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LifeMD (LFMD) provides the following major products and services:

• ShapiroMD: A telehealth platform offering virtual medical treatment, prescription medications, OTC products, and a medical device for male and female hair loss.
• RexMD: A men's telehealth brand providing virtual medical treatment from licensed providers for various men's health needs.
• LifeMD Primary Care: A personalized subscription-based virtual primary care platform addressing primary, urgent, and chronic care needs, including consultations and diagnostics.
• Cleared: A telehealth brand delivering personalized treatments for allergy, asthma, and immunology.
• Nava MD: A female-oriented tele-dermatology and skincare brand offering virtual medical treatment from dermatologists and other providers.
• PDFSimpli: An online software-as-a-service platform that enables users to create, edit, convert, sign, and share PDF documents.

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LifeMD (LFMD) primarily sells its products and services directly to individual consumers rather than to other companies. Based on its diverse range of telehealth brands, its major customer categories include:

1. Men seeking specialized health services: This category encompasses individuals utilizing brands like RexMD for men's health needs (e.g., men's sexual health) and ShapiroMD for male hair loss treatments.

2. Individuals seeking dermatology and hair loss solutions: This includes customers using Nava MD for female-oriented tele-dermatology and skincare, as well as individuals (both male and female) seeking treatments for hair loss through ShapiroMD.

3. Individuals seeking general primary care and specialized chronic/urgent care: This category covers patients subscribing to LifeMD Primary Care for general medical needs, urgent care, and chronic care management, as well as those using Cleared for personalized treatments related to allergy, asthma, and immunology.

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Justin Schreiber, Chairman & CEO

As a co-founder of LifeMD, Justin Schreiber has played an essential role in the company's formation, growth, and development. He has served as CEO and Chairman of the board of directors since 2018. Schreiber is an experienced venture investor, and the founder and president of JLS Ventures, which focuses on healthcare and technology investing and advisory. He previously worked for a global healthcare consulting firm where he gained experience in operations design and effectiveness, efficiency improvements, and supply chain optimization. He began his career at Gain Capital Group, focusing on foreign currency trading. He also co-founded and currently serves on the board of Quantum Computing Inc. Justin holds a B.S. in International Business from Elizabethtown College and a B.A. in International Management from the ICN École de Management in Nancy, France.

Atul Kavthekar, Chief Financial Officer

Atul Kavthekar was appointed Chief Financial Officer, effective March 16, 2026. He brings nearly three decades of financial leadership experience across healthcare, pharmacy, e-commerce, and technology sectors. Kavthekar has served as CFO for both public and privately held companies. He holds an MBA in Finance and Accounting from the University of Chicago Booth School of Business, an MSE in Industrial Engineering from Wayne State University, and a BSE in Engineering Science from the University of Michigan.

Stefan Galluppi, Chief Innovation Officer

Stefan Galluppi brings more than a decade of experience in building technology platforms for direct-to-consumer marketing campaigns. He has served as LifeMD's Chief Technology Officer since co-founding the company in 2016. Previously, he was Chief Technology Officer of Runaway Products, a DRTV-driven marketing firm. Galluppi also co-founded NT1, a digital marketing, web development, and design company that built, scaled, and managed various direct-to-consumer brands. He previously served as a commodities trader at CQR Capital.

Shayna Webb Dray, Chief Operating Officer

Shayna Webb Dray is an accomplished operations and supply chain executive with over 15 years of experience in transforming operations within high-growth and established organizations. Her expertise lies in driving improved operations.

Jessica Friedeman, Chief Business Officer

Jessica Friedeman assumed the newly created role of Chief Business Officer. She joined LifeMD in January 2023 as Chief Marketing Officer. Bringing two decades of healthcare marketing expertise, she has helped drive the growth of LifeMD, including the rapid scaling of its weight management program, and provided go-to-market leadership in the launch of multiple new care verticals. In her new role, she will lead the launch of the company's enterprise and employer health offerings while continuing to manage the women's health division.

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LifeMD, Inc. (LFMD) faces several key risks inherent to its operations as a direct-to-patient telehealth company in a highly competitive and regulated industry.

Key Risks:

1. Regulatory Scrutiny and Changes: As a telehealth provider offering virtual medical treatment, prescription medications, and medical devices across various indications, LifeMD operates within a heavily regulated environment. The company is exposed to significant risks from changes in healthcare regulations, increased enforcement, and state-specific rules regarding telehealth, prescription drug marketing, and healthcare provider licensing.
2. Intense Competition and High Customer Acquisition Costs: The telehealth market is characterized by fierce competition from numerous players, including larger established companies and specialized services. LifeMD's direct-to-consumer model, which relies heavily on digital marketing, makes it susceptible to high customer acquisition costs (CAC). Recent reports indicate that LifeMD has faced increased customer acquisition costs, particularly in segments like men's health (RexMD) and weight management, impacting its financial performance and profitability.
3. Legal Issues and Reputational Damage: LifeMD has encountered significant legal challenges, including multiple class-action lawsuits. These lawsuits allege that the company made false and misleading statements to investors regarding its business operations, competitive position, and financial outlook, particularly concerning rising customer acquisition costs and refund rates in its weight management offerings. Such legal troubles can lead to substantial financial losses, erode investor confidence, and cause significant reputational damage.

