Operator: Good afternoon. Thank you for joining us today to discuss LifeMD's results for the first quarter ended March 31, 2026. Joining the call today are Justin Schreiber, Chairman and Chief Executive Officer; and Atul Kavthekar, Chief Financial Officer. Following the management's prepared remarks, we will open the call for a 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 certain information available to companies as of today, May 6, 2026. 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 and the most comparable GAAP measures and reconciliation 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 would like to turn the call over to LifeMD's CEO, Justin Schreiber. Please go ahead.

Justin Schreiber: Thank you, and good afternoon, everyone. After the market closed today, we issued a press release announcing our first quarter financial results. We've also posted an updated corporate presentation, our Form 10-Q and our shareholder letter on our Investor Relations website at ir.lifemd.com. I encourage everyone to review those materials. Q1 was a strong start to 2026. We delivered revenue of $50.2 million, ahead of guidance and added more than 42,000 net telehealth subscribers, the largest quarterly net addition in our history. We ended the quarter with over 365,000 subscribers. In weight management, sign-ups increased approximately 120% sequentially from Q4, and we exited the quarter with strong momentum across all of our key growth areas. We're seeing clear early validation of the strategy we laid out on our last call. But what matters most is not just the quarter, it's what this quarter says about the platform we're building. As I outlined in our shareholder letter, I think about LifeMD in very simple terms: quality care, quality products, quality revenue. When we deliver high-quality care, patients trust us. When we offer products and services that genuinely improve their lives, they come back. And when patients engage across more of the platform and stay with us longer, the revenue becomes more durable, higher quality and ultimately more profitable. Today, we have a 50-state affiliated medical group, a fully integrated pharmacy, in-home and national lab capabilities, expanding insurance coverage, deep pharmaceutical collaborations and a growing set of specialty care programs. Increasingly, we're layering AI across that infrastructure to make care faster, more efficient and more personalized. LifeMD is no longer just a telehealth company focused on a handful of conditions. We are building what we believe can become one of the most important virtual health care platforms in the country, a trusted destination where patients can access care, medications, labs, insurance-supported services and ongoing clinical support through one connected experience. Let me walk you through where we're seeing the most progress. First, weight management. This remains the largest opportunity in our business. More than 100 million Americans are clinically eligible for GLP-1 therapy, and it is estimated that fewer than 15% have tried one. These medications represent one of the most significant breakthroughs in consumer health care in decades. And importantly, the market is becoming more dynamic, not less. We are entering the next phase of GLP-1 adoption. The first phase was access to injectables. The second phase is broader access, including oral therapies, lower-cost self-pay options, insurance coverage, and a deep pipeline of next-generation drugs. We are built for this phase. We've already benefited from the introduction of oral GLP-1s. Customer acquisition costs improved 4% to 5% sequentially in Q1 even as volumes effectively doubled from roughly 300 to 400 new patients per day to 600 to 1,000 patients per day. We ended the quarter with just under 100,000 weight management patients. And this opportunity is only getting bigger. There are roughly 40 GLP-1 therapies currently in development, including oral formulations, longer-acting injectables, and multi-pathway treatments. As these therapies come to market, we believe platforms like LifeMD that combine affordable access, insurance integration, and real clinical care will be the long-term winners. Second, women's health. This continues to be one of the programs I'm most excited about. The need is enormous. Tens of millions of women are entering or living through menopause and access to thoughtful evidence-based coordinated care remains limited. We built this program differently around longitudinal care, not just prescriptions. That includes comprehensive intake, appropriate lab work, structured clinical protocols, and ongoing management by providers trained specifically in women's health. The early results have exceeded our expectations. Subscriber count grew more than 7x from the Q4 base. Customer acquisition costs remain attractive. On therapy retention is tracking north of 80%. We believe that performance is a direct reflection of the quality of the program. Over the coming months, we plan to introduce 7 new compounded pharmacy products focused on hormone and bone health, highly complementary to patient needs and well aligned with our in-house pharmacy capabilities. Women's health has the potential to become one of the largest and most important programs in our company, not just a growth driver, but a category where we can build deep, trusted patient relationships. Third, RexMD and men's health. RexMD remains one of the most recognized men's health brands in the country and a critical part of our platform. We now have approximately 215,000 active patients with growth across ED, sleep, and hair loss, with sleep currently the fastest-growing category. ED remains the core and our personalized ED medications, combining Sildenafil and tadalafil grew more than 40% versus Q4. As more fulfillment shifts in-house, we expect continued margin expansion. But RexMD is evolving beyond ED. We are expanding into personalized pharmacy products across sexual health, dermatology, pain management, and longevity. Just as importantly, Rex provides a large, engaged patient base that can expand into the broader LifeMD ecosystem over time, strengthening retention and lifetime value. Fourth, operating leverage in AI. This is one of the most important components of the LifeMD story for 2026. We are deploying AI aggressively but thoughtfully with quality as the nonnegotiable. AI is not just a cost initiative. It is becoming foundational to how we build software, how providers deliver care and how we operate the business. Our clinical decision support tools will integrate health records, lab data, biomarker insights, and patient intake information to enable more personalized and efficient care. Over time, we expect AI to increase provider capacity without adding headcount, which is a key lever for scaling efficiently. We are also embedding AI across intake, documentation, patient support, revenue cycle, compliance, and back-office workflows. This is not about replacing providers. It's about enabling them to spend more time practicing medicine and less time on administrative work. We expect the margin impact to become more visible in the second half of 2026. And when AI is combined with our 503-A compounding pharmacy, it unlocks something powerful, personalized prescribing at scale, enabled by data, clinical infrastructure, pharmacy capabilities, and national reach. Very few platforms have that combination and LifeMD is one of them. Fifth, pharmacy, insurance and partnerships. Our affiliated pharmacy continues to scale. We now operate a 22,500 square foot facility licensed in all 50 states with both commercial and 503-A compounding capabilities. The pharmacy is currently processing approximately 20,000 prescriptions per month with significant capacity to expand throughout this year as our pharmacy offerings expand. We view pharmacy as one of our most important long-term margin expansion levers, improving economics, patient experience and speed to market. On the payer side, our insurance and Medicare infrastructure continues to expand. We ended the quarter with approximately 112 million covered lives and expect to reach approximately 230 million by the end of this month. The Medicare GLP-1 bridge launching July 1 is particularly important as it expands access to GLP-1 therapies for Medicare patients at an affordable monthly cost. We also continue to see strong momentum with pharmaceutical partners as the industry increasingly shifts toward direct-to-patient models. Our GLP-1 collaborations are a strong proof point of that trend. On the employer side, we are making progress with enterprise relationships and direct GLP-1 coverage for self-insured groups, a meaningful upside opportunity not yet fully reflected in our outlook. Stepping back, we feel very good about where we are. We are serving more patients, expanding into larger and more durable categories, strengthening the platform and building a business we believe can compound over the long term. We are reaffirming our full year guidance of $220 million to $230 million in revenue and $12 million to $17 million in adjusted EBITDA. We continue to expect annualized run rate revenue above $250 million and adjusted EBITDA above $25 million by the fourth quarter. With that, I'll turn the call over to our new CFO, Atul Kavthekar, to walk through the quarter in more detail. Atul?

