Good afternoon, and welcome to the LifeMD first annual Investor and Analyst Day. At this time, all attendees are in a listen-only mode. A question and answer session will follow the formal presentations. If you'd like to submit a question, you may do so by using the Q&A text box at the bottom of the webcast player or by emailing your questions to questions@lifesciadvisors.com. As a reminder, this call is being recorded and a replay will be made available on the LifeMD website following the conclusion of the event. I'd now like to turn the call over to your host, Justin Schreiber, Chairman and Chief Executive Officer of LifeMD. Please go ahead, Justin. Hi, everybody. Just wanna say thank you to everybody for joining us for our first ever analyst call. We're excited to have everybody here and excited to give you a thorough overview of what we think we can do for LifeMD this year. My name is Justin Schreiber. I'm the Chairman and CEO of LifeMD. You know, also joined today by most of the C-level team. Just to give you a little bit of an overview of the agenda for the call, I'm gonna start with a quick overview of the company. Those of you that have spoken to us and follow the company, I'll try to keep this brief, but we have some new people on the line today, so just wanna give a very quick overview. I'll turn the call over to Mark to talk about some of the financial goals. We'll be talking about some new KPIs as well. From there, we'll turn the call over to Alex Mironov, who's our president, who led the acquisition of Cleared, our allergy clinic. Alex will be giving everybody a detailed presentation of that transaction and why we're so excited for the business. We'll then come back at the end, and we'll talk about our virtual primary care business, which is a really exciting part of the LifeMD story. We saved the best for last. Dennis and Stefan, our CTO and innovation officer, will be giving everybody a demo of the virtual primary care platform and our first native application launch, which our native mobile app that we recently launched. You'll have to stick around in order to see that at the end of the presentation. During the presentation, we'll be making some forward-looking statements. Please read all of this, you know, these cautions in detail and take note that these are forward-looking statements. To start, just want to give you a quick overview of what, you know, LifeMD is. You know, we're a rapidly growing company in a very new space, which we call direct-to-patient telehealth. That means that, you know, we don't work through large insurance companies or with managed care or large employers. Our business model is running an ad going directly to a patient, you know, that we're running an ad for a specific treatment or for primary care. That patient visits our website. They go through a you know comprehensive medical intake process. They're seen by one of our doctors. It's licensed in the state where they reside. If appropriate, as part of treatment of the patient, we can prescribe them prescription medications, offer them over-the-counter products, schedule follow-up care. The important thing to note about our model is that you know we are part of a very small group of companies that are rapidly growing that you know goes directly to the patient and really you know is doing a lot to increase access to affordable healthcare. LifeMD has a 50-state digital pharmacy. We actually have three or four pharmacies now, four that we're partnered with, both mail order and compounding pharmacies. We've had over 500,000 patients and customers on the platform to date. We have a vertically integrated technology platform we've put a lot of work into over the last couple years, and we'll talk more about that later. We have a 50-state affiliated medical group, which does all of our virtual consultations. Diversification is very important to the business. We now have five brands and, you know, multiple products across each brand and, you know, that's something that you're gonna see continue. The business is at about a $100 million revenue run rate as of this quarter, and still aggressively growing, and we'll talk more about those growth objectives in the presentation. Biggest question everybody wants to know about LifeMD is how we are different, especially from some of the other, you know, well-known players in the space. First and foremost, I mean, you know, we take a lot of pride in our medical group led by, you know, Dr. Puopolo and a team of physicians that's just incredible. You know, I tell all my friends and a lot of investors, "If you really wanna know how great, you know, our company is and how great the care is that we provide, download the LifeMD app, go through a medical, you know, a virtual physical with one of our providers. You'll be blown away." That's kind of an, you know, something that we wanna see, and we will see continue, you know, throughout many different indications and brands as the business grows. You know, this is some of the best intellectual property or the best intellectual property that LifeMD will have, and it will be a very big driver of you know lifetime value, which is something that many of you are focused on and so are we. We also have a lot of experience in direct response marketing. You know, one of the things that Stefan and I you know always realized from day one of building you know LifeMD and even Conversion Labs before that is that if you don't control your patient acquisition and you don't have this mastered, you really can't build a business with long-term equity value. You can't do that relying on third parties. Sometimes you can fake it if you raise enough money and, you know, you can just spend a lot of money on acquisition. If you really wanna be the best and you really wanna control your unit economics, you have to own your media buying. You have to understand, you know, direct-to-consumer advertising, and you have to have technology that supports that. We've been building this technology and acquiring this human capital since, you know, for years before we were even in the direct-to-patient telehealth space. You know, every single day it's something that we continue to get better and better at, and it's a big part of why LifeMD has been able to build the size business that we have today, you know, with a much smaller amount of capital than many of our peers have had access to. Also, our technology stack. I mean, this is something that we haven't really talked about a lot in the past, but, you know, our technology here is, you know, we've built a vertically integrated technology platform that starts with patient acquisition, goes all the way through to retention, ongoing care, connects with the pharmacy, a lot of new features for our primary care offering. You know, you can't build large and complex and diverse telehealth, you know, product offerings without technology. There are very few companies in the world that have the technology platform that we have, and it's something that will continue to propel the growth of the business. Last point is our healthcare expertise. You know, we will talk more about this in the presentation as well, but many of us have a deep experience in the healthcare product world, especially, you know, Alex, who just joined as our president from an Apollo-run company. You know, we really understand this and our long-term objectives for LifeMD, as you're seeing with our acquisition of the allergy and asthma and immunology business, and you're seeing with our launch of primary care, and you're going to see with, you know, other partnerships and in-licensing, you know, initiatives of the business. You know, we look at it as we've proved out our business model with many of these, you know, in many of these lifestyle and dermatology indications. Those businesses are great. They're gonna continue to grow, but the future of LifeMD is going to be in the healthcare product world. You know, we think it's really important to communicate that, like, you know, when you're investing in this management team, you're investing in a team that not only knows how to build, you know, brands like we've done with Rex MD and Shapiro MD and NavaMD, but we also understand healthcare. Quick overview, I touched on this in the first slide, but how our direct-to-patient experience works. It's very simple. You know, we look at an indication. I'll take Rex for an example and treating erectile dysfunction. We run an ad. We run ads everywhere, lots of different outlets online. We run offline on TV. We use direct mail. We have a call center that's extremely good with what they do and in prospecting and also in patient care. We run an ad to treat somebody to offer healthcare for a particular indication or condition. A patient comes to our website. They go through a diagnosis and screening process where they'll complete a medical intake form that tends to be anywhere from 15-20 or 30 questions long, very thorough process. They upload an ID. They take a selfie. From there, our technology routes them to a physician that's licensed in their state. A synchronous or asynchronous consult will happen. Following that, the physician will of course treat the patient, prescribe medications if appropriate, recommend over-the-counter products, you know, any follow-up care that's needed. Those medications or over-the-counter products are shipped directly to the patient from our pharmacy. Focusing a little bit more on our technology platform, the biggest thing I wanna emphasize here is we built this platform to handle a very big portfolio of unique direct-to-patient telehealth offerings. You know, it's a backbone essentially that can handle all of these different condition-specific brands that we've built, like Rex and Nava and Shapiro, Cleared, and a lot of others to all of our, you know, primary care indications, you know, and different, you know, clinical offerings through, you know, the LifeMD mobile and desktop platform. That kind of flexibility is something that we've built into the platform from day one. It's an important part of what we can do with the company in the coming years. Of course, it's built for 50-state telehealth, also could be applied in international markets as well. We've had multiple inbound requests from credible groups in Asia and India and other parts of the world that are interested in licensing the platform and collaborating with us. You know, we have some great partners, which we'll come back to on the primary care side, and we're integrated with Quest Diagnostics for lab work. We're also gonna be