LifeMD Delays Third-Quarter Report After Finding Errors Dating From 2024 to June 2026
Key Facts
LifeMD told the U.S. Securities and Exchange Commission that it would not file its quarterly report for the quarter ended September 30, 2026, by the original November 9 deadline. In its notice of late filing, the company said it needed more time to complete its financial statements and finalize accounting adjustments. The adjustments include correcting revenue recognized in excess of the proper amount, along with cost of revenue and general and administrative expenses recorded below their proper amounts. The company filed the notice on November 9, signed by Chief Financial Officer Atul Kauthikar. The delay places preparation of the third-quarter report in the context of a broader review extending to prior financial statements.
LifeMD says the adjustments are not limited to the current quarter, but cover its quarterly and annual statements for periods beginning in 2024 and extending through June 30, 2026. The review therefore covers more than one prior period, as well as the statements for the third quarter and the nine months ended September 30, 2026, which the company is preparing. The notice did not specify the amount of revenue or expenses that will change, nor did it provide final figures for the effect on the periods involved. The company said its preliminary estimates could change as it completes the statements and disclosures. It added that the final adjustments could be significant, making the potential scale of the restatement something to watch when the report is published.
On liquidity, LifeMD said the required corrections will not affect cash flows or its cash balance. The statement distinguishes adjustments to the accounting recognition of revenue and expenses from cash entering or remaining with the company, according to the notice. But the company did not say that all financial effects of the adjustments had been settled, as it said its estimates remained subject to change during preparation of the statements. LifeMD is also reviewing the potential effect of these matters on its disclosure controls and procedures, and on internal control over financial reporting. The notice did not report the outcome of this assessment or whether the company would make changes to those controls.
On its outlook, LifeMD answered no when asked whether it expected a significant change in operating results compared with the corresponding period of the prior fiscal year. That answer reflects the company's expectation as stated in the late-filing notice; it does not provide an actual third-quarter result or a detailed estimate of the figures after the adjustments. In its most recent prior quarterly filing, the company said revenue for the three months ended June 30, 2026, was about $47.3 million, down 4% from about $49.0 million in the same period of 2025. It attributed the decline mainly to lower telehealth product revenue and weaker demand for online sales. For the six months ended June 30, 2026, it reported a loss from continuing operations of $15,956,537, compared with a loss of $4,653,028 in the first half of 2025.
In the notice form, the company selected an extension to file its quarterly report no later than the fifth calendar day after the prescribed due date. The notice did not specify a date for that deadline, and selecting the extension does not mean the report or the scale of the adjustments has been finalized. The pending report remains important for clarifying the adjusted figures for prior periods, the quarterly and nine-month results ended September 30, and the outcome of the controls assessment. LifeMD said in its annual report that its patient base included about 328,000 active subscribers to patient services as of December 31, 2025. In EL7 market data, the company's LFMD shares closed at $2.1 on November 9.