Chairman and CEO 2026 Letter to Shareholders

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Why We Do It

Today, LifeMD supports more than 322,000 active patients across all 50 states, and our affiliated medical group has completed approximately 1.5 million virtual consults since inception. Our platform has facilitated more than 400 million patient interactions, and on a typical day, more than 120,000 unique visitors come to LifeMD seeking care. In total, more than 622,000 Americans have entrusted a LifeMD-affiliated provider with their health. For a company that just five years ago was helping a few thousand people annually, this is a meaningful milestone — and one I do not take for granted.

Behind these numbers are real people with real stories. Hardly a day goes by that I do not see firsthand how LifeMD is changing someone’s life. A patient in a rural county who had not seen a physician in years is now managing their blood pressure and weight through our platform. A woman in her fifties is finally receiving thoughtful, evidence-based care for menopause after being dismissed elsewhere. A man who lost 60 pounds through our weight management program is off blood pressure medication for the first time in his adult life. A patient struggling with insomnia found a prescription through LifeMD that worked far better than what was available over the counter.

These stories come through our patient reviews, in messages from our providers, and directly to the leadership team’s inbox. They are why we come to work every day, and they are the most honest scorecard we have.

What we are building at LifeMD is, at its core, making high-quality healthcare accessible to every American, regardless of where they live, what they earn, or how the traditional system has failed them.

Here is one story that especially moved me: a patient on our weight management program whose children, Christopher and Isabelle, wrote the following letter to their parents after watching them transform their health through LifeMD. It is a powerful reminder of why this work matters.

This story is personal, but the forces behind it are systemic. We achieved these results against the backdrop of an American healthcare system in crisis, where more and more patients struggle to access quality care, wait times continue to lengthen, and provider shortages are worsening in nearly every specialty. It is important to step back and be clear about what is actually happening in this system and why it is creating so much frustration for patients.

The State of U.S. Healthcare

At a structural level, these challenges are not new, but they are compounding:

• Costs continue to rise without a corresponding improvement in outcomes. Healthcare spending continues to outpace GDP, yet patient outcomes remain inconsistent. The system is still largely built to reward volume rather than results, and the majority of spending is driven by chronic conditions that are not managed in a coordinated way.
• Access remains difficult, even for insured patients. Long wait times, geographic limitations, and fragmented entry points make it hard to get timely care. Having coverage does not mean having access. For many patients, the system is simply too difficult to navigate.
• There is a real supply constraint in providers. Primary care is under-resourced relative to demand, and administrative burden continues to increase. The result is burnout, reduced capacity, and fewer meaningful patient interactions.
• Administrative complexity consumes a meaningful portion of spend. Billing, coding, prior authorizations, and payer fragmentation create layers of overhead that do not contribute to patient care. A significant share of healthcare dollars is spent navigating the system rather than delivering care.
• Chronic disease is not managed in a continuous way. Patients are still treated through episodic interactions, when what is required is ongoing engagement, monitoring, and adjustment. This is where the majority of cost sits, and where the system is least effective.
• Pricing remains opaque and confusing. Patients often do not know what care will cost until after they receive it. That removes any ability to make informed decisions and undermines trust.

When you combine these factors, you end up with a system that patients increasingly avoid. People delay care, skip appointments, and in some cases avoid the system entirely until something becomes urgent. That behavior makes sense given the experience, but it leads to worse outcomes and higher long-term costs.

A Brief History of Telehealth

Telehealth has emerged as a direct response to many of these challenges, but its path to becoming a core part of the healthcare system has not been linear.

The first phase was skepticism. Prior to 2020, many patients had never used virtual care and questioned whether it could deliver meaningful medical value. It was often viewed as a secondary, if not seedy, option rather than a primary channel for care.

COVID changed that quickly. Virtual care became, in many cases, the only way to access a provider. Millions of patients used it for the first time, and physicians proved that real care could be delivered remotely. That period normalized behavior and removed the question of whether virtual care could work.

What followed was equally important: the emergence of GLP-1 therapies. The rapid rise of GLP-1 therapies created a second, more durable inflection point for telehealth. Unlike COVID, which drove episodic use, GLP-1 programs required ongoing, longitudinal care.

For the first time, patients engaged with providers on a recurring basis for:

• Medication initiation and titration
• Side effect management
• Lab monitoring
• Ongoing diet and lifestyle support

At the same time, patients saw tangible results. Weight loss, improved labs, and better overall health created a level of trust that is difficult to replicate in any other way. Virtual care was no longer just convenient. It was effective.