integrating with Labcorp. Axle Health is a technology partner that offers in-home phlebotomy. Particle Health is a platform that enables us to pull up medical records for 250 million Americans. That's a database that's been created that helps our doctors treat patients better and also gives patients the ability to own their medical records on their app. Prescryptive Health is a pharmacy intelligence platform that we're working on integrating into our platform, which also includes a prescription discount card, you know, which will give LifeMD patients even greater discounts on prescription medications at most pharmacies in America. Obviously, compliance is something that's very important and, you know, we've thought that out and incorporated a lot of different monitoring tools and, you know, other mechanisms to ensure that, you know, our doctors are providing the right quality of care and, you know, and everything that's happening in the platform is fully compliant. We currently have five brands in the portfolio. Rex is a digital health clinic for men. It's currently mostly offering treatment for erectile dysfunction, hair loss and some other sexual health issues. Shapiro is a telehealth offering for male and female hair loss, which also includes a patented line of over-the-counter products. Cleared, I'll skip because Alex is gonna tell you all about that next. Nava is a tele-dermatology offering. Super excited about Nava this year. You know, we're days to a week or two away from really launching our patented over-the-counter product line in conjunction with prescription treatments for things like acne and anti-aging. I'm very excited about this. You know, that OTC product line that we in-licensed is extremely differentiating. It's very popular with patients and customers that have been on it. I think it's gonna be an awesome turn into a really awesome brand and a big part of our growth story. Then LifeMD, we'll talk about later, is our cash pay virtual primary care offering, you know, which we'll get back to in the next section of the presentation after Mark. Just to talk a little bit about our growth strategy for this year and beyond. You know, the number that we really focus on internally is, you know, how can we build a $250 million-$300 million revenue business by 2025, you know, or sooner, with, you know, at least 25%+ adjusted EBITDA margins. You know, we do that kind of in four key areas that we see today, and these are also four areas that are very important to us for this year. The first big objective is growing our existing portfolio of brands, and especially those that are condition-specific. Right now, that's Rex, Shapiro, Nava, and Cleared. We want to obviously continue to see strong retention on these brands and, you know, as we've guided previously, we want to see at least 1.5-2 LTV to CAC in year one, and approaching at least 3 or greater on a 3-year basis. We think there's a big opportunity to just continue to, like, add new products into those brands, new treatments and, you know, really perfect the cross-sell and something that we've seen some good progress on this quarter, but, you know, we can still do a lot more to grow a lot of our existing brands in the coming years. I think that's something that we really just want to put emphasis on. Like, you know, we're extremely confident internally that, you know, our existing call them condition-specific brands that are in these lifestyle and dermatological areas. We expect very aggressive growth out of these brands this year and even in the next couple of years. Scaling virtual primary care is probably the biggest priority, and I think one of the most important things that we need to do this year as a company, and we will do. I think virtual primary care is some of the highest value revenue, or if not the highest value revenue in telehealth, and it's going to be the biggest driver of lifetime value. That was where the... You know, my initial thinking was when we first started building this a year or a year and a half ago was, you know, we're acquiring so many patients every day through our, you know, our condition-specific offerings. Many of these people, at least a third to a half of these people, you know, don't have a great relationship with a primary care doctor or any relationship. Many of them tell us they don't have any relationship with a primary care doctor. You know, being able to offer them this amazing virtual physician as well as like, you know, this cash pay, you know, discounted, you know, cash pay pharmacy offerings and imaging and diagnostics, it's a very big opportunity and I think that once these patients interact with our physicians, they're not gonna go anywhere. Another big priority is eliminating our non-core asset, WorkSimpli, which, you know, we love this asset. It's a great company. Sean Fitzpatrick, who's the founder, has done an amazing job at, you know, just creating something very valuable, you know, over the last couple of years since we made the initial investment. You know, we understand that it's important to be focused as a company. Our plan is to divest that asset in the first half of the year and then, you know, Mark will talk a little bit more about this in his section of the presentation. You know, really reinvest those proceeds into the telehealth business, which we still believe is a one, you know, just a very big opportunity, the biggest economic opportunity for the company in the coming years. Then the last thing here is, you know, the B2B and pharma partnerships and executing on this strategy similar to the several partnerships that came in through the acquisition of Cleared. You know, this is a big opportunity for us. I also see a lot of other opportunities, especially with the LifeMD platform that we now have live, you know, not only with pharma, but across, you know, the traditional, like, healthcare product world. We are in the middle of a very exciting opportunity in the diagnostic space that I think should come to fruition. Just to be honest, there's opportunities everywhere, right? I mean, the platform that we have now that combines diagnostics with physicians across all 50 states and pharmacies is really just the perfect platform for doing lots of different types of partnerships and other in-licensing types of opportunities in the healthcare product world. I think this is gonna be also. Other than the virtual primary care business scaling, I think some of the biggest catalysts for LifeMD are hopefully going to be some exciting, you know, deals that we do with healthcare product companies, you know, even in 2022, I'm confident that we can get some of these things done. With that being said, I'll turn it over to my colleague, Mark, to walk you through the financial section of the presentation. Thanks, Justin. As many of you know, and those that are new to the story, LifeMD remains one of the most consistent and significant growth companies in the telehealth industry. We've enjoyed over the last three years compounded annual growth rate exceeding 170%. We've also been extremely consistent in our growth with 11 consecutive quarters of sequential growth as of the Q3, and that trend we expect to continue in the coming quarters and coming years. Additionally, we've done a lot of work as we built out the company's infrastructure to be able to handle a company with $multi-hundred millions of revenue, improving the company's gross margins and driving those to record levels, which we expect to continue to see improvement. For FY 2021, we're estimating approximately an 81% gross margin, with the potential to continue to increase those gross margins as we gain more scale, both from our pharmacy infrastructure, the vertical integration of our distribution capabilities, and more scale from our physician network. Justin talked a little bit before about WorkSimpli, which is the company's non-core subsidiary. For those that are less familiar with WorkSimpli, LifeMD owns 85.6% of this asset. It's a rapidly growing direct-to-consumer work and document services company that historically has played mostly in the PDF market. More recently, the company has diversified and launched products in both the digital resume and digital signage market, which we expect to continue to be growth drivers for WorkSimpli this year, as well as accretive to the valuation of the business as we look to sell them in 2022. They have over 100,000 subscribers worldwide, and actually about half of those subscribers are global. It's also a very well-diversified business with about $25 million in revenue as of FY 2021, which was a 268% rate of growth versus prior year. As we have mentioned before, while this is a phenomenal business, it is non-core to the company's telehealth focus, and we believe is a meaningful source of non-diluted capital back to the company. We plan on executing a sale this year and are actually in discussions, as we speak, to hire a potential advisor to lead that sale process. As far as the use of proceeds, we anticipate definitely reinvesting back into additional growth in telehealth, likely through either inorganic or launch of new verticals within telehealth, and possibly additional investment for shareholder capital return initiatives, more of which we'll provide investors with update in as we move closer to consummating the sale. LifeMD has gone from a company that went public in the Q4 of 2020 with very minimal capital to a company that we believe is more than adequately capitalized to reach adjusted EBITDA profitability by the Q4 of this year and become self-run without the need for any additional capital beyond that. We expect to end 2021 with approximately $40 million of cash on the balance sheet, a little bit north of that. From an estimated potential proceeds from the WorkSimpli sale, we've done some initial preliminary work on it, interviewing potential advisors. We would expect LifeMD's portion to be in the range of $40 million-$80 million, with probably around $40 million-$60 million to $70 million being the most likely outcomes. That would put us in a position of having $80 million-$120 million to weather a rapidly declining cash burn this year. You know, post-sale, we believe the company will be in a position to have north of $50 million of cash on the balance sheet that will be available for additional investment back into telehealth, as well as some potential shareholder return initiatives. This is the first time we're sharing some of the company's more forward-looking information. As Justin mentioned before, we have the goal to get to $250 million-$300 million of revenue with 25%-30% adjusted EBITDA margins by 2025 or possibly sooner. For this year in 2022, we've guided $142 million-$148 million of revenue this year, of which about $115 million-ish would come in the form of telehealth revenue. That would translate to about a $14 million-$20 million loss for this year. However, we expect to reach adjusted EBITDA profitability by the Q4 of this year. Given the fact that over 90% of our revenue is recurring in nature and we have a highly leverageable business model with a lot of ability to scale profitably, we expect to turn to consistent full-year profits starting in 2023 with about a mid-single digit to possibly low double-digit adjusted EBITDA margin as a telehealth-only business doing in the range of $155 million-$175 million in revenue next year and then scaling over the next couple of years to $250 million-$300 million with adjusted EBITDA margins of 25%+ by 2025. We also expect to achieve fully diluted EPS profitability by 2024 when factoring in non-cash charges like stock-based compensation expense. As far as our cash flow model long term, what we have here is our projected cash flow model 2022 through 2025. In doing so, we've also taken the midpoint of potential proceeds from the WorkSimpli sale, as well as some continued scaling in the investment of the business through capital expenditures. The above chart does not include if we were to do an additional inorganic acquisition of a new business during that time, but clearly demonstrates what we've been communicating and where we see the business going, in that we are very well capitalized to get to profitability and then some have become a long-term self-funded cash flow model capable of reinvesting back into accelerating the growth of our core telehealth business. Where will a lot of this growth come from? We've bridged out where we see a lot of the growth moving from the $93 million of consolidated revenue we finished 2021 with to the $250 million-$300 million of consolidated revenue by 2025. As we've communicated before, we plan to divest WorkSimpli, which would take at current results about $25 million of revenue out of the company. However, our core lifestyle businesses, which are some of the oldest brands that we have, Rex MD, NavaMD and Shapiro MD, we expect to contribute more than $100 million of additional revenue between now and 2025, as they're all very consistent growers with a lot of potential market share gains ahead of them. Allergy/asthma, which comes from Cleared as well as new indications, we expect to contribute an additional $40 million-$60 million between now and 2025, with the potential for that number to be greater depending upon how aggressive we are in that expansion. Then virtual primary care growth, while it's very early on, we expect this to become a meaningful business also on our way to achieving our goal of $250 million-$300 million by 2025. Lastly, one of the things we've talked a lot about is continuing to diversify our telehealth revenue with very strong unit economics. Today, 73% of our revenue comes from the four lifestyle businesses, and 27% as of 2021 came from a non-core subsidiary that we will be divesting. By 2025, we expect that balance to be continued to become more and more balanced with more traditional healthcare. 60% being more towards some of the legacy lifestyle indications, which still have a lot of growth behind them. Forty percent coming from, the mix of, virtual primary care as well as more therapeutic pharma-based indications. For those that are newer to the story, we are very laser-focused on our direct to consumer, direct to patient economics. We average about a $170-$190 cost per acquisition across our telehealth portfolio. As mentioned, 80%+ gross margins. First-year ARPU, about $400, which gets you to a 1.5x-2x return in the first year, which will translate to an approximate 3x or greater, return on a three-year basis. As Alex will speak a little bit more in the Cleared section that Justin alluded to earlier, we see a lot of opportunity to work directly with pharma, some of which we're already doing through the Cleared acquisition. These contracts carry with them pretty significant values that we think will be meaningful contributors to the company's revenue and profitability going forward. With that, I will turn it over to our president, Alexander Mironov. Hi, everyone. This is Alex, President for LifeMD. Very excited to talk to you about our recent acquisition, Cleared, which is what we think is very synergistic, both in strategy and capabilities. What is Cleared? It's the best destination for treatment of allergies and asthma, starting from in-home testing, diagnosis by our board-certified physicians, the ultimate recommendation and efficient delivery of medicines to the patient's homes or pharmacy of their choice. Cleared offers personalized treatments for patients based on their diagnostic results and needs, and ultimately serves in, you know, in a really big total addressable market. Allergy and asthma is quite robust, at close to $14 billion, if you round it up, for a total addressable market. We've acquired the company in January 2022. Just highlighting slightly on what Cleared's offerings are. It's a one-stop shop for allergy, asthma, and immunology. The current portfolio, as you see, has been some of it recently launched and evolved over the last, you know, 12-18 months. It's rapidly changing. Quarter to quarter, you should expect to see rapidly changing portfolio and robustness of the portfolio overall in the same category. Now again, just one second. Again, highlighting the total addressable market population opportunity. Why do we like it? It's 75 million Americans suffer from asthma and allergy. It's close to one in three Americans. A very large medicine spend, $11 billion. Highlighting on the services side, annual visits equate to 24 million or close to $2.5 billion in annual spend on visits by the allergists. That's a rapidly growing market, and then we think it's rapidly changing and ready for a digital transformation and with acquisition like Cleared. Now, highlighting some of the strategic rationale. Two companies, you know, as you heard about LifeMD from Justin and Mark recently. Cleared in itself has been rapidly expanding since our initial launch. 15,000+ patients. Operates a 50-state physician and pharmacy platform. What we are really doing is highlighting the LifeMD platform from our strategies, our tech, our end-to-end capabilities that we can accelerate both companies together. Two independent companies have established a lot, but together we're gonna accelerate that growth and really accelerate the expansion of the allergy and asthma field with reaching more patients and with more medicines. Now, the expansion and additional into the allergy space, we have new team members which we think are amazing, that we're well-positioned to execute the incredible market opportunity. We have Dr. Payal Gupta who is a thought leader in allergy and asthma space. You can see her background here. James Taylor has got great experience and expertise in the over 15 years with pharma, dealing with pharma clients, and Ryan Rockefeller, both on the venture investing as well as tech and media investing. A quick highlight on my background, but I think you guys all know me from our prior presentations. Now, let's talk about. This is how we see the expansion and the value we're bringing. Two companies in itself have been very successful. Direct to patient approach, we've mastered it and hopefully accelerating with our end-to-end platform. What we like about Cleared has done a business case with a pharma partnership that we love. What we're doing is bridging the B2B to DTC or direct to patient approach. We're gonna highlight and bring more patients with more innovative therapies. We're going to in itself, right, also offer the opportunity for pharma companies to bring innovative therapies to those patients that would never be seen. That's kind of the biggest role in this, you know, Cleared as well as LifeMD opportunity. Again, the expertise, you know, one plus one does not equal two. It's really three plus, you know. That's what we're creating here. The quality of life is also going to be improved by more patients being reached and by better therapies. Quickly touching on the deal structure. Well, we think we've put together a win-win opportunity for both. As the numbers, and they speak for themselves, as the numbers are increasing in terms of revenue, and we're well positioned to execute on them and far beyond, it's both the management team from Cleared, as well as their shareholders, as well as LifeMD. The bigger the opportunity, the bigger the payout for them, and it's well structured in a de-risk fashion. We welcome additional entrepreneurs as well as younger companies to partner with us in a similar fashion. With that, I'll turn it over to the next presenter. Okay. Hi, everybody. I'm back again. This is Justin Schreiber. I'm gonna just talk for a few minutes here before the demo about you know, about our objectives for the virtual primary care offering and give everybody some more details on what we've built. Just to reiterate what I said earlier in the presentation, I truly believe that the virtual primary care offering that we have at LifeMD is going to become the biggest part of the LifeMD story as we really execute on this this year. I think, you know, many of you saw, you know, in the past, I think it was just last week, you know, Teladoc start to talk about how they're spending more in the space. You know, Google and Apple are also, you know, working on virtual primary care offerings. Amazon, of course, everybody knows about. I think this is going to become, you know, the most talked about part of direct to patient telehealth. I really love the way that LifeMD is positioned in the space. We've put a lot of thought into it. It's really well aligned with our expertise as a company. What is the offering? You know, at launch, we're doing this across all 50 states, similar to our other telehealth offerings. It's gonna be a cash pay, subscription-based primary care offering. There are gonna be two options at launch, a $15 per month kind of platform fee, which gives you à la carte access to a doctor at $49 a visit, cash pay, no insurance needed. In my opinion, for the quality of care that we're offering and the quality of doctors that we have staffing this platform, this is the best value in healthcare in the United States. Nobody else is offering, you