LFMD on Nasdaq

LifeMD, Inc.

LifeMD, Inc. is an American Offices and Clinics of Doctors of Medicine services company.1 It is headquartered in New York, New York.1 Its shares trade on Nasdaq under the symbol LFMD.1

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Last updated Oct 21, 2026.

Overview

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  • TickerLFMD on Nasdaq1
  • IndustryServices-Offices & Clinics of Doctors of Medicine1
  • HeadquartersNew York, New York1
  • Incorporated inDE2
  • Business address236 Fifth Avenue, Suite 400, New York, Ny 100012
  • Filer categoryAccelerated filer2

LifeMD brand is our flagship virtual primary care and specialty platform, having served over 679,000 customers and patients to date.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

85.7%Gross margin5
-4.0%Operating margin5
7.4%Net margin5
25.3%Revenue growth, 20255
62.0%Return on equity5
$6.4MFree cash flow5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Telehealth Subscription Revenue brought in 58% of the revenue LifeMD, Inc. broke down this way in fiscal 2025.

  1. Telehealth Subscription Revenue$113.3M558%up 67% from 2024
  2. Telehealth$80.8M542%down 2% from 2024
Business segments by year
Business segments20242025
Telehealth Subscription Revenue$67.7M$113.3M
Telehealth$82.1M$80.8M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue14¢$27.7M
  • Other costs78¢$150.6M
  • Interest1¢$1.4M
  • Income tax0¢$45.7K
  • Profit7¢$14.4M

Out of $194.1M in revenue.5

Where each dollar of operating cash went, fiscal 2025

  • Capital spending23¢$1.9M
  • Dividends paid38¢$3.1M
  • Share buybacks3¢$270.0K
  • Kept or used elsewhere37¢$3.0M

Out of $8.3M of cash from operations.5

Financial statements

Revenue6789105$194.1M in 2025+1456% since 2019
0$50.0M$100.0M$150.0M$200.0M2019: $12.5M$12.5M20192020: $37.3M$37.3M2020+199%2021: $92.9M$92.9M2021+149%2022: $119.0M$119.0M2022+28%2023: $152.5M$152.5M2023+28%2024: $154.8M$154.8M2024+1%2025: $194.1M$194.1M2025+25%
Gross profit6789105$166.3M in 2025+1573% since 2019
0$50.0M$100.0M$150.0M$200.0M2019: $9.9M$9.9M20192020: $28.4M$28.4M2020+186%2021: $74.9M$74.9M2021+163%2022: $100.4M$100.4M2022+34%2023: $133.6M$133.6M2023+33%2024: $133.4M$133.4M2024−0%2025: $166.3M$166.3M2025+25%
Operating income6789105-$7.7M in 2025+165% since 2019
-$60.0M-$40.0M-$20.0M02019: -$2.9M-$2.9M20192020: -$57.8M-$57.8M2020+1901%2021: -$54.3M-$54.3M2021−6%2022: -$43.4M-$43.4M2022−20%2023: -$14.5M-$14.5M2023−67%2024: -$20.4M-$20.4M2024+41%2025: -$7.7M-$7.7M2025−62%
Net income6789105$14.4M in 2025
-$80.0M-$60.0M-$40.0M-$20.0M0$20.0M2019: -$3.1M-$3.1M20192020: -$58.6M-$58.6M2020+1769%2021: -$60.9M-$60.9M2021+4%2022: -$45.5M-$45.5M2022−25%2023: -$20.6M-$20.6M2023−55%2024: -$21.4M-$21.4M2024+4%2025: $14.4M$14.4M2025
Fiscal year2019202020212022202320242025
Revenue$12.5M6$37.3M7$92.9M8$119.0M9$152.5M10$154.8M5$194.1M5
Cost of revenue$2.5M6$8.9M7$18.0M8$18.7M9$18.9M10$21.4M5$27.7M5
Gross profit$9.9M6$28.4M7$74.9M8$100.4M9$133.6M10$133.4M5$166.3M5
Research and development
Operating expenses$129.2M8$143.8M9$148.1M10$153.8M5$174.0M5
Operating income-$2.9M6-$57.8M7-$54.3M8-$43.4M9-$14.5M10-$20.4M5-$7.7M5
Interest$761.1K6$1.7M7$3.0M8$1.3M9$2.6M10$2.2M5$1.4M5
Income before tax-$61.3M8-$44.7M9-$17.4M10-$22.6M5-$10.2M5
Income tax-$122.5K6$122.5K7$7.7K8$360.7K9$428.0K10$598.0K5$45.7K5
Net income-$3.1M6-$58.6M7-$60.9M8-$45.5M9-$20.6M10-$21.4M5$14.4M5
Earnings per share-$0.605$0.255
Earnings per share (diluted)-$0.605$0.255
Shares (weighted, basic)27.0M shares831.0M shares933.9M shares1041.2M shares545.1M shares5
Shares (weighted, diluted)27.0M shares831.0M shares933.9M shares1041.2M shares545.1M shares5