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The entry and aggressive expansion of large technology companies, most notably Amazon with its Amazon Clinic and One Medical initiatives, into the direct-to-consumer telehealth market presents a clear emerging threat. These companies possess vast resources, established customer bases, and the ability to integrate telehealth services into broader healthcare ecosystems, potentially disrupting smaller, specialized telehealth providers like LifeMD through economies of scale, superior technology integration, and broader brand recognition.

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LifeMD, Inc. operates in several significant addressable markets through its diverse range of telehealth products and services.

• LifeMD Primary Care (Virtual Primary Care): The U.S. virtual care market was estimated at USD 8.9 billion in 2024 and is projected to grow to USD 69.2 billion by 2032.
• RexMD (Men's Sexual Health): The U.S. Erectile Dysfunction (ED) market is projected to be valued at USD 1.3 billion in 2025.
• Nava MD (Teledermatology and Skincare): The U.S. teledermatology market reached USD 4.63 billion in 2024 and is projected to grow to approximately USD 29.69 billion by 2034.
• ShapiroMD (Hair Loss): The U.S. hair growth supplement and treatment market reached USD 1.73 billion in 2025.
• Cleared (Allergy, Asthma, and Immunology): The global allergy diagnostics and therapeutics market stood at US$ 36.55 billion in 2025 and is forecast to reach US$ 84.59 billion by 2035. North America dominated this market in 2024.
• PDFSimpli (Online Software-as-a-Service Platform): The global PDF software market size was valued at approximately USD 5.77 billion in 2025 and is projected to reach USD 8.93 billion by 2034.

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LifeMD (LFMD) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Continued Expansion of its GLP-1 Weight Management Program: The company's GLP-1 weight management program has demonstrated strong performance and is a significant growth engine. LifeMD reported that its GLP-1 business continued to outperform, driving telehealth growth and contributing to increased revenue guidance for 2024. The launch of oral Wegovy post-year-end 2025, with over 80% of new weight management patients initiating branded therapy, and record patient sign-ups in this segment are expected to fuel further growth.
2. Growth in Telehealth Subscriber Base: LifeMD has consistently increased its active telehealth subscriber count. The number of telehealth active subscribers grew 27% year-over-year to approximately 215,000 by the end of 2023, and further increased by 31% year-over-year to around 235,000 in Q1 2024. By the end of Q4 2025, active telehealth subscribers reached nearly 323,000, representing a 16% year-over-year increase. This consistent expansion of its patient base across its telehealth platform is a fundamental driver.
3. Launch and Scaling of New Health Offerings: LifeMD is expanding its service portfolio into new and growing health segments. Key growth initiatives include the launch and scaling of women's health offerings and the expansion of men's health services. Additionally, the company is launching a 30-state virtual cardiology offering and has shown promising early traction in new areas such as hormone replacement therapy (HRT) and behavioral health.
4. Expansion of Benefits Coverage and Insurance Enablement: To reduce customer acquisition costs and improve patient retention, LifeMD is significantly investing in expanding its benefits infrastructure. The company anticipates expanding its benefits coverage from over 110 million lives to more than 220 million lives by the end of Q2 2026. This broader insurance enablement is expected to facilitate access for a larger patient population.
5. Expansion of Integrated Pharmacy Operations with Compounding Capabilities: LifeMD is enhancing its integrated pharmacy operations, including the expansion of its 50-state licensed pharmacy with 503A compounding capabilities. These integrated pharmacy operations have demonstrated high gross margins, which is beneficial for the company's overall profitability and revenue mix.

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Capital Allocation Decisions (Last 3-5 Years)

Share Issuance

• In September 2021, LifeMD commenced an underwritten registered public offering of common stock, with proceeds intended for debt repayment, working capital, patient acquisition, and capital expenditures.
• The number of outstanding shares for LifeMD significantly increased from 12.58 million in 2020 to 46.16 million by the end of 2025, indicating consistent share issuances over this period.
• As of December 31, 2025, the company had 46,760,016 shares issued, an increase from 42,293,907 shares issued as of December 31, 2024.

Inbound Investments

• In January 2026, LifeMD secured a $50 million revolving credit facility with Citizens Bank, enhancing its financial stability and liquidity.

Outbound Investments

• In November 2025, LifeMD divested its majority interest in WorkSimpli Software LLC in a transaction valuing WorkSimpli at approximately $65 million. LifeMD received about $22 million in cash at closing, with potential for an additional $28 million based on future performance, to strategically focus on its core virtual care and pharmacy platform.
• LifeMD acquired key assets from Optimal Human Health MD in April 2025 to accelerate its entry into the women's health market, focusing on hormone health, bone density, metabolism, and long-term wellness.

Capital Expenditures

• In the 12 months leading up to March 2026, LifeMD's capital expenditures amounted to $3.85 million.
• The company is making robust investments in AI and pharmacy infrastructure, as well as expanding its platform.
• LifeMD's net proceeds from a September 2021 public offering were designated, in part, for capital expenditures.