know, virtual primary care at this price, especially the kind of quality of physician that we're offering. The second option is going to be a $99 a month, you know, unlimited primary care platform, which will include an annual virtual physical, your lab work, and then, you know, really unlimited access to a doctor, or medical provider, you know, with obviously some reasonable limitations. We've staffed this offering. We have physician staff through our affiliated medical group, from 8 A.M. Eastern to 11 P.M. Eastern, Monday through Friday. We have weekend hours as well. You know, patients that are on the platform are going to have, you know, really access to a doctor almost any time. We have a 50-state nursing and triage group that's also gonna be, you know, working from 11:00 P.M. at night until 8:00 A.M. Patients will be able to access a provider 24 hours a day. But our doctors are going to be available basically from 8:00 A.M. to 11:00 P.M. only. We'll talk more about this in the next couple slides, but it's and I mentioned this earlier, but the platform is a very flexible platform, and it doesn't just have to offer general primary care. What you're gonna see is a lot of different offerings and partnerships built around the LifeMD platform. To give you an idea of some of the things that we're offering, again, it's virtual care, you know, physicians across all 50 states, diagnostics, Quest, Labcorp in-home diagnostics, prescription medications integrated with our pharmacy, and then also a lot of other in-home tools and wellness solutions that we're currently working on. This is a bit more of a detailed overview on what we're treating, and the platform overview. I think we have one of the most robust and broad, you know, virtual care offerings out there, again, that I've seen. I haven't looked at all of the offerings, but certainly when I compare what we treat to some of the bigger virtual primary care providers, we have a much broader offering. You know, I... It's worth pointing out that we've put an enormous amount of work and thought internally into building out, you know, virtual protocols, you know, for treating hundreds of different conditions, you know, in a virtual environment. I think that that's just, you know, it's very valuable, and it's something that anybody else that's looking to get into this, into this space, you know, really has to put a lot of time into. Current capabilities at launch, which you're about to see a demo of, 50-state, you know, async audio and video consults, all of the routing, all the different permissions, like, for MAs, for nurses, for doctors, for administrators. Like everything else, we've put a lot of thought into building this in a very robust way that will enable us to scale it. I mean, we don't want something that we can do 100 or 200 consults a day with. We want something that we can do 10,000 consults a day with. We believe that I've asked Dennis, our CTO, this in 1 million different ways, and his response, and Dennis comes from the pharma world and has built some successful applications that have been used by a lot of patients. You know, we feel really good about this platform being able to handle a lot of patient volume. We've integrated diagnostics, you know, with Quest, and we have Labcorp, you know, also on the horizon there to integrate in the platform. Should be at some point, you know, this quarter or early second quarter. We have an e-prescribing capability right now that's built, you know, so that our physicians can, of course, send prescriptions to, you know, most pharmacies across the country. Planned capabilities, as I mentioned before, we really wanna turn on the in-home phlebotomy offering. We think that's, you know, very, very helpful to patients and in demand by patients. You know, we're gonna be launching a prescription discount card program, which we'll give to all of our patients, whether they're on the 15 or the $99 per month offering in the coming, I would say, 30-60 days. We're also launching a symptom checker, which, you know, you'll see a demo of shortly, but very, very, you know, just. We actually licensed this from a third party that put a lot of work into building, you know, what is the best and most thorough way to triage patients for virtual care and to help people, even without seeing a doctor, understand whether they have symptoms that, you know, require them to see a doctor. That's something we're expecting to launch, you know, in the coming 30-60 days as well. We're looking at other discounted imaging, you know, programs, as well as a mental health partnership, which are two other things that we plan to offer through the platform, but, you know, currently are not live. We've mentioned before wearables. I'm a big believer that wearables are gonna play a major role in healthcare, and especially in preventative healthcare in the future. You know, we have spoken to some of the top companies in the wearable space, and that's something that we wanna integrate or you know, either integrate and partner with one company or just build the capability to you know, to basically enable any wearable to connect with the platform. Then we'll also be launching a family plan, you know, most likely in the second or third quarter so that it's easy for and obviously discounted for families to put their spouses on or their kids, or even. That kind of also ties in with the referral program. Look, I wanna just highlight, and this is something that, you know, I think we've talked a little bit about, but, you know, we believe that this offering that we've built just really kind of fits into, like, a lot of the macro conditions in the U.S. healthcare market. You know, 53% of Americans are now on a high-deductible health plan. The average deductible for an individual is $2,000. For a family, it's $4,000. You know, there's a big need right now across 50 or 60% of Americans to have access to affordable healthcare that's transparent and where they don't even need to take out their insurance card. What we are doing at LifeMD is offering them an incredible doctor that they can use whenever they need to without having to worry about how much they're gonna be charged or what surprise bills they're gonna get. We're offering them discounted medications, you know, at their local pharmacy or through our pharmacy. We're offering them a really exciting partnership that we're working on, which is not done yet, with a 38-state imaging provider that, you know, can offer extremely discounted prices on many different types of MRIs and X-rays and the most common, you know, the most common imaging needs. We think our symptom checker and other in-home tools also just play into like, you know, helping people stay healthy and, you know, in an affordable or even free way, helping them to understand what healthcare they need and do they need to see a doctor. We're really excited about this offering. We've done a lot of market research on it, and, you know, we think that depending on how much you access, you know, depending on how much you need a doctor or what chronic conditions you have, you know, the $15 plan or the $99 plan might be appropriate for you. This offering is priced so that it's affordable for almost any American to access incredible healthcare. Talk a little bit more about the growth strategy for LifeMD. Three key areas we wanna highlight. One, big opportunity in cross-sell. We have over 30,000 new patients a month typically and growing through our other brands. You know, I expect this number to grow a lot this year. As I said, majority of these people are underinsured or on high deductible health plans. At least a third don't have a primary care provider. These people need and want what LifeMD is offering through our virtual primary care business. You know, we are very confident that we're gonna move some percentage of those patients over, you know, some percentage of those patients from our, call them condition-specific brands, you know, over to a long-term primary care relationship with a doctor. Obviously, this is our, you know, there's zero acquisition cost, you know, on these patients. Guess what? Like, there's no greater way for LifeMD to build loyalty among those patients and drive long-term lifetime value. That's why it goes back to the prior bullet point. This revenue is the highest value revenue in telehealth, and that's why we've put so many resources into building this platform, and that's why we're, you know, committed to making sure that it's very successful. We're going to also run national direct-to-consumer campaigns around accessing this incredible affordable healthcare without needing to show an insurance card. It's a new way of doing things, and we're gonna use influencers, and we're gonna use all of our marketing expertise, and our technology platform, to show Americans that there's a new way to access healthcare and it's LifeMD. Also, like one thing I just really wanna emphasize is this, the LifeMD platform doesn't just have to be used for virtual general primary care. There's also enormous opportunity for the platform around treating different conditions, you know, whether they're things like weight loss, whether they're things like Cleared's doing in the allergy space. Any condition, and there are many of them, where you require a physician, prescription medications if appropriate, and a diagnostic or even just the diagnostic, right? There's countless ways to use this platform to help Americans access, you know, better healthcare at a more affordable price and, you know, very excited to watch, you know, the LifeMD, you know, platform be a part of that movement. The last thing I'll mention is, you know, there are a lot of other B2B and partnering opportunities that we're excited about with this platform. I think I mentioned this a couple times in the presentation already. We have some dialogue ongoing with small payers. I don't think we're talking to any employers yet. That's intentional. There certainly are opportunities there for this platform. Nonprofits and disease foundations, we're already doing some work with nonprofits that have an interest in using the platform. LifeMD is also looking at how, you know, we can kinda give back to the community, using the platform. That's something that you'll hear more about this year. Then, you know, there are a lot of media properties out there as well, which, have a lot of, you know, inbound patient flow that are researching different clinical conditions, and things to do with their health. You know, we think there are some really interesting