This transformation came in waves. COVID created access. GLP-1 created confidence. Together, they shifted perception from virtual care as an alternative to virtual care as a primary channel for managing real medical conditions.

What we are seeing now is a flywheel effect. Patients try virtual care, have a positive experience, engage in a chronic care program, see results, and build trust in the model. That trust drives ongoing engagement and hopefully broader adoption across additional areas of care. In my view, this leads directly to a simple but important shift: patients will increasingly ask not “Who is your doctor?” but “Who do you use to see a doctor?”

The Next Phase: Integrated Care and AI

With that foundation in place, the question becomes what’s next?

The answer is not just more virtual visits. While still early, we believe that the real shift is from isolated encounters to integrated care delivery.

Historically, healthcare has been organized around visits. A patient sees a provider, receives a diagnosis, gets a prescription, and then re-engages when needed. That model is episodic and inefficient.

What patients actually want is a complete solution that includes:

• Diagnosis
• Treatment
• Medication
• Labs
• Ongoing monitoring
• Continuous support

The value is not in the visit itself. It is in the outcome. It is in the establishment of a long-term relationship, much like having a family doctor.

This is where the continued expansion of telehealth capabilities becomes essential. Over the last several years, the infrastructure required to deliver this model has matured:

• Integrated pharmacy with direct-to-door delivery
• At-home and remote lab testing
• Continuous care programs with regular follow-up
• Transparent pricing and subscription-based access
• Clinically rigorous protocols tied to real-world outcomes

We believe these capabilities are critical in order for virtual platforms to move beyond simple access and into true care delivery, which is why we invested heavily to build them.

AI is not just accelerating this shift. It is radically redefining what the healthcare system is capable of.

When large language models broke into the public domain, it did not feel like a typical technology cycle. It felt like a discovery. One day these capabilities were confined to academia, and the next they were in the hands of millions of people, demonstrating an ability to reason, synthesize information, and interact in ways that were previously hard, if not impossible, to imagine at scale. Across industries, there was a moment of collective shock, followed quickly by a scramble to understand the implications. Healthcare was no exception.

For a system that is fundamentally supply-constrained, this matters enormously. Healthcare does not have enough providers to meet the level of demand, and that gap has been widening for years. The immediate reaction across our industry was to understand how these tools could be applied responsibly to expand capacity without compromising quality.

What has become clear is that AI can augment nearly every part of the care process. It can reduce administrative burden, improve consistency in clinical workflows, and help providers operate with greater speed and precision.

We see even greater wins down the line. AI can connect the components of care into a single, continuous workflow. Data from labs, medications, and patient interactions can be translated into insights, which drive clinical decisions, which lead to measurable outcomes, which then generate new data. This feedback loop, when properly implemented, has the potential to meaningfully expand the system’s ability to deliver high-quality care at scale.

What I’ve described here is the broader shift underway in the industry. Later in this letter, I’ll outline how we are applying AI within LifeMD.

Taken together, these shifts are not incremental. They represent a redefinition of how care is or will be delivered. The strategic implication is clear. The defensible asset in telehealth is not the ability to offer a virtual visit. It is the clinical, operational, and technological capabilities required to deliver integrated, continuous care at scale.

We saw this shift early, which is why we made the decision to invest heavily in building out the capabilities needed to drive specialty care programs that require greater clinical depth, including our Women’s Health program.

The combination of mature telehealth infrastructure and AI-driven workflows is setting the stage for a fundamentally different healthcare model. One that is continuous rather than episodic, outcome-driven rather than volume-driven, and significantly more aligned with what patients actually need.

That is the direction the industry is moving, and it is the foundation we have been building toward for the last several years.

Quality Care Above All

These forces are reshaping how care is delivered, but they do not change the standard patients should expect. If anything, they raise it. Against this backdrop, I keep coming back to that letter written by the children of one of our patients. It is a reminder of what is actually at stake. It also reinforces something we believe deeply at LifeMD: none of the change in healthcare matters if the quality of care is not there. LifeMD is built around delivering high-quality care, first and always. Everything else we do is in service of that.

We hold ourselves to that standard, and our performance reflects it. Our statistics show that we are one of the best in telehealth. 99% of our consults start on time. 98% of our patients report that they are satisfied with their care. Our affiliated providers maintain an average rating of 4.9 out of 5 across tens of thousands of post-visit reviews. Our medical group treats many different conditions across primary and specialty care, and does so with a consistency and clinical rigor that I’m incredibly proud of. It is possible to grow quickly and deliver exceptional care at the same time, and our team is proving that every day. I have a deep sense of pride for the quality of care provided by the doctors, nurse practitioners, and medical assistants who show up day in and day out to help patients access care, medications, and health and wellness support that in some cases can be the difference between life and death.