Atul Kavthekar: Thank you, Justin, and good afternoon, everyone. I'm delighted to be joining my first quarterly call as CFO of LifeMD and pleased to be leading its financial operations. It's been a positive first few weeks, and I've been impressed by the team and their commitment to continuous improvement, their entrepreneurial mindset and their general curiosity. I'll be doing everything I can to continue that culture. As for results, the first quarter played out largely as we expected, strong subscriber momentum following a planned step-up in patient acquisition spend and the early benefits of platform efficiency beginning to show in our gross margin. As a reminder, all year-over-year comparisons are on a continuing operations basis, excluding WorkSimpli, which was divested on November 4, 2025. Revenue for the first quarter was $50.2 million, exceeding our guidance range of $48 million to $49 million and essentially flat versus the prior year period of $50.9 million and with nearly all revenue derived from recurring subscriptions. Active subscribers grew approximately 26% year-over-year to over 365,000 at quarter end, with over 42,000 net adds in Q1, the largest quarterly net addition in our history. Gross margin for the quarter expanded approximately 420 basis points to 88%, primarily reflecting improvements in lower shipping and fulfillment costs, including the continued scaling of our in-house pharmacy fulfillment that Justin described previously. Gross profit was $44.2 million, up 3% for the year ago period despite the flat year-over-year revenue growth. Selling and marketing expenses were $29.8 million, an increase of 34% year-over-year, reflecting the strategic front-loaded patient acquisition investment, which is designed to drive subscriber growth in subsequent quarters. Q1 was the peak of our marketing investment for the year. Marketing spend has begun normalizing, and we expect sales and marketing to step down in Q2 and remain at more typical levels throughout the back half. GAAP net loss from continuing operations attributable to common stockholders was $9.6 million or $0.20 per diluted share compared to a net loss from continuing operations attributable to common stockholders of $2.4 million or $0.06 per diluted share in the prior year period. Stock-based compensation was $1.4 million, down from $2.5 million in the prior year period, reflecting our continued focus on aligning our management with long-term goals. Adjusted EBITDA, a non-GAAP measure we define as income or loss attributable to common stockholders before various items, as outlined in today's news release, was a loss of approximately $4.5 million for the first quarter, in line with our previously issued first quarter guidance range of a loss of $4 million to $5 million. This compares with an adjusted EBITDA of approximately $3.7 million in the prior year period. Turning to the balance sheet. We exited the quarter with $34.5 million in cash, no debt and a $30 million undrawn revolving credit facility that we put into place at the start of the year. Our balance sheet remains a strategic asset, providing ample flexibility to fund our expanding growth initiatives. Looking forward, we are reaffirming our 2026 full year guidance, revenue of $220 million to $230 million, representing 13% to 19% year-over-year growth and adjusted EBITDA of $12 million to $17 million. We expect to return to adjusted EBITDA profitability in the second half of the year as customer acquisition costs declined sequentially and the patient volumes added in Q1 become accretive. This is in addition to multiple initiatives around our business that we expect to impact the second half. These include the expansion of our pharmacy offerings, which will allow us to capture revenue and margin we do not currently benefit from. As was established during our 2025 Q4 call, we continue to expect annualized run rate revenue exceeding $250 million and annualized run rate adjusted EBITDA exceeding $25 million by the fourth quarter of 2026. For Q2, we are expecting the business to continue its transition to branded GLP-1s. And as such, we expect to see our Q2 revenue between $47 million to $50 million and adjusted EBITDA of between negative $2 million to positive $1 million as we continue to realize efficiencies and cost savings in our business. With that, I'll turn it back to Justin.

