Good afternoon. Thank you for joining us today to discuss LifeMD's results for the fourth quarter and full year ended December 31, 2025. Joining the call today are Justin Schreiber, Chairman and Chief Executive Officer; and Marc Benathen, Chief Financial Officer. Following management's prepared remarks, we will open the call for a question-and-answer session. 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 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 take 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, March 9, 2026. 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 and 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 Investor 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, and good afternoon, everyone. After the market closed, we issued a news release announcing our fourth quarter and full year financial results and posted an updated corporate presentation on our website at ir.lifemd.com. LifeMD delivered a very strong fourth quarter and full year with solid performance across all of our business lines. We entered 2026 with over 322,000 active subscribers, nearly $37 million in cash and no debt, giving us the strongest balance sheet and liquidity position in the company's history. Across our platform, we now onboard approximately 1,200 new patients per day, and we received more than 120,000 unique daily visitors to our websites, a clear reflection of the strength of our brands and the growing demand for our services. Our weight management business alone is seeing record patient acquisition volumes in the first quarter with new sign-ups approaching 700 per day, while customer acquisition costs have declined sequentially, a combination we are very excited about. Weight management remains a significant long-term growth opportunity for us. More than 100 million Americans are clinically eligible for GLP-1 therapy, yet only a fraction have been prescribed treatment. Subsequent to year-end, we successfully launched oral Wegovy through our collaboration with Novo Nordisk, significantly expanding access for patients who prefer an oral option. We are one of the few virtual care providers fully integrated with both Novo Nordisk and Eli Lilly affiliated pharmacies, and we are optimistic these collaborations will continue to evolve and deepen. Beyond our current partnerships, we see significant pipeline opportunities with other large pharmaceutical companies and strategic partners. And we believe LifeMD's infrastructure and patient base make us a highly attractive partner in this space. Our second biggest area of focus after weight management is women's health. We have invested more resources into the launch of this…

Thank you, Justin, and good afternoon, everyone. Our fourth quarter results were very strong and ahead of our previous guidance, driven by outperformance in all areas of the company. During the quarter, we added over 13,000 net new subscribers to our patient subscriber count. This was the largest net gain of any quarter in 2025 and is reflective of the strong business momentum as a result of LifeMD making significant inroads with the penetration of branded therapy within our weight management subscriber base and a consistent multi-quarter return to sequential growth in our men's health business. To date, in the first quarter, we have seen this momentum continue and even accelerate in the first quarter of 2026 with GLP-1 patient new sign-ups at record levels and over 80% of new patient sign-ups going on branded therapy. We are leveraging our pristine balance sheet to invest in accelerating the acquisition and onboarding of patients to best position us for long-term growth and significant momentum in the back half of 2026. Now turning to the fourth quarter numbers. Revenue grew 4% versus the year ago period to $46.9 million. Telehealth subscriber growth remains strong with the number of active subscribers increasing 16% year-over-year to nearly 323,000 at quarter end. Gross margin for the fourth quarter was 87.1%, an expansion of 570 basis points versus the prior year due to revenue mix and increasing operational efficiency as we scale. Gross profit was $40.8 million, an increase of 11% from the year ago period. Our GAAP net income attributable to common stockholders for the fourth quarter of 2025 was $19 million or $0.41 per share. This figure includes the onetime benefit from the sale of WorkSimpli last November. Excluding this onetime gain, our GAAP net loss from continuing operations was $1.9 million or $0.04…

Thanks, everybody. I think now we'll open up to questions.

[Operator Instructions] And we'll take our first question from David Larsen with BTIG.

Congratulations on the good quarter and the good year. Can you talk a little bit about the demand you're seeing for, I guess, the Wegovy pill and the brand products? How does that compare to like, say, 3Q and 4Q of '25 heading into 1Q of '26?

Dave, this is Justin Schreiber. I'll take that one. I mean the demand, as we mentioned on the call, has been very strong since this product launched in early January. If you were to compare it I mean, as you can -- as we said, we doubled -- nearly doubled new patient acquisition in the weight loss business. And a lot of that was driven by Wegovy pill. So I think that's the best way to illustrate that. And we also saw really encouraging unit economics, which is why we decided to kind of spend more money than we otherwise might have on new patient acquisition in this area.