Our growth is a direct reflection of this. Telehealth revenue grew from $158 million in 2024 to $194 million in 2025, and we expect to end 2026 at a $250 million annualized revenue run rate, representing a five-year revenue CAGR of roughly 45%. More importantly, the underlying unit economics of the business such as retention, lifetime value, pharmacy margins, and operating leverage remain strong. With ~90% gross margins in our pharmacy operations, a 50-state direct-to-patient pharmacy, 503A compounding licensure across 35 states (and on track for all 50 by year end), strategic collaborations with Eli Lilly and Novo Nordisk, and a rapidly expanding benefits infrastructure that already covers 112 million lives and will exceed 230 million in the second quarter of this year, we have never been better positioned to serve our patients affordably or to generate durable value for you, our shareholders.

And we are still early. Our platform addresses a roughly 500 million visit annual care gap in the United States. More than 100 million Americans are eligible for GLP-1 therapy and the vast majority have never tried one. Half of U.S. counties lack an OB-GYN. Millions of men are quietly going without care for sexual health, hormonal health, and mental health because the legacy system has failed them. LifeMD was built to close these gaps, and we intend to do exactly that.

The rest of this letter details how we plan to get there. From our strategy across our highest-growth verticals, to our durable AI advantage, to the continued build-out of our benefits and pharmacy infrastructure, and the financial framework we are managing the business against. But I wanted to open by saying, clearly and without hedging, that this is the most exciting moment in LifeMD’s history. We are helping more patients, delivering better care, operating more profitably, and building a more defensible business than at any prior point. I’m deeply grateful to the patients who trust us, the providers and employees who make the work possible, and to you, our shareholders, for continuing to believe in what we are building.

Raising the Quality Bar in Direct-to-Consumer

Perhaps the single highest-leverage decision we made in the last twelve months was to aggressively raise the quality bar on our direct-to-consumer business. The telehealth industry has, frankly, earned some of its recent skepticism. A wave of venture-funded companies raced into consumer health over the last few years with the business model of a performance-marketing agency and the clinical depth of a landing page.

We saw the damage that approach was causing — to patients, to the reputation of virtual care, and ultimately to the economics of companies that prioritized volume over clinical integrity. We made a deliberate choice to go the other direction. Over the last year, we meaningfully tightened our clinical protocols, expanded our medical leadership, invested heavily in patient experience, and walked away from categories, channels, and partners that did not meet our standards. We also formed what we believe are long-term collaborations with two of the largest pharmaceutical companies in the world. In the short term, this cost us growth and a considerable amount of what is easiest to call ‘easy money’; in the long term it is the single most important investment we can make. Patients who receive high-quality care stay longer, refer friends, and get better outcomes — and those are the only three things that compound in this industry.

The result is a highly focused business that is growing in a deliberate and durable manner. We are building a platform that supports the full continuum of care, including virtual urgent care, specialty programs, labs, personalized pharmacy products, and wellness products and services. This is paired with a focus on delivering differentiated, affordable options for both self-pay and insurance-covered patients, with strong retention rates.

Our goal is not a one-time transaction; it is a longitudinal care relationship in which a patient trusts LifeMD as their front door to healthcare. All internal indications tell us this approach is working: membership growth and retention rates are trending toward levels we have not seen anywhere in the industry. The shift from transaction to relationship is the real story of LifeMD in 2025 and 2026, and it is what gives us the confidence to invest behind the programs described below.

Women’s Health

Few things we have built in the history of this company make me as proud as the Women’s Health program we formally launched earlier this year. The clinical need is staggering and largely unaddressed: half of U.S. counties do not have a practicing OB-GYN, new-patient wait times in many markets now exceed two months, and tens of millions of women in perimenopause, menopause, and the broader reproductive and hormonal health space are being dismissed, undertreated, or handed a prescription with no follow-up. As we saw with GLP-1, a flood of overnight telehealth brands have rushed in to “solve” this, and the uncomfortable truth is that most of them are not practicing healthcare at all. They are direct-marketing engines pushing powerful medications at women with little meaningful clinical oversight, and the consequences can be deeply harmful, even fatal.

