that must constantly be replaced. We are deliberately not running that playbook. We are building for the patients who use LifeMD for more of their healthcare over time, not as a website they visit for a single prescription.

Speaker #2: There is a well-worn playbook for growing a direct-to-consumer healthcare company quickly: chase the lowest-priced medication, maximize promotional volume, concentrate spend on a single advertising channel, and optimize for immediate cash collection.

Speaker #2: That approach can produce attractive results for a period of time. But it also produces shallow patient relationships, volatile acquisition economics, regulatory exposure, and revenue that must constantly be replaced.

Justin Schreiber: That approach can produce attractive results for a period of time, but it also produces shallow patient relationships, volatile acquisition economics, regulatory exposure, and revenue that must constantly be replaced. We are deliberately not running that playbook. We are building for the patients who use LifeMD for more of their healthcare over time, not as a website they visit for a single prescription.

Speaker #2: We are deliberately not running that playbook. We are building for the patients who use LifeMD for more of their healthcare over time, not as a website they visit for a single prescription.

Speaker #2: In practice, this means employing and trading high-quality, affiliated providers supporting patients between visits; integrating labs and pharmacy; expanding insurance access; and building programs that address multiple related conditions across a patient's life.

Justin Schreiber: In practice, this means employing and training high-quality affiliated providers, supporting patients between visits, integrating labs and pharmacy, expanding insurance access, and building programs that address multiple related conditions across a patient's life. When we do that well, it shows up in the numbers. Patients stay longer, engage with more of the platform, and refer friends and family. Pharmacy attachment increases and retention improves. This generates revenue that recurs instead of needing to be reacquired. That is what we mean by quality revenue. This quarter gives specific evidence that the model is working as designed. Recurring bill revenue represented approximately 84% of total revenue. That installed base is increasingly the economic engine of LifeMD. It generates high contribution margin revenue, funds continued patient acquisition and product investment, and gives us a foundation on which to build new care and pharmacy offerings.

Speaker #2: When we do that well, it shows up in the numbers. Patients stay longer, engage with more of the platform, and refer friends and family.

Speaker #2: Pharmacy attachment increases and retention improves. This generates revenue that recurs instead of needing to be reacquired. That is what we mean by quality revenue.

Speaker #2: This quarter gives specific evidence that the model is working as designed. Recurring rebill revenue represented approximately $84% of total revenue. That installed base is increasingly the economic engine of LifeMD.

Speaker #2: It generates high contribution margin revenue, funds continued patient acquisition and product investment, and gives us a foundation on which to build new care and pharmacy offerings.

Speaker #2: Our gross margin also expanded to approximately 89%, and gross profit was essentially flat despite lower year-over-year revenue. This is important because it demonstrates that the composition and economics of the business are improving beneath the headline numbers.

Justin Schreiber: Our gross margin also expanded to approximately 89%, and gross profit was essentially flat despite lower year-over-year revenue. This is important because it demonstrates that the composition and economics of the business are improving beneath the headline numbers. We also followed through on the expense actions discussed last quarter. Advertising and marketing declined by approximately $1.8 million sequentially, and G&A declined by approximately $1.5 million. Those reductions began to show up progressively during the quarter, and we expect the benefit to become more visible in H2. The way to read the quarter is this, the bottom line missed, but the drivers that determine future profitability, recurring revenue mix, gross margin, and operating costs each moved in the right direction.

Speaker #2: We also followed through on the expense actions discussed last quarter. Advertising and marketing declined by approximately $1.8 million sequentially, and G&A declined by approximately $1.5 million.

Speaker #2: Those reductions began to show up progressively during the quarter, and we expect to benefit to become more visible in the second half. So the way to read the quarter is this: the bottom-line missed, but the drivers that determine future profitability, recurring revenue mix, gross margin, and operating costs, each moved in the right direction.

Speaker #2: With that context, I want to walk through the most important decisions we made this quarter and what they mean for the business from here.

Justin Schreiber: With that context, I want to walk through the most important decisions we made this quarter and what they mean for the business from here. First, the most important strategic transition we made this quarter is how we acquire and retain patients. Paid search and digital media built this company, and they will remain valuable channels. We have deep expertise in performance marketing, and we continue to see attractive returns when we deploy capital selectively. Auction pricing in those channels is outside our control. We saw this early in the quarter, and no durable healthcare platform should have to purchase substantially all of its growth at whatever price the media market sets. We are shifting the mix.

Speaker #2: First, the most important strategic transition we made this quarter is how we acquire and retain patients. Paid search and digital media built this company and they will remain valuable channels.

Speaker #2: We have deep expertise in performance marketing, and we continue to see attractive returns when we deploy capital selectively. However, auction pricing in those channels is outside our control.

Speaker #2: We saw this early in the quarter, and no durable healthcare platform should have to purchase substantially all of its growth at whatever price the media market sets.

Speaker #2: Though we are shifting the mix, over time we expect a larger share of demand to come from channels we don't have to bid for, including pharmaceutical manufacturers, employers, insurers, Medicare, national strategic partners, patient referrals, and cross-care offerings to our existing population.

Justin Schreiber: Over time, we expect a larger share of demand to come from channels we don't have to bid for, including pharmaceutical manufacturers, employers, insurers, Medicare, national strategic partners, patient referrals, and cross-care offerings to our existing population. This shift is already underway. The XYOSTED collaboration reflects how pharmaceutical manufacturers are beginning to use LifeMD as infrastructure. We combine national patient acquisition, affiliated clinical care, benefits navigation, pharmacy fulfillment, and ongoing patient support in a single platform. Employers are looking to us to provide high-quality specialty care with transparent economics. Insurance allows patients to use benefits they already value, and each additional service we make available to an existing patient gives us an opportunity to grow without paying to reacquire that relationship from scratch. I want to be realistic about pace. Paid media will remain our largest acquisition channel in the near term, and these alternative channels build gradually.

Speaker #2: This shift is already underway. The Ziased collaboration reflects how pharmaceutical manufacturers are beginning to use LifeMD as infrastructure. We combine national patient acquisition, affiliated clinical care, benefits navigation, pharmacy fulfillment, and ongoing patient support in a single platform.

Speaker #2: Employers are looking to us to provide high-quality specialty care with transparent economics. Insurance allows patients to use benefits they already value, and each additional service we make available to an existing patient gives us an opportunity to grow without paying to reacquire that relationship from scratch.

Speaker #2: I want to be realistic about pace. Paid media will remain our largest acquisition channel in the near term, and these alternative channels will build gradually.

Speaker #2: But the acquisition pressure we experienced early in the quarter reinforced the importance of moving faster in this direction. Early results support that decision. Since mid-June, acquisition costs have moderated across the business, and the unit economics in RexMD are among the strongest we have seen in a long time.

Justin Schreiber: The acquisition pressure we experienced early in the quarter reinforced the importance of moving faster in this direction. Early results support that decision. Since mid-June, acquisition costs have moderated across the business, and the unit economics in RexMD are among the strongest we have seen in a long time. In our weight management business, recent customer acquisition costs are approximately 50% lower than their peak in June of this year. We will continue to use paid media, but selectively and only where the returns justify it. Our goal is not to eliminate performance marketing, it is to surround it with multiple additional demand channels so that growth becomes more diversified, less volatile, and more valuable. Now I'll turn to our weight management business. Weight management remains one of the largest opportunities in healthcare and one of the most important businesses inside LifeMD.

Speaker #2: In our weight management business, recent customer acquisition costs are approximately 50% lower than their peak in June of this year. We will continue to use paid media, but selectively and only where the returns justify it.

Speaker #2: Our goal is not to eliminate performance marketing. It is to surround it with multiple additional demand channels so that growth becomes more diversified, less volatile, and more valuable.

Speaker #2: Now I'll turn to our weight management business. Weight management remains one of the largest opportunities in healthcare, and one of the most important businesses inside LifeMD.

Speaker #2: The second quarter was highly competitive, particularly in the market for branded GLP-1 care. Early in the quarter, acquisition costs were elevated. We also saw major competitors reduce introductory pricing, which affected conversion and made our offering less competitive at the top of the funnel.

Justin Schreiber: The Q2 was highly competitive, particularly in the market for branded GLP-1 care. Early in the quarter, acquisition costs were elevated. We also saw major competitors reduce introductory pricing, which affected conversion and made our offering less competitive at the top of the funnel. We responded by lowering the introductory price of our branded GLP-1 program to $39. That decision reduced upfront cash collection and contributed to the EBITDA shortfall in the quarter. It also materially improved the attraction of the program and changed the composition of the patients entering the program. Before the pricing change, approximately 25% of new weight management patients year to date were selecting multi-month packages. Following the change, approximately 85% selected multi-month packages. That matters because longer duration patients generally provide more time to deliver meaningful clinical outcomes, demonstrate stronger retention, and create higher lifetime value.

