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LifeMD Q1 2021 Revenues on Track to Exceed $17 Million, up 295%, with Subscriptions Representing More than 80% of Total Revenue

NEW YORK, March 05, 2021 (GLOBE NEWSWIRE) -- LifeMD, Inc. (NASDAQ: LFMD) (formerly Conversion Labs), a leading direct-to-patient telehealth company, expects revenue for the first quarter ending March 31, 2021 to exceed $17 million, up more than 295% compared to the same year-ago quarter.
a??Given the strengthening sales and customer growth wea??ve been seeing over the last few months, we are well on track for another record-breaking quarter that will once again exceed all expectations,a?? stated LifeMD CEO, Justin Schreiber. a??We are now hitting an annualized run-rate of more than $68 million, with increasing momentum coming into March. Our growing recurring revenue stream from subscriptions is also providing us greater visibility into future performance.a??Subscriptions are expected to generate more than 80% of revenue in the quarter, compared to about 63% in the same year-ago period. The increase in subscription revenue is expected to be largely due to sales of the companya??s Shapiro MDa?? hair products for men and women under a new subscription-based program, as well as continued record subscription sales of the companya??s telemedicine brand for men, Rex MDa??.a??We believe this performance reflects our ability to deliver an expanding portfolio of telemedicine products and services to a growing population of patients across the U.S.,a?? commented LifeMD COO, Brad Roberts. a??Over the course of the past year we established a strong foundation to address this opportunity and support rapid growth.a??Now just a few weeks away, the upcoming official launch of the companya??s new subscription-based primary care and concierge telehealth services represents another valuable avenue for transforming the healthcare experience and attracting new patients to the LifeMD digital health platform.
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