LifeMD built Women’s Health the right way. We assembled a team of exceptional advisors, clinical leaders, and operators, many of them from the most respected academic and health-system programs in the country. We designed the program around longitudinal care rather than a single prescription: comprehensive intake, appropriate labs, thoughtful differential diagnosis, and ongoing management with providers who are specifically trained and credentialed for this patient population. Our protocols were developed and are continuously refined by physicians who have spent their careers in women’s health, not by marketers. We believe this is, without exaggeration, one of the highest-quality women’s health programs available in the United States today, delivered at a price point and convenience level the legacy system simply cannot match.

And the early results have exceeded our expectations. Patient volumes are growing week over week, and retention is pacing well ahead of anything we’ve ever offered. We expect Women’s Health to be one of our two or three largest contributors to incremental revenue growth over the next 24 months and, just as importantly, to be the kind of program that patients tell their sisters, mothers, and friends about. Quality, as always, is the growth strategy.

GLP-1, Weight Management, and Cardiometabolic Health

GLP-1 remains the single largest category opportunity in consumer healthcare in a generation. These are transformative medications that improve outcomes across a remarkable range of diseases, including obesity, type 2 diabetes, cardiovascular disease, end-stage kidney disease, cirrhosis, obstructive sleep apnea, and knee osteoarthritis. LifeMD is one of the few platforms capable of serving patients across this full opportunity. Our strategic collaborations with Eli Lilly and Novo Nordisk are meaningful, competitive advantages: they allow us to offer authentic, brand-name GLP-1 therapies at affordable cash prices, and they reflect the trust these two companies place in our clinical operations and patient experience.

More than 100 million Americans are clinically eligible for GLP-1 therapy, and fewer than 10% have ever tried it. Our view is that the durable winners in this category will not be the loudest marketers; they will be the platforms that combine affordable access with serious clinical care, including appropriate titration, side-effect management, nutrition and behavioral support, and longitudinal follow-up for cardiometabolic health. That is exactly what we have built, and it is why our weight management patients stay with us significantly longer than industry benchmarks.

It’s also worth noting that there are currently more than a dozen new GLP-1 and incretin-based therapies working their way through late-stage clinical development and the new drug approval process. This includes oral formulations, longer-acting injectables, and next-generation dual and triple agonists that target additional metabolic pathways. We believe this pipeline will expand the eligible patient population further and create meaningful new opportunities for platforms like ours. LifeMD is well-positioned to be a primary commercial destination for these therapies as they reach the market.

Cardiovascular disease remains the leading cause of death in the United States, and yet it is one of the most poorly managed categories in primary care. Our cardiology program, built with leading cardiologists and integrated tightly with our weight management offerings, is designed to bring specialist-level cardiometabolic care to patients who often would otherwise wait months for an in-person consult, if they ever get one at all. Cardiology is a natural extension of the work we are already doing in men’s and women’s health and weight management, and we expect it to become an increasingly important contributor to both revenue and, more importantly, to outcomes in the years to come.

RexMD and Advancing Men’s Health

RexMD continues to be one of the most recognized men’s health brands in the United States. What began as a sexual health offering has evolved into a broader men’s health platform spanning hormonal health, dermatology, psychiatry, weight management, and pharmacy services.

At the same time, our ability to serve men has expanded well beyond RexMD alone. Through LifeMD, we now treat men across primary care, cardiometabolic health, mental health, and a growing set of specialty programs. Taken together, LifeMD and RexMD form a comprehensive platform for men’s health, allowing us to meet patients across a wide range of needs and support them over time.

Men remain underserved by the traditional healthcare system. They are less likely to seek care, more likely to delay treatment, and more likely to experience preventable health outcomes. Addressing that gap requires more than a single product. It requires access, continuity, and a model that patients are willing to engage with.

We expect Men’s Health to remain an important contributor to growth in 2026 and a core part of the platform. On the RexMD side, we are planning to expand further into personalized pharmacy products, including new offerings across sexual health, behavioral health, dermatology, topical pain relief, and longevity. These are areas where asynchronous care, combined with our in-house pharmacy, can create a strong and scalable model.

On the LifeMD side, we are focused on expanding into more complex, synchronous care supported by commercial insurance and Medicare. This includes areas such as weight management, cardiometabolic care, and hormone health, where we see meaningful opportunity to deepen our clinical offering over time.

Diversifying Revenue: Payors, Pharma, Strategic Partners & Employers

For most of our history, LifeMD has been a direct-to-consumer business. Over the last eighteen months, we have quietly been laying the groundwork for several adjacent revenue streams that we expect to be meaningful long-term contributors. These include the expansion of our insurance capabilities, collaborations with large pharma, new strategic partnerships, and our offerings for employers.