Speaker #2: We responded by lowering the introductory price of our branded GLP-1 program to $39. That decision reduced upfront cash collection and contributed to the EBITDA shortfall in the quarter.

Speaker #2: But it also materially improved the attraction of the program and changed the composition of the patients entering the program. Before the pricing change, approximately 25% of new weight management patients year-to-date were selecting multi-month packages.

Speaker #2: Following the change, approximately 85% selected multi-month packages. That matters because longer-duration patients generally provide more time to deliver meaningful clinical outcomes, demonstrate stronger retention, and create higher lifetime value.

Speaker #2: Our internal models currently indicate that the return on advertising investment from these cohorts can exceed that of the prior higher upfront-priced offering, despite the lower first-month cash collection.

Justin Schreiber: Our internal models currently indicate that the return on advertising investment from these cohorts can exceed that of the prior higher upfront price offering, despite the lower first-month cash collection. We are also deliberately building around branded FDA-approved therapies and the clinical care surrounding them. I have been candid that the regulatory environment for compounded GLP-1 medications evolved differently than I initially expected. I remain completely convinced that building around branded medicines, serious longitudinal care, insurance access, and manufacturer relationships is the right long-term strategy. The branded market is difficult today because patients can still find lower priced, mass compounded alternatives from hundreds of direct marketing companies. We believe that market structure will continue to evolve and that the platforms that endure will be those that offer trusted FDA-approved medications, appropriate clinical oversight, affordable access, benefit support, and ongoing cardiometabolic care, not simply the lowest promotional price.

Speaker #2: We are also deliberately building around branded FDA-approved therapies and the clinical care. Rounding them. I have been candid at the regulatory environment for compounded GLP-1 medications evolved differently than I initially expected.

Speaker #2: But I remain completely convinced that building around branded medicines serious longitudinal care insurance access, and manufacturer relationships is the right long-term strategy. The branded market is difficult today, because patients can still find lower price mass compounded alternatives from hundreds of direct marketing companies.

Speaker #2: But we believe that market structure will continue to evolve, and that the platforms that endure will be those that offer trusted FDA-approved medications, appropriate clinical oversight, affordable access, benefits support, and ongoing cardiometabolic care not simply the lowest promotional price.

Speaker #2: That is the future LifeMD is built for. We ended the quarter with approximately $108,000 weight management patients. We have deep integrations with Lilly Direct and NovoCare, a growing insurance and Medicare footprint, a national affiliated medical group, pharmacy capabilities, and the infrastructure to support patients as the therapeutic market expands into oral formulations and next-generation medicines such as Cagrisema and Retatrutide.

Justin Schreiber: That is the future LifeMD is built for. We ended the quarter with approximately 108,000 weight management patients. We have deep integrations with LillyDirect and NovoCare, a growing insurance and Medicare footprint, a national affiliated medical group, pharmacy capabilities, and the infrastructure to support patients as the therapeutic market expands into oral formulations and next generation medicines such as CagriSema and retatrutide. We believe the GLP-1 category remains in its early stages. The opportunity is large, it will continue to evolve, and we are building LifeMD to participate across that broader market rather than around any single product. The philosophy behind our weight management business, longitudinal care rather than a single transaction, applies across our platform. Nowhere is that more evident than in women's health, which remains one of the programs I am most proud of and most excited about.

Speaker #2: We believe the GLP-1 category remains in its early stages. The opportunity is large, and it will continue to evolve, and we are building LifeMD to participate across that broader market rather than around any single product.

Speaker #2: The philosophy behind our weight management business, longitudinal care, rather than a single transaction, applies across our platform. Nowhere is that more evident than in women's health, which remains one of the programs I am most proud of and most excited about.

Speaker #2: The program encounters some pressure during the quarter, but the most recent operating trends have improved meaningfully. Over the last 30 days, new patient acquisitions have increased substantially, while customer acquisition costs have declined.

Justin Schreiber: The program encountered some pressure during the quarter, the most recent operating trends have improved meaningfully. Over the last 30 days, new patient acquisitions have increased substantially while customer acquisition costs have declined. Our overall women's health patient base grew 134% quarter-over-quarter and is expected to grow by another 300% to 400% by the end of the year. More important than the volume is the quality of the care and the patient relationships we are building. We designed the program around longitudinal evidence-based care rather than a one-time prescription. Patients receive a comprehensive intake, appropriate laboratory testing, thoughtful diagnosis, structured clinical protocols, and ongoing management from providers trained specifically for this population. That model is producing strong engagement and retention. Last quarter, we reported that subscriber count had grown more than sevenfold from the Q4 base and that on-therapy retention was above 80%.

Speaker #2: Our overall women's health patient base grew 1304% quarter over quarter, and as expected to grow by another 300 to 400 percent by the end of the year.

Speaker #2: More important than the volume is the quality of the care and the patient relationships we are building. We designed the program around longitudinal evidence-based care rather than a one-time prescription.

Speaker #2: Patients receive a comprehensive intake, appropriate laboratory testing, thoughtful diagnosis, structured clinical protocols, and ongoing management from providers trained specifically for this population. That model is producing strong engagement and retention.

Speaker #2: Last quarter, we reported that subscriber count had grown more than sevenfold from the fourth quarter base. And that on-therapy retention was above 80%. Recent trends continue to reinforce our belief that this can become one of the businesses within LifeMD.

Justin Schreiber: Recent trends continue to reinforce our belief that this can become one of the largest and highest quality businesses within LifeMD. Women's health is highly complementary to weight management and to the broader cardiometabolic needs of our patient population. We believe it has the potential to become as meaningful as weight management and to prove one of our core beliefs, quality care is the growth strategy. Now turning to men's health, which is also entering an important new phase. RexMD remains a large, recognized, and profitable brand with an engaged patient population. We continue to expand beyond sexual health into sleep, dermatology, weight management, hormone health, and personalized pharmacy products. The recent improvement in RexMD unit economics is encouraging, the brand remains an important entry point into the broader LifeMD platform.

Speaker #2: Women's health is highly complementary to weight management and to the broader cardiometabolic needs of our patient population. We believe it has the potential to become as meaningful as weight management and to prove one of our core beliefs: quality care is the growth strategy.

Speaker #2: Now turning to men's health, which is also entering an important new phase. RexMD remains a large recognized and profitable brand with an engaged patient population.

Speaker #2: We continue to expand beyond sexual health into sleep, dermatology, weight management, hormone health, and personalized pharmacy products. The recent improvement in RexMD unit economics is encouraging, and the brand remains an important entry point into the broader LifeMD platform.

Speaker #2: In June, we announced an exclusive telehealth co-marketing collaboration with Halozim's HolyOwn subsidiary and Terrace Pharma for Zyosted, the only FDA-approved once-weekly subcutaneous testosterone auto-injector.

Justin Schreiber: In June, we announced an exclusive telehealth co-marketing collaboration with Halozyme's wholly owned subsidiary, Antares Pharma for XYOSTED, the only FDA-approved once-weekly subcutaneous testosterone auto-injector. This collaboration is significant. It gives LifeMD the opportunity to build a national, high-quality men's hormone health program around a differentiated FDA-approved therapy supported by our affiliated medical group, pharmacy, patient support, and benefits capabilities. The initial self-pay program launched in July across 37 states at an all-in price of $249 per month, with our affiliated pharmacy serving as the primary dispensing pharmacy. We also expect insurance access to become an important part of the opportunity over time. The collaboration requires startup investment during 2026 and early 2027 before the initial cohorts mature, that investment is already contemplated in our outlook.

Speaker #2: This collaboration is significant. It gives LifeMD the opportunity to build a national, high-quality men's hormone health program around a differentiated, FDA-approved therapy—supported by our affiliated medical group, pharmacy, patient support, and benefits capabilities.

Speaker #2: The initial self-pay program launched in July across 37 states at an all-in price of $249 per month, with our affiliated pharmacies serving as the primary dispensing pharmacy.

Speaker #2: We also expect insurance access to become an important part of the opportunity over time. The collaboration requires startup investment during 2026 and early 2027 before the initial cohorts mature.

Speaker #2: That investment is already contemplated in our outlook. While the precise pace of the ramp will depend on market response and the rollout of our joint commercial efforts, we believe Zyosted can become a meaningful contributor to both our top and bottom line in 2027.

