LifeMD Cuts 2026 Revenue Outlook After Third-Quarter Miss

The Tip Desk · November 13, 2026 · 3 min read

Third-quarter revenue was $44.6 million, below the company's prior range, as it reset full-year sales to $188 million to $191 million.

LifeMD, Inc. (LFMD), a provider of virtual primary care and pharmacy services, reported third-quarter 2026 revenue of $44.6 million, below its prior guidance, and cut its full-year 2026 outlook after a sequential decline that reversed the second quarter’s within-range print.

The company had guided second-quarter revenue of $47 million to $50 million and received $47.3 million. First-quarter revenue was $50.2 million. Third-quarter sales of $44.6 million compared with $47.7 million a year earlier, a decrease of about 7%.

Chairman and Chief Executive Justin Schreiber said the company deliberately reduced marketing spend and prioritized longer patient commitments, and that partnerships took longer to ramp than expected. Those factors, he said, weighed on revenue this quarter.

Adjusted EBITDA improved about $3.1 million sequentially to a loss of approximately $0.4 million, from a $3.5 million loss in the second quarter, after a $4.5 million loss in the first quarter. The result fell within the company’s guidance range of negative $1 million to positive $2 million. Selling and marketing expenses fell 34% sequentially to $18.5 million, a $9.5 million reduction. Schreiber said cost per acquisition fell 32% from May to September while monthly media spend declined 45%.

GAAP net loss from continuing operations attributable to common stockholders was $5.2 million, or $0.11 a share, compared with $8.4 million, or $0.18 a share, in the second quarter. Year-over-year, that loss was $5.4 million, or $0.12 a share.

Gross profit was $36.4 million. Gross margin was approximately 82%, compared with approximately 89% in the second quarter and 85% a year ago. Chief Financial Officer Atul Kavthekar said the decline primarily reflected a change in presentation rather than economics: under new branded fulfillment arrangements, medications fulfilled by LifeMD’s own pharmacy are recognized on a gross revenue basis. General and administrative expense was $14.7 million, which the company said reflected clinical capacity added to support new partnerships, partially offset by efficiencies in non-clinical functions.

Total active subscribers were approximately 350,000 at quarter end, up 13% from a year ago and nearly flat from the second quarter’s approximately 356,000. LifeMD Pharmacy shipment volume grew 58.3% year-over-year.

The company entered arrangements with Novo Nordisk and Eli Lilly enabling its pharmacy to dispense self-pay branded GLP-1 medications, including Wegovy, Wegovy Pill, Ozempic, Zepbound, and Foundayo, to patients nationwide. It also entered an exclusive relationship with AT&T to provide its 100 million wireless and fiber customers and 110,000 U.S. employees access to LifeMD’s healthcare and pharmacy services. Schreiber said the company made progress on an enterprise healthcare offering it will begin marketing to businesses in the fourth quarter.

Cash totaled $21.9 million as of September 30, 2026, down from $25.1 million at the end of the second quarter. The company had no debt at quarter end. Subsequent to quarter-end, it closed a $12.5 million non-convertible senior secured term loan with Avenue Capital to replace its prior revolving credit facility, which Kavthekar said gives greater flexibility to fund working capital the branded fulfillment arrangements may require.

For the fourth quarter of 2026, LifeMD expects revenue of $46 million to $49 million and adjusted EBITDA of negative $4 million to negative $2 million. That replaces the second-quarter outlook of a return to positive adjusted EBITDA in the second half and a fourth-quarter exit revenue run rate of approximately $250 million with approximately $22 million of annualized adjusted EBITDA. Full-year 2026 guidance was revised to revenue of $188 million to $191 million, from $205.5 million to $212.5 million, and adjusted EBITDA of negative $12.6 million to negative $10.6 million, from negative $6.0 million to breakeven.