LifeMD Announces Entry Into the Behavioral Health Market

Globe Newswire 24-Feb-2025 8:05 AM

Expansion to Include Teletherapy, Psychiatry and Medication Management

Behavioral Health Offering to be Led by Industry Veteran Julian Cohen

NEW YORK, Feb. 24, 2025 (GLOBE NEWSWIRE) -- LifeMD, Inc. (NASDAQ:LFMD), a leading provider of virtual primary care services, today announced its expansion into the behavioral health market. This strategic move broadens LifeMD's service offerings to include teletherapy, psychiatry and medication management for common mental health conditions.

LifeMD's behavioral health offering will be led by Julian Cohen, who joins the company as Senior Vice President of Behavioral Health & Clinical Operations. Mr. Cohen brings over 30 years of experience as a senior executive in the medical and behavioral health industries. In his new role, he will oversee clinical operations for all LifeMD services and products and guide the expansion of LifeMD's mental health services, ensuring accessible, high-quality care for patients nationwide.

"Julian brings deep expertise, proven leadership and a passion for improving patient access to quality medical care and improving clinical outcomes," said Justin Schreiber, Chairman and CEO of LifeMD. "With his track record of successfully launching and scaling mental health programs, I am confident in his ability to lead LifeMD's entry into behavioral health. As we continue to strengthen our position in virtual healthcare, this expansion allows us to integrate critical mental health services—including psychotherapy and psychiatry—into our holistic care approach."

Schreiber continued, "The need for affordable, accessible behavioral healthcare is more urgent than ever. Our goal is to remove barriers to mental health services by expanding insurance coverage across both commercial and government payers. With this initiative, we look forward to improving access to care and better serving our growing patient base."

According to the National Institute of Mental Health, approximately 59.3 million U.S. adults—one in five—were living with a mental illness in 2022. However, only 50.6% received mental health treatment. Young adults aged 18 to 25 had the highest prevalence of mental health conditions, at 36.2%. Additionally, research suggests that 20% to 60% of individuals who are obese or severely obese experience a psychiatric illness, further highlighting the need for integrated care solutions.

"LifeMD and its various brands are well established and highly regarded in the burgeoning telehealth sector and provide an excellent foundation upon which to serve a growing number of patients with an expanded clinical service offering," commented Mr. Cohen. "With highly competitive private-pay offerings and strong expansion of third-party payer coverage, the time is right for LifeMD to fortify its position with new services, including comprehensive psychiatry and teletherapy offerings that address common mental health conditions."

Mr. Cohen brings to LifeMD more than 30 years of experience as a senior executive in the healthcare industry. Most recently, he was Chief Clinical Services Officer at UpLift, a virtual behavioral health company delivering in-network therapy and psychiatry services. Prior to that, he served as the first Senior Vice President of Behavioral Health at Hims where he developed and launched both psychiatry and therapy direct-to-consumer services, and as the initial President of Teladoc Behavioral Health where he launched and scaled its behavioral health services.

Earlier in his career, Mr. Cohen co-founded and served as CEO of Breakthrough Behavioral, a provider of teletherapy and psychiatry services that was later acquired by MDLive. His executive leadership experience also includes roles in the insurance industry, where he served as CEO of Cigna Behavioral Health, Chief Revenue Officer at United Behavioral Health and Vice President of Business & Strategic Development at WellCare Health Plans.

Mr. Cohen holds a Bachelor of Arts in Social Work and a Master of Public Health in Healthcare Administration from the University of Pittsburgh.

About LifeMD, Inc.

LifeMD^® is a leading provider of virtual primary care. LifeMD offers telemedicine, access to laboratory and pharmacy services, and specialized treatment across more than 200 conditions, including primary care, men's and women's health, weight management, and hormone therapy. The Company leverages a vertically integrated, proprietary digital care platform, a 50-state affiliated medical group, a 22,500-square-foot affiliated pharmacy, and a U.S.-based patient care center to increase access to high-quality and affordable care. For more information, please visit LifeMD.com.

Cautionary Note Regarding Forward Looking Statements

This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended; Section 21E of the Securities Exchange Act of 1934, as amended; and the safe harbor provision of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this news release may be identified by the use of words such as: "believe," "expect," "anticipate," "project," "should," "plan," "will," "may," "intend," "estimate," "predict," "continue," and "potential," or, in each case, their negative or other variations or comparable terminology referencing future periods. Examples of forward-looking statements include, but are not limited to, statements regarding our financial outlook and guidance, short and long-term business performance and operations, future revenues and earnings, regulatory developments, legal events or outcomes, ability to comply with complex and evolving regulations, market conditions and trends, new or expanded products and offerings, growth strategies, underlying assumptions, and the effects of any of the foregoing on our future results of operations or financial condition.

Forward-looking statements are not historical facts and are not assurances of future performance. Rather, these statements are based on our current expectations, beliefs, and assumptions regarding future plans and strategies, projections, anticipated and unanticipated events and trends, the economy, and other future conditions, including the impact of any of the aforementioned on our future business. As forward-looking statements relate to the future, they are subject to inherent risk, uncertainties, and changes in circumstances and assumptions that are difficult to predict, including some of which are out of our control. Consequently, our actual results, performance, and financial condition may differ materially from those indicated in the forward-looking statements. These risks and uncertainties include, but are not limited to, "Risk Factors" identified in our filings with the Securities and Exchange Commission, including, but not limited to, our most recently filed Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and any amendments thereto. Even if our actual results, performance, or financial condition are consistent with forward-looking statements contained in such filings, they may not be indicative of our actual results, performance, or financial condition in subsequent periods.

Any forward-looking statement made in the news release is based on information currently available to us as of the date on which this release is made. We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as may be required under applicable law or regulation.

Investor Contact
Marc Benathen, Chief Financial Officer
marc@lifemd.com

Media Contact
Jessica Friedeman, Chief Marketing Officer
press@lifemd.com