Justin Schreiber: While the precise pace of the ramp will depend on market response and the rollout of our joint commercial efforts, we believe XYOSTED can become a meaningful contributor to both our top and bottom line in 2027. Just as important, the collaboration is a blueprint. We are in discussions with other pharmaceutical manufacturers that need the same combination of care delivery, pharmacy fulfillment, benefit support, and national reach. Each successful partnership strengthens the platform and makes the next one easier to win. Before I turn to pharmacy, I want to spend a moment on the affiliated medical group because it is one of the most important and least understood parts of what we have built. Our affiliated providers continue to deliver what we believe is the best clinical care in the industry, and the group gets stronger every quarter. It is one of our clearest differentiators.

Speaker #2: Just as important, the collaboration is a blueprint. We are in discussions with other pharmaceutical manufacturers that need the same combination of care delivery, pharmacy, fulfillment, benefits support, and national reach.

Speaker #2: Each successful partnership strengthens the platform and makes the next one easier to win. Before I turn to pharmacy, I want to spend a moment on the affiliated medical group, because it is one of the most important and least understood parts of what we have built.

Speaker #2: Our affiliated providers continue to deliver what we believe is the best clinical care in the industry. And the group gets stronger every quarter. It is one of our clearest differentiators.

Speaker #2: Our providers are licensed across the country, which allows us to deliver care at a national scale. And they are increasingly cross-trained across our entire portfolio of men's and women's health offerings.

Justin Schreiber: Our providers are licensed across the country, which allows us to deliver care at a national scale, and they are increasingly cross-trained across our entire portfolio of men's and women's health offerings. That means a single high-quality provider relationship can support a patient across weight management, hormone health, sexual health, and more, rather than confining that patient to a single condition. We are also investing ahead of the growth we expect. We have hired 47 new providers to support the demand we anticipate across our programs in the H2 of this year. A deep multi-licensed cross-trained medical group is not something that can be assembled quickly. It is a durable competitive advantage, and it is the foundation on which our pharmacy and every one of our clinical programs is built. Our 50-state pharmacy is becoming one of the most strategically important assets in the company.

Speaker #2: That means a single high-quality provider relationship can support a patient across weight management, hormone health, sexual health, and more, rather than confining that patient to a single condition.

Speaker #2: We are also investing ahead of the growth we expect. We have hired 47 new providers to support the demand we anticipate across our programs in the second half of this year.

Speaker #2: A deep, multi-licensed, cross-trained medical group is not something that can be assembled quickly. It is a durable competitive advantage, and it is the foundation on which our pharmacy and every one of our clinical programs is built.

Speaker #2: Our 50 state pharmacy is becoming one of the most strategically important assets in the company. It gives us greater control over the patient experience, faster product development, improved medication continuity, and the ability to capture economics that would otherwise leave the platform.

Justin Schreiber: It gives us greater control over the patient experience, faster product development, improved medication continuity, and the ability to capture economics that would otherwise leave the platform. Pharmacy operations carry gross margins of approximately 90%, and continued in-house fulfillment was an important contributor to the gross margin expansion we delivered this quarter. We are scaling the pharmacy across three complementary areas: branded direct-to-patient fulfillment, generic medications, and personalized compounded therapies where clinically appropriate. We are now fulfilling XYOSTED self-pay prescriptions and anticipate other imminent branded pharmacy fulfillment relationships, which provide proven infrastructure and credibility. At the same time, we are expanding our personalized compounding capabilities. We are planning to launch more than 30 compounded products between now and year-end across hormone health, sleep, dermatology, sexual health, longevity, and other categories. Our objective is not to build a commodity mail order pharmacy.

Speaker #2: Pharmacy operations carry gross margins of approximately 90%, and continued in-house fulfillment was an important contributor to the gross margin expansion we delivered this quarter.

Speaker #2: We are scaling the pharmacy across three complementary areas: branded direct-to-patient fulfillment, generic medications, and personalized compounded therapies, where clinically appropriate. We are now fulfilling Zyosted's self-pay prescriptions and anticipate other imminent branded pharmacy fulfillment relationships which provide proven infrastructure and credibility.

Speaker #2: At the same time, we are expanding our personalized compounding capabilities. We are planning to launch more than 30 compounded products between now and year-end across hormone health, sleep, dermatology, sexual health, longevity, and other categories.

Speaker #2: Our objective is not to build a commodity mail-order pharmacy. It is to build an integrated pharmacy surrounded by a national, affiliated medical group that can deliver clinically appropriate, highly personalized treatment at scale.

Justin Schreiber: It is to build an integrated pharmacy surrounded by a national affiliated medical group that can deliver clinically appropriate, highly personalized treatment at scale. What today is an early-stage operation, filling a handful of product lines, we expect to become by year-end a full-scale pharmacy fulfilling branded, generic, and dozens of compounded therapies nationwide. We believe the pharmacy can ultimately become one of the largest growth and margin expansion engines in Life MD. Insurance and Medicare are also becoming increasingly important to the quality of our revenue and to our long-term vision for Life MD. Patients want to use their benefits. When they can, care becomes more affordable, customer acquisition costs can decline, and retention can improve because the relationship is less dependent on out-of-pocket costs. As we previously guided, our benefits infrastructure now reaches approximately 175 million covered lives.

Speaker #2: What today is an early-stage operation, filling a handful of product lines, we expect to become by year-end a full-scale pharmacy fulfilling branded, generic, and dozens of compounded therapies nationwide.

Speaker #2: We believe the pharmacy can ultimately become one of the largest growth and margin expansion engines in LifeMD. Insurance and Medicare are also becoming increasingly important to the quality of our revenue, and to our long-term vision for benefits.

Speaker #2: When they can, care becomes more affordable, customer acquisition costs can decline, and retention can improve because the relationship is less dependent on costs. As we previously guided, our benefits infrastructure now reaches approximately $175 million covered lives.

Speaker #2: Insurance penetration is now approximately 10% of new patients on our primary care platform, and we are still in the early stages of bringing the full range of LifeMD specialty programs onto that infrastructure.

Justin Schreiber: Insurance penetration is now approximately 10% of new patients on our primary care platform. We are still in the early stages of bringing the full range of LifeMD specialty programs onto that infrastructure. Our Medicare initiative is also in its first stages, including the new Medicare Bridge Program that helps Medicare beneficiaries access branded GLP-1 medications. We are encouraged by the early demand, but it is too soon to draw broad conclusions. The strategic significance is clear. Medicare gives us access to a large population with substantial unmet need across weight management, cardiovascular health, hormonal health, and chronic disease. We are also advancing national strategic and employer partnerships. These relationships can increase brand awareness and patient volume at attractive economics with far less dependence on media-based acquisition.

Speaker #2: Our Medicare initiative is also in its first stages, including the new Medicare Bridge program that helps Medicare beneficiaries access branded GLP-1 medications. We are encouraged by the early demand but it is too soon to draw broad conclusions.

Speaker #2: The strategic significance is clear. Medicare gives us access to a large population with substantial unmet needs across weight management, cardiovascular health, hormonal health, and chronic disease.

Speaker #2: We are also advancing national strategic and employer partnerships. These relationships can increase brand awareness and patient volume at attractive economics, with far less dependence on media-based acquisition.

Speaker #2: They are not yet major contributors to reported results, but we believe they can become an important part of our growth mix over the coming years.

Justin Schreiber: They are not yet major contributors to reported results, but we believe they can become an important part of our growth mix over the coming years. Technology is the connective tissue across all of these initiatives. We are continuing to invest in the people, integrations, and infrastructure required to deliver longitudinal care across medical services, pharmacy, labs, benefits, and patient support. AI is increasingly embedded throughout that platform. We are using AI to improve intake, documentation, clinical decision support, scheduling, revenue cycle management, patient messaging, compliance, and back-office workflows. The objective is not to replace clinicians. It is to give them better information, reduce administrative burden, improve protocol consistency, and increase the number of patients they can serve without compromising quality. We are also using AI to increase engineering velocity and automate operating processes across the company.

Speaker #2: Technology is the connective tissue across all of these initiatives. We are continuing to invest in the people, integrations, and infrastructure required to deliver longitudinal care across medical services, pharmacy, labs, benefits, and patient support.

Speaker #2: AI is increasingly embedded throughout that platform. We are using AI to improve intake, documentation, clinical decision support, scheduling, revenue cycle management, patient messaging, compliance, and back office workflows.

Speaker #2: The objective is not to replace clinicians. It is to give them better information, reduce administrative burden, improve protocol consistency, and increase the number of patients they can serve without compromising quality.