Justin Schreiber: Thanks, Atul. As we close our prepared remarks, I want to come back to the larger point. Q1 was always going to be an investment quarter. We leaned into the launch of oral GLP-1s, accelerated patient acquisition, made big progress in women's health, expanded our pharmacy and insurance infrastructure, and advanced the AI tools that we believe will make this platform more scalable over time. What gives me confidence is that the early signals are showing up exactly where we would want to see them, record subscriber additions, strong demand in weight management, rapid early growth in women's health, improving pharmacy economics and a clear path to operating leverage as the year progresses. As I laid out in our shareholder letter, the model is simple: quality care, quality products, quality revenue. If we deliver high-quality care and build products patients value, they stay longer, use more of the platform and create more durable revenue. That is the foundation of LifeMD's strategy. The opportunity ahead is tremendous. GLP-1 therapy is entering a new phase with oral medications, broader access and a deep pipeline of next-generation therapies. Women's health is scaling from a small base into what we believe can become one of the most important programs we have ever built. RexMD continues to give us a large, engaged patient base and a trusted men's health brand. And across the company, AI, pharmacy and insurance are becoming real levers for better care, stronger retention and margin expansion. We are not building a point solution. We are building a platform patients can come back to for more of their health care needs over time. That is what makes this business more durable, and that is what makes me so excited about the rest of 2026. I want to thank the LifeMD team for their continued execution and our shareholders for their support. With that, we'll open the call for questions. Operator?

Operator: [Operator Instructions] The first question comes from David Larsen with BTIG.

David Larsen: Congratulations on the good start to the year. Can you talk a little bit about your relationship with Novo and also Lilly? Obviously, you guys were sort of leaders in the industry with regards to partnering with the brand manufacturers as opposed to like continuing with a sort of aggressive compound GLP-1 effort. How are you making money with Novo and Lilly? How is the sort of solid oral pill launch progressing? Just any more color there would be helpful.

