LifeMD, Inc.

Good morning.

Thank you for joining us today to discuss the results for LifeMD's first quarter, ended March 31st, 2023. Joining the call today are Justin Shriver, Chairman and Chief Executive Officer, and Mark Benison, Chief Financial Officer of LifeMD. Following management's prepared remarks, we will open the call for question and answer session. I'd like to remind everyone that today's call is being hosted via webcast and the recording will be made available via the link in today's press release. which is available in the Investors Relations section of the company's website. 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 the company's 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 within other filings that LifeMD may make with the SEC from time to time. Forward-looking statements made during this call are based on current information available to the company as of today, May 12, 2023. The company assumes no obligation to update or revise any forward-looking statements after today's call, except as required by law. Also, please note that management will be discussing certain non-GAAP financial measures that the company believes are important in evaluating LifeMD's performance. Details on the relationship between these non-GAAP measures to the most comparable GAAP measures and reconciliations thereof can be found in the press release issued earlier today. Finally, I would like to remind everyone that today's call is being recorded and will be available for replay in the Investors Relations section of the company's website. Now, I'd like to turn the call over to LifeMD's CEO, Justin Schreiber. Please go ahead.

Thank you, Daryl, and good morning, everyone. Thank you for joining us today. We're excited to share the outstanding results of our first quarter and the promising developments across LifeMD. Earlier today, we issued a press release containing our first quarter results and uploaded an updated corporate presentation. I encourage everyone to view our presentation, which can be found on the investor relations section of our website. I'm thrilled to begin this call by announcing that the strong foundation we established last year translated into tremendous first quarter performance. Both revenue and adjusted EBITDA surpassed our prior guidance. Our telehealth business saw a return to double digit growth, achieving a 23% sequential revenue increase. By optimizing our operations, we've achieved record gross margins, a considerable reduction in marketing and G&A expenses as a percentage of revenue, and a 40% improvement in our patients' first year lifetime value. I firmly believe that our first quarter financial results validate and demonstrate the robust fundamental growth made possible by our focused investments and efforts throughout 2022. We also strengthened our financial position by securing a $40 million debt financing deal with Avenue Capital, a leading institutional debt fund. In doing so, we addressed one of the greatest constraints we faced last year, the size of our balance sheet. To date, we have only drawn $15 million against this facility, but more importantly, we are operating with increasing profitability and are on track to reach free cash flow break-even or positivity by mid-2023. This solid financial foundation positions LifeMD as a well-capitalized, growth-driven company in our sector. Our focus remains on several key initiatives, which we're eager to discuss. First, our legacy lifestyle healthcare business, encompassing men's sexual health, hair loss, dermatology, and insomnia, continues to thrive. After repositioning our product and subscription offerings to maximize profitability, we achieved 20% sequential revenue growth in Q1 in this segment. It comes as no surprise that this segment of our business is immensely profitable. producing contribution margins in excess of 30%. Building long-term equity value in our brands remains a key focus. We are continually enhancing the patient experience, launching new telehealth services, and increasing retention and patient lifetime value. And I'm pleased to say that our efforts are being rewarded. In Q1 2023, we saw a 40% increase in first-year lifetime value for patients using our telemedicine offering. Second, we are committed to expanding our virtual primary care offering under the LifeMD brand. With over 11,000 active patients as of March 31, 2023, we have seen strong membership growth since the brand launched in mid-2022. We've introduced new pricing for our VPC service aligned with patient needs and designed to improve unit economics. I believe LifeMD's virtual primary care service serves as a best-in-class platform for launching and accelerating growth in new product offerings, such as dermatology, insomnia, and our GLP-1 weight management program. We continue to see tremendous interest and demand for our differentiated telehealth service offerings from consumers, even under a cash pay model, which is allowing us to further improve our platform and expand our healthcare footprint. Also, as we previously guided, we are in the process of setting up the appropriate contracts and infrastructure required to begin accepting private insurance and Medicare payments later this year. Although we continue to see strong growth with our cash pay offerings, we believe that coverage is important. and that accepting private insurance and Medicare will enable us to reach an even larger audience and expand our market share. Third, we are making significant progress in growing the enterprise side of our business. While this currently represents only a small portion of our overall revenue, we are convinced more than ever that there is significant demand for our technology platform, the services of our affiliated medical group, and the expertise of our team from life sciences companies. We expect to have material news to report on this front in the coming months. Fourth, our WorkSimply subsidiary is rapidly scaling up, expanding its customer base, and enhancing its product offerings. We're seeing this growth in WorkSimply's top and bottom line. In Q1, WorkSimply's revenue grew by 101% compared to the previous year, and its EBITDA margins exceeded 20%. Now catering to over 170,000 active subscribers worldwide, Work Simply's services are available in 16 languages and serve both consumers and small to medium-sized businesses. With continued diversification into resume services, human resources, and digital signature service markets, it is quickly morphing into a powerhouse in its field, evolving into a one-stop shop for consumers, and small businesses requiring workplace and document services. The growing profitability and cash flow of WorkSimply provide a substantial source of non-dilutive capital for reinvestment into our core telehealth business. Lastly, and this is a point that truly excites me, we've begun to integrate AI into various workflows over the past quarter. The current focus of these integrations has been around enabling our patient care and call center teams to provide elevated service to our patients more efficiently, as well as continuing to build upon our already robust business intelligence platform to drive more predictive analytics that will enable us to continue to optimize our marketing and patient retention investments on a real-time basis. I look forward to sharing more updates over the coming year as we believe these and other AI-driven technologies we are implementing will continue to differentiate our offerings and allow LifeMD and our affiliated medical group to provide a better experience for patients. With that, I will now turn the call over to our CFO, Mark Benison, who will provide a summary of our financial results. Mark.