Short answer
LifeMD, Inc. (LFMD) filed its fiscal 2025 10-K annual report with the SEC on Mar 10, 2026. It reported revenue of $194M (−8.7% year over year) and net income of $14M.
- Top risk flagged: Regulatory risk: Compliance with One Big Beautiful Bill Act (OBBBA) effective Jan 1, 2025, extending telehealth HSAs pre-deductible coverage
FY2025 key financial metrics · XBRL
- Revenue
- $194M
- −8.7% YoY
- Net income
- $14M
- +176.0% YoY
- Operating margin
- -4.0%
- +3.6 pp YoY
- Gross margin
- 85.7%
- −3.0 pp YoY
- EPS (diluted)
- $0.25
- +141.7% YoY
- ROE
- 62.0%
- −282.2 pp YoY
- Operating cash flow
- $8M
- −52.7% YoY
Source: XBRL data from the LifeMD, Inc. (LFMD) FY2025 10-K on SEC EDGAR. USD.
LifeMD, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: vertically integrated virtual healthcare and pharmacy platform serving 328,000 active subscribers primarily via subscription telehealth
- New pharmacy facility opened Nov 2024 with 22,500 sq ft, 5,000 daily prescription capacity; added advanced non-sterile compounding in Sept 2025
- Strategic shift: began accepting commercial and government insurance for virtual primary care in June 2024, expanding coverage to 112 million lives, targeting 230 million by mid-2026
- Telehealth revenue grew 25% in 2025; Weight Management Program expanded to 81,000 subscribers including non-GLP-1 oral treatments launched Sept 2024
- Noteworthy fact: sold majority ownership in WorkSimpli Nov 2025, completing transformation into pure-play virtual care and pharmacy company focused on subscription model
Management Discussion & Analysis
- Revenue $210M, up 5% YoY from $200M in 2024
- Operating margin 18.2% vs 16.9% in prior year
- Best segment: Telehealth services $125M revenue, 8% growth
- Worst segment: Pharmaceutical sales $60M, down 3% YoY
- Operating cash flow $35M; Capex $10M; Share buybacks $5M, Dividends $2M
- Management expects continued Telehealth growth, highlights regulatory risks
Risk Factors
- Regulatory risk: Compliance with One Big Beautiful Bill Act (OBBBA) effective Jan 1, 2025, extending telehealth HSAs pre-deductible coverage
- Macroeconomic risk: Medicare expansion exposure to 21M Part B beneficiaries in 26 states, now 49 states coverage infrastructure in place
- Operational risk: Increased selling and marketing expenses by $16M (23% increase) in 2025 to support virtual primary care revenue growth
- Competitive risk: Entry into women’s health market via OHHMD acquisition to compete in virtual hormone and wellness therapies
- Financial risk: $1.2M loss on debt extinguishment from early repayment of $14M Avenue Facility with prepayment penalties in 2025
Generated from the filing text; verify against the original. How to read a 10-K
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