Afternoon, thank you for joining us today to discuss LifeMD's results for the second quarter ended June 30, 2025. Joining the call today are Justin Schreiber, Chairman and Chief Executive Officer, and Marc Benathen, Chief Financial Officer. Following management's prepared remarks, we will open the call for question and answer session. Before we begin, I would like to remind everyone that during this call, the company will make a number of forward-looking statements, which are subject to numerous risks and uncertainties that may cause actual results to differ materially from those projected. These risks and uncertainties are described in the company's 10-K and 10-Q filings and within other filings that LifeMD may make with the SEC from time to time. Forward-looking statements made during this call are based on current information available to the company as of today, August 5, 2025. The company assumes no obligation to update or revise any forward-looking statements after today's call, except as required by law. Also, please note that the management will be discussing certain non-GAAP financial measures that the company believes are important in evaluating LifeMD's performance. Details on the relationship between these non-GAAP measures to the most comparable GAAP measures and reconciliations thereof can be found in the press release issued earlier today. Finally, I would like to remind everyone that today's call is being recorded and will be available for replay in the investor relations section of the company's website. Now, I'd like to turn the call over to LifeMD CEO, Justin Schreiber. Please go ahead. Thank you, and good afternoon, everyone. After the market closed, we issued a news release announcing our second quarter financial results and posted an updated corporate presentation on our website at ir.lifemd.com. LifeMD made tremendous progress executing on our strategic plan in the second quarter. Our core telehealth business continues to deliver a strong performance, demonstrated by a 30% year-over-year increase in telehealth revenue and adjusted EBITDA growth of 560%. Our weight management program continued its momentum despite a large transition to branded GLP-1 medications, and our WorkSimpli business also continued to perform strongly, generating nearly $3.7 million in adjusted EBITDA on a standalone basis. As we look to the second half of the year, we remain focused on several key strategic priorities. One, continuing to grow our leading care-based weight management program, emphasizing patient experience and helping our patients access both branded and genericized GLP-1 therapies, as well as oral non-GLP-1 prescription weight loss therapies. Two, returning our RexMD brand to double-digit growth by scaling our hormone replacement therapy, peptide, prescription weight management, and personalized ED and hair loss treatment programs. Three, scaling our recently launched behavioral health services offering and upcoming women's health program, both of which we see as opportunities that address large underserved markets. Four, further expanding and investing in our LifeMDPlus membership service and marketplace to drive deeper patient engagement, enhance retention, and improved health outcomes. Five, executing on additional enterprise partnerships and collaborations designed to introduce significant new patient volume into our LifeMDPlus and specialty care programs. Our weight management business remains robust, consistently attracting over 400 new patient signups per day. Notably, we've seen a significant increase in patients accessing branded therapy options through our platform. Given current trends and the improvements we expect to see in pricing and insurance coverage, we expect that by year-end, the vast majority of new patients will be on an insurance-covered GLP-1 therapy, an affordable cash-based therapy, or one of our oral prescription medications for weight loss. We continue to invest in improving the care platform that supports our weight management program. This decision is validated by the fact that we are seeing a growing number of weight management patients using our platform to access non-weight-related healthcare services and products. While our weight management segment did outperform our second quarter guidance plan for this segment, weight management has been impacted by a higher-than-anticipated refund rate, driven by patients either lacking insurance coverage for their medications or being unable to afford the out-of-pocket cost of branded therapies. Although this is a near-term headwind, we are actively enhancing our new patient intake process to include real-time benefit verification and other key improvements. These updates are designed to significantly improve the patient experience and drive higher conversion rates onto therapy. As part of these efforts, we are expanding access to a broader range of oral generic weight loss medications and adding liraglutide as a covered option. We remain highly confident in the long-term opportunity within prescription weight management. This is a large and underserved market, and we believe the steps we're taking will further strengthen our leadership position despite the temporary challenges. Turning to RexMD, we experienced a challenging second quarter, primarily due to temporarily elevated customer acquisition costs in the highly competitive ED market. However, we have since adjusted our marketing and product