LifeMD, Inc.TM (Nasdaq: LFMD), a leading provider of virtual
primary care services, today announced a strategic alliance with
Medifast (NYSE: MED), the health and wellness company known for its
habit-based and coach-guided lifestyle solution
OPTAVIA®. Under the terms of the agreement,
Medifast will utilize LifeMD’s virtual care technology platform to
provide
OPTAVIA Clients access to a clinically
supported weight management program, including GLP-1 medications.
This collaboration further establishes LifeMD in a market that is
projected to reach $100 billion by 2030.1 In addition, LifeMD will
have the ability to offer its patients an independent
OPTAVIA Coach and other lifestyle support services
as part of its weight management program.
This collaboration is intended to create a
comprehensive, accessible, and coordinated approach to combating
the escalating obesity public health crisis. By blending LifeMD’s
and Medifast’s best-in-class capabilities, the collaboration
uniquely offers clinical care complemented by one-on-one
OPTAVIA Coach support, clinically proven plans and
scientifically developed products, a proprietary Habits of Health®
Transformational System, as well as community support, delivering a
complete solution for effective weight management.
As part of the agreement, Medifast has invested
$20 million into LifeMD, including $10 million in contributions to
support the collaboration, funding enhancements to the LifeMD
platform, operations and supporting infrastructure, and a $10
million purchase of LifeMD’s common stock.
“Combining lifestyle programs and individualized
support with top-tier medical care and prescription therapeutics,
like GLP-1 medications, is crucial for improving and sustaining
metabolic health outcomes," said Justin Schreiber, Chairman and CEO
of LifeMD. “Medifast's proven coaching model and its established
OPTAVIA brand is tightly aligned with LifeMD's
innovative virtual care platform and network of affiliated
clinicians. This synergy is not just complementary; it
significantly amplifies LifeMD’s impact in the weight loss sector.
With Medifast’s extensive client base and our advanced virtual care
services, we believe that together we are exceptionally positioned
to redefine the weight management industry.”
Medifast and LifeMD agreed to collaborate
following a successful pilot program focused on providing
personalized support centered on holistic health rather than weight
loss alone. A recent Medifast-commissioned survey revealed that
over 40% of consumers with a BMI greater than 27 are interested in
prescription weight-loss medication, with even higher interest
among those needing to lose more than 35 pounds.2 LifeMD’s robust
technology platform, along with its clinician-driven model –
including providers licensed across all 50 states – is uniquely
suited to support Medifast’s position as a leader in the U.S.
weight management industry.
"This is a pivotal moment for our business as we
take the next step in an aggressive transformation to drive growth
in this evolving health and wellness landscape,” said Dan Chard,
Chairman and CEO of Medifast. “Millions of people are seeking a
solution that I believe we are uniquely positioned to provide.
Together, Medifast and LifeMD expect to offer a comprehensive
health offering starting with weight management, built around a
powerful model of support that includes an independent
OPTAVIA Coach and a board-certified affiliated
clinician. Both companies have a long-standing scientific and
clinical heritage and share a commitment to helping people make
living a healthy lifestyle second nature.”
Medifast is known for its habit-based and
coach-guided lifestyle solution, OPTAVIA, which
provides a simple yet comprehensive approach to help achieve
lasting optimal health and wellbeing. OPTAVIA
offers clinically proven plans, scientifically developed products
and a framework for habit creation reinforced by 47,100 active
earning coaches,3 about 90% of whom started as customers, and
community support. As a physician-founded company with a 40+ year
history, Medifast is a leader in the U.S. weight management
industry and has impacted more than 3 million lives to date.
Conference CallLifeMD and
Medifast management will hold a conference call to discuss this
transaction and answer questions today beginning at 10:00 AM EST.
The call will be broadcast live over the Internet, hosted on the
Investor Relations section of LifeMD’s investor website
at ir.lifemd.com or directly here and will be archived online
and available through March 13, 2024. In addition, listeners may
dial (877) 451-6152 to join via telephone. A telephonic playback
will be available from 2:00 PM EST, December 13, 2023, through
December 20, 2023. Participants can dial (844) 512-2921 and enter
access code 13743024 to hear the playback. Slides describing the
announcement are available at ir.lifemd.com.
About LifeMD, Inc.LifeMD is a
leading provider of virtual primary care. LifeMD offers
telemedicine, laboratory and pharmacy services, and specialized
treatment across more than 200 conditions, including primary care,
men’s health, women’s health, allergy & asthma, and
dermatology. Leveraging a vertically-integrated, proprietary
digital care platform, a 50-state affiliated medical group, and a
U.S.-based patient care center, LifeMD is elevating healthcare by
increasing access to top-notch and affordable care. For more
information, please visit LifeMD.com.
Cautionary Note Regarding
Forward-Looking Statements
This news release includes forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended; Section 21E of the Securities Exchange Act of
1934, as amended; and the safe harbor provision of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements contained in this news release may be identified by the
use of words such as: “believe,” “expect,” “anticipate,” “project,”
“should,” “plan,” “will,” “may,” “intend,” “estimate,” predict,”
“continue,” and “potential,” or, in each case, their negative or
other variations or comparable terminology referencing future
periods. Examples of forward-looking statements include, but are
not limited to, statements regarding our financial outlook and
guidance, short and long-term business performance and operations,
future revenues and earnings, regulatory developments, legal events
or outcomes, ability to comply with complex and evolving
regulations, market conditions and trends, new or expanded products
and offerings, growth strategies, underlying assumptions, and the
effects of any of the foregoing on our future results of operations
or financial condition.
Forward-looking statements are not historical
facts and are not assurances of future performance. Rather, these
statements are based on our current expectations, beliefs, and
assumptions regarding future plans and strategies, projections,
anticipated and unanticipated events and trends, the economy, and
other future conditions, including the impact of any of the
aforementioned on our future business. As forward-looking
statements relate to the future, they are subject to inherent risk,
uncertainties, and changes in circumstances and assumptions that
are difficult to predict, including some of which are out of our
control. Consequently, our actual results, performance, and
financial condition may differ materially from those indicated in
the forward-looking statements. These risks and uncertainties
include, but are not limited to, “Risk Factors” identified in our
filings with the Securities and Exchange Commission, including, but
not limited to, our most recently filed Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q, and any amendments thereto. Even if
our actual results, performance, or financial condition are
consistent with forward-looking statements contained in such
filings, they may not be indicative of our actual results,
performance, or financial condition in subsequent periods.
Any forward-looking statement made in the news
release is based on information currently available to us as of the
date on which this release is made. We undertake no obligation to
update or revise any forward-looking statement, whether as a result
of new information, future events, or otherwise, except as may be
required under applicable law or regulation.
Company ContactMarc Benathen,
Chief Financial Officermarc@lifemd.com
Media ContactJessica Friedeman,
Chief Marketing Officerpress@lifemd.com
1 Terence Flynn, Framing the Mounjaro bull case
in diabesity, Morgan Stanley Research, September, 14, 2023 2
Independent research commissioned by Medifast, June 20233 As
publicly announced for Q3 2023
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