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LifeMD, Inc. (LFMD) Stock Plummeting in Premarket, Here’s Why

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LifeMD, Inc. (LFMD), a direct-to-patient telehealth company, has seen a decline of 12.70% in the premarket trading session. Consequently, LFMD stock is changing hands at $5.98 at the time of writing. The decline has come after the company announced the launch of a public offering of common stock in the late hours of Tuesday. LFMD stock price increased 0.15% in the regular trading session on Tuesday.

Commencement of underwritten public offering

In late hours of Tuesday, LFMD announced to have commenced an underwritten registered public offering of shares of its common stock, having a value of $0.01 per share. The company said that in connection with the offering, it expects to grant a 30-day option to underwriters to purchase additional shares of common stock at the public offering price. The company said that it intends to use proceeds from the offering to repay a portion of its debt and the remaining part would be used for working capital and general corporate purpose. That could include new patient customer acquisition expenses as well as capital expenditures. B. Riley Securities was acting as the sole book-running manager for the offering.

New appointment

On 13th September, LFMD announced to induct Naveen Bhatia to its Board of Directors. Mr Bhatia is a private investor. He has served as director for numerous public and private companies. At the time of his appointment in LifeMD, he was serving as Board of Directors of Blue Yonder, EquipmentShare, RG Barry, and CRG Financial. Before that, he also had served as Chairman of the Board of Cotton Holdings from 2010 to 2019. He also held the post of Senior Director in the Tactical Opportunities group of Blackstone. Justin Schreiber, LifeMD’s Chairman and CEO, welcomed his induction and hoped that the expertise of Mr Bhatia would prove helpful as the company continues to grow by leaps and bounds.

LFMD partnership with Prescriptive Health

On 30th August, LFMD announced to enter into partnership with Prescryptive Health. Prescryptive Health is a healthcare technology company empowering consumers by improving the way healthcare is delivered. The partnership would accelerate  growth for both of companies via combination of LifeMD’s expanding direct-to-patient brands with Prescryptive’s best-in-class digital pharmacy fulfilment. Through the partnership, the patients of LFMD affiliated providers could access the nationwide network of more than 50,000 pharmacies. LifeMD Founder and CTO Stefan Galluppi said that partnership with Prescryptive is an advancement toward goal of making healthcare affordable and convenient.

What lies next for LFMD stock?

The recent past performance of LFMD is not up to the mark, with the stock declining by some 40% during the last quarter. But analysts believe that the coming time could turn the tide in favour of LFMD stock. The EPS of stock is expected to increase by 51% during the current fiscal year. So, investors should keep a close eye on LFMD stock.

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