Justin Schreiber: Hi Dave, thanks for the question. This is Justin speaking. Yes. Look, I think we've commented extensively both in press releases and on calls like this about how important both of these relationships are to LifeMD. And look, I'd emphasize, as we've talked about a lot that they're -- we view them as very long-term collaborations. So relatively speaking, both of these things are pretty new, and we've been working through just kind of a lot of the different strategies that we think are going to drive long-term patient growth and really help patients access these therapies. I can't really go into a lot more detail on either of the relationships, except what I will say is that I think that -- what I will say is that we've had really, really productive conversations with both of those companies about compliant ways that we can help kind of more patients access these therapies -- and those discussions are ongoing, and we're extremely optimistic that in the near term, being kind of the next quarter or 2, that at least one, if not kind of both of those relationships will continue to evolve in a way that does kind of help our overall unit economics for this business and helps us to enable more people to access these therapies. I also think it's worth pointing out that, again, both of these companies have next-generation therapies that are in the pipeline. And we're going to be a platform for products from those 2 companies, and we've already spoken to a number of other large pharma companies that have next-generation GLP-1 therapies. And we expect those therapies to be available in the LifeMD platform. So this is a long-term trend. I'll also emphasize that we spend a lot of time looking at the unit economics for the branded therapy business. We have some areas where unit economics are softer than we like, and we have some areas where unit economics are incredible. One of the areas where unit economics are really strongest on the insurance side of the business, when people are using their health insurance to subsidize the care component and even still paying cash for these medications. These unit economics look really, really outstanding, and there's a lot of demand. So I hope that, that answers your question. We are obviously under NDA with both of these companies. So we're kind of limited with what we can say on an earnings call.

David Larsen: Okay. Great. It sounds like your relationship with both Novo and Lilly are evolving, and you'll reach some sort of an understanding that benefits both of them and you and obviously, most importantly, the patients and the members that are benefiting from the medications. Okay. And then can you maybe talk a little bit about the incremental marketing spend in 1Q? Obviously, that put a little bit of pressure on the EBITDA in the quarter. What is the nature of that incremental spend? Is it like just sort of like Google Ads and online ads or something more than that?

Atul Kavthekar: Yes, Dave, this is Atul speaking. So look, we had, I think, the elevated marketing spend in the first quarter was actually very productive. And the various channels and the media buys were many of the same that we have used, and certainly, that includes Google Ads and some of the other sort of more typical types of social media places where people are interested in starting to do research. The upshot, I would think of the elevated spend is really just it was a tremendous opportunity to acquire customers at CPAs that were what I would call historically -- well, at least for the last several quarters, it's really attractive CPAs. So we were able to add to the active base by almost 13% in the quarter. But also and almost equally important, we really added to our sort of database, our pool of potential targets that we have the ability to market to going forward. So I think -- so in many respects, it was a broad-based general campaign or set of campaigns that I think really will be able to kind of help the company going forward in year in the quarter and the next quarter and then beyond through the rest of the year.

Operator: The next question comes from Ryan Meyers with Lake Street Capital.

Ryan Meyers: So thinking about the 230 million or so lives you expect to have covered this month, what are you seeing so far in terms of conversion rates, retention, customer acquisition synergies that you're seeing from these insurance-supported programs so far?

Justin Schreiber: Yes. Thanks. This is Justin. I'll take a stab at that and then Atul can weigh in. The high level, we're seeing a considerable improvement in retention rates for insurance patients, which is one of the reasons that we're super optimistic. We're seeing a significant reduction in customer acquisition costs by as much as kind of 50%. And we do expect that to go up a little bit as we scale these offerings. But in short, we're seeing a significant reduction in CAC and these patients are paying a much lower platform or membership fee to LifeMD than patients that are not using their insurance. And what we're seeing is at least a 10 point improvement in retention. Obviously, some of these cohorts are newer, but over the first 3 to 6 months, it's pretty meaningful. So we're getting less money. We're paying less for -- we're getting fewer dollars. We're spending less to acquire them. But overall, like we think that the unit economics profile of this patient is optimal to a self-pay patient.

Atul Kavthekar: This is Atul. Let me just add one thing. I think one of the additional things that I was maybe a little bit surprised is for the patients that are coming through the flow, our order flow on the site, they have an opportunity to indicate if they're interested in insurance or not. And I anticipated there'd be a lot of interest in it. I didn't expect it would be in the 75% to 80% range, which just is a further indication that there's a lot of demand. And I think it points to where the business and the makeup of the patient population is going to go over the next quarters and the next few years. So we're really excited about this business.