Payors: Patients Want To Use Their Insurance

One of the clearest signals across our business is that patients want to use their health insurance. The rise of High Deductible Health Plans has made Americans even more cost-conscious, and the vast majority view their insurance as a benefit they want to use to cover as much of their care as possible.

We are seeing attractive customer acquisition costs in our insurance-eligible offerings — in some cases as much as 50% lower than our cash-pay weight management channels. We also see better retention rates when patients use insurance, creating a more durable and higher-quality revenue stream.

We have recently relaunched our Medicare program to strong demand, and we believe that demand could accelerate meaningfully starting in July, once Medicare begins covering GLP-1 medications for obesity. I am extremely excited about the continued growth of our insurance programs and believe this will be one of the biggest contributors to expanding access and improving revenue quality.

Pharma Is Going Direct to Patient

The pharmaceutical industry is shifting toward direct-to-patient and self-pay models. Eli Lilly and Novo Nordisk were early movers, demonstrating that manufacturers could bypass traditional insurance channels and reach patients directly — setting a precedent the broader industry is now following.

Several forces are accelerating this shift: the widespread adoption of HDHPs has made millions of Americans effectively self-pay for most of the year; virtual care delivers specialty programs at a fraction of the cost of traditional insurance-billed services; in vast stretches of rural America, a virtual provider is often the only realistic option for specialty care; and growing frustration with PBM middlemen is pushing all parties toward simpler, more transparent models.

The policy environment is validating this direction. The “One Big Beautiful Bill,” signed into law on July 4, 2025, permanently reinstated first-dollar coverage for telehealth under HDHP-HSAs, meaning patients can access virtual care before meeting their deductible without jeopardizing HSA eligibility. We expect new solutions to emerge in 2026 that allow members to access lower self-pay prices while still applying those amounts toward deductibles and out-of-pocket limits.

LifeMD’s role in this landscape is already proven. Our collaborations with Eli Lilly and Novo Nordisk have been among the most successful direct-to-patient programs in the industry, helping tens of thousands of Americans access FDA-approved medications alongside ongoing clinical care that would not have been available through traditional channels.

Manufacturers that once viewed direct-to-patient as a niche channel are now actively defining their own strategies, and LifeMD is already engaged in discussions with pharmaceutical manufacturers across additional clinical areas aligned with our platform capabilities.

Strategic Partnerships & Enterprise

LifeMD has a track record of successfully executing strategic partnerships. We believe our platform is one of the few in the United States capable of delivering virtual urgent care, specialty care, pharmacy, and lab services under a single brand. AI technologies are lowering the cost of healthcare interactions and driving interest from large consumer and subscription platforms looking to offer virtual healthcare directly to their customer bases. We have already built a meaningful pipeline and expect these partnerships to contribute to our growth in 2026 and the years to come.

We have also continued to grow our employer solutions business with strong results and high satisfaction. We see a significant opportunity to work directly with employers on clinically managed GLP-1 weight management programs that improve employee health outcomes while reducing overall healthcare costs.

AI at LifeMD

We are using AI aggressively and thoughtfully, with quality as the non-negotiable. AI is not a pilot or an experiment at LifeMD. It is increasingly the foundation of how we build software, how our providers practice, and how we run our back office.

On the technology side, our engineering velocity is materially higher than a year ago. Features that used to take a quarter now ship in weeks, and a small, senior engineering team is out-building teams many times its size.

On the clinical side, AI-assisted intake, documentation, and decision support are allowing our providers to spend less time charting and more time with patients, while improving consistency and adherence to protocol.

On the operational side, AI-driven automation across patient support, revenue cycle, compliance, and G&A is producing measurable reductions in cost per patient and cost per consult. We intend to reinvest these savings into clinical quality, patient access, and price.

Healthcare is one of the industries where AI will have the most profound long-term impact, and LifeMD is one of the few companies with the right combination of data, clinical infrastructure, pharmacy, and regulatory footprint to deploy it responsibly at scale. We will continue to invest accordingly and use tactically.

Team and Leadership

I have never been more confident in the team running this business. I am supported by a leadership group that, in my biased opinion, is the strongest in the industry, with seasoned operators across pharmacy, clinical operations, technology, marketing, legal, and compliance who have chosen to build at LifeMD because they believe in what we are doing.