Speaker #2: We are also using AI to increase engineering velocity and automate operating processes across the company. These efforts are beginning to produce measurable improvements in cost per patient and cost per consult.

Justin Schreiber: These efforts are beginning to produce measurable improvements in cost per patient and cost per consult. Over time, the combination of our structured patient data, clinical infrastructure, medical group, pharmacy, and regulatory footprint should allow us to personalize care at a level that is very difficult for a point solution competitor to replicate. We continue to expect the financial benefits of these investments to become more visible as the business scales. Ultimately, none of this happens without the right people. One of the accomplishments I am most proud of this quarter is the continued strengthening of our leadership team. Atul Kavthekar, our CFO, has brought greater financial rigor, forecasting discipline, and focus to capital allocation. Umesh Sripad, our new Chief Technology Officer, is strengthening our technology organization and optimizing the architecture required for our next phase of growth.

Speaker #2: Over time, the combination of our structured patient data, clinical infrastructure, medical group, pharmacy, and regulatory footprint should allow us to personalize care at a level that is very difficult for a point solution competitor to replicate.

Speaker #2: We continue to expect the financial benefits of these investments to become more visible as the business scales. Ultimately, none of this happens without the right people.

Speaker #2: One of the accomplishments I am most proud of this quarter is the continued strengthening of our leadership team. A tool Kavlikar, our CFO, has brought greater financial rigor, forecasting discipline, and focus to capital allocation.

Speaker #2: Umesh Tripad, our new Chief Technology Officer, is strengthening our technology organization and optimizing the architecture required for our next phase of growth. Chris Pisano, our Chief Marketing Officer, and Tim Ragland, our GM and SVP of Growth, are sharpening our marketing efforts, evolving the commercial model, and improving execution across our business.

Justin Schreiber: Chris Pisano, our Chief Marketing Officer, and Tim Ragland, our GM and SVP of growth, are sharpening our marketing efforts, evolving the commercial model, and improving execution across our business. Collectively, they are raising the standard for talent and performance at every level of the organization. Let me now connect our strategic progress to the financial framework. We are revising our full year 2026 outlook to revenue of $205.5 million to $212.5 million, and Adjusted EBITDA of -$6 million to breakeven. Atul will discuss the assumptions and quarterly cadence in more detail. The revised full year outlook reflects the H1 EBITDA shortfall, the lower upfront revenue associated with our pricing and mix decisions, and the investments required to launch new strategic partnerships, including XYOSTED. Revising guidance is not an outcome we accept lightly, and we recognize that credibility is earned through execution.

Speaker #2: Collectively, they are raising the standard for talent and performance at every level of the organization. Let me now connect our strategic progress to the financial framework.

Speaker #2: We are revising our full-year 2026 outlook to revenue of $205.5 million to $212.5 million and adjusted EBITDA of negative $6 million to break even.

Speaker #2: A tool we'll discuss the assumptions and quarterly cadence in more detail. The revised full-year outlook reflects the first half EBITDA shortfall, the lower upfront revenue associated with our pricing and mixed decisions, and the investments required to launch new strategic partnerships, including XioStead.

Speaker #2: Revising guidance is not an outcome we accept lightly, and we recognize the credibility is earned through execution. However, the full-year revision should not obscure an important point.

Justin Schreiber: However, the full year revision should not obscure an important point. Based on the current trajectory of the core business, we believe we remain largely on track to exit Q4 with strong run rate revenue and profitability. Our Q4 guidance of $60 million to $64 million of revenue and $3 million to $6 million of Adjusted EBITDA and excluding the Q4 launch cost related to the XYOSTED launch, implies an annualized revenue run rate of approximately $250 million and annualized Adjusted EBITDA of approximately $22 million at the midpoint framework. That is modestly below the $25 million annualized Adjusted EBITDA objective we discussed previously. It still represents a business exiting the year at roughly a high single-digit to approximately 10% Adjusted EBITDA margin, while continuing to invest in several major growth programs.

Speaker #2: Based on the current trajectory of the core business, we believe we remain largely on track to exit the fourth quarter with strong run-rate revenue and profitability.

Speaker #2: Our fourth quarter guidance of $60 million to $64 million of revenue and $3 million to $6 million of adjusted EBITDA, excluding the Q4 launch costs related to the XioStead launch, implies an annualized revenue run-rate of approximately $250 million and annualized adjusted EBITDA of approximately $22 million at the midpoint framework.

Speaker #2: That is modestly below the $25 million annualized adjusted EBITDA objective we discussed previously. But it still represents a business exiting the year at roughly a high single-digit to approximately 10% adjusted EBITDA margin while continuing to invest in several major growth programs.

Speaker #2: We therefore view ourselves as mostly on track toward the operating model we set out to build: a strengthening core business with a high-margin, recurring revenue base; multiple new growth channels that are not yet fully reflected in the current results; declining marketing spend; tightly managed operating expenses; and a growing mix of pharmacy, insurance, strategic partnerships, and longer-duration memberships that should further improve the earnings power of the business over time.

Justin Schreiber: We therefore view ourselves as mostly on track towards the operating model we set out to build. A strengthening core business with a high margin recurring revenue base, multiple new growth channels that are not yet fully reflected in the current results, declining marketing spend, tightly managed operating expenses, and the growing mix of pharmacy, insurance, strategic partnerships, and longer duration memberships that should further improve the earnings power of the business over time. The path will not be perfectly linear. The XYOSTED collaboration, pharmacy expansion, enterprise initiatives, and new care programs require investment before they generate mature contribution margins. The work we have done to build a more durable LifeMD now needs to show up in the financial results. With that, I will turn the call over to Atul to review the quarter and our outlook in greater detail. Atul?

Speaker #2: The path will not be perfectly linear. The XioStead collaboration, pharmacy expansion, enterprise initiatives, and new care programs require investment before they generate mature contribution margins.

Speaker #2: The work we have done to build a more durable LifeMD now needs to show up in the financial results. With that, I will turn the call over to a tool to review the quarter and our outlook in greater detail.

Speaker #2: A tool?

Speaker #1: Thank you, Justin. And good afternoon, everyone. As a reminder, all year-over-year comparisons are on a continuing operations basis, excluding Work Simply, which was divested on November 4, 2025.

Atul Kavthekar: Thank you, Justin, and good afternoon, everyone. As a reminder, all year-over-year comparisons are on a continuing operations basis, excluding WorkSimpli, which was divested on 4 November 2025. Revenue for Q2 was $47.3 million, within our guidance range of $47 million to $50 million, and down approximately 6% sequentially, reflecting the planned step down in marketing investments that we described in our last call, combined with increased CPA levels through much of the quarter and the impact of our weight management price change implemented in June, lowering the initial month care pricing from $79 to $39 to stay in line with competitors Versus the prior year quarter, revenue declined approximately 4%, from telehealth revenue of $49 million, reflecting the continued and deliberate mix shift from compounded to branded GLP-1 therapies. Active subscribers were 356,000 at quarter end.

Speaker #1: Revenue for the second quarter was $47.3 million, within our guidance range of $47 million to $50 million, and down approximately 6% sequentially, reflecting the planned step-down in marketing investments that we described in our last call, combined with increased CPA levels through much of the quarter, and the impact of our weight management price change implemented in June, lowering the initial month care pricing from $79 to $39 to stay in line with competitors.

Speaker #1: Versus the prior year quarter, revenue declined approximately 4% from telehealth revenue of $49 million, reflecting the continued and deliberate mixed shift from compounded to branded GLP-1 therapies.

Speaker #1: Active subscribers were 356,000 at quarter-end. While this number is nominally lower than the prior quarter, it reflects a deliberate shift in our weight management customer base away from the primarily month-to-month subscriber base to a higher retention and higher LTV multi-month subscriber base.

Atul Kavthekar: While this number is nominally lower than the prior quarter, it reflects a deliberate shift in our weight management customer base away from the primarily month-to-month subscriber base to a higher retention and higher LTV multi-month subscriber base. Similarly, for our Rex business, our new growth patients are being acquired at much improved unit economics. Gross margin expanded to 89%, an improvement of approximately 60 basis points sequentially, driven by lower shipping and fulfillment costs, improved provider efficiency, and the continued scaling of our in-house pharmacy. Advertising and marketing expense of $28 million, while slightly above the range indicated on our prior call, declined $1.8 million from Q1, and other general and administrative expenses declined approximately $1.5 million, led by lower employee expenses and other professional services expenses. All other operating expenses declined approximately $700,000 sequentially.