Compare LifeMD, Inc. with another company

Corporate structure

LifeMD, Inc. sits at the top of its group. 4 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of LifeMD, Inc.

  • LifeMD, Inc. New York, New York
    • LifeMD Pharmacy Holdings 1, LLC Subsidiary · Delaware, United States
    • LifeMD Pharmacy Holdings, LLC Subsidiary · Delaware, United States
    • LifeMD Pharmacy Services, LLC Subsidiary · Delaware, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What LifeMD, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$4.2M5 Dec 31, 2025$2.3M5 Dec 31, 2024+82.0%
Accumulated depreciation$1.7M5 Dec 31, 2025$842.3K5 Dec 31, 2024+102.8%
Property and equipment, net$2.4M5 Dec 31, 2025$1.4M5 Dec 31, 2024+69.8%
Operating-lease assets (leased space)$5.3M5 Dec 31, 2025$6.2M5 Dec 31, 2024−15.4%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$35.0M10 Dec 31, 2024$33.1M10 Dec 31, 2023+5.6%

Intangibles and goodwill

ItemLatestA year beforeChange
Finite-lived intangibles, gross$649.3K5 Dec 31, 2025$346.3K5 Dec 31, 2024+87.5%
Accumulated amortization$386.9K5 Dec 31, 2025$292.9K5 Dec 31, 2024+32.1%
Finite-lived intangibles, net$262.3K5 Dec 31, 2025$53.3K5 Dec 31, 2024+391.9%

Inventory

ItemLatestA year beforeChange
Inventory, total$2.8M5 Dec 31, 2025$2.8M5 Dec 31, 2024−0.9%
Raw materials$855.0K5 Dec 31, 2025$1.5M5 Dec 31, 2024−43.2%
Finished goods$2.1M5 Dec 31, 2025$1.6M5 Dec 31, 2024+33.3%

Properties, in its own words

The Company leases office space domestically under operating leases including: (1) the Company’s headquarters in New York, New York for which the lease expires in 2028, (2) a marketing and sales center in Huntington Beach, California for which the lease expires in 2027, (3) a patient care center in Greenville, South Carolina for which the lease expires in 2032, with an additional five year option to extend, for which the Company expects to utilize, and (4) a warehouse and pharmacy operations center in Lancaster, Pennsylvania for which the lease expires in 2029, with an additional five year option to extend, for which the Company expects to utilize.

Leased premises range from approximately 1,000 to 23,000 square feet with monthly rents ranging from approximately $1,800 per month to approximately $60,000 per month.

The rest of Item 2

We believe that our existing facilities are adequate for current and presently foreseeable operations. In general, our properties are well maintained and are being utilized for their intended purposes. Additional space may be required as we expand our business activities. We do not foresee any significant difficulties in obtaining additional facilities if deemed necessary.

Item 2 of the 10-K filed Mar 10, 2026.4

Leadership

Who has led LifeMD, Inc., and when. Pick a name to see everywhere that person has worked.

Board members and other officers (30)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • LifeMD Pharmacy Holdings 1, LLC Delaware3
  • LifeMD Pharmacy Holdings, LLC Delaware3
  • LifeMD Pharmacy Services, LLC Delaware3
  • LifeMD, Inc. Delaware3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • CONVERSION LABS, INC.Jun 27, 2018 to Feb 22, 20212
  • Immudyne, Inc.May 17, 2012 to Jun 19, 20182