partnerships there. You know, just to say it one more time, this was a massive technology lift for LifeMD. I'm really proud of the tech team for what, you know, they were able to build and launch. It was very thoughtful. It was built for scale, and I'm really excited just to watch this part of our business grow, and you should be too. It's gonna be a great part of the story. Most importantly, it's gonna do a lot of great things for Americans that are currently struggling to access primary care. It's one of the biggest problems with our healthcare system. It's something that people don't talk about, and I'm really excited for LifeMD to be part of solving that problem. That's it for me. To close, we're gonna have a pre-recorded demonstration from Stefan Galluppi, our Chief Innovation Officer, and Dennis Wijnker, our new Chief Technology Officer, that will play, that will show off a lot of the features, technology features of the VPC platform. Then, following that, we will go to our analysts for questions, then open it up to anybody else that's on the call for questions. I'm Stefan Galluppi, Chief Innovation and Marketing Officer, and I'm here alongside Dennis Wijnker, our Chief Technology Officer, to present our virtual care platform and show off the technology that makes it really special. When we were conceptualizing what we wanted to create with our virtual care platform, we wanted to build an incredible healthcare experience. When we say an incredible healthcare experience, we mean, one, not only for our patients, but also for the amazing doctors who treat on our platform. Let's start with the patient experience. Our platform is accessible both as a web app for simple desktop access from the comfort of home or as a mobile app on both iOS and Android for easy on-the-go access to your doctor. As you can see, once you log in, you immediately see a lot of information you'd wanna see when seeking medical help. Messages from my doctor, access to the front desk, information about my doctor, information about upcoming appointments, even my labs and prescriptions. Let's go ahead and book an appointment with my doctor, Banita Sehgal. Our appointment process cuts out a ton of friction most people face when trying to see a doctor. With just a few clicks, not only have I booked my appointment with my personal doctor, I've already informed them of what I'm looking to achieve with my visit. Also, by the time of my visit, my doctor will already know who I am, thanks to our comprehensive patient onboarding experience and our technology platform, which automatically pulls in my medical records, which Dennis will touch on this shortly. This saves precious time for both our patients and our doctors. Let's take a tour of the dashboard real quick. We designed the LifeMD virtual primary care platform under the core belief that healthcare should be simple and accessible. We've built a clinical care messaging system to allow patients easy, direct, and organized communication with their doctor and clinical care team. Our front desk is a task management ticketing and triage system that connects patients to a dedicated support team and clinical care team for things such as support, lab follow-ups, and technical support. Looks like I actually just received a notification from Shira Segal that she's in the waiting room. Let's go ahead and jump over there. Hi, Stefan. Hey, Shira Segal. How are you? I'm good. How are you? Doing great. Awesome. Yeah, I wanted to reach out 'cause I'd like to renew my prescription of doxepin. It's worked great for me in the past, and I'm out of refills, so I was wondering if I could get a renewal on my prescription. Absolutely. I'm glad it's been helping you. Oh, and I'm looking at your chart right now, and I see that you're due for your annual set of labs. Should we order that for you? Yeah, I would love that. I'm gonna put a message right now for you to remind you to do your labs fasting, maybe within the next five days. Okay, great. I'm gonna put some labs in your chart right now. Perfect. Okay, everything seems to be all set on my end. Do you have any other questions for me? No, all good. Thank you. Have a great one. All right, bye. You too. Bye. With the LifeMD platform, managing prescription orders is a simple and straightforward process, allowing patients to easily meet with their doctor synchronously through video or asynchronously with chat messaging within the platform when or if they need to refill a prescription. We also handle post-visit follow-ups, which are simpler than ever before, as the LifeMD platform allows doctors the ability to create new channels of communication for well-defined and thorough follow-up communication. We also facilitate post-visit labs. Our labs are simple from start to finish. Once ordered by a physician, LifeMD patients can view their Quest lab orders and easily see their results once completed, all within the platform. This is only the beginning. We'll soon be adding more capabilities such as in-home phlebotomist visits and at-home testing. With that, I think this is a good spot to pass it on to Dennis, our CTO. All right, Stefan, thank you so much for taking us through the patient experience. I'm really excited to show you some of the doctor's experience because I think we've built something amazing, something that can help them do their job better, faster, smarter, ultimately spend more time, more quality time with their patients. To protect our patients' protected health information, you're looking at a demo instance that we've cloned with synthetic data. Let's take a look at what they see. It starts with the dashboard. They can easily see what's on the agenda, all the upcoming appointments, all the patient onboarding sessions. They can easily see and respond to new messages, do post and pre-consult follow-up, like are there any new lab results that need to be ordered. The lab results themselves coming back or imaging results, they can sign off and review them here. As I go through our clinical care platform, I'm going to be flipping through several views of the various clinical and admin roles from our medical assistants, nurses, doctors, and our patient care team. Now let's take a look at some of the robust patient care tools that the doctors have access to on our platform. Clicking on a patient gives them a quick overview, shows them when the next visit is. They can drill into the treatment history, look at the latest on the patient chart, review any staff notes that might be relevant for their next visit. There's messaging. You'll notice that messaging is organized in separate channels because it might be challenging to discuss all of a patient's concerns in one channel. Any medical staff can easily create a new channel to address a patient's separate medical concerns. We can only do this because we built a robust and proprietary tech platform. Our engineering team built something that is configurable and scalable, so it can grow with our business, not just from the perspective of handling more load or more data, but also being able to pivot and change depending on the needs of our care teams and our brand marketing teams. We created a really powerful backend. It's secure. It allows you to configure lots of different things, like the different levels of people in medical care team, doctors, nurses, medical assistants, so we can triage and treat patients effectively. Medical care is more than just about a consult or writing a prescription. There's many different facets to it. If we wanted to branch out in a new treatment area, we already have the capabilities to do it. We can add a new appointment type and define what kind of diagnostics or consults or therapeutics are required. There's also automations. They're used to notify patients when their appointment is due, but also they can automatically complete tasks or sub-tasks, or add notifications for our team. Again, saving the time, we can really dial in the operations efficiency and, allow our team to spend more time with our patients. Let's give a well-deserved shout-out to our amazing integration partners that give us access to incredible telehealth APIs like Elation Health. We can offer seamless EHR electronic health record for our doctors and patients. Not only that, they're working on their API, always improving it, so soon we'll have a true headless EHR that allows us to conduct any interaction or any kind of operation within our LifeMD platform. Particle Health gives us an edge because we can tap into their network of 270 million American patients and pull in their medical records. We can automatically populate in the Elation patient chart, vaccinations, conditions, any kind of drug allergies, existing allergies. By the time the doctor comes in, they have it all at their fingertips. These features are just the start of our platform, and we're excited to show you what we have cooking in our pipeline. To do so, let me turn it back over to Stefan to elaborate. Stefan? Thanks, Dennis. Like Dennis said, this is just the beginning for our virtual primary care and technology platform, and the best is yet to come. We have a lot of new integrations and features slated to roll out this year. Most of the time, googling symptoms is a nightmare. Personally, I put in coughing and tiredness only for the top result to tell me I could potentially have lung cancer. This won't be the case anymore, thanks to our symptom checker. Now, patients will be able to accurately describe the specific symptoms they are experiencing. With the symptom checker's AI-guided medical intake form, this will give doctors and clinical care team members on the LifeMD platform even further enhanced patient insights alongside an AI-guided preliminary diagnosis and provide patients an incredible telehealth experience. This is a major breakthrough for both patients and doctors, allowing patients to feel comfortable describing the specific concerns they are feeling and providing doctors the most accurate details. We believe the symptom checker will provide us the most advanced triage platform in any telehealth company today. Beyond the symptom checker, we will soon have Prescriptive Health, which will enable our prescription coupon program, Axle Health for in-home phlebotomist visits and diagnostic lab work, and the integration of health tech wearables for ongoing patient health monitoring and guidance. We are only scratching the surface of what's possible with telehealth, and we believe our technology will be the foundation that gives us the edge in building the most robust end-to-end destination for telehealth, one that supports all the parties involved in delivering incredible healthcare. Thank you. This concludes the presentation portion of our webinar. At this time, we'll be conducting a question and answer session. As a reminder, if you would like to submit a question, you may do so by using the Q&A text box at the bottom of the webcast player or by emailing your questions to questions@lifesciadvisors.com. Please hold for a brief moment while we pull for questions. Our first question comes from David Larsen of BTIG. David, you may go ahead and unmute your line. Hi. Thanks very much for the thorough discussion and very thorough presentation. I'm gonna sort of get right to the heart of my question. 