Ryan Meyers: Okay. Got it. And then as we think about the year-over-year revenue, while you did come in ahead of expectations, it was a year-over-year decline. Can you just remind us if there's any dynamics in the first quarter of last year? And then how we should think about that and the potential impact during the second quarter of this year and how that relates to the guidance?

Atul Kavthekar: Yes. And I'm glad you asked the question. So yes, absolutely. The first quarter of '25 had a heavy use of a compounded GLP-1. We have continued to migrate this business where we think the future is, is really around branded drugs. And that's really the delta that you're seeing. And so today, we have a different set of unit economics around there. We don't make as much. I think we've been pretty upfront about that. But we also do think that those are really exceptional patients, and they are just -- they simply have a meaningfully better retention. So we think that that's the right direction for the business. But that's really what's causing it. It's really simply the change in the product mix.

Operator: The next question comes from Sarah James with Cantor Fitzgerald.

Gabrielle Ingoglia: This is Gabie on for Sarah. Could you help us get a little bit more comfortable with the second quarter to third quarter EBITDA ramp and maybe expand on what initiatives are kicking in? Maybe the second quarter EBITDA was just slightly softer than we had modeled. So just any additional color there would be great.

Atul Kavthekar: Yes. So this is Atul speaking. Nice to meet you, Gabie. Let me try to sort of paint a picture for the -- maybe for the full year in the third quarter for sure, second to third quarter for sure. But going forward, we are really embarking -- I think we are getting a lot of momentum behind the insurance business. This is a part of our business that I think is going to be really big, as I was just mentioning, the CPAs, as Justin said, were really attractive. We see that being a more and more important part of the revenue growth story, and we see that as an opportunity to kind of strategically capture some of the better-quality patients. We see that really ramping up in the second half. We've made a lot of technical improvements in the platform, and I can talk more about that later, if you'd like. But we've made a lot of improvements. We are significantly expanding. In fact, I think next week, we're planning to expand to, I think it's 147 additional plants. That is going to be a big part of the story in the second half of the year. Other parts of it is really around enhanced economics. I think Justin sort of alluded to that a little bit. I think those are things that we are also expecting. Those are things that affect -- directly affect and impact and improve the revenue as well as the EBITDA. The way our accounting works is that's essentially incremental revenue, so it hits both revenue and EBITDA. It's a very big opportunity for us. And there's more to come on that, not necessarily for today. There's other areas that are not really -- haven't really been a big focus, and there's a couple of reasons for it, mostly technical in nature, but what we call cross care. So think of a lot of our patients that may be on GLP-1 drugs today that may have the right circumstances or might be interested in other products that we sell, whether it be ED medications, sleep medications, so on and so forth. That's a big opportunity that, again, for technical reasons that have sort of recently been solved or are about to get solved, really opens up a new opportunity for us to generate revenue that hasn't been there in the past. And so those are really important sort of revenue drivers. On the cost side of the equation, and you'll start to see this in the second quarter, third quarter, fourth quarter as well, but it's certainly going to be a front-loaded first half of marketing spend. So as you can see the numbers. In the second quarter, we're expecting somewhere in the vicinity, don't hold us strictly to this, but sort of in the $26 million to $27 million of marketing spend. So I think that the marketing dollars are definitely going to come down. And in the back half of the year between the 2 quarters, and we will make determinations as to how and when to spend that. But we're sort of -- we're penciling in sort of in the $42 million to $44 million range of marketing spend in the back half. So from first half to second half, that does come down quite a bit. And then -- and I know we've talked about it, but some of the cost efficiencies that we've been working on, and you've seen some of that. If you look at the SG&A we just reported in Q1 and you compare that to Q4, I mean, as a percentage of revenue that's come down quite some bit over 200 basis points. Going forward, we will see more of those types of things. And it's not just simply going to be SG&A. It's going to be on the -- affecting the gross margin, things like shipping costs, all those provider efficiencies, fulfillment costs, all of those things that hit across the P&L. We'll see more of that in the second half of the year. And that's kind of what gives us a lot of comfort. As you can imagine, I probably spent a lot of time on that over the last couple of weeks. And so that's been an area that I think I'm feeling pretty good about. And I think you'll see that unroll, and we'll talk more about that in the coming quarters.

Gabrielle Ingoglia: Okay. Great. That was all super helpful. And then if I could just squeeze in one more. The CMS Bridge program was extended through 2027. How does that impact you guys? Does that give you a more positive outlook on your contribution to that program? Or what's the right read-through?

