LifeMD Inc (LFMD) PT Raised to $14 at H.C. Wainwright

H.C. Wainwright analyst Yi Chen raised the price target on LifeMD Inc (NASDAQ: LFMD) to $14.00 (from $12.00) while maintaining a Buy rating.

The analyst commented: "Earlier this week, LifeMD reported its 4Q and full-year 2024 financial results. For 4Q24, total revenue was $64.3M, representing 43% YoY growth and beating our projection of $57.2M. Specifically, Telehealth revenue was $49.9M, up 60% YoY. WorkSimpli revenue was $14.4M, up 6% YoY. Net loss was $0.9M, or ($0.02) per share, beating our estimated loss of $3.4M. Adjusted EPS was $0.21 per share for 4Q24. For full-year 2024, total revenue was $212.5M, representing 39% YoY growth. Telehealth revenue was $158.4M, up 61% YoY, and WorkSimpli revenue was $54.0M, down 0.7% YoY. Net loss was $22.0M, or ($0.53) per share. Adjusted EPS was $0.35 per share. Importantly, Telehealth active subscriber base grew 27% YoY to 275,267 at the end of 2024. The fact that Telehealth revenue grew 61% in 2024 suggests that average revenue per subscriber had solid growth as well during 2024. In our view, this indicates a strong overall growth momentum for the company going into 2025. Management expects 2025 total revenue to be in the range of $265-275M, including Telehealth revenue of $205-213M, with adjusted EBITDA in the range of $30-32M. For 1Q25, total revenue, Telehealth revenue and adjusted EBITDA guidance were $61-63M, $48-49M, and $5-7M, respectively. We have adjusted our projections accordingly and our price objective based on EV/Revenue multiple is now $14. Therefore, we reiterate our Buy rating while raising our 12-month price target to $14 from $12 per share."

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