Thread by @CulperResearch

1) We're short LifeMD, Inc. $LFMD. Our full report is now available at culperresearch.com

2) $LFMD is run by CEO Justin Schreiber, a career stock promoter who incorporated Redwood Scientific and was a major shareholder alongside $LFMD CTO Galluppi and $LFMD's 2 former CFOs. In 2018, Redwood was charged by the FTC for "wide-ranging fraud", which $LFMD has covered up.

3) $LFMD appears to have implemented the Redwood playbook. To start, $LFMD touts its use of "real doctors" licensed in 46 states, yet the very first doctor listed on RexMD's website -- Dr. Roozbeh Badii -- has had his DEA registration revoked and his license suspended in Florida.

4) $LFMD also claimed Dr. Joshua Kalter to be "licensed in California" yet we found no record of Kalter ever being licensed in the state. We call on $LFMD to disclose a list of its so-called "fully licensed" physicians who have prescribed for the Company over the past 24 months.

5) $LFMD touts a "recurring revenue" model, which Schreiber admits is an autoship model, just as it was for Redwood. Customers overwhelmingly allege unauthorized charges, difficulty canceling, and abusive telemarketing. We don't think this "recurring" model is sustainable.

6) $LFMD claims to be a leading telehealth company, yet has just 4 software employees and capitalized just $438,136 in software (compare to TDOC at $165M or AMWL at $84M in 2020 alone). Instead, we think $LFMD is a paid advertising cash pit.

7) Data sources show $LFMD brands generate 39.3% and 44.6% of traffic from FB & paid search, vs. just 8.8% for HIMS. We estimate this means RexMD spends over $36 to acquire a single website visitor vs. just over $2 for HIMS. We think $LFMD is an industry laughingstock.

8) $LFMD insiders use the company as a personal piggy bank. We estimate $LFMD pays CEO Schreiber 2x to 3x market rate for its office space, and Schreiber was paid 900K shares in 2019 simply for credit card processing services. Schreiber's father also warehouses $LFMD product.

9) $LFMD CEO Schreiber is a career stock promoter. Investors should look to ADXS, CCTC, and CDXI (all effective zeroes) to see how we think $LFMD will unfold. $LFMD has had 4 auditors in 5 years, and 3 CFOs since 2019. The most recent CFO left just a day after his options vested.

10/10) Web traffic data shows RexMD visits peaked in December 2020, while Shapiro MD has declined precipitously over the past 6 months. We're short $LFMD and find the stock uninvestible.