Speaker #1: Similarly, for our Rex business, our new growth patients are being acquired at much improved unit economics. Gross margin expanded to 89%, an improvement of approximately 60 basis points sequentially, driven by lower shipping and fulfillment costs, improved provider efficiency, and the continued scaling of our in-house pharmacy.

Speaker #1: Advertising and marketing expense of $28 million, while slightly above the range indicated on our prior call, declined 1.8 million from the first quarter, and other general and administrative expenses declined approximately 1.5 million, led by lower employee expenses and other professional services expenses.

Speaker #1: All other operating expenses declined approximately $700,000 sequentially. GAAP net loss from continuing operations attributable to common stockholders was $7.9 million, or $0.16 per share.

Atul Kavthekar: GAAP net loss from continuing operations attributable to common stockholders was $7.9 million or $0.16 per share. Adjusted EBITDA, a non-GAAP measure we define as income or loss attributable to common stockholders before various items as outlined in today's news release, was a loss of approximately -$3.5 million. Two factors drove this. Elevated customer acquisition costs on comparable spend levels, and the conscious pricing decision, our $39 introductory offer that we made to improve our price competitiveness. Importantly, the monthly trajectory improved consistently through the quarter, giving us further confidence in the H2 inflection. Turning to the balance sheet, we exited the quarter with $25.1 million in cash. Q2 cash flow was pressured by ongoing marketing investment and the timing effects of the transition to the $39 introductory offer.

Speaker #1: Adjusted EBITDA, a non-GAAP measure we define as income or loss attributable to common stockholders before various items as outlined in today's news release, was a loss of approximately $3.5 million.

Speaker #1: Two factors drove this: elevated customer acquisition costs on comparable spend levels, and the conscious pricing decision—our $39 introductory offer—that we made to improve our price competitiveness.

Speaker #1: Importantly, the monthly trajectory improved consistently through the quarter, giving us further confidence in the second half inflection. Turning to the balance sheet, we exited the quarter with $25.1 million in cash, second quarter cash flow was pressured by ongoing marketing investment and the timing effects of the transition to the $39 introductory offer.

Speaker #1: As more patients choose longer-duration subscription plans, we expect stronger upfront cash collections from the rebill and combined with lower marketing spend in the second half, we expect cash to improve through year-end.

Atul Kavthekar: As more patients choose longer duration subscription plans, we expect stronger upfront cash collections from the rebill, combined with lower marketing spend in the H2, we expect cash to improve through year end. This will be partially offset by the working capital required to support increased production within our pharmacy. At quarter end, we also amended our credit agreement on favorable terms, further strengthening our financial flexibility. Turning to guidance. For context, our prior guidance was set with an expectation that new patient acquisition costs would be more predictable and that a number of partnership agreements and other developments would launch earlier than what will likely be the case. While our expectations remain that all of these developments and possibly more will come to bear, we recognize the timing is not in our sole control.

Speaker #1: This will be partially offset by the working capital required to support increased production within our pharmacy. At quarter-end, we also amended our credit agreement on favorable terms, further strengthening our financial flexibility.

Speaker #1: Turning to guidance, for context, our prior guidance was set with an expectation that new patient acquisition costs would be more predictable and that a number of partnership agreements and other developments would launch earlier than what will likely be the case.

Speaker #1: And while our expectations remain that all of these developments and possibly more will come to bear, we recognize the timing is not in our sole control.

Speaker #1: As such, we are presenting our H2 guidance based on more concrete current trends and on arrangements with high visibility. Furthermore, we are providing our H2 guidance after adjusting for LifeMD's portion of the likely launch costs associated with the XioStead launch.

Atul Kavthekar: As such, we are presenting our H2 guidance based on more concrete current trends and on arrangements with high visibility. Furthermore, we are providing our H2 guidance after adjusting for LifeMD's portion of the likely launch costs associated with the XYOSTED launch. With that, we are expecting Q3 revenues to be in the range of $48 to 51 million and EBITDA in a range of -$1 to +2 million. For Q4, reflecting our expected growth, the release of numerous improvements in our technology and supply chain infrastructure, and aggressive cost management, we are expecting revenues in the range of $60 to 64 million and EBITDA of between $3 and 6 million. Assuming the midpoint of this Q4 range, after excluding the launch impact from XYOSTED, we are expecting a revenue run rate in Q4 of $250 million and EBITDA run rate of $22 million.

Speaker #1: With that, we are expecting Q3 revenues to be in the range of $48 to $51 million, and EBITDA in a range of negative 1 to positive 2 million.

Speaker #1: For Q4, reflecting our expected growth, the release of numerous improvements in our technology and supply chain infrastructure, and aggressive cost management, we are expecting revenues in the range of $60 to $64 million, and EBITDA of between 3 and 6 million.

Speaker #1: Assuming the midpoint of this Q4 range, and after excluding the launch impact from XioStead, we are expecting a revenue run rate in Q4 of $250 million and EBITDA run rate of $22 million.

Speaker #1: Although the XioStead launch is in its early days, we are optimistic that it will grow to become a significant part of LifeMD's overall men's health offering.

Atul Kavthekar: Although the XYOSTED launch is in its early days, we are optimistic that it will grow to become a significant part of LifeMD's overall men's health offering. We are now testing our XYOSTED go-to-market plan, which will require an initial investment we anticipate in the $2 to 3 million range in 2026. This is a true partnership with direct costs split between the two companies throughout the life of the program. While the ramp-up dynamics will become clearer in the coming weeks and months, we anticipate that once the patient acquisition playbook comes together, those initial patient cohorts will become accretive to LifeMD's EBITDA in mid-2027.

Speaker #1: We are now testing our XioStead go-to-market plan, which will require an initial investment we anticipate in the 2 to 3 million range in 2026.

Speaker #1: This is a true partnership with direct costs split between the two companies throughout the life of the program. While the ramp-up dynamics will become clearer in the coming weeks and months, we anticipate that once the patient acquisition playbook comes together, those initial patient cohorts will become a creative to LifeMD's EBITDA in mid-2027.

Atul Kavthekar: In closing, we remain very positive in our outlook for the business, with our team solidifying, the enterprise sales pipeline growing, unit economics improving, our new product offerings continue to build, and continuous improvements being made to our infrastructure and overall efficiency. As we continue to get clarity on our pipeline, we will factor that into our overall outlook on subsequent calls. Thanks, and with that, I'll turn the call back to Justin.

Speaker #1: positive in our outlook for the business, with our team solidifying the enterprise sales pipeline growing, unit economics improving, our new product offerings continue to build, and continuous improvements being made to our In closing, we remain very infrastructure and overall efficiency.

Speaker #1: As we continue to get clarity on our pipeline, we will factor that into our overall outlook on subsequent calls. Thanks, and with that, I'll turn the call back to Justin.

Speaker #2: Thanks, Patul. Let me close by coming back to the central point. Quarterly performance matters. The second quarter adjusted EBITDA result was below our expectations.

Justin Schreiber: Thanks, Atul. Let me close by coming back to the central point. Quarterly performance matters. The Q2 Adjusted EBITDA result was below our expectations. We understand what drove it, we have made changes, and we expect better performance in the H2. The quarter also made clear that the work required to build a more durable LifeMD was greater than we initially anticipated. We are broadening the acquisition model beyond paid media. We are building longer patient relationships. We are investing in branded therapies, pharmacy, insurance pharmaceutical partnerships, and deeper clinical programs. We are putting in place the team and operating structure required to support those capabilities at scale. We believe that work was necessary. It gives LifeMD more ways to acquire patients, more ways to serve them, and more ways to grow without depending on a single product, advertising channel, or regulatory outcome.

Speaker #2: We understand what drove it. We have made changes, and we expect better performance in the second half. The quarter also made clear that the work required to build a more durable LifeMD was greater than we initially anticipated.

Speaker #2: We are broadening the acquisition model beyond paid media. We are building longer patient relationships. We are investing in branded therapies, pharmacy, insurance, pharmaceutical partnerships, and deeper clinical programs.

Speaker #2: And we are putting in place the team and operating structure required to support those capabilities at scale. We believe that work was necessary. It gives LifeMD more ways to serve them, and more ways to grow without depending on a single product, advertising channel, or regulatory outcome.

Speaker #2: But the value of those investments will be determined by the results they produce. We expect to return to adjusted EBITDA profitability in the third quarter and deliver substantial sequential improvement in the fourth quarter.