25% adjusted EBITDA margin by 2025. That looks great. It looks like around 500 basis points of expansion annually. In your mind, in yours and Justin's mind, where do you hope or expect most of that revenue growth to come from? The more specific you can be, the better. Thank you very much. Marc, as far as the revenue growth, the biggest piece is gonna come from the existing brands today. We see a ton of growth ahead within some of the lifestyle categories of Rex. It's already a very significant business, but is in a massive addressable market, and sees consistent 15+ sequential quarter-on-quarter growth rate in bills. Nava obviously has a lot of room to run, and Shapiro has been a pretty steady grower. That's gonna be one source. Secondly, the continued revenue coming from new businesses like Cleared, as well as some new indications that we'll likely launch over the next few years. Even without those, we still have a lot of growth ahead, and obviously virtual primary care. As far as getting to those adjusted EBITDA margins, as we've said time and time again, and we started to demonstrate in the third quarter call, and we expect to continue to demonstrate as we move forward, the company's advertising expense is almost 100% discretionary and is obviously being driven by us to continue to grow the business. The percentage of our revenue that comes from rebilling existing subscribers continues to grow pretty significantly as we move and get bigger and gain more scale. We expect to continue to see meaningful leverage in the reduction of advertising spend as a percent of sales, with relatively modest growth in the absolute dollars. That spend spread over obviously a much more significant growth in revenue. That's number one. Number two, most of the company's G&A costs are associated with people and some, you know, tech G&A. Those are very leverageable costs where we're going to continue to obviously invest in people and, you know, tech infrastructure as we grow the company. But the rate of that growth is going to be substantially less than what the rate of the company's revenue grows. So that too will contribute. Lastly, we do expect some modest improvement in gross margin as we gain more scale, but the most meaningful improvement in the company's bottom line is going to be continued revenue growth, with a lot coming from rebills and the significant reduction in sales and marketing spend as a percent of sales as well as general G&A as a percent of sales. That's very helpful. Thank you. I think I saw in one of your slides 90% of the revenue is recurring. Did I see that correctly? Yep. What does that mean? Does that mean once you have a patient, they tend to reorder every 90 days or every 180 days? Yeah. Yeah, it's not even reorder. They are on a recurring subscription plan with us. It's basically they continue to get their prescription of our TC product for as long as they're staying with us until they cancel and they're auto-billed, and then auto-ship that supply. Today we're doing about half of our volume in multi-month orders, which we think is pretty good, and we've had a lot of success there. That, that's one of the reasons why we've been, and really the overarching reason why we've been able to be so predictable in our revenue and continuously have sequential growth. Alex or Justin, can you maybe talk about your expectations for the over-the-counter product line with NavaMD and also the primary care business? For Cleared, how much of those revenue items are included in the $115 million for healthcare product revenue for FY 2022, since I think they are fairly recent launches? Sort of what sort of traction, any color on the traction you would expect to gain in the NavaMD OTC primary care Cleared line items in terms of revenue over one year, two years, three years? I mean, David, this is Justin. I'd rather let Marc give you the, you know, the actual numbers around how we're projecting these, the growth of these brands. You know, I could speak a bit more, you know, just fundamentally about how I feel about, you know, the opportunity as I think I highlighted in the presentation. I mean, look, I'm very excited about Nava. You know, I'm hoping to have data to share with everybody on Nava by our next earnings call, like the one coming up in about 30 days. So I'm really, you know. Look, I mean, as far as putting a number on it, when we put out these forecasts like we did in this call, like they're very conservative numbers, right? Like, but we don't, you know, any of these brands could see the same growth that we saw with Rex or more, right? Cleared is a little bit different business model. You know, it's gonna be a lot more B2B revenue, which, you know, I believe, you know, Alex believes he can get a number of additional deals done this year. We think these will be very sticky and, you know, we know we can, we have the right expertise to deliver for these, you know, healthcare product company clients. But it's just, it's really difficult. If you think about like the virtual primary care business, I mean, it's a massive historical opportunity, right? What's gonna happen. It's almost silly for me to sit here and say like, "We're gonna do X," right? In revenue. Because until we test stuff and until we really start to you know, we're gonna be spending marketing dollars in the next week or two. So maybe even as soon as the next call, the next earnings call that we do, we might be able to provide some more color on this. But I mean, I think we're gonna win. We're better on the acquisition side than anybody in the business, I believe. The technology is where it needs to be to support the business, and there's no question about it that there's demand for these things, and it's a big opportunity, right? I've been saying to people internally that in a year, I think instead of seeing ED and hair loss ads all over the TV, you're gonna see virtual primary care ads. By the way, as opposed to LifeMD being a couple years behind like we were in those other verticals, we're gonna be the first one out there. I'm excited about the opportunity and again, I just wanna reiterate, we're really conservative with the guidance, but we think some of these things, you know, are, you know, gonna be very successful. Yeah. For 2022, if you look at NavaMD and Cleared, it's basically in that $6 million-$8 million range combined is what's assumed in guidance. Okay. Excellent. Thanks very much. Alex, I think on one of the slides you presented, you showed some of the revenue sharing or potential earnings that Cleared could generate in terms of an earn-out based on revenue that they could achieve. In your mind, Alex, three years from now, how much revenue would you hope to see coming from Cleared and the asthma business line? Yeah, no, that's a good question. I'd rather not predict kind of the targets. It's kind of a reiteration of the prior question a little bit. A couple years out, we are excited about the opportunity. We think we're gonna crush it, right? By that means, you know, hopefully certain if not all milestones could be achieved within the period of time. You know, rather not comment on that. We have our own projections, yeah. Hey, David, a good way to answer that question. I mean, which you know a good portion of Cleared's milestones, you know, expire within 3 or 4 years, right? When you look at that slide, you know, that's what those are the numbers that the Cleared team, which knows this business better than anybody at LifeMD still, that's what they believe the opportunity is over the next 3 or 4 years. Otherwise, they you know they certainly didn't do this deal with us to just get the upfront $3.5-$4 million, right? Or that we paid over the first 24 months. They believe they're gonna hit, you know, they believe some of these milestones, if not all of them, are reasonable, right? They have to hit these within, you know, within. I think there is some variance there, between 3-5 years, right? We want them to hit them, right? As we said, if, you know, if they can hit some or all these milestones, this will have been an amazing transaction for LifeMD shareholders, and we'll be really happy to pay them out on the transaction. Okay. Thanks very much. $150 million in revenue is reasonable 3-5 years from now. Absolutely. Let's update the model. All right. Thanks very much. Thanks for the question, David. Our next question comes from Mark Wiesenberger from B. Riley. Mark, you may go ahead and unmute your line. Yep. Thanks for taking my question. As we think about that incremental kinda $100 million revenue through calendar 2025 from the lifestyle healthcare revenue, maybe you could talk about the breakdown of kinda new customer growth versus cross-selling, and additionally, how that dynamic impacts your expectations for your CAC going forward. The majority of that growth comes from the acquisition and retention of new customers. It's gonna be in the range of about 75% or so of that growth will come from that. It's not just about acquiring those patients, it's more importantly about retaining those patients. That assumes acquiring and then retaining at comparable rates to what we've been retaining to date. From the cross-sell opportunity, you know, as I've mentioned before, we've actually recently seen some pretty meaningful traction as we've introduced some new cross-sell opportunities, particularly into our largest brand, Rex, where if you look back six months ago or even really three months ago, we were acquiring new patients with typically about a $90-$95 AOV. More recently, as we've introduced some new cross-sell opportunities, some upsell opportunities to longer subscription lengths, we've seen that number jump up to $135. We expect to continue to see anniversarying some of those AOV numbers into the longer term goals, which is what contributes to most of that 