Key Highlights

  • LifeMD (NASDAQ:LFMD) fell 9.4% in after-hours trading on November 12, 2026 after reporting third-quarter results.
  • Revenue was USD 44.6 million, down 7% from USD 47.7 million and below company guidance, with a GAAP loss of USD 0.11 per share.
  • Full-year 2026 Revenue guidance was cut to USD 188 million to USD 191 million from USD 205.5 million to USD 212.5 million.
  • Adjusted EBITDA guidance for 2026 was lowered to a loss of USD 12.6 million to USD 10.6 million from a range of a USD 6.0 million loss to breakeven.

A Miss and a Reset

The report from LifeMD (NASDAQ:LFMD) combined a revenue shortfall with a significant reduction in expectations, which explains the after-hours decline of 9.4%. Third-quarter revenue of USD 44.6 million fell 7% from a year earlier and came in below the company's own guidance. Chief executive Justin Schreiber said the company was resetting its outlook for the fourth quarter and full year. He linked the miss to a deliberate reduction in Marketing spend, a focus on patients who commit for longer periods and partnerships that took longer to ramp than expected. Selling and marketing expense fell 18% from a year earlier and 34% from the second quarter, so lower Acquisition spending held back near-term growth, a trade-off management accepted in order to protect margins. Gross Margin of about 82% was down from about 85%, which the chief financial officer described as a change in presentation rather than economics, because branded medications fulfilled through its own pharmacy are now recorded at gross value.

The New Numbers

Full-year revenue is now expected at USD 188 million to USD 191 million, compared with the previous USD 205.5 million to USD 212.5 million, and adjusted EBITDA is expected to show a loss of USD 12.6 million to USD 10.6 million. Fourth-quarter revenue is guided to USD 46 million to USD 49 million, with an adjusted EBITDA loss of USD 4 million to USD 2 million. The quarter itself showed progress on cost control. Adjusted EBITDA was a loss of about USD 0.4 million, within its guidance range and USD 3.1 million better than the second quarter. Active subscribers reached about 350,000, up 13% from a year ago but nearly flat from the prior quarter, and pharmacy shipment Volume rose 58.3%. Cash was USD 21.9 million, and the company has since closed a USD 12.5 million senior secured term Loan with a specialist lender, replacing a revolver.

Partnerships and Risks

Growth hopes rest on distribution partnerships. LifeMD has arrangements that allow its pharmacy to dispense self-pay branded GLP-1 weight loss medicines from two leading manufacturers, and an exclusive relationship with AT&T gives access to its wireless and fiber customers and employees. Management plans to market an enterprise healthcare offering to businesses from the fourth quarter. Risks include slower-than-expected partner ramp, competition in telehealth weight management, pricing pressure on branded drugs and a securities class action that adds legal cost. Flat subscriber growth after a cut in marketing spend raises the question of how much Demand is organic, and how quickly lower costs can restore profit. Investors in LifeMD (NASDAQ:LFMD) will watch fourth-quarter revenue against the new USD 46 million to USD 49 million range, subscriber trends, partner contribution and whether adjusted EBITDA losses narrow as guided.

Where Things Stand

LifeMD fell 9.4% after hours after third-quarter revenue of USD 44.6 million missed its own guidance and it cut 2026 revenue guidance to USD 188 million to USD 191 million. Lower marketing spend, slow partner ramp and a wider expected adjusted EBITDA loss drove the reset, while the AT&T and GLP-1 arrangements remain the growth case.