Okay. And then when you say patient or unit economics, can you maybe expand a little bit on that? Like what is the revenue model for the Wegovy pill? Is it being priced at like $150 a month, which I think is the cash pay price that Novo charges? Just any additional color there, like gross margins on that product would be very helpful.

Yes. So David, this is Marc. So it will depend upon dosage. But yes, typically, it's at $249 a month price all in as a bundle and can move up from there. The gross margins are healthy. I mean we're in approximately $100 an order or so in margin, which is pretty healthy. We treat it from an accounting and financial statement standpoint, similar to how we've treated other bundled relationships and that we recognize the net amount into the P&L, which is purely driven by the margin since essentially the product today, there may be other opportunities in the future. But today, the product is essentially a pass-through and the margin that we make is on the additional services that we provide to our patients. So it's very similar economics to what we've seen on branded injectables, which are strong economics that have multifold returns on a 3-year basis.

Okay. That's great. And then just any more color on the investments you're going to be making in 1Q of '26 that's going to create that sort of EBITDA margin phenomenon?

Yes, this is Marc. Yes, I would expect -- I mean, look, the big increase is going to be in the sales and marketing line. If you look in '25, we're typically around that $20 million to $22 million mark in the sales and marketing line within the telehealth business. Obviously, the first few quarters, we also have WorkSimpli there. But telehealth around that $20 million to $22 million. We're going to be $30 million to low 30s in the first quarter, but that's also with CAC reducing sequentially about 4% to 5% and volumes doubling, which is pretty impressive that we're able to drive that much more volume with reduced CAC. Obviously, because of the volume, it's going to drive incremental dollars. Those dollars will pay back to us in the coming quarters, particularly in the back half of '26. And given the demand out there and where LifeMD is positioned in the market, our insurance capabilities, we collectively believe it makes a lot of sense for us to go and capitalize upon that.

Okay. And just one last quick one before I hop back in the queue. The ramp in revenue, I think you're sort of talking about maybe $63 million in revenue in the fourth quarter. It's a pretty good ramp from 1Q. Just what will be the drivers of that increase as we progress through the year, please?

Predominantly subscriber count growth. It's mostly going to take place in the GLP-1 weight business, the growth in the women's health business, which is obviously at its infancy. And then look, the Rx business is back to sequential growth. It's going to continue to be a consistent grower as we move through each of the quarters. But those will be the 3 areas, and you're going to see it in subscriber count growth as we move throughout the year.

We'll move now to Sarah James with Cantor Fitzgerald.

Congrats on a great quarter and exciting outlook. There's a lot of growth levers here to unpack. So I want to stick on the topic of the run rate revenue and earnings. Is there any way that you can help us frame up when you're getting to that $25 million annualized EBITDA by exiting '26. How much of that growth is coming from women's health versus weight management versus cross care pharmacy? What are the main drivers there in '26?

Yes. Sarah, this is Marc. So first, I think it's important to understand when we launch a new offering like women's health, while we do breakeven, obviously, on the unit economics, typically in around the 6- to 7-month mark, sometimes a little sooner, sometimes a month or 2 later. As you scale into that business, it's not going to be EBITDA positive on a consolidated basis in the first year. It obviously will add a good amount to revenue, likely along the ranges of around $10 million on a full year basis with run rate being higher by the fourth quarter, but you're not going to be EBITDA positive in that first year. So where the EBITDA accretion comes this year, and by the way, it will be very accretive next year in our financial plan in 2027 as we scale. And it will be -- we would expect it on a run rate basis to be EBITDA positive slightly by the fourth quarter. But where a lot of it comes from, we have obviously more mature men's health and weight management businesses, continuing to scale subscriber count in those businesses across highly leverageable fixed costs, albeit we are making a discretionary marketing investment now, particularly in the weight management business and to a lesser degree in scaling some complementary offerings and existing offerings in men's health. That's where a lot of the accretion will happen this year. Women's health will be in a great position at the end of the year, probably slightly accretive on a run rate basis and then significantly accretive in 2027.

Great. That's helpful. And just so we can get a better basis of understanding on the women's health. When you think about the early performance of your entrance into weight management or REX, how is women's health comparing on things like CAC conversion to care plans, early retention. What does the ramp there look like versus other markets you've entered?