Timeline

  1. Sep 15, 20268-K Regulation FD disclosure52
  2. Aug 5, 20268-K Results of operations; Regulation FD disclosure53
  3. Jun 22, 20268-K Regulation FD disclosure54
  4. May 6, 20268-K Results of operations; Regulation FD disclosure55
  5. Mar 18, 20268-K Executive or director change; Other events56
  6. Mar 9, 20268-K Results of operations; Regulation FD disclosure57
  7. Jan 6, 20268-K Entered a material agreement; New debt or obligation; Regulation FD disclosure58
  8. Nov 17, 20258-K Results of operations59
  9. Nov 5, 20258-K Regulation FD disclosure60
  10. Nov 4, 20258-K Entered a material agreement; Completed an acquisition or sale; Regulation FD disclosure61
  11. Aug 21, 20258-K Change of auditor62
  12. Aug 5, 20258-K Results of operations63
  13. Mar 28, 2018New chief executive Justin Schreiber becomes CEO13

Calendar

Coming up

  1. Nov 16, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.10) a share, on Nov 17, 2025.64

When it reported results

  1. Aug 5, 2026Reported quarterly or annual results53
  2. May 6, 2026Reported quarterly or annual results55
  3. Mar 9, 2026Reported quarterly or annual results57
  4. Nov 17, 2025Reported quarterly or annual results59
  5. Aug 5, 2025Reported quarterly or annual results63
  6. May 6, 2025Reported quarterly or annual results65
  7. Mar 10, 2025Reported quarterly or annual results66
  8. Jan 19, 2022Reported quarterly or annual results67

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

263 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 48 major events, 129 insider forms, 7 large holders, 59 other. The latest 20:

  1. Oct 7, 2026SCHEDULE 13G/A EDGAR
  2. Sep 25, 2026S-8 EDGAR
  3. Sep 15, 20268-K EDGAR
  4. Aug 18, 20264 EDGAR
  5. Aug 18, 20264 EDGAR
  6. Aug 13, 20264 EDGAR
  7. Aug 13, 20264/A EDGAR
  8. Aug 13, 20264 EDGAR
  9. Aug 13, 20264 EDGAR
  10. Aug 5, 202610-Q EDGAR
  11. Aug 5, 20268-K EDGAR
  12. Jul 8, 2026SCHEDULE 13G EDGAR
  13. Jun 22, 20268-K EDGAR
  14. Jun 3, 20264 EDGAR
  15. Jun 3, 20263 EDGAR
  16. May 13, 20264 EDGAR
  17. May 6, 202610-Q EDGAR
  18. May 6, 20268-K EDGAR
  19. Apr 30, 2026ARS EDGAR
  20. Apr 30, 2026DEFA14A EDGAR

The 263 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

46 open-market trades by officers, directors and large owners since October 2021: 30 buys and 16 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Dec 9, 2025FRIEDEMAN JESSICAChief Marketing OfficerSale15,000$3.61$54.1KForm 4
Sep 10, 2025Alvarez Nicholas PChief Acquisition OfficerSale75,000$5.92$444.0KForm 4
Jul 1, 2025Schreiber JustinChairman and CEOSale25,000$9.99$249.8KForm 4
Jul 1, 2025Schreiber JustinChairman and CEOSale25,000$13.38$334.5KForm 4
Jun 17, 2025Benathen Marc DavidChief Financial OfficerSale50,000$14.01$700.5KForm 4
Jun 16, 2025Benathen Marc DavidChief Financial OfficerSale75,000$13.09$981.8KForm 4
Jun 13, 2025Yecies Eric HaroldChief Legal Officer & GCSale15,000$12.25$183.8KForm 4
Jun 13, 2025Galluppi StefanChief Innovation OfficerSale85,000$12.38$1.1MForm 4
Jun 2, 2025Schreiber JustinChairman and CEOSale25,000$12.47$311.8KForm 4
May 2, 2025Schreiber JustinChairman and CEOSale3,005$7.50$22.5KForm 4
May 1, 2025Schreiber JustinChairman and CEOSale21,995$7.53$165.6KForm 4
Apr 29, 2025Schreiber JustinChairman and CEOSale50,000$7.78$389.0KForm 4
Mar 14, 2025FRIEDEMAN JESSICAChief Marketing OfficerSale30,000$5.66$169.8KForm 4
Feb 14, 2025Schreiber JustinChairman and CEOSale50,000$7.55$377.5KForm 4
Jan 2, 2025Schreiber JustinChairman and CEOSale25,000$5.19$129.8KForm 4
Dec 2, 2024Schreiber JustinChairman and CEOSale25,000$6.52$163.0KForm 4
Sep 11, 2024Galluppi StefanChief Innovation OfficerBuy3,000$4.93$14.8KForm 4
Aug 31, 2023Velge BertrandDirectorBuy60,000$3.93$235.8KForm 4
Aug 30, 2023Velge BertrandDirectorBuy40,000$3.76$150.4KForm 4
Aug 29, 2023Velge BertrandDirectorBuy32,072$3.58$114.8KForm 4