strategies, and early third-quarter data suggests a return to healthier customer acquisition levels. We remain confident in RexMD's long-term growth trajectory, especially as we continue to broaden our offerings into hormone replacement therapy, personalized compounded treatments for ED and hair loss, as well as additional men's health categories. While these offerings are still small relative to the size of the overall brand, early learnings from these new areas have been encouraging, and we believe that they have the potential to contribute meaningful growth in future quarters. In the same vein, we're especially excited about LifeMD's ongoing platform diversification into high-value clinical areas. Our recent launch of a nationwide behavioral health offering focused on adult anxiety and depression directly addresses significant unmet patient needs and is highly complementary to our existing offerings, including our recently launched LifeMDPlus primary care membership. The mental health market is a large opportunity, as about 23% of U.S. adults have a diagnosable mental health condition each year, and only half of these people receive professional treatment. That leaves an estimated 28 - 30 million adults with unmet behavioral health needs every single year. LifeMD's platform and affiliated provider group is well-positioned to help address this enormous unmet clinical need. We expect this business line to begin scaling in Q4 and become accretive to 2026 results. Similarly, the upcoming launch of our holistic women's health program will address critical care gaps related to menopause, hormone therapy, and bone health, areas historically underserved in traditional healthcare. Currently, we operate a profitable concierge women's health service through Optimal Human Health, which we acquired in the second quarter. We look forward to tapping into this significant market opportunity with a more affordable and scalable program on the LifeMD platform that is expected to be launched at the end of Q3. We believe the market fundamentals here are compelling, as over 50 million women in the U.S. are aged 45 or older, with more than 30 million in perimenopausal or postmenopausal stages. Approximately 2 million U.S. women reach menopause annually, and by 2030, over 60 million women in the U.S. will be postmenopausal. The care gaps are substantial. Approximately 60% - 80% of perimenopausal and menopausal women fail to receive adequate care for their symptoms. Additionally, up to 70% of women at high risk for osteoporosis remain untreated, representing a significant gap in screening and intervention. LifeMD's clinical capabilities following the Optimal Human Health acquisition, along with our fully integrated telehealth platform, uniquely position us to capture a meaningful share in this large, growing, and historically underserved care market. This program will begin scaling in the fourth quarter, and we expect it to be accretive to 2026 results. Before I hand it over to Marc, I want to briefly highlight our clear vision for long-term margin expansion, which is fundamental to LifeMD's continued growth. Conventional healthcare still struggles with persistent issues like repetitive paperwork, fragmented records, and inefficient processes, challenges that frustrate both patients and providers. At LifeMD, we're directly addressing these pain points by thoughtfully integrating AI into every aspect of our operations. Our goal is simple: free up our providers from administrative tasks so they can focus on patient care and create a smoother, more efficient patient experience. By streamlining routine tasks, intelligently routing patient requests, and surfacing essential information exactly when it's needed, we're improving patient outcomes, provider productivity, and ultimately driving our overall business performance. We're equally excited about our recently launched LifeMDPlus membership program, a premium offering designed to provide personalized patient care through around-the-clock access to licensed practitioners, same-day prescription renewals, comprehensive lab testing, and numerous additional benefits. Although LifeMDPlus is still in its early stages, we've already seen promising traction with nearly 50 new patient signups per day. We believe this program will be central to deepening long-term patient relationships, boosting retention, and making preventative care, including annual wellness visits, lab tests, and medication adherence, as simple, convenient, and affordable as possible. Together, the strategic integration of AI and continued investment in LifeMDPlus position us strongly for sustainable profitability and long-term growth. With that, I'll now turn the call over to our CFO, Marc Benathen, to provide more detail on our second quarter financial results and outlook. Marc? Thank you, Justin, and good afternoon, everyone. As Justin noted, our long-term financial outlook remains strong. Weight management, though experiencing some impact from higher refund rates from patients without coverage or for whom discounted cash pay pricing is still inaccessible, performed ahead of guidance planned in the second quarter. New subscribers for weight management continued at strong levels and regularly exceeded 400 new patient signups per day. WorkSimpli maintained its strong bottom-line performance with quarterly adjusted EBITDA of nearly $3.7 million on a standalone basis. Our quarterly results were mostly impacted