LifeMD, Inc. (NASDAQ: LFMD)

LifeMD, Inc. is a patient centric direct to patient healthcare company that provides virtual medical care and pharmacy services through a vertically integrated platform. The company combines proprietary technology affiliated clinical services pharmacy infrastructure and AI enabled operational systems to deliver longitudinal care at scale. It serves patients across primary care men's and women's health hormone health weight management insomnia dermatology and cardiology. It offers virtual clinical services and prescription and over the counter treatments when medically appropriate. As of December 31 2025 LifeMD served approximately 328000 active patient subscribers. Since inception the company has served approximately 1387000 patients and customers.

LifeMD generates revenue primarily from recurring subscription fees which account for about ninety five percent of total revenue. Its virtual primary care services are offered through a subscription model that provides patients with ongoing access to affiliated providers prescription fulfillment and care management. Additional revenue streams include pharmacy sales from its wholly owned affiliated commercial pharmacy and fees from business to business telehealth partnerships with healthcare product companies. Telehealth revenue increased twenty five percent for the year ended December 31 2025 compared with the prior year. The company also earns income from prescription sales over the counter products and from collaborations such as the Medifast arrangement that provided upfront payments and equity considerations.

The company operates through the following segments: LifeMD brand Rex MD ShapiroMD and B2B Telehealth Partnerships.

• LifeMD brand is the flagship virtual primary care and specialty platform that offers patients access to affiliated providers for urgent and chronic care needs. It provides on demand consultations prescription medications diagnostics imaging wellness coaching and integration with in home tools. The brand addresses high growth underserved verticals through defined specialty care programs including weight management women's health and behavioral health. It has served over 679000 customers and patients to date.

• Rex MD is the men's telehealth platform focused on conditions that are often underdiagnosed or undertreated due to stigma inconvenience or limited access to specialized providers. It delivers virtual diagnosis treatment and prescription medications for men's health conditions such as erectile dysfunction premature ejaculation hair loss insomnia weight loss and performance anxiety. Services are provided through affiliated licensed medical providers and prescription therapies are dispensed through the wholly owned pharmacy or partner pharmacies as clinically appropriate. Rex MD has served approximately 691000 customers and patients since launch.

• ShapiroMD is a legacy brand that offers virtual medical treatment prescription medications patented doctor formulated over the counter products topical compounded medications and FDA approved medical devices treating male and female hair loss. It has served approximately 261000 customers and patients to date. ShapiroMD is a leading destination for hair loss treatment across the United States.

• B2B Telehealth Partnerships involve collaborations with healthcare product companies to deliver digital patient awareness access adherence and compliance solutions. Notable partnerships include an integration with LillyDirect for streamlined access to Zepbound a connection with CenterWell Pharmacy for fulfillment of Wegovy and Ozempic a collaboration with Withings for in home health monitoring devices a partnership with Ash Wellness for at home laboratory testing an arrangement with Medifast for a clinically supported weight management program and an agreement with ASCEND Therapeutics for women's health services. These partnerships generate fees and support the expansion of the LifeMD platform.

LifeMD holds a strong position in the competitive telehealth and virtual care industry. Numerous online brands compete with the company in virtual primary care weight loss men's and women's health and hair loss markets. Traditional mass merchandisers drug store chains and independent pharmacies also represent competition. The company's competitive advantages include an affiliated fifty state medical group that is dedicated to patient care and staffed largely with full time providers. Its industry leading telehealth technology platform supports the delivery of complex primary care and the management of a broad range of chronic conditions. LifeMD owns a wholly owned affiliated commercial pharmacy and fulfillment center that enables personalized prescription experiences. Flexible patient payment options are available including increasing commercial and Medicare insurance capabilities for care pharmacy and medical benefits. An in house patient service center provides dedicated support for patient care and customer relationship management. Robust CRM patient acquisition and retention capabilities are powered by real time data analytics and AI enabled tools. A compliance first mindset ensures that patients have access to their clinical data through a full scale electronic medical record system while the company adheres to strict regulatory standards. Established collaborations and platform integrations with leading GLP 1 manufacturers such as Novo Nordisk and Lilly create streamlined access pathways prescription fulfillment integrations and enhanced support for patients prescribed branded obesity and diabetes therapies.

The company serves men and women who seek virtual healthcare and pharmacy services for a wide range of conditions including primary care men's and women's health hormone health weight management insomnia dermatology and cardiology. Its customers are individual patients who subscribe to its services or use its pharmacy on a pay per visit basis. No single patient accounts for more than ten percent of net sales.