All 46 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Shayna Webb Dray39$366.7K$1.9M71
2025Stefan Galluppi39$407.5K$1.2M71
2025Justin Schreiber43$500.0K$777.1K71
2024Chairman and Chief Executive Officer$311.2K$1.1M71

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.3,034,535$12.5M0.0%+225,510
Federated Hermes, Inc.2,747,655$11.3M0.0%+1,728,578
Vanguard Capital Management LLC1,734,756$7.2M0.0%+71,060
State Street Corp1,318,784$5.4M0.0%+243,376
Renaissance Technologies LLC1,079,525$4.5M0.0%−38,800
Geode Capital Management, LLC1,067,698$4.4M0.0%+48,257
Prescott Group Capital Management, L.L.C.897,224$3.7M0.3%+1,800
BRC Group Holdings, Inc.637,319$2.6M0.6%−234,261
Royce & Associates LP636,124$2.6M0.0%−565,527
Aqr Capital Management LLC619,506$2.6M0.0%+421,184
Marshall Wace, Llp557,474$2.3M0.0%+300,339
Susquehanna International Group, Llp478,276$2.0M0.0%+13,083
Morgan Stanley404,121$1.7M0.0%+39,632
Millennium Management LLC401,624$1.7M0.0%New
Northern Trust Corp357,309$1.5M0.0%+22,500
Jacobs Levy Equity Management, Inc335,487$1.4M0.0%New
Walleye Capital LLC323,898$1.3M0.0%New
Russell Investments Group, Ltd.314,770$1.3M0.0%+309,436
Vanguard Fiduciary Trust Co283,953$1.2M0.0%−4,959
Tudor Investment Corp Et Al274,143$1.1M0.0%New
Vanguard Portfolio Management LLC273,004$1.1M0.0%+40,413
Citadel Advisors LLC263,471$1.1M0.0%New
Bank Of America Corp /de/261,014$1.1M0.0%+212,311
Bank of New York Mellon Corp246,586$1.0M0.0%+5,651
Penn Capital Management Company, LLC224,235$926.1K0.1%New

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How LifeMD, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARLifeMD, Inc.1
  • CIK0000948320
  • Employer ID (EIN)76-02384534
  • Filer statusAccelerated filer not an emerging growth company; a smaller reporting company; a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)8011 Services-Offices & Clinics of Doctors of Medicine1
  • SEC reviewing officeOffice of Industrial Applications and Services, Division of Corporation Finance1
  • Business address236 Fifth Avenue, Suite 400, New York, NY 100011
  • Phone(866) 351-59071
  • Shares outstanding48,200,837 as of Aug 4, 202612
  • Public float$512.5M as of Jun 30, 20254
  • AuditorPricewaterhouseCoopers LLP, New York, New York PCAOB ID 238; it also attests to the company’s internal control over financial reporting4
  • On EDGAR sinceMay 17, 20121
  • Filings578 in all: 4 (181), 8-K (139), 10-Q (41), 3 (36), UPLOAD (16), 10-K (14), CORRESP (13), EFFECT (10)1
    All 43 form types

    DEF 14A (9), DEFA14A (9), 144 (7), 424B3 (7), S-1/A (7), 424B5 (6), S-8 (6), SC 13G (6), 3/A (5), 4/A (5), D (5), 8-K/A (4), ARS (4), NT 10-Q (4), PRE 14A (4), S-1 (4), S-3 (4), S-3/A (4), 10-Q/A (3), 5 (3), SC 13D (3), 8-A12B (2), CERT (2), POS AM (2), PRER14A (2), SC 13G/A (2), 8-A12G (1), CT ORDER (1), D/A (1), DEFR14A (1), FWP (1), NT 10-K (1), SC 13D/A (1), SCHEDULE 13G (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Mar 10, 2026
    Quarterly report (10-Q) Aug 5, 2026
    Proxy statement (DEF 14A) Apr 30, 2026
    Latest 8-K (8-K) Sep 15, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $.01 per shareLFMDThe Nasdaq Global Market
8.875% Series A Cumulative Perpetual Preferred Stock, par value $0.0001 per shareLFMDPThe Nasdaq Global Market