by temporary performance challenges impacting our RexMD business, which are largely behind us. Looking at the numbers, consolidated revenue grew 23% versus the year-ago period to $62.2 million. Telehealth revenue increased 30% to $48.6 million, with standalone adjusted EBITDA growing 560% to $3.4 million. WorkSimpli adjusted EBITDA grew 119% to $3.7 million. Telehealth subscriber growth remains strong, with the number of active subscribers increasing 16% year-over-year to over 297,000 at quarter end. The number of WorkSimpli active subscribers contracted by 6% to 149,000, primarily due to their continued focus on acquiring higher LTV customers to maximize profitability. Gross margin for the second quarter was 88%, a decline of 210 basis points versus the prior year due to a higher allocation rate of physician costs to COGS, driven by higher utilization. Gross profit was $54.5 million, an increase of 19% from the year-ago period. Our GAAP net loss attributable to common stockholders for the second quarter of 2025 was $2.9 million, or a loss of $0.06 per share. This compares with a GAAP net loss attributable to common stockholders for the second quarter of 2024 of $7.7 million, or a loss of $0.19 per share. Adjusted EBITDA is a non-GAAP measure we define as income or loss attributable to common shareholders before various items, as outlined in today's news release. Adjusted EBITDA totaled $7.1 million for the second quarter of 2025, as compared with $2.2 million in the year-ago period. Telehealth adjusted EBITDA is a non-GAAP measure defined as adjusted EBITDA for only our telehealth business, excluding WorkSimpli. This measure was $3.4 million for the second quarter of 2025, as compared to $0.5 million in the year-ago period. We exited the quarter with $36.2 million in cash and strengthened our balance sheet by fully repaying our senior venture debt subsequent to quarter end. This early retirement of our debt will save LifeMD approximately $1.1 million of cumulative future interest payments, makes our business debt-free, and reflects the ongoing confidence we have in our long-term outlook. Turning to financial guidance, we are revising our consolidated 2025 revenue guidance to be in the range of $250 million - $255 million, from $268 million - $275 million previously. Telehealth standalone revenue guidance is now $195 million to $200 million, compared with $208 million - $213 million. We're also revising our consolidated adjusted EBITDA guidance to be in the range of $27 million - $29 million, from $31 million - $33 million previously. We now expect 2025 telehealth standalone adjusted EBITDA guidance to be between $14 million and $16 million, compared with $21 million previously. Updated adjusted EBITDA guidance still reflects a year-over-year increase of 89% - 116% versus prior year. This wraps up our financial results. I'd now like to turn the call back over to Justin. Thanks, Marc. Before we open up for Q&A, I'd like to quickly revisit the second quarter. While we weren't satisfied with our overall performance, we believe these short-term issues are largely behind us and remain extremely confident in RexMD's long-term growth potential and its strategic role within LifeMD's broader platform. The strategic initiatives we laid out at the start of 2025 continue to deliver meaningful results across all areas of our business. We've made tremendous strides in expanding and enhancing our comprehensive telehealth offerings, reinforcing our platform's capabilities, and elevating patient experience at every step. Our patient satisfaction scores remain outstanding, averaging 4.91 out of 5, validating the quality and effectiveness of our care model. We continue to expand and diversify our weight management offering, and our recent strategic expansions into women's health and behavioral health represent significant steps forward, addressing large, historically underserved patient populations with high-quality virtual care. These offerings, combined with our increasingly robust LifeMDPlus membership program, set the stage for meaningful patient retention, higher engagement, and lasting relationships that will drive margin expansion and overall business performance. Looking ahead, our priorities remain clear. We will continue investing in and scaling high-value clinical areas like behavioral and women's health, further optimize and expand our LifeMDPlus program, and leverage our fully integrated pharmacy and insurance capabilities. All of these efforts align with our overarching commitment to deliver the most patient-centric, comprehensive, and seamless healthcare experiences available anywhere. LifeMD is uniquely positioned to shape the future of healthcare, and I'm excited about the path ahead as we continue to deliver outstanding care, strong growth, and long-term value for both our patients and shareholders. With that, let's now open the call to your questions. Operator. Thank you. At this time, if you would like to ask a question, please press the star one on your telephone keypad. You may remove yourself from the queue at any time by pressing star two, and once again, that is star one to ask a question. We'll take our first question from David Larson with BTIG. Please go ahead. Hi, this is Jenny Shen on for Dave. Thanks for the updates on the quarter and for taking the question. Just on the insurance business, can you speak more about the insurance opportunity, where you are right now? For