Acquisition of Cleared Further Diversifies LifeMD’s Telehealth Offerings to Encompass Allergy, Asthma, and Immunology
Acquisition Expected to Synergize with LifeMD Virtual Primary Care Platform
Acquisition Expected to Contribute to Growth and Value for LifeMD Shareholders
Cleared (www.getcleared.com) is a telehealth brand that provides personalized treatments for allergy, asthma, and immunology. Its offerings include in-home tests for both environmental and food allergies, prescriptions for allergies and asthma, and FDA-approved immunotherapies for treating chronic allergies. It boasts a network of medical professionals and providers in all 50 states, a growing pipeline of pharmaceutical partners, and treatments and tests that cost up to 50 percent less than the brand-name competition. The offerings include free consultations and ongoing care from
“This acquisition represents a major step forward for LifeMD’s mission of redefining and elevating American healthcare. Cleared is a transformational addition to our growing portfolio of telehealth capabilities and moves us beyond treating lifestyle conditions into chronic conditions with large addressable market demand,” said
More than 75 million Americans, or 1 in 3 adults, suffer from allergies or asthma. In the
Cleared has strategic partnerships with several biotech companies that have proprietary, FDA-approved medications and in-home diagnostics that are best-in-class for asthma and allergies. These partnerships allow Cleared to offer patients lower-priced allergy treatments by leveraging the efficiencies of a vertically integrated supply chain. Its direct, “B2B” relationships with pharmaceutical companies give Cleared direct access to new treatments, including home-testing and disease modifying medicines.
The acquisition marks the latest stage in LifeMD’s journey. It follows a year in which
“This highly synergistic acquisition marries LifeMD’s robust telehealth and marketing infrastructure with Cleared’s bold vision of providing bespoke medical treatment to patients with allergies and immunological conditions,” said
“I am thrilled to be pairing up with
In addition to accelerating
Compelling Strategic Benefits
- LifeMD’s technology infrastructure and marketing expertise expected to catalyze Cleared growth:
LifeMD brings commercial, medical, regulatory and technology infrastructure and expertise, helping to rapidly accelerate Cleared’s growth in the$13.5 billion U.S. allergy market. - Cleared’s offering is synergistic with LifeMD’s current portfolio: Cleared will bring to
LifeMD a portfolio of personalized treatments and diagnostics that is highly relevant to LifeMD’s current patