aluxum LifeMD ( NASDAQ: LFMD ) shares traded higher on Wednesday after KeyBanc Capital Markets launched its coverage with an Overweight rating and a $12 price target, citing the telehealth firm’s weight management program. Analyst Steve Dechert noted that LifeMD’s ( LFMD ) weight management, which offers GLP-1 drugs such as Novo Nordisk’s ( NVO ) Wegovy and Eli Lilly’s ( LLY ) Zepbound, has increased its subscriber base to nearly 50K by mid-May compared to ~3K in Q2 2023. “We expect its Weight Management Program, fueled by GLP-1 demand, to be the primary driver of significant revenue growth of ~35% in FY24 and ~25% in FY25,” Dechert wrote, projecting ~325% subscriber growth this year.
The analyst also expects new products from RexMD, LifeMD’s ( LFMD ) telehealth offering for men, and a potential $100M from the sale of the company’s SaaS business, WorkSimpli. Dechert added that the proceeds from a potential divestment expected this year would help the company pay down its debt load and invest in its business. More on LifeMD LifeMD: Moving Towards Profitability LifeMD, Inc.
(LFMD) Q1 2024 Earnings Call Transcript LifeMD, Inc. 2024 Q1 - Results - Earnings Call Presentation LifeMD Q1 2024 Earnings Preview LifeMD Non-GAAP EPS of $0.15 beats by $0.
12, revenue of $44.86M beats by $4.37M.