example, how many states you're in? What portions of members are you taking insurance for? What does the margin profile look like for those members, compared to cash pay? Thanks. Yeah. Hi, Jenny. This is Justin. As of today, we are contracted with over 100 insurance plans across 40 states. We have just under 80 million lives under coverage. I expect, as we've previously guided, that to double between now and the end of the year. It's still a very small percentage of the business. It's really important because I think that we reach kind of a, you know, that we have extremely broad coverage before we can really run direct-to-patient advertising for these offerings. I really think you're going to start to see the insurance business scale considerably in 2026. One thing that's worth pointing out, though, is we have seen, you know, we have obviously submitted claims across both commercial payers and government payers, Medicare. The unit economics here are strong, and we're actually really, really encouraged about launching programs, especially in areas like women's health, also in the weight management vertical, once we see broader coverage for GLP-1 medications. The unit economics work, and we can see better LTVs with insurance-sponsored patients than we do with cash-pay patients. To be clear, we're not, we haven't scaled it today. Although we've seen that with a very small population, the data that we've seen, both from claims we've submitted and from third parties and peers that we've looked at, the unit economics can be very, very strong. That sounds great. Just a quick follow-up. Any comments on your relationships with LillyDirect or NovoCare? We're assuming that those relationships are still strong. Thanks. No comment. I mean, the integrations with LillyDirect and NovoCare are in place, and we're continuing to see a greater number of patients access the self-pay branded therapies that are through those pharmacies that are available through the integrations that LifeMD has. Great, thank you. Thank you. We'll take our next question from Sarah Elizabeth James with Cantor Fitzgerald. Please go ahead. Thank you. I was hoping you could give a little bit more color on what was going on with the RexMD customer acquisition cost. Looking at the guide change compared to what revenue had been running at, we're getting it was about 5% of revenue. Is that in the ballpark of what the step up in customer acquisition cost was for that segment? Can you explain a little bit more about how that happened? Was that pricing, or was it just the sales that converted from the leads changing? Thanks. Yeah. This is Marc. In general, we had it bounced around a bit throughout the quarter. We had some periods where CACs were up 15% - 25% sequentially over the prior quarter. Obviously, we had some other periods during the quarter where it was 5% up. Obviously, when CACs go up by that amount, we're going to pull back on the amount of volume that we drive through that business. One of the initiatives that we're really working on, and we started to make a lot of headway on, and we're going to make a lot more headway by the end of the year, is continuing to diversify the business, which obviously gives us a lot more places to repurpose that capital, should you see temporary disruptions in certain markets like what occurred in the RexMD market, particularly within ED. A lot of it was higher CACs, competitive spending, that in turn drove down our volumes, which in turn obviously had, because the unit economics would erode at some of those CACs. In turn, that would have an impact on both acquisition revenue and related subscription revenue from those subscribers. Got it. When you think about it being resolved going forward, do you mean that you're having tighter control on your acquisition spend, or is it more that you think the sales that are generated from that are going to go back to a historical level? Yeah. I mean, look, we've essentially seen through some actions that we took, improvements in the acquisitions per day that are, you know, not quite at the Q4, Q1 levels, but they're very much approaching there, and they're significantly closer. The CACs have returned to the historical levels also, again, through some proactive actions that we took. There were changes in the market, and we just had to readjust what we were doing. Could we have been a bit faster doing that? Yes. But, you know, we did adjust, and I think we're in a good place now. Sarah, this is Justin. I'll just add, remember, we had a massive, enormous transition this past quarter with the weight management business, which really required a lot of energy from almost everybody in the organization. We did see, we obviously saw all these changes in the competitive environment, but some of it was just, I think we took our eye off the ball for a little bit. We should have gotten this thing back online a little quicker, and we didn't. Again, as we communicated on the call earlier, we feel really good about where the business is. There's a lot of exciting new product opportunities for RexMD, and we really wanted to communicate that this isn't something that we think people should be concerned about going forward. Okay, that's helpful. Thank you. Thank you. Next, we're going to go to Ryan Robert Meyers with Lake Street Capital Markets. Please go ahead. Yeah, thanks for taking my question. Just as a follow-up to the last question, I just want to make sure I fully