Conversion Labs, Inc., a direct-to-consumer telemedicine and wellness company, reported preliminary unaudited revenue of approximately $4.3 million for Q1 2020, up 60% compared to the same year-ago period. The company's brands include the personalized hair loss service, Shapiro MD, superfood brand iNR Wellness MD, and Rex MD E.D., which offers shipments of prescription medications.
Deeper dive: Beauty 2020-2030 overview.
The company’s network of licensed telehealth physicians is now writing more than 150 new prescriptions per day and this number continues to climb. This is being fueled particularly by the increasing popularity of the company’s first telemedicine brand for men’s health, Rex MD, which it launched in December.
The company’s Shapiro MD product line for hair loss for both men and women has also been performing well.
Due to the company’s strengthening customer engagement, brand portfolio expansion and continued strong industry tailwinds driving accelerated revenue growth, the company plans to update its annual revenue guidance, previously set at more than $30 million, when it reports its full results for the first quarter in May.
“Our record growth in the first quarter was primarily due to new customers and increased subscription revenue generated from our expanding portfolio of telemedicine, online pharmacy and wellness brands,” Justin Schreiber, president and CEO of Conversion Labs, said. “This momentum has continued into the current quarter, as we continue to invest in customer acquisition and brand development. In fact, in the last month our business has more than doubled over the previous month, driven by a major consumer shift to e-commerce and telemedicine following the outbreak of COVID-19.”
Schreiber continued, “We see this telehealth trend and the transformation of healthcare lasting far beyond COVID-19, especially as consumers continue to discover how telehealth provides a safer, more convenient way to consult with their doctor, and receive their prescribed medications and OTC products.”