25%. Honestly, that's a place where there could potentially be some upside if we're able to have similar successes in some of our other brands with complementary products, and frankly, just putting in more complementary products into those existing lifestyle brands. Understood. Helpful. Thank you. With regards to the virtual primary care offering, how do you guys go about thinking about the trade-off between utilization and profitability? I understand it's probably less of an issue with the $15 per month plan, but potentially could be more impactful in the $99 per month plan. Yeah. I mean, I'll take that one, Mark. I think we've done a lot of modeling. We've looked at some other businesses, you know, that have a very similar offering. We have some understanding of where we think the utilization's going to be, but you never really know until you launch the offering, right, and you understand the demographics of the patient. We expect that we'll have to make some adjustments, right, as we scale this thing. But first and foremost, I mean, look, let's grow it, you know. Let's put the first 5, 10, 20,000 patients on the platform, and then we'll adjust it as necessary. But we think there's enough room there. We think we know that there's enough room given what a you know full-time doctor costs us even like even paying above market like we do relative to what we're charging patients and where the utilization should be. We're comfortable that you know the margins are gonna be where they need to be. Got it. Okay. We do expect we'll have to tweak some things. That's to be expected, right? In any new venture stage, rapid growth business, right? Sure. Turning to the roadmap for the B2B relationships, should we expect to see new indications on the platform prior to kind of these B2B pharma relationships taking off? If you could provide more insight into the typical structure of what these relationships kinda currently look like and maybe how they could evolve going forward. Yeah. We're working on these things in parallel. You know, initially I intentionally didn't wanna get too deep into these strategies for competitive reasons. We are working on both of these things in parallel. We're gonna be testing out, you know, condition-focused indications conditions focused offerings, excuse me, like just take weight loss, for example, right? It's an area where we think, you know, is a great example of like a massive opportunity that we could use the LifeMD platform for. We combine a doctor with a prescription medication for weight loss, if that's appropriate, with a health coach, with over-the-counter products and with even diagnostics, right? We think there are a lot of indications like that where the platform's relevant. We are already working on some of those flows just to start, you know, seeing what the data looks like and what the costs are to get patients into the funnel. Look, we're going to do deals with this platform, right? How they'll look, I don't know, right? They're the easiest way to describe how I think they'll look is that they'll be revenue share types of transactions where LifeMD is able to say to a potential partner, "We can dramatically expand your market share, bring you know, significant numbers of new patients through our platform and our expertise. We're gonna, you know, in a compliant way, we're gonna share in that revenue. I've said many times that, you know, we don't, you know, running an agency is not our model. So we think there are a number of different, you know, ways I think that LifeMD can enter into revenue shares for, you know, new products, you know, that are obviously existing products in the healthcare world that are FDA approved, that are patented. You know, I believe that some of these things we can have, you know, national or even global exclusives on. I think we get a couple of those deals done, Marc, this story, LifeMD story starts to look a lot different, right? You know, and again, I love the current business, but I think when you start to put these products on you that have real intellectual property around them, and then you demonstrate that you can go acquire patients, you know, maybe even cheaper, right, than what we're seeing right now with some of these very competitive verticals that we play in. You know, that's exciting for us to think about, you know, how that could change the business. By the way, those patented products, I also look at those as lead gen for the primary care platform, right? It kind of really drives that whole business, right? The more of those deals that we do and the more partnerships that Cleared enters into, all of these partnerships are lead gen and essentially patient flow with zero acquisition costs for our primary care business. That's how we think about it. I hope that's helpful. Yep, very helpful. Just one final one from me. You've talked about kinda how you distinguish yourself from competitors and things. Lately some other competitors have made a move to go into more brick-and-mortar channels. I'm wondering what your thought on that is and would that ever be something that LifeMD would think about? Yeah, just your thoughts on how that compares to your strategy. Appreciate it. Thank you. I don't wanna speak about, you know, the things that our competitors are doing. I don't see LifeMD going, you know, doing anything brick-and-mortar. I don't believe, I mean, I'm happy factually like there is a massive opportunity around delivering incredible virtual primary care, and there's just there's enough of an opportunity there that I don't believe that LifeMD will ever have to set up any kind of brick-and-mortar infrastructure. I just don't think, like I think that if you saw us doing that, like I'd be a little bit concerned, right? Because I don't think people invest in LifeMD for us to go spend money like a One Medical on some fancy clinics in high-end markets, right? That's certainly not why we run that company. Marc, our CFO, has a lot of experience building a nationwide chain of brick-and-mortar, you know, businesses, but we just have zero interest in that. We do some pop-up stuff like you may see, like with our Cleared business, Marc, they do these really cool, like, pop-up things in different cities and, you know, I think it's good for branding. You know, again, minimal, almost zero investment, right? Other than the doctor's time. You're never gonna see LifeMD. You're not gonna see LifeMD making a big investment in a, you know, in brick-and-mortar infrastructure. Sorry, maybe I didn't make it clear enough, but maybe some partnerships. Oh, yeah. that provide you access into Well, yeah. brick-and-mortar. I can speak about that. Yeah, I think, look, absolutely. Look, I think if we start to see as we continue to put more patients on the platform, there's certainly a need for us to think about how we could partner with, you know, what would most likely be regional healthcare providers, maybe urgent care clinics, things like that. They could handle, you know, our in-person requirements of patients, right, when they need to go in for an actual doctor's visit. That's certainly something that's of interest to us and will likely happen. Then the second thing is, there are some other companies out there, you know, one of them actually David Larson covers at BTIG that kind of do the last mile of telemedicine. I mean, I think those kind of partners are really interesting, right? Where, you know, now you're seeing these companies that are literally just service providers that are building an infrastructure across the country, you know, that LifeMD can effectively white label, companies like LifeMD can white label, you know, based on our demand from patients. So it's very scalable and, you know, really very minimal to no out-of-pocket costs for us. We actually can. It actually enables us to do a lot of, like, point-of-care testing, things like EKGs, deal with a lot of that stuff. I mean, you can even send a provider if you wanna pay up for it to a patient's house. I think that's a longer-term part for sure of the, you know, the LifeMD offering. For this year, I mean, I just really wanna focus on, you know, proving out the VPC model, proving out that we can scale this. I think towards the end of the year, we start looking at some of those other partnerships. Great. Thank you very much. Great presentation, guys. Thanks. Thank you for the questions, Mark. Our next question comes from Scott Schoenhaus from Stephens. Scott, you may go on ahead and unmute your line. Thanks guys. Hi, Justin. Hi, Mark. Hi, Alex. Actually, most of my questions have been asked already. Back on virtual primary care, Justin, you kind of alluded to this. This was gonna be one of my questions. That $40 million-$60 million revenue opportunity that bridges you to your long-term target in virtual primary care. To me, it seems like the near-term opportunity is upselling your current membership base to that virtual primary care offering. Is that right? How do you acquire new customers? Is it more expensive than the traditional average customer acquisition cost? And how many is... You could provide any kind of direction in terms of what your current install base you guys are, you know, projecting that will be effectively able to be upsold to this primary care offering, and then when the how much of that revenue stream is from new client wins. That'd be helpful. Thank you. I'd have to. I think the bulk of that revenue, I don't know the mix. I don't know what the percentage breakdown is in the model. Marc might know the answer to that. When we look at it, I mean, when I look at what would be, you know, successful at a minimum, Scott, I would say, like, if we take 2%-5% of those patients coming in and we can move them over to the LifeMD platform, like, I think that would be successful. I mean, could it be, could it end up being 10%? Could we get creative with it and come up with other offers where maybe you combine, like, whatever subscription that patient's on with a virtual primary care platform, like, and actually see the number go up to, like, 20% or 30%? It's possible. But I think when we model this stuff out, we actually model it out. We're very conservative with modeling, you know, our expectations for the cross-sell. A lot of it we model out just based on us going out there and you know, spending money in an intelligent way to acquire the patient. Marc, do you wanna add anything else to that? We tend to factor in a very light cross-sell and kind of that low single-digit percentage range. Mind you, the cross-sell opportunity could