Justin Schreiber: Yes, this is Justin. We're very excited about Medicare beneficiaries having access to GLP-1 medications. As most people listening to this call know, we've put an enormous amount of energy into building a 50-state Medicare program. It's working. We're turning it on for -- we've already -- it already is on in some states for weight management. We're turning it on for women's health in the next couple of weeks. And we are kind of thinking through the right strategy for patients, Medicare beneficiaries using Bridge. So I'm excited about it. There's still some details to work out, but we haven't built this into our model. But I'm really excited about it. We're working with outside counsel right now on a lot of the particulars. And if it works the way I think the way -- if it all works the way I think it's going to work, I think it's going to be a really, really big opportunity for us in the back half of the year and more importantly, help a lot of Medicare beneficiaries access these medications affordably.

Operator: The next question comes from Steven Valiquette with Mizuho Securities.

Steven Valiquette: I guess, 1 or 2. First, it's obviously pretty early days on Foundayo, but curious just to get your thoughts on the uptake so far. Maybe just to set the stage on that. At a national level, investors are trying to compare the week-by-week launch of Foundayo with the comparable week post the launch of oral Wegovy earlier this year. And so far, the uptake of Foundayo, at least nationally is kind of trailing the initial oral Wegovy uptake. So I'm wondering, are you seeing that same trend within your own platform, if you are close to the numbers kind of tracking it that way? And if so, just curious to what you think is kind of driving that. So I'll start with that question.

Justin Schreiber: Sure. This is Justin. I know this isn't the answer you're looking for, but I want to be a good collaborator to both of these companies. And I don't think it's appropriate for us to comment on traction, specific traction of one therapy versus another on our platform. Like what I'll say is that we have -- we do have Foundayo live, and we have a lot of patients choosing both Foundayo and Wegovy pill. And so look, it does it does seem like Wegovy pill has more awareness out there in this space. And maybe that's kind of partly why it is still slightly more popular than Foundayo on our platform. But we don't want to get too much into specifics.

Steven Valiquette: Okay. That's fair. I appreciate that. So second question then, I'll try to ask it maybe a little more high level then, is that one of those 2 manufacturers did make a comment on one of their most recent earnings calls that roughly 55% of their new patient starts are cash pay customers, which I thought would have been pretty positive for you. So I guess, my -- the question I'll ask in relation to that is I would have thought maybe your 2Q revenue guidance would be just a little bit stronger sequentially versus 1Q just because of that backdrop. So I know in your comments, you talked about 2Q that the evolution of the shift of patients off the compounded drugs and more to brands is still kind of taking shape in 2Q. But I'm just trying to unpack that a little bit more. Is there something about the falloff on the compounded patients will be a little more rapid in 2Q versus 1Q for whatever reason? Or is there still something that's holding back the brand uptake versus maybe what some of us thought it might be on your platform in 2Q, especially with one of these orals just launching very recently. Hopefully, that question makes sense.

Justin Schreiber: Yes. Thanks, Steve. There's a lot in there. So let me try to remember. I mean, so first of all, the demand for oral therapies is still very, very strong, right? It's actually surprised me at how strong the demand is for oral therapies. So I also think that the success of these self-pay programs has surprised everybody. And I obviously can't and won't speak for Lilly or Novo, but I think that everybody is pretty surprised at how successful these programs are. I think payers are probably surprised as well. And so I think that -- look, I mean, when we built LifeMD, the initial vision that Stefan and I had for this platform was to build something to help patients access branded medications. It was to do the types of collaborations that we've done with Lilly and Novo. And I think the fact that they broke the ice in a sense for the rest of the industry and LifeMD's had the privilege of collaborating with both of these companies is an incredible thing. As I think I've emphasized publicly on many different occasions, we've got a number of other really respectable large pharma companies that have come to us and are interested in collaborations, some of which are -- could be very transformational for our business. And look, the fact that payers -- by the way, the fact that -- I mean one of the things that I found most interesting over the last couple of months is that coverage actually appears to be slightly declining for some of these GLP-1 medications because of the success of the self-pay programs, which, by the way, that's certainly a tailwind for a platform like LifeMD that has -- that essentially facilitates these kind of direct-to-patient programs. And so -- and remember, like LifeMD can support self-pay and insurance both in the pharmacy and the care side. So I think we're in a great spot. And it's genuine what I said on the call, that because of all of these kind of tailwinds that we're seeing right now, I'm really excited about the trajectory of the business. On the softness like in Q2 revenue, just to kind of reiterate what Atul said, I mean, our revenue just has changed a little bit, right? It's part of like the transformation that the company is going through. It's part of our focus on quality revenue. And we're charging less for some of these -- some of the services that we're offering like weight management -- I'm sorry, like women's health. It's more of an a la carte model. Same with weight management. If you look at the insurance population, they're paying less. We're building their insurance. We're still working out some of the kinks with our RCM processes as well. But like, we're patient, we're not trying to build something here and get as much revenue as we can upfront. Like we want to build -- we want to offer services and products that have strong retention, have a strong value proposition associated with them and are awesome for patients. And so that's kind of the reason why there's a little bit of softness there. But we're super confident in the back half of the year.