understand it. The full-year guide down is totally related to the dynamics faced with the RexMD business, despite the fact that you now have that resolved. I just want to get an understanding of any impact that we would see from that in Q3 and then more recently in Q4. Yeah. The majority of it's related to that. There's a small proportion, as we mentioned, in the short term, there's some higher refund rates on the weight management patients. We're talking a few percentage points higher. That was a small proportion of the changes, which we've built into the Q2 and Q3, sorry, the Q3, guide. The vast majority of it was the impact from performance in RexMD in Q2, and then the downstream impact associated with fewer new subscribers that came in the door in Q2, retaining those people throughout the year, and, you know, slightly softer sales performance than we had historically seen. Obviously, we're building back. I'd say, you know, right now, in terms of sales per day, we're at about 85% - 90% of where we've been historically, which is a big improvement over where we had been in the middle of Q2. All of that is baked into the guidance. We've not assumed any potential, you know, complete rebound in RexMD within that guidance. We think we've taken a prudent point of view on that. Okay. Got it. On the topic of the LifeMDPlus offering, is there any way we should be thinking about sort of marketing and any sort of spend that's associated with that as that continues to become larger and you guys put more kind of emphasis on that business? Yeah, this is Marc. Look, we have all of that baked into our plan. I mean, historically, you know, as we've said, our marketing spend does tend to go up quarter on quarter. That was baked into the back half of the year. I mean, do any of these businesses require a very significant investment? No, but you do have to make the initial investment. Look, today, we're bringing on about 50 new signups there. Obviously, we'd like to scale that significantly higher, but we're going to end up doing it in, you know, a measured fashion as we do with a lot of our new launches to, you know, balance profitability with the growth of the company. Got it. Thanks for taking my questions. Thank you. We'll next go to Anderson Schock with B. Riley Securities. Please go ahead. Hi. Thank you for taking our questions. Could you provide any color on what% of patients with insurance coming in for GLP-1s are being approved for coverage? We don't have an actual percentage, Anderson, but I can emphasize that we're seeing really, really great uptake in especially a lot of the cash pay programs of Zepbound. I'm sorry, Wegovy. I'm sorry, Zepbound being the kind of number one performer, and then Wegovy also performing really well. One of the things that we mentioned in the script is I'm actually super confident that by the end of the year, I think we'll probably see, I think it's safe to say that we'll see 75% of new patients either on an insurance-covered GLP-1 medication like Wegovy or Zepbound, or paying for one of the kind of self-pay products there. It's been performing really, really well. We're also launching more of the kind of oral generic oral therapy options. We think that that probably can be somewhere between at least 10% and 20% of the business based on what we've seen with peers of ours in the virtual care world. Okay. Got it. That's helpful. Could you provide an update on the recent launch in behavioral health? I guess, how many initial subscribers have you seen? How should we think about revenue contribution from this launch in the back half of the year? Yeah, I mean, this is Justin again. Look, we've put a lot of work into getting this live. It's currently live across all 50 states. We're not ready to release an exact patient number, but we are onboarding patients onto the program every day. The way these things typically work is, over the first couple of months when we launch one, it's all about testing and kind of working out, not kinks at all in the care, but more kinks in the intake process and just making sure everything's working smoothly, making adjustments, and then it comes down to scale. We're really, right now, it's definitely not scaling per se, but we're really, really bullish on this. It's something that we're extremely confident is going to start to scale over the next 30, 60 days. Okay. Got it. How has the initial launch of your Medicare fee-for-service initiative progressed since April? Have you been able to expand as expected, reaching 49 states and 60 million beneficiaries at the end of the second quarter? We're still on track to expand this to 49 states by the end of the year. We had to rework some structural things with the medical group over the course of the last 90 days. We haven't started to scale the Medicare program yet, but it's something that we expect will scale in the back half of this year. Okay. Got it. Thank you for taking our questions. We will next go to Steven Craig Dechert with KeyBanc. Please go ahead. Hey, guys. Thanks for the questions. I guess just curious on what the refund rate policy is with your customers, and then anything that drove that to be higher in the quarter. Did anything have to do with the NovoCare or LillyDirect partnerships? Thanks. Sorry, you were kind of breaking up a little bit there, Steven. Can you repeat especially the—I heard the first part of your question on a refund rate and refund policy, but what was the second