LifeMD, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company achieved total revenues of $53.4 million for the three months ended September 30, 2024, marking a 38% increase from $38.6 million in the same period of 2023. Telehealth revenue specifically surged by 65% to $40.3 million, compared to $24.3 million in the prior year. For the nine months ended September 30, 2024, total revenues reached $148.2 million, up from $107.7 million in 2023, reflecting a 38% growth.

Despite the revenue growth, LifeMD reported a net loss of $5.5 million for Q3 2024, slightly higher than the $5.3 million loss in Q3 2023. The net loss attributable to common stockholders decreased to $5.9 million from $6.9 million year-over-year. For the nine-month period, the net loss increased to $19.0 million from $14.6 million in 2023.

The company's gross profit for Q3 2024 was approximately $48.4 million, a 43% increase from $33.8 million in Q3 2023, with a gross profit margin of 91%. However, total expenses rose to $53.1 million, up from $38.4 million in the same quarter of the previous year, driven by increased selling and marketing expenses, general and administrative costs, and development expenses.

LifeMD's total assets increased to $72.6 million as of September 30, 2024, from $58.5 million at the end of 2023. However, total liabilities also rose significantly to $78.5 million, up from $52.9 million, resulting in a stockholders' equity deficit of $7.7 million, compared to a positive equity of $3.5 million at the end of 2023.

Strategically, LifeMD has been active in expanding its service offerings, including the launch of its GLP-1 Weight Management program, which has attracted over 71,000 patient subscribers. The company also entered a collaboration with Medifast, Inc., which included a $10 million investment to enhance its platform and operations.

LifeMD's cash position improved to $37.6 million as of September 30, 2024, compared to $33.1 million at the end of 2023. The company reported net cash provided by operating activities of $15.9 million for the nine months ended September 30, 2024, a significant increase from $3.1 million in the same period of 2023.

Overall, while LifeMD has demonstrated strong revenue growth and operational improvements, it continues to face challenges with profitability and rising expenses, alongside a notable increase in liabilities.