Key Highlights

  • Third quarter 2026 Revenue was $44.6 million, below the company's guidance.
  • GAAP net loss from continuing operations was $5.2 million, or $0.11 per share, compared with $8.4 million in the second quarter.
  • The company ended the quarter with about 350,000 active subscribers, up 13% from a year earlier.
  • Fourth quarter 2026 revenue is now expected between $46 million and $49 million.

LifeMD, Inc. (NASDAQ:LFMD) reported financial results for the third quarter ended September 30, 2026, on November 12, 2026. The New York company provides virtual primary care and pharmacy services to patients across the United States. Revenue came in below the company's own expectations, and management reset its outlook for the fourth quarter and full year. The quarter also showed a narrower loss and lower Marketing spending, alongside a new distribution relationship with AT&T.

Revenue Shortfall and Revised Outlook

Third quarter revenue was $44.6 million. Chief Executive Justin Schreiber said the figure was below the company's guidance, and that the company is resetting its outlook for the fourth quarter and full year. Management attributed the shortfall to several factors, including a deliberate reduction in marketing spending, a focus on longer patient commitments, and partnerships that took longer to ramp than the company had expected.

The company now expects fourth quarter 2026 revenue of between $46 million and $49 million, and adjusted EBITDA of between a loss of $4 million and a loss of $2 million. Adjusted EBITDA for the third quarter was a loss of approximately $0.4 million, which the company said was within its guidance range of a loss of $1 million to income of $2 million.

Subscribers, Marketing and Unit Economics

LifeMD ended the quarter with approximately 350,000 active subscribers, up 13% from a year earlier and nearly flat from the second quarter. Schreiber said the company achieved that subscriber level while spending $9.5 million less on marketing.

From May to September, the company said its cost per Acquisition fell 32% and its monthly media spend declined 45%. Adjusted EBITDA improved by about $3.1 million sequentially to roughly breakeven. Schreiber said the company expects to sustain or improve these unit economics, though the release does not provide a quantified target for the coming quarters.

Losses, Pharmacy and Partnerships

The GAAP net loss from continuing operations attributable to common stockholders was $5.2 million, or $0.11 per share, compared with $8.4 million, or $0.18 per share, in the second quarter of 2026. The prior-year third quarter showed a loss of $5.4 million, or $0.12 per share, on the same basis.

The company said its pharmacy has begun dispensing branded GLP-1 medications from Eli Lilly and Novo Nordisk. It also announced an exclusive relationship with AT&T that gives the carrier's 100 million wireless and fiber customers, and its 110,000 U.S. employees, access to LifeMD's healthcare and pharmacy services. The release does not state the financial terms of the AT&T arrangement, and the company noted that its partnerships have taken longer to ramp than it had planned.

Final Word

The third quarter shows LifeMD with a subscriber base near 350,000, lower marketing spend and a loss that narrowed from the second quarter, but revenue below guidance led the company to reset its fourth-quarter and full-year outlook. The AT&T relationship and the GLP-1 dispensing capability are the new commercial elements the company is building on. Fourth-quarter revenue and adjusted EBITDA results will show whether the revised range and the Partnership ramp are achieved.