one? Yes. Was any of that tied to the NovoCare or LillyDirect partnerships with those going back this past quarter? Yeah, sure. Our refund policy is extremely liberal. If a patient comes in and doesn't get treatment or doesn't have insurance coverage, doesn't want to pay for a cash-pay therapy, they basically get a refund, right? Some patients will pay. Technically, according to the policy, if they have a consult, they would need to pay for the consult. In reality, if somebody wants a refund, they get a refund, and they get a full refund. That's the policy. I don't think that certainly the collaborations with Lilly and Novo have not, the collaborations with those pharmacies have not had a direct effect on the refund rate. What does have an effect on the refund rate is just the fact that for a lot of patients, the self-pay drugs, branded drugs, are much more expensive, right? Patients are faced with oftentimes getting a $500 per month branded therapy through LifeMD, or they can go, there's another 100 providers out there that are still offering a $100 - $150 per month compounded semaglutide or tirzepatide product. We appreciate that. The bottom line is, there still is not a reduction in the number of competitors out there selling exact replicas of tirzepatide and semaglutide. As you can imagine, we have a lot of patients that come in and if they don't have insurance coverage and we can't submit a prior auth and get them covered for a medication, many of them do request a refund and go elsewhere and find a cheaper alternative of the medication. Okay. Thanks. Just wondering on first-line GLP-1s, is that still something you guys are offering? If so, you know, kind of what roughly% of your weight management subscriber base is on those? Thanks. I don't have an exact% to share with you, but certain patients that qualify for a personalized GLP-1, our providers are willing to send prescriptions to third-party pharmacies for personalized GLP-1 medications if the clinical presentation of the patient is appropriate, right? I think our providers are very conservative with this, but in certain situations, yes, our providers will send personalized prescriptions to third-party pharmacies. Okay, thank you. Thank you. Next, we'll go to Yi Chen with H.C. Wainwright. Please go ahead. Hi, this is Eduardo on for Yi. I was hoping to get a little bit more color to get a feel for the number of subscribers that are currently using the weight management versus the telehealth active subscriber count and see what fraction of users uses each of those business segments. Yeah. I mean, look, we haven't historically broken it out, but you know, in general, the weight management subscriber count is a percentage of, you know, the active is roughly kind of in that range of 30% - 35% of the total. Obviously, the largest proportion is within RexMD. Obviously, the average weight management customer is worth, you know, more on a one-year basis than the average RexMD customer, and then you have other indications that round it out, sleep, hair loss, and things like that. Got it. That's really helpful. Are you guys open to providing any numbers on the attrition rates in each of those, kind of to understand what retention looks like in each of those business segments? Yeah. I mean, look, what we've disclosed publicly is typically we retain about a third of cohorts after 12 months. We have one, three, six months. In some cases, we've had 12-month subscriptions. It's, you know, we try to normalize it at the one-year mark, but historically, we will retain about a third of the initial cohort at the end of 12 months. Obviously, in the weight management business, a big chunk of that falloff occurs in the first 30 days with refunds for people that don't actually get on therapy. If you go by the folks that are on therapy, the retention rate is obviously much higher. Got it. In general, you've mentioned a few times about your focus and prioritization of getting good insurance coverage for your patients and making that into your system. Do you think that's your most meaningful differentiating feature against other telehealth competitors? Sure. This is Justin. I think that's certainly one of the big differentiators with LifeMD, the infrastructure for medical and pharmacy benefits that we're building. I think it's also our ability to operate a high-quality, synchronous care platform across all 50 states at the scale that we do. If you look across a lot of the larger peers of ours, many of them are completely async programs, and that's a very different offering. I think that our model of offering medical and pharmacy benefits, offering a marketplace where patients can use their insurance if they want to or their Medicare, and subsidize the cost of their care and access either asynchronous care if it's more convenient for them or synchronous care if they really want to speak to a doctor and have a face-to-face visit, which a lot of people do, we think that's super unique. In fact, we know that's super unique. Got it. Thanks for answering the questions. Thank you. That concludes our Q&A portion of the call. I will now turn the call back over to Justin Schreiber. Thank you for your questions and for your interest in LifeMD. We look forward to speaking with you once again when we report our third quarter results in November. Have a great evening. This does conclude today's program. Thank you for your participation. You may disconnect at any time.