Justin Schreiber: The value of those investments will be determined by the results they produce. We expect to return to Adjusted EBITDA profitability in the Q3 and deliver substantial sequential improvement in the Q4. Our focus is on executing against that outlook while continuing to improve the quality and durability of the business. LifeMD today has a stronger recurring revenue base, higher gross margins, broader clinical capabilities, a growing pharmacy operation, and more diversified sources of demand than it did entering the year. Those are the building blocks of a much better company. We now need to prove that through consistent execution and financial performance. I want to thank our affiliated providers and employees for their continued hard work, our patients for trusting us with their care, and our shareholders for their continued support. Operator, we are ready for questions.

Speaker #2: Our focus is on executing against that outlook while continuing to improve the quality and durability of the business. LifeMD today has a stronger recurring revenue base, higher gross margins, broader clinical capabilities, a growing pharmacy operation, and more diversified sources of demand than it did entering the year.

Speaker #2: Those are the building blocks of a much better company, we now need to prove that through consistent execution and financial performance. I want to thank our affiliated providers and employees for their continued hard work, our patients for trusting us with their care, and our shareholders for their continued support.

Speaker #2: Operator, we are ready for questions.

Speaker #3: Thank you. We will now begin the question and answer session. To ask a question, you may press start, then 1 on your telephone keypad.

Operator: Thank you. We will now begin the question and answer session. To ask a question, you may press star then one on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star then one again. At this time, we will pause momentarily to assemble our roster. We kindly ask that you do limit yourself to one question and one follow-up. Your first question comes from David Larsen with BTIG. Please go ahead.

Speaker #3: If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star, then 1 again.

Speaker #3: At this time, we will pause momentarily to assemble our roster. We kindly ask that you limit yourself to one question and one follow-up.

Speaker #3: Your first question comes from David Larson with BTIG. Please go ahead.

Speaker #2: Hi. Can you please talk a bit about peptides and the discussions that are going on in Washington, assuming a bunch of these move to Category 1?

David Larsen: Hi. Can you please talk a bit about peptides and the discussions that are going on in Washington? Assuming a bunch of these move to category 1, what kind of appetite do you think your current membership base would have for these peptides? Would you be able to sort of deliver on that demand? Just any thoughts around the potential, I guess, revenue opportunity would be very helpful. Thank you.

Speaker #2: What kind of appetite do you think your current membership base would have for these peptides? Would you be able to sort of deliver on that demand?

Speaker #2: Just any thoughts around the potential, I guess, revenue opportunity would be very helpful. Thank you.

Speaker #4: Hi, David. This is Justin. I'll comment on that. It's look, I don't think we have a revenue number. We don't have a revenue number that we can share with you.

Justin Schreiber: Hi, David, this is Justin. I'll comment on that. Look, I don't think we have a revenue number. We don't have a revenue number that we can share with you. If you think about our current patient population, from weight loss to hormones to sexual health, we think there would be a considerable amount of demand from current patients for some of these peptides if FDA follows through as they're expected to and permits some of them to be made in compounding pharmacies. We also think there's obviously a lot of demand outside of our platform as well. There's no doubt that if some of these are essentially permitted to be compounded by FDA, that it would be a pretty significant market opportunity for LifeMD. We do feel really good about having sterile compounding capabilities.

Speaker #4: But if you think about our current patient population, from weight loss to hormones to sexual health, yeah, we think there would be a considerable amount of demand from current patients for some of these peptides if FDA follows through as they're expected to and permits some of them to be made in compounding pharmacies.

Speaker #4: We also think there's obviously a lot of demand outside of our platform as well. So there's no doubt that if some of these are essentially permitted to be compounded by FDA, that it would be a pretty significant market opportunity for LifeMD.

Speaker #4: We do feel really good about having sterile compounding capabilities. We're working on a solution to essentially either acquire or convert our non-sterile pharmacy into a sterile pharmacy.

Justin Schreiber: We're working on a solution to essentially either acquire or convert our non-sterile pharmacy into a sterile pharmacy. There's a number of things there that we're working on, and we have some vendors as well that are going to be manufacturing these products once FDA gives the green light to do so in other 503B pharmacies that we could fulfill through our 503A. I think it's important, we plan to take a conservative approach to the whole peptide space and make sure that obviously first and foremost, whatever we launch is safe and is prescribed properly and the clinical data around these products or lack thereof is really well described for patients.

Speaker #4: So there's a number of things there that we're working on. And we have some vendors as well that are going to be manufacturing these products once FDA gets the green light to do so in other 503(b) pharmacies that we could fulfill through our 503(a).

Speaker #4: I think it's important. We plan to take a conservative approach to the whole peptide space and make sure that, obviously, first and foremost, whatever we launch is safe and is prescribed properly and that the clinical data around this product or around these products or lack thereof is really well described for patients.

Speaker #2: That's very helpful. Thanks. And then can you maybe talk a little bit more about the number of weight management subscribers? I think you had 108,000.

David Larsen: That's very helpful. Thanks. Can you maybe talk a little bit more about the number of weight management subscribers? I think you had 108,000. Any color around what portion are on a compounded GLP-1 versus a branded GLP-1? One of your competitors said that the economics around the branded GLP-1s is similar to the compounded GLP-1 economics from their perspective. Any thoughts around that? Just to the extent you're able to comment, like Lilly and Novo, are you receiving any sort of a fulfillment fee every time you send a patient their way? Just the economics around the branded products would be helpful.

Speaker #2: Any color around what portion are on a compounded GLP-1 versus a branded GLP-1? And then one of your competitors said that the economics around the branded GLP-1s is similar to the compounded GLP-1 economics from their perspective.

Speaker #2: Any thoughts around that? And then just to the extent you're able to comment, Lilly and Novo, are you receiving any sort of a fulfillment fee every time you send a patient their way?

Speaker #2: Just the economics around the branded products would be helpful.

Speaker #4: Sure, Dave. This is Justin again. I'll answer a few of those questions in a token jump in. If you want to add anything. So as it relates to Lilly and Novo, as of today, we have very positive relationships with both of those companies.

Justin Schreiber: Sure, Dave. This is Justin again. I'll answer a few of those questions and Atul can jump in if he wants to add anything. As it relates to Lilly and Novo, as of today, we have very positive relationships with both of those companies. Today, our relationships are just our integrations as we've described in the past. We don't receive any economics period from either of those companies. We have said in the past that we expect those relationships to evolve, and we still feel that way. We mentioned on the call that one of the big changes that we've seen in the business, not really a change, but we have seen a lot of our patients that were previously on a personalized compound switch over to branded therapies.

Speaker #4: Today, our relationships are just our integrations as we've described in the past. So we don't receive any economics, period, from either of those companies.

Speaker #4: We have said in the past that we expect those relationships to evolve and we still feel that way. We mentioned on the call that one of the big changes that we've seen in the business, not really a change, but we have seen a lot of our a lot of our patients that were previously on a personalized compound switch over to branded therapies.

Speaker #4: That business is it's just much smaller as we said, as we've said, as we said on the call. For new patients, it's almost 95% of new patients are going on a branded therapy.

Justin Schreiber: That business is just much smaller, as we said on the call. For new patients, almost 95% of new patients are going on a branded therapy. Very few patients are getting a prescription for a personalized compound. A lot of that other 5% is probably patients getting other medications. The compounding business for LifeMD has just become very small. Even patients that were previously on a personalized compound that we thought would stay on a personalized compound for longer, that hadn't switched over to a branded therapy, that business just really shrunk a lot faster than we thought it would throughout the year. We look at the whole compounding thing as being pretty insignificant to earnings moving forward and is something that we feel like we can really guide very easily moving forward.

Speaker #4: Very few patients are on a personalized compound. A lot of that other 5% is probably patients getting other medications. So the compounding business for LifeMD has just become very small.

Speaker #4: And even patients that were previously on a personalized compound, that we thought would stay on a personalized compound for longer and hadn't switched over to a branded therapy, that business just really shrunk a lot faster than we thought it would throughout the year.

Speaker #4: So we've kind of looked at the whole compounding thing as being pretty insignificant to earnings moving forward. And it's something that we of very easily moving forward.

Speaker #4: On the economics, look, one of the things I'd love to emphasize, just as it relates to your question, on economics for branded therapies, we have spent an enormous amount of time looking at kind of unit economics around the branded GLP-1 business.

Justin Schreiber: On the economics, look, one of the things I'd love to emphasize, just as it relates to your question on economics for branded therapies, we have spent an enormous amount of time looking at unit economics around the branded GLP-1 business. I think one thing that we do really want to emphasize is that there's a good to great unit economics model there that where we see returns on even our direct-to-consumer investment in this space. We see very attractive returns over two or three years. We think there's still a lot of work that we can do on cross-care offerings, acquisition costs. We think there are significant partnerships out there.