From the cover page of the 10-K filed Mar 10, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks LifeMD, Inc. names in Item 1A of its 10-K filed Mar 10, 2026: 45 risks under these headings, as written.4

  • These disclosures reflect our beliefs and opinions as to risk factors that could materially and adversely affect the Company and its securities in the future. References to past events are provided by way of example only and are not intended to be a complete listing or a representation as to whether or not any other events have occurred in the past or their likelihood of occurring in the future.
  • Risks Related to our Business and Industry
  • We have generated net losses, we anticipate increasing expenses in the future, we have not yet achieved profitability, and we may not be able to achieve or maintain profitability.
  • Our limited operating history and evolving business make it difficult to evaluate our current business and future prospects and increases the risk of your investment.
  • The telehealth market is immature and volatile, and if it does not develop, if it develops more slowly than we expect, if it encounters negative publicity, or if our solution does not drive customer engagement, the growth of our business will be harmed.
  • If we are unable to expand the scope of our offerings, including the number and type of products and services that we offer, the number and quality of healthcare providers serving our customers, and the number and types of conditions capable of being treated through our platform, our business, financial condition, and results of operations may be materially and adversely affected.
  • We are expanding the use of AI in our business, and challenges with properly managing its use could result in reputational harm, competitive harm, and legal liability, and adversely affect our results of operations.
  • If we are unable to successfully market to new customers and retain existing customers, or if evolving privacy, healthcare, or other laws prevent or limit our marketing activities, our business, financial condition, and results of operations could be harmed.
  • Our revenue growth depends on consumers’ willingness to adopt our products, and the failure of our offerings to achieve and maintain market acceptance could result in us achieving revenue below our expectations, which could cause our business, financial condition, and results of operation to be materially and adversely affected.
  • The market for our model and services is new, rapidly evolving, and increasingly competitive, as the healthcare industry in the U.S. is undergoing significant structural change and consolidation, which makes it difficult to forecast demand for our solutions.
  • Competitive platforms or other technological breakthroughs for the monitoring, treatment, or prevention of medical conditions may adversely affect demand for our offerings.
  • We operate in highly competitive markets and face competition from large, well-established healthcare providers and more traditional retailers and pharmaceutical providers with significant resources, and, as a result, we may not be able to compete effectively.
The other 34 risks
  • We have experienced rapid growth in recent periods and expect to continue to invest in our growth for the foreseeable future. If we fail to manage our growth effectively, we may be unable to execute our business plan, maintain high levels of service, or adequately address competitive challenges.
  • We face risk that may arise from acquisitions, investments and collaborations, which could result in operating difficulties, dilution, and other harmful consequences that may adversely impact our business, financial condition, and results of operations. Additionally, if we are not able to identify and successfully consummate these transactions, our results of operations and prospects could be harmed.
  • Economic uncertainty or downturns, particularly as it impacts particular industries, could adversely affect our business and results of operations.
  • Our business depends on continued and unimpeded access to the internet and mobile networks.
  • Any disruption of service at Amazon Web Services, partner pharmacies or other third-party service providers could interrupt access to our platform or delay our customers’ ability to seek treatment.
  • We depend on a number of other companies to perform functions critical to our ability to operate our platform, generate revenue from customers, and to perform many of the related functions.
  • Our payments system depends on third party service providers and is subject to evolving laws and regulations.
  • We depend on our talent to grow and operate our business, and if we are unable to hire, integrate, develop, motivate, and retain our personnel, we may not be able to grow effectively.
  • We are at risk that the non-prescription inventory that we store may become damaged, facility disruption may also harm our business.
  • We rely significantly on revenue from customers purchasing subscription-based prescription products and may not be successful in expanding our offerings.
  • In the past we have, and in the future we may, actively employ social media and patient care center activities as part of our marketing strategy, which could give rise to regulatory violations, liability, breaches of data security, or reputational damage.
  • Any significant interruptions in the operations of our patient care center could cause us to lose sales and disrupt our ability to process orders and deliver our solutions in a timely manner.
  • If our security measures fail or are breached and unauthorized access to a consumer’s data is obtained, our services may be perceived as insecure, we may incur significant liabilities, our reputation may be harmed, and we could lose sales and customers.
  • Risks Related to Governmental Regulation