Operator: The next question comes from Steven Dechert with KeyBanc.

Steven Dechert: I was hoping you could give some kind of outlook on the cadence of weight management subscribers through the rest of the year. And then can you talk more about the opportunity with self-insured employers and what you think the upside could be there?

Atul Kavthekar: Yes. So this is Atul speaking. So I think the cadence going forward is -- in the first quarter was very strong. We will probably see a similar growth pattern going forward through the year. I think there may be ebbs and flows in quarter-to-quarter. But over the course of the year, we still see fundamentally, these are very strong tailwinds. We have a very large group and -- of patients that we can market to that we have touched -- they've reached out to us before. We have an opportunity to convert them again. And so we feel pretty good about maintaining a pretty consistent level. And look, we're going to do everything we can to, in fact, accelerate it, particularly with the insurance offering and opening ourselves up to those patients, notwithstanding some of the challenges that some of the managed care programs and plans have had around covering this, there still are a lot that will. And as someone was asking earlier about the Bridge program, those are big opportunities for us to grow and maybe even accelerate penetration and patient counts in the GLP-1. But maybe I'll turn it over to Justin for the other question.

Justin Schreiber: Steve, I'll just add, I dedicated a lot of time in the shareholder letter to talking about the revenue streams that are essentially going to be a part of LifeMD's future that we're growing into over the course of the next year. And I mean, we talked about one of the areas that we focused on is obviously revenue streams from pharmaceutical collaborations. We think that's going to be meaningful. We think that we have a deep pipeline right now of pretty big partnerships, which is very similar to enterprise revenue, right? It's essentially a large partnership, large partners of ours that are effectively offering our services to their customer base or to their membership. We're really excited about those. And we have some of those in place now, but there are some other very significant ones in the pipeline and we expect to continue to develop that pipeline. We also -- we do have -- we do think the employer opportunity is pretty big, and we're working on some programs right now for employers. There's a lot of interest there. Quite frankly, there's a tremendous amount of interest from the pharma channel and from the strategic partner channel. And because of that interest, we've been deprioritizing the programs for employers. But it's certainly in the plans, and we understand kind of the -- we understand like the attractiveness of that revenue, obviously.

Operator: The next question comes from Yi Chen with H.C. Wainwright.

Unknown Analyst: This is [ Katie ] on for Yi. Looking at the FDA's proposal to exclude semaglutides and that sort of drugs from the bulk list. Your shift to branded drugs kind of puts you ahead of that a little bit. How should we think about where you guys stand and how this could play out, whether it goes either way? And then as a follow-up, what is your prescriber documentation framework for that individualized medical necessity standard? And have you guys talked to the FDA about that at all?

Justin Schreiber: This is Justin. Thanks for the question. The changes to the bulk drug list have 0 impact on the business, so completely irrelevant to us. We don't compound these medications. We have some patients that are still on a personalized compound for third-party pharmacies. As far as, look, again, this is not something that we really spend much time on because of the kind of overwhelming focus of helping patients access branded therapies. But I'm sure that all of our provider documentation is best-in-class.

Operator: Does that answer your question?

Justin Schreiber: Okay. Maybe we lost Katie. Operator, we can conclude.

Operator: This concludes our question-and-answer session. I would like to turn the conference back over to Justin for any closing remarks.

Justin Schreiber: I just want to say thank you, everybody, for your time and for tuning in for our earnings call. We look forward to talking to you next quarter, and I hope everybody has a good evening. Thanks.

Operator: Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.