Sarah, it's Justin. I'll take that one. So we've seen -- I think from a CPC basis, I mean, we've seen higher intent for these offerings than anything we've ever launched, which has been really, really encouraging on the marketing side. We've struggled a little bit on the kind of just the conversion rate side of the business and where we've been putting an enormous amount of energy into figuring that out. That was one of the comments I made on the call is that we've invested in just in our brand, in our assets and in incredible advisers. And just we've really kind of invested more than we've ever invested in a launch in the company's history in the women's health program. And we're starting to see like the benefits of that. I mean we've cut the CPA at least in half over the last 30 days or approximately in half, I would say. And there's still a lot of room for improvement. So we can tell there's an enormous amount of demand there. We know that we have like an incredible service offering, the pharmacy products that we're offering. We also have a very big kind of portfolio of offerings -- pharmacy products that we're offering, including compounded hormone therapies, which are priced better than almost everybody else out there, I mean, especially considering how high quality our offering is. And the other thing that we're exciting to see, and we're already seeing the early signs of this is just like really, really good on therapy and retention rates. And so some of these like the initial on therapy and retention rates are north of 80%, which is really strong. And so like our whole kind of -- our plan from when we started designing this program was build something with an incredible value proposition. We know there's kind of a massive need there in the market, price it properly, and we're going to have amazing retention. And yes, look, it's a little bit early to make too big of a statement here, but the initial numbers are really good, and everybody internally is super excited about it.

We'll take our next question from Steve Dechert with KeyBanc.

Congrats on a solid quarter. Just wondering the level of stickiness you're seeing with people on the Wegovy pill versus the injectable? And then if that is a higher stickiness level, given it is early, only a couple of months here, but how much is that factored into your '26 guidance?

I'll take that one. So it's a little bit too early, as you said, to understand too much on the retention side of things. I mean it's not something that's like, I think, a big contributor to the run rate we said we'd reach in Q4 of this year. We've been -- we've taken kind of a very conservative stance on it. We've seen really strong on therapy rates, which is probably just driven by the fact that people that are coming to LifeMD and they know they want the Wegovy pill and they're getting on therapy and they qualify for therapy, and they're also okay with paying cash. The interim price for that drug is $149. So it's a very attractive price point. So the on therapy rates and the initial retention rates are certainly better than the injectable, but like long-term kind of retention is still TBD.

Okay. And then just on your weight management platform compared to competitors. I mean we've had Lilly announced a weight management offering. I think that was last week and then Amazon coming out with a kind of a direct-to-consumer offering as well. I think that was this morning. Just how does your platform compare to some of these competitors out in the market?

I mean, look, I think there are a couple of big things, and we put out a new -- we released a new investor presentation in the last hour that's up on our website that details some of these differentiators as well that I would encourage everybody to take a look at. But look, you compare LifeMD to Amazon. One, we operate our own 50-state provider group that's staffed mostly with full-time providers, which are just really highly trained in the areas that they practice. They specialize in women's health, they specialize in weight management. I mean that's a very big differentiator from the Amazons of the world. We also -- we're a platform for care, right? So we offer different types of specialty care. We offer women's health. We offer weight management. We offer hormone therapy. Patients can access behavioral health and psychiatry. So I think having those -- having those kind of -- having that like portfolio of specialty care available is something that's also very unique when you compare what LifeMD is doing versus Amazon and really versus like most others. And we also offer the synchronous care that we offer. That's something that Amazon does offer through third-party providers in some verticals, like you can book a synchronous care or a video visit with a provider in urgent care. I don't know how their weight management business is structured, though. And compared to most people out there, that is a very unique thing about LifeMD is that you can do a message-based console, but if you want to have a real visit with a provider via video or audio, you can do that, and you're going to get a visit with, again, a highly trained provider in weight management that works for LifeMD's affiliated medical group and not a 1099 provider out there that's part of a massive third-party staffing business. So those are a couple of the things. I mean it's a big market, right? And some people are going to use Amazon, some people have loyalty to other brands, but we're seeing incredible demand for LifeMD services and our pharmacy products. And we've had this conversation before around Amazon launching for instance, an erect outysfunction product, and it doesn't materially, especially in markets this big. And as you know, the GLP-1 market is even bigger than the ED market, it doesn't have a material impact on our business.

We'll take our next question from Ryan Meyers with Lake Street Capital Markets.

First one for me, just thinking about the patient acquisition channels that you guys are investing in here in Q1. Are you going after any different marketing channels? Is the marketing strategy any different here? Or is it similar to what you guys have done in the past?