I want to specifically welcome Atul, our new Chief Financial Officer. His appointment is one of the most important additions we have made as a public company. Atul brings the combination of public-company financial rigor, healthcare experience, and operator instinct that LifeMD needs at this stage, and his immediate impact on our planning, forecasting, and capital allocation discipline has already been significant.

With Atul on the team, our ability to communicate our story to the market and execute against the financial framework below is stronger than it has ever been.

Financial Framework

Our approach to 2026 is straightforward: grow the right kind of revenue, drop more of it to the bottom line, and exit the year with an operating model that is demonstrably more profitable than the one we entered it with.

We are managing the business to exit the fourth quarter of 2026 at approximately $250 million in annualized revenue and approximately $25 million of annualized adjusted EBITDA. This implies roughly a 10% adjusted EBITDA margin at run rate, while continuing to invest heavily in Women’s Health, Weight Management, our Men’s Health offerings, and new strategic partnerships.

We view that as a floor, not a ceiling.

Beyond 2026, higher-quality DTC revenue, diversified Pharma and Partnerships contributions, continued pharmacy gross margin expansion, and AI-driven G&A efficiency should allow operating leverage to compound meaningfully.

Closing: The Question I Get the Most

Every year, I meet with hundreds, if not thousands, of investors. Whether it is an individual shareholder or a portfolio manager at a large institution, I almost always hear the same question: what makes LifeMD different, and why should it continue to win in a market as large and competitive as healthcare?

Since this comes up in nearly every conversation, I thought it fitting to close this letter by sharing my perspective with those of you I have not yet had the pleasure of meeting yet.

The answer is not a single product or feature. It is how the system we are building fits into the direction healthcare is moving.

Healthcare is shifting away from fragmented, episodic care and toward integrated, continuous care delivery. Patients do not want a transaction. They want a trusted relationship, with access to diagnosis, treatment, medication, and ongoing support in one place. Delivering that experience requires more than a virtual visit. It requires a platform with the clinical, operational, and technological capabilities to manage care across conditions, over time, and at scale.

That is what we have built.

1. LifeMD operates as a true healthcare platform

   We have built a virtual destination where patients can access incredible primary care, specialty care, pharmacy, and diagnostics through a single, consistent experience. We are not built around a single product or service. Businesses in this industry do not win with a single product. We provide our patients with the support they desire, whether through self-pay or insurance-covered models, or through their urgent or chronic care needs. The result is not just higher engagement, but durable relationships with patients who return, expand into additional programs, and stay with us over time.

2. Our specialty care programs are a core part of our advantage

   Areas such as women’s health, cardiometabolic care, and psychiatry are among the most in-demand and most difficult to deliver at a high level. They require trained providers, longitudinal care models, and clinical discipline. These are not easily replicated capabilities, and they are central to our differentiation.

3. We have also built a distribution and access layer that took years to develop

   Our benefits network already sits in front of 112 million covered lives and is on track to exceed 230 million this year, more than two-thirds of the U.S. population. This improves affordability, lowers acquisition costs, and further strengthens retention.

4. Our partnerships with leading pharmaceutical companies create a reinforcing dynamic

   Our collaborations with Eli Lilly, Novo Nordisk, and others in the healthcare industry are difficult or impossible for competitors to recreate. Each successful partnership validates our platform and encourages the next pharmaceutical or healthcare product company to do the same. This is a flywheel that will continue to compound.

5. Scale that few can match

   With hundreds of thousands of active patients, millions of consults, nationwide pharmacy capabilities, and expanding compounding licensure, we are able to invest in clinical quality, technology, and patient experience at a level that smaller competitors cannot match. That scale drives operating leverage, but more importantly, it allows us to deliver better care.

Taken together, these elements position LifeMD at the center of a structural shift in healthcare. We are not building a point solution. We are building a system designed to deliver care the way patients actually need it. In doing so, we are building a durable competitive moat, one rooted in clinical quality, integrated infrastructure, and the ability to deliver continuous care at scale.

The business reflects that. It is stronger, more focused, and more profitable than it has been at any point in our history. More importantly, it is built on a foundation that we believe will continue to compound over time. And we are still early. The care gap in this country remains immense, and we have only begun to address it.

I am fortunate, along with my colleagues, to know that our work matters. Every day, we see the impact it has on the lives of our patients and their families. We are grateful to the patients who trust us, to the providers and employees who make this work possible, and to you, our shareholders, for your continued support. We approach that responsibility with discipline and a long-term perspective, and we intend to keep earning it.