  • We may be subject to claims that we are engaged in the corporate practice of medicine or that our contractual arrangements with our affiliated medical group constitutes unlawful fee splitting.
  • In the U.S., we conduct business in a heavily regulated industry, and if we fail to comply with these laws and government regulations, we could incur penalties or be required to make significant changes to our operations or experience adverse publicity, which could have a material adverse effect on our business, financial condition, and results of operations.
  • State legislative and regulatory changes specific to the area of telehealth law may present the LifeMD PC any remaining third-party medical groups and independent physicians on our platform with additional requirements and state compliance costs, which may create additional operational complexity and increase costs.
  • Changes in public policy that mandate or enhance healthcare coverage could have a material adverse effect on our business, operations, and/or results of operations.
  • Changes in insurance and healthcare laws, as well as the potential for further healthcare reform legislation and regulation, have created uncertainty in the healthcare industry and could materially affect our business, financial condition, and result of operations.
  • The products we sell and our third-party suppliers are subject to FDA regulations and other state and local requirements, and if we or our third party suppliers fail to comply with federal, state, and local requirements, we may face enforcement actions.
  • We may be subject to fines, penalties, and injunctions if we are determined to be promoting the use of products for unapproved uses.
  • The information that we provide to healthcare providers, customers, and our partners could be inaccurate or incomplete, which could harm our business, financial condition, and results of operations.
  • Our use, disclosure, and other processing of personally identifiable information, including health information, is subject to federal, state, and foreign privacy and security regulations, and our failure to comply with those regulations or to adequately secure the information we hold could result in significant liability or reputational harm and, in turn, a material adverse effect on our customers, providers, and revenue.
  • Public scrutiny of internet privacy and security issues may result in increased regulation and different industry standards, which could deter or prevent us from providing services to our customers, thereby harming our business.
  • Our use of AI systems may be subject to emerging AI laws and regulations, and our failure to comply with those laws and regulations could result in significant liability or reputational harm and, in turn, a material adverse effect on our customers, providers, and revenue.
  • Risks Related to Intellectual Property and Litigation
  • Failure to protect or enforce our intellectual property rights could harm our business and results of operations.
  • We may be in the future subject to claims that we violated intellectual property rights of others, which are extremely costly to defend and could require us to pay significant damages and limit our ability to operate.
  • We are subject to legal proceedings and litigation, which are costly to defend and could materially harm our business and results of operations.
  • If we incur product liability claims, such claims could increase our costs; adversely affect our reputation, business, and results of operations; and we may not be able to maintain or obtain insurance.
  • We rely on data center providers, Internet infrastructure, bandwidth providers, third-party computer hardware and software, other third parties and our own systems for providing services to our customers and vendors, and any failure or interruption in the services provided by these third parties or our own systems could expose us to litigation and negatively impact our relationships with customers, adversely affecting our brand and our business.
  • Risks Related to Our Financial Reporting, Results of Operations and Capital Requirements
  • Our results of operations, as well as our key metrics, may fluctuate on a quarterly and annual basis, which may result in us failing to meet the expectations of industry and securities analysts or our investors.
  • Our existing leverage could adversely affect our ability to raise additional capital to fund our operations, limit our ability to react to changes in the economy or our industry, expose us to interest rate risk to the extent of our variable rate debt and prevent us from meeting our obligations.
  • We have identified material weaknesses in our internal control over financial reporting.
  • Risks Related to Investments in our Securities
  • There can be no assurance that we can continue to pay dividends on our preferred stock. We currently do not intend to pay dividends on our common stock. As a result, your only opportunity to achieve a return on your investment is if the price of our common stock appreciates.
  • Your ownership interest may be diluted by the future issuance of additional shares of our common stock or preferred stock.

Legal proceedings

We may become involved in various lawsuits and legal proceedings arising in the ordinary course of business. Litigation is subject to inherent uncertainties and an adverse result in these or other matters may arise from time to time that may have an adverse effect on our business, financial condition or operating results. Future litigation may be necessary to defend ourselves and our customers by determining the scope, enforceability and validity of third-party proprietary rights or to establish our proprietary rights. For additional information on pending legal proceedings see Note 12—Commitments and Contingencies to our consolidated financial statements included in this report.

The opening of Item 3, Legal Proceedings.4

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