Speaker #4: And I think one thing that we do really want to emphasize is that there's a there's a good-to-great unit economics model there. That where we see kind of returns on even our direct-to-consumer investment in this space, we see very attractive returns.

Speaker #4: Over two or three years, we think there's still a lot of work that we can do on cross-care offerings, acquisition costs. We think there are significant partnerships out there, many of them we're having active dialogue right now with several very, very large potential partners that we think could also drive a lot of new patients to LifeMD without us paying for them in the manner that we do on platforms like Google and Meta.

Justin Schreiber: Many of them, we're having active dialogue right now with several very large potential partners that we think could also drive a lot of new patients to LifeMD without us paying for them in the manner that we do on platforms like Google and Meta. We're really very optimistic about the brand of business, and we're also optimistic about some of our other big categories like women's health. We think that the company's going to continue to diversify over the next couple of years, and our pharmacy and the expanding portfolio of products in our pharmacy plays a big role in that.

Speaker #4: So we're really very optimistic about the branded business. And we're also optimistic about some of our other big categories like Women's Health. I mean, we think that the companies are going to continue to diversify over the next couple of years.

Speaker #4: And our pharmacy, and the expanding portfolio of products in our pharmacy, plays a big role in that.

Speaker #3: Hey, Dave, I'll add one point to that. And Justin made a comment to this in his prepared remarks, is this pretty dramatic shift from month to month subscribers in our weight management business into multi-month.

Atul Kavthekar: Hey, Dave, I only have one point to that. Justin made a comment to this in his prepared remarks, is this pretty dramatic shift from month-to-month subscribers in our weight management business into multi-month subscribers. That is actually a very profound change in the unit. There's a profound difference in the unit economics between those two types of models, not just in the accretion, dilution from an EBITDA standpoint, but also from a cash standpoint. These multi-month subscribers wind up paying back in terms of cash in a very short period of time, depending on the subscription. That is actually a really positive development from this pricing change. It's the rationalization of the different tenor of offerings has actually been really helpful, and I think that's something that just I want to make sure that investors are aware of.

Speaker #3: Subscribers. And that is actually a very profound change in the there's a profound difference in the unit economics between those two types of models.

Speaker #3: Not just in the accretion, dilution from a EBITDA standpoint, but also from a cash standpoint. So these multi-month subscribers wind up paying back in terms of cash in a very, very short period of time, depending on the subscription.

Speaker #3: So that is actually a really positive development from this pricing change. It's the rationalization of the different tenor of offerings has actually been really helpful.

Speaker #3: And I think that's something that just I want to make sure that investors are aware of.

Speaker #1: Your next question comes from the line of Sarah James with Cantor Fitzgerald. Please go ahead.

Operator: Your next question comes from the line of Sarah James with Cantor Fitzgerald. Please go ahead.

Speaker #5: Thank you. So you framed up 2026 as a year when Ziya said Medicare employer partnerships, pharmacy scaling are all being built, but not really reflected in the results.

Sarah James: Thank you. You framed up 2026 as a year when XYOSTED, Medicare, employer partnerships, pharmacy scaling are all being built, but not really reflected in the results. The operating model itself is intact, even with the guidance cut. If each of those channels reaches the scale that you're underwriting internally, what does the potential for 2027 EBITDA margin growth look like versus the roughly 10% you're exiting at in 2026? Which one of those four is likely to show up first as a visible impact rather than a qualitative peeling?

Speaker #5: And the operating model, itself, is intact. Even with the guidance cut. So if each of those channels reaches the scale that your underwriting internally what does the potential for 27 EBITDA margin growth look like versus the roughly 10% you're exiting at in '26?

Speaker #5: And which one of those four is likely to show up first as a visible impact rather than a qualitative tailwind?

Speaker #3: Yeah, thanks for the question, Sarah. I think that there's going to be a real—there's going to be a real visible showing from the core business that we're in.

Atul Kavthekar: Yeah, thanks for the question, Sarah. I think that there's going to be a real visible showing from the core business that we're in. One of the things that's not even factored into our guidance in the year is the introduction of a number of new products that are in the pipeline. I think you're going to see those really shape our 2027 guidance. The XYOSTED, we are very optimistic of it, but it is just getting started. We are just in the early stages of testing. We think that that has potential to be a really big part of the business, as we mentioned earlier. The reality is, we're going to be building the base of those customers that are going to be ultimately rebilling. It's going to take a little while before that portfolio winds up actually contributing to EBITDA.

Speaker #3: One of the things that's not even factored into our guidance in the year is the introduction of a number of new products that are in the pipeline.

Speaker #3: I think you're going to see those really shape our 2027 guidance. The Ziya stat—we are very optimistic about it, but it is just getting started.

Speaker #3: We are just in the early stages of testing. We think that that is a potential to be a really big part of the business, as we mentioned earlier.

Speaker #3: But the reality is we're going to be building the base of those customers that are going to be ultimately rebilling. So it's going to take a little while before that portfolio winds up actually contributing to EBITDA.

Speaker #3: We're going to be in mostly in growth and investment mode in that business. Probably for at least for a few quarters. So without giving too much away in terms of '27, we're pretty optimistic about the forward-looking parts of the base business.

Atul Kavthekar: We're going to be in mostly in growth and investment mode in that business, probably for at least for a few quarters. Without giving too much away in terms of 2027, we're pretty optimistic about the forward-looking parts of the base business and also very optimistic about the growth potential, certainly from a top-line perspective on some of these new initiatives around, for example, XYOSTED. There may be more that are in the works on that as well.

Speaker #3: And also, very optimistic about the growth potential, certainly from a top-line perspective, on some of these new initiatives around, for example, ZiyaStat. And there may be more that are in the works on that as well.

Speaker #5: Great. And then one more Justin, you said you really see it in the numbers when you have more deep relationship with the patients across multiple health areas and possibly pharmacy.

Sarah James: Great. One more. Justin, you said you really see it in the numbers when you have more deep relationship with the patients across multiple health areas and possibly pharmacy. Can you talk to us a little bit about where you stand with that today versus where it could be in a couple of years? Deep customer relationships with your current book as a percentage of the total versus where it could go, and give us an idea

Speaker #5: Can you talk to us a little bit about where you stand with that today versus where it could be in a couple of years?

Speaker #5: Deep customer relationships with your current book as a percentage of the total versus where it could go and give us an idea.

Justin Schreiber: Sure. Hi, Sarah. This is Justin. When we say deeper relationships, we just mean patients being able to use our platform for many different aspects of their healthcare. I think one of the areas where we are already seeing this is in our women's health business, and we're going to start to see it, I think, in the next 30, 60, 90 days, a lot more, in our weight management business as well. Look, if you look at our women's health business today, you have a lot of women that are coming in. They're starting with a hormone therapy offering. Many of them, now that we launched testosterone, are talking to their provider about sexual wellness, and some of them, if it's appropriate, are getting a testosterone prescription.

Speaker #4: Sure. I mean, yeah, hi, Sarah. This is Justin. I mean, when we say deeper relationships, right, we just mean patients being able to use our platform for many different aspects of their healthcare.

Speaker #4: And I think one of the areas where we are already seeing this is in our Women's Health business. And we're going to start to see it, I think, in the next 30, 60, 90 days, a lot more in our weight management business as well.

Speaker #4: But look, I think it's if you look at our Women's Health business today, you have a lot of women that are coming in. They're starting with a hormone therapy offering.

Speaker #4: Many of them now that we launched testosterone are talking to their provider about sexual wellness and some of them, if it's appropriate, are getting a testosterone prescription.

Speaker #4: One of the other benefits of our Women's Health program is we offer weight loss and GLP-1 support as well. So many of these women are using that.

Justin Schreiber: One of the other benefits of our women's health program is we offer weight loss and GLP-1 support as well, so many of these women are using that. We have really convenient in-home labs. Obviously, if you're on a testosterone product, labs are required. Sometimes those labs are going to Quest and Labcorp. We have a cardiology offering, which is still in its very early stages, but obviously that's very relevant for women's health. We have a psychiatry offering that's also another cross-care program that is, again, mainly used by patients that are on another offering at LifeMD. I think that's a great example.

Speaker #4: They're we have really convenient in-home labs. Obviously, if you're on a testosterone product, labs are required. Sometimes those labs are going to Quest and Labcorp.

Speaker #4: We have a cardiology offering, which is still in its very early stages, but obviously, that's very relevant. For Women's Health, so we have a psychiatry offering that's also kind of another cross-care program that is, again, mainly used by patients that are on another offering at LifeMD.

