LifeMD, Inc. (NASDAQ:LFMD) Q3 2023 Earnings Call Transcript

So that ultimately results in people spending less on the complete offering.

Unidentified Analyst: So do you have a partnership in place with like a Medifast or a Nutrisystem right now? And then could you introduce those products to your members? And then if your members wanted to transition from the GLP-1s over to a more sort of we’ll call it traditional weight management program would they be able to do that? And just what are your thoughts on CGMs? Do you have a program in place to use them with health coaching? Thanks so much.

Justin Schreiber: Sure. So with regards to Medifast and Nutrisystem these are two companies we’ve talked about previously that we did pilot programs with. We’re also working on – we’ve done pilot programs with other companies that weren’t public. And as of right now, we haven’t announced any partnerships with any of these companies, although we’ve said publicly that we expect to announce a transformational partnership with one of these very prominent nationwide health and wellness or diet companies. I’m excited about – I think it’s essential that LifeMD offers a food plan, a diet plan along with access to GLP-1 medications. I think it’s also important that we offer coaching and nutritional advice, which is something else that we’re working on, which is interesting in the pilot that we did with Medifast.

Medifast also has an amazing coaching network throughout the United States. So that’s something that we’re potentially excited about down the road. I think the other thing that we’re really looking at is technology solutions. So I think that there are a lot of different technology solutions that we can in-license that would bolt onto our existing technology platform that would help patients track their eating hold them accountable to eating properly and maximizing their metabolic health. So I’m very excited about that as well. Also on the CGM front, we are in the early stages of talking to some of the leading manufacturers of CGM devices and I think that’s something that over time we’ll also incorporate into our offering.

Unidentified Analyst: Okay. Fantastic. I’ll hop back in the queue. I don’t want to a full of time here. Thanks. Great quarter. Congrats.

Justin Schreiber: Thank you.

Marc Benathen: Thank you.

Operator: Our next question comes from Sarah James with Cantor Fitzgerald. Please proceed with your question.

Sarah James: Hi, guys. And apologies for earlier. So I wanted to get a little bit of an understanding of where your clinical recruitment pipeline is right now. How you’re thinking about pacing bringing on the staff? And then just from like an ROI perspective, how do you think about allocating that staff’s time between weight management and primary care?

Justin Schreiber: Hey, Sarah, this is Justin. That’s a good question. We’ve spoken a lot about how proud we are of the reputation that our affiliated medical group has built in the industry. We have an enormous amount of interest when it comes to working for LifeMD. I think I’ve said before we have 400 to 500 resumes that have come in over the last couple months as we’ve scaled the medical group as a result of the growth of our GLP-1 weight management offering. I’m not concerned at all. We’re in the process of onboarding another three to five providers over the next couple of weeks. That’s going very well. I think we’re going to have to onboard probably at least 10 to 20 providers over the next six months. And I’m not concerned at all about our ability to do that.

And I’ll also mention, we’re extremely picky with the providers that we allow to interact with and treat LifeMD patients. So when I say we’re going to be able to recruit providers, it always means we’re going to be able to recruit the best providers out there.