end up being a lot larger than that, because it's not just the 500,000 or so people we have currently plus people we've tapped into in the past. It's the 1,000+ new patients that we bring on per day, which number continues to grow as the company grows. We take a very conservative view there. The majority of the future revenue growth, the way we have it modeled, is from the same way that we've built a lot of the indication-specific businesses going out, marketing to the general public and acquiring and retaining those patients with there being basically a single-digit percentage coming from cross-sell. Obviously, if we execute that really well, there's the potential that that number could be greater than the way we have it modeled. Great. That does it from my end. Thanks, guys. Thanks for the question, Scott. Our next question comes from Kayla Ho stetler from Colliers. Kayla, you may go ahead and unmute your line. Hey, guys. Thanks for taking the questions. I guess I'll start with primary care. I know you guys had your platform launched last week after running a successful beta version these past few months. Can you give us any insight on the number of patients and doctors who are part of the beta version and how you're planning to scale the platform now that it's launched? Yeah, I mean, we have right now probably around 20 full- and part-time doctors that are, you know, that are on the platform. You know, again, the first, most of what we did in Q4 was just a lot of testing with a very small patient population. We really don't expect to see a lot. Like, we haven't even been cross-selling it to, like, our existing patients. That's something that we plan to start actually next week. We're gonna start, you know, running, you know, spending media dollars on it as well in the next, you know, week or two. The number of patients right now on the platform is insignificant. I think it's Again, we expect it to start to grow, you know, this quarter, and it'll be a number that will become more significant next quarter and the following. Okay, great. Where are you guys finding your doctors? We use a combination. Most of them have come in through word of mouth. So like that's our primary means of recruiting doctors is just people hear that LifeMD is a great company to work for. Many of our doctors are fifty-state licensed, and work in the telemedicine world, of course, and it's a small community of doctors, and many of them know each other. You know, we take it as a compliment that doctors kind of tell other doctors that LifeMD is a great company to work for and that we treat doctors really well. We just actually hired this week, I think, another 50-state physicians for the platform. They came to us. It was actually through a recruiter that one of our doctors was friends with. We paid a small fee, but we don't actually. Like, we haven't. I don't think we've hired a single doctor yet through, like, just, like, a cold advertisement, if that's what you're asking. It's all been through word of mouth. Okay, great. It's also important for us to find doctors. It's a lot easier. You know, lining up doctors is very, very time-consuming. You know, finding like incredible 50-state doctors that are 50-state licensed is, you know, it's not easy. You know, it's something that we, you know, we put a lot of time and energy into. I feel good though, like, I feel really good about our ability to scale the practice. For sure. Looking at your portfolio of telehealth companies, I guess this has been touched on a little bit, but looking forward into 2022, how are you thinking about M&A, and are there any specific indications that are super interesting to you? There are a lot of indications that are very interesting to us. I'd rather not talk about specific indications that are of interest to us because it makes our job more difficult to exploit those areas of opportunity. We always have active discussions around M&A opportunities. I think this is a year of growth of the primary care business. Hopefully, I think we'll get a couple more of these partnering deals done with healthcare product companies. That's what I think everybody should focus on. Great. That's it for me. Thanks, guys. Thanks, Kayla. Our next question comes from Kyle Bauser from ROTH. Kyle, you may go ahead. Great. Thanks so much. Just appreciate you squeezing me in here for a follow-up from Kayla's. Justin, so you mentioned continuing to explore additional disease states and also the opportunity for wearables. To that end, any thought on how you can monetize the, some of the new basket of remote therapeutic monitoring codes? So, you know, they're, they allow for patient-reported outcomes, self-reporting. Seems pretty interesting, especially if you're getting into the wearable space. Seems like a pretty interesting opportunity to leverage your platform and generate additional high-margin revenue stream. Just kinda curious how you're thinking about that. Thank you. We haven't put a lot of thought into the actual clinical remote patient monitoring space. I mean, I actually am familiar with the space from, you know, just some other work in that space. When I talk about wearables, like, what excites me is, you know, this whole idea of, you know, being able to put a device on your arm or eventually maybe it's even becomes, like, very tiny and you could just put on your body anywhere and, you know, it being able to share with your doctor every heartbeat, your respiratory rate, your skin temperature, your blood pressure. I mean, you know, your blood oxygen levels, your how many steps you walk every day, whether you have, you know, AFib, like all that sort of stuff. I'm really talking more about the retail market because I think that, you know, I think quite frankly, it's gonna be very affordable and inexpensive and it can dramatically impact, you know, outcomes for patients. As far as like the what I'll call like the reimbursed remote monitoring space, we haven't had any conversations with with companies in the space, although it's something that would be of interest. It's something that we, you know, we wouldn't mind having a discussion. We just haven't. Cardiovascular health is one area where I expect LifeMD. It's a great example, actually, of an area where LifeMD will launch a kind of focused offering. You know, we actually have a very well-known cardiovascular interventional cardiologist that's probably on this call, hopefully on this call, that's gonna be joining the advisory board and really, I think, be the face of that offering. We're just excited about, like, combining, you know, primary care docs that are trained in cardiology, you know, and then a wearable, like, 'cause, you know, a lot of people that have families with a history of, you know, heart failure, or issues themselves, right? I mean, I think just even a simple wearable, even the ones that aren't reimbursed, you know, and a doctor that's well trained that they can access, you know, anytime they want, solves a lot of their problems, right? Sorry, that's a long-winded answer to your question, but we're open to the reimbursed. We're open to the kind of adjudicated stuff as well. We just haven't had the conversations. No. Got it. Appreciate that. That's it from the caller's end of things. Appreciate all the updates, guys. Thanks for the questions, Kyle. This concludes the verbal portion of our question and answer session. I'll now pass it to Monique Kosse of LifeSci Advisors to re-read the remaining questions. Hey, guys. We have a couple questions from the audience here. The first one is from Karl Brewer, Cervical Investments, and it's, "What is the nature of the projected CapEx and investment spending in 2023-2025? One, based on the Cleared acquisition deal, we have a few tiers worth of earnouts baked in there based on the projected future revenue. As we've mentioned before, obviously the goal is to get to all of those tiers, which we think is significantly accretive to the business. Given the $40 million-$60 million projection through 2025 in there, that would trip four tiers. That's one that's baked in there. Number two, continued investment into enhancement and development of new telehealth features, both on the primary care side as well as the indication specific side. Don't wanna get too much into those details for competitive reasons. Three, continued investment in the company's in-house development infrastructure and capitalized payroll associated with that. I think, you know, the big overarching thing to take away though is that the CapEx is very largely discretionary and associated with continuing to grow, scale the business and obviously achievement of certain milestones. Okay. Thanks. Thanks, Marc. The next question is from Rob McGuire at Granite Research. "Given what you have learned so far with Cleared, how should we be looking at the potential for B2B revenues within your telehealth business? Marc, do you wanna take that one or you want me to? Look, at the end of the day, couple of partners, you know, certainly came with the Cleared acquisition. We expect to introduce a bunch more new partners. It's not gonna be an overnight thing. These agreements do take time. Look, we think it's portable. I don't wanna obviously get too much into details on that one beyond saying that, you know, we think it's a very viable business opportunity for us. Okay. The last question here from Catherine Grant at Keene Capital. "When you speak about planned capabilities for VPC, what is the timeframe? Almost everything that's in that slide will be done by the second quarter. I think the one thing that Dennis requested that he thought could run into the Q3 would be supporting some of the family plans. All of those other features are, you know, within the next quarter or so. Within the next quarter, like, by the end of the Q2, to be clear, and probably more. Okay, great. There are no further questions, and so I will turn it back over to you, Justin, for closing remarks. Look, I think we covered enough, so no other remarks on LifeMD, but thanks. Just wanna say thank you again to all of our shareholders and analysts. Thanks for your time, and thanks for your interest in LifeMD, and we appreciate your support. You know, we want you to know that you're invested in something that's, you know, not only gonna perform financially, but also do a lot of amazing things for, you know, for a lot of Americans across the country that, you know, don't have access to high quality healthcare. Thanks, thanks, and look forward to talking to you all in a few weeks on our earnings call.