It's mostly -- Ryan, this is Justin Schreiber. It's most -- it's very similar to what we've done in the past. We do have some new partnerships on the media side that have been spectacular performance-wise. They've delivered thousands and thousands of new patients. I don't have an exact number to share with you. We also had some -- we had several smaller employers that we've onboarded in the last 30 days, which is a program that we're piloting. And the reviews there and the feedback there from the employers are using our platform has been incredible. We're working on some other significant partnerships as well with some very large companies that could be transformational for LifeMD if we get them across the finish line. And those are things that we could see in the next 60 to 90 days. So we've got a very active pipeline right now of opportunities that would drive patient acquisition.

Okay. Got it. That's helpful. And then thinking about the benefits infrastructure being on track to cover the over 220 million Americans by the end of Q2. When you think about the potential lifetime value of a covered patient versus a cash pay patient, is there a big difference there?

It's a great question, Ryan. And I don't know the answer to that. I mean I don't have a precise answer for that because the insurance business for us is so new. I believe that retention is going to be stronger for a patient that uses their insurance or their commercial insurance or their Medicare on the LifeMD platform and pays their co-pay and has a lower membership fee, right, than a patient that comes in and pays cash and is not using their insurance. And so I think you're going to see better LTVs and you're going to see better retention. But we need to -- we still need to prove that out. I mean that's -- look, we're excited about the opportunity for -- the opportunity around insurance on the platform. We did -- we were surprised internally at the demand for insurance when we turned it on in the last couple of months. We talked a little bit about this on the last call, and I think we had turned it on with a week or 2 ahead of the call and saw a couple of days of really good demand. We turned it back when we opened up even more states and contracts. And we were impressed with the impact that it had on CPA. Now it was a lower-priced offering, and we needed to work out some kinks in our billing processes. So we don't have the clear -- we don't have the -- I mean, we don't have as clear a picture as we would like on what the long-term value looks like on these patients. But we have enough data at this point, I think, to know that there's like a great and viable long-term business model here. We just need to kind of continue to figure it out. So I'm excited about it. I think you're going to see the business move more and more towards commercial and government insurance patients over the coming quarters. And I expect this to be a number that we actually kind of report on in much more detail to investors in the quarters to come.

We'll move now to Yi Chen with H.C. Wainwright.

This is Eduardo on for you. I guess I had a question. Could you just reiterate the total number of subscribers and detail again the number of them that came on specifically for the pill and for the Wegovy pill. I'm curious if you're seeing any migration from previously patients who were on the injectables that are going to the pill? Or is it primarily new customers who are signing up as subscribers for the orally available drug?

Yes, it's Mark. So we have 322,000 overall subscribers. As we indicated in our presentation that was updated presentation was published to the Investor Relations website today, approximately 80,000 plus are weight management subscribers. We haven't released like the exact count that our oral Wegovy pill, but we're seeing very strong demand for that product this year. Obviously, it only started selling in January. We haven't reported our subscriber count in Q1. So we're not at liberty to release that at this time, but obviously, it will be included in future updates. You're seeing some folks coming on to it, but it's honestly driving a lot of new patient demand for us.

Got it. That's really helpful. And then going to the pharmacy, I'm curious which -- now that you're 5 license, what percentage of RexMD and Shapiro MD fulfillment is currently handled in-house? And what's the incremental margin lift with the in-house fulfillment?

Yes. We are approaching the 70% mark with in-house fulfillment. The margin lift, we've been seeing -- and we haven't fully completed this exercise, but we're probably seeing along the range of 150 to 200 basis point margin improvement from internal. It also gives us obviously a lot more flexibility. And that's the real long-term benefit, the flexibility that we have with personalized and 503-A compounded products, which we can now do out of the pharmacy and those lifestyle conditions.

Got it. And -- I don't know if you'd be willing to detail any additional drugs you guys are considering compounding and bringing into your offering that you think would be key growth drivers for the pharmacy company.

Yes, we're not at liberty to -- we have a strong internal road map. We're just not at liberty to detail that at this moment.

At this time, there are no further questions in queue. I will now turn the meeting back to Justin Schreiber for closing remarks.

Thank you, everyone, for your questions and for your interest in LifeMD. We look forward to speaking with you once again when we report our first quarter results. Have a great evening.

Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.