Speaker #4: So I think that's a great example, right? We're also—I mean, one of the areas I forgot. I mean, we're also working on standing up, probably later this year, a bone health program that incorporates a lot of diet and lifestyle support, connecting all of that data that you're collecting across all of those various programs with a patient's health—basically a patient's medical data—through an HIE, like a health information exchange connection. Also, bringing in all of the lab data, blood data from their lab work.

Justin Schreiber: One of the areas I forgot, we're also working on standing up, probably later this year, a bone health program that incorporates a lot of diet and lifestyle support, connecting all of that data that you're collecting across all of those various programs with basically a patient's medical data through an HIE, like Health Information Exchange connection, also bringing in all of the lab data, blood data from their lab work. When you think about what you can do with that, just not only through providing async and synchronous care through our platform, but also using AI to then provide longitudinal care to that patient, providing medication management, it's pretty powerful. I hope that answers your question, but that's what I think about when I think over the next couple of years, how we can really deepen the relationship with our patients.

Speaker #4: I mean, when you think about what you can do with that, just not only through providing async and synchronous care through our platform, but also using AI to then provide longitudinal care to that patient, providing medication management.

Speaker #4: It's pretty powerful. And I think that's I mean, I hope that answers your question, but that's what I think about when I think over the next couple of years, like how we can really deepen the relationship with our patients.

Speaker #5: That's great. Thank you.

Sarah James: That's great. Thank you.

Speaker #1: Again, if you would like to ask a question, please press star 1 on your telephone keypad. Your next question comes from the line of Steve Deshart with KeyBank Capital Markets.

Operator: Again, if you would like to ask a question, please press star one on your telephone keypad. Your next question comes from the line of Steven Dechert with KeyBanc Capital Markets. Please go ahead.

Speaker #1: Please go ahead.

Speaker #6: Hey, guys. Thanks for the question. I guess just wanted to ask around insurance. I think last quarter you guys talked about the demand. You were seeing from patients that wanted to use insurance.

Steven Dechert: Hey, guys. Thanks for the question. I just wanted to ask around insurance. I think last quarter, you guys talked about the demand you were seeing from patients that wanted to use insurance. Just if you could talk about what the usage looks like among your patient base currently versus maybe where it was three, six months ago, and then what you expect that to get to over the next six months, year, two years. Thanks.

Steve Dechert: Hey, guys. Thanks for the question. I just wanted to ask around insurance. I think last quarter, you guys talked about the demand you were seeing from patients that wanted to use insurance. Just if you could talk about what the usage looks like among your patient base currently versus maybe where it was three, six months ago, and then what you expect that to get to over the next six months, year, two years. Thanks.

Speaker #6: If you could talk about what usage looks like now versus maybe where it was three or six months ago, and then what you expect that to get to over the next six months, a year, or two years.

Speaker #6: Thanks.

Speaker #4: Yeah, hi. This is Justin Schreiber. I think currently, we see around somewhere around, I think, 10% of new patients are coming in through one of our insurance flows.

Justin Schreiber: Yeah. Hi, this is Justin Schreiber. I think currently we see somewhere around, I think 10% of new patients are coming in through one of our insurance flows. That number, I don't have an exact number to share with you from a quarter or two ago, but it was much smaller than that. Look, we're still doing a lot of testing here, and I think that we continue to see a lot more demand from patients to use their insurance to cover their medications than we do from patients to cover the cost of their consult. A lot of times with what we see with the pharmacy offerings at LifeMD, like the actual asynchronous care or even synchronous care, it's not prohibitively expensive. I guess that's a long-winded way of saying we've seen a lot of growth in the insurance business.

Speaker #4: That number, I don't have an exact number to share with you from quarter or two ago, but it was much smaller than that. Look, we're still doing a lot of testing here.

Speaker #4: And I think that we've continued to see—and we continue to see—a lot more demand from patients to use their insurance to cover their medications.

Speaker #4: Than we do for patients to cover the cost of their consult. And a lot of times with what we see with the pharmacy offerings at LifeMD, the actual asynchronous care or even synchronous care, it's not prohibitively so I guess that's kind of a long-winded way of saying we've seen a lot of growth in the insurance business.

Speaker #4: We're seeing still more growth on the cash pay side of our business. And we do think that long-term insurance is going to continue to grow.

Justin Schreiber: We're seeing still more growth on the cash pay side of our business, and we do think that long-term insurance is going to continue to grow. I don't have an exact number for what we think that's going to become, but we really think this is an important differentiator and something that we plan to continue to invest in, and we think it will continue to grow with the business.

Speaker #4: I don't have an exact number for what we think that's going to become, but we really think this is an important differentiator. And it's something that we plan to continue to invest in and we think it will continue to grow with the business.

Speaker #6: All right. Thanks, guys.

Steven Dechert: All right. Thanks, guys.

Steve Dechert: All right. Thanks, guys.

Speaker #1: Your next question comes from the line of E10 with HC Wainwright. Please go ahead.

Operator: Your next question comes from the line of Yi Chen with H.C. Wainwright. Please go ahead.

[Analyst] (H.C. Wainwright): Hey, this is Katie on for Yi. Kind of building off your earlier comment, you've described the women's health segment as growing. Are you able to give us any more color on that? Can you give us any ending subscribers for the quarter, quarterly revenue? Just clarify how much of women's health contributes to the current quarter and what you're kind of expecting in that ramp towards the end of the year.

Katie Degen: Hey, this is Katie on for Yi. Kind of building off your earlier comment, you've described the women's health segment as growing. Are you able to give us any more color on that? Can you give us any ending subscribers for the quarter, quarterly revenue? Just clarify how much of women's health contributes to the current quarter and what you're kind of expecting in that ramp towards the end of the year.

Speaker #5: Hey, this is Katie on for you. Kind of building off your earlier comment, you've described the Women's Health segment as growing. Are you able to give us any more color on that?

Speaker #5: Can you give us any ending subscribers for the quarter or quarterly revenue? Just clarify how much of Women's Health contributes to the current quarter and what you're kind of expecting in that ramp towards the end of the year.

Speaker #4: Hi, this is Justin. We're not in a position to share our actual patient numbers for that business, but I would just go back to our prior guidance where we said that this business should be approaching a $5 million quarterly revenue run rate by Q4.

Justin Schreiber: Hi, Yi. This is Justin. We're not in a position to share our actual patient numbers for that business. I would just go back to our prior guidance where we said that this business should be approaching a $5 million quarterly revenue run rate by Q4. That might be a little bit aggressive. I think that business should be somewhere between a $3 and 5 million quarterly revenue run rate by Q4 of this year. We've seen the business grow a lot quarter to quarter. New patient acquisitions over the last week or two, we've had several days where they've been in the 50 to 100 new patients per day range. It's a great number. I think we feel really, really good about growing this business with strong unit economics to a several hundred new patient per day growth rate, which is a great business.

Speaker #4: That might be a that might be a little bit aggressive, but I think that business should be somewhere between a 3 and 5 million dollar quarterly revenue run rate by Q4 of this year.

Speaker #4: We've seen the business grow a lot quarter to quarter. New patient acquisitions over the last week or two. We've had several days where they've been in the 50 to 100 new patients per day range, which is a great number.

Speaker #4: I think we feel really, really good about growing this business with strong unit economics to a several hundred new-patient-per-day growth rate.

Speaker #4: Which is a great business. And look, everything looks really great, right, with this pharmacy products are continuing to scale for this business, providers are doing an exceptional job, quality of care is incredible.

Justin Schreiber: Everything looks really great, right? Where the pharmacy products are continuing to scale for this business. Providers are doing an exceptional job. Quality of care is incredible. We're really excited about the growth of this business.

Speaker #4: And we're really excited about the growth of this business.

Speaker #5: Perfect. Thank you so

[Analyst] (H.C. Wainwright): Perfect. Thank you so much.

Katie Degen: Perfect. Thank you so much.

Operator: That does conclude our question and answer session. I would now like to turn it back over to the team for closing comments.

Speaker #1: That does conclude our question and answer session. I would now like to turn it back over to the team for closing comments.

Operator: That does conclude our question and answer session. I would now like to turn it back over to the team for closing comments.

Speaker #4: Thanks, everybody, for joining our conference call today. We look forward to we look forward to talking to you all another quarter from now. Thanks very much.

Justin Schreiber: Thanks everybody for joining our conference call today. We look forward to talking to you all another quarter from now. Thanks very much.

Operator: The conference call has now ended. Thank you for attending today's presentation, and you may now disconnect.

Q2 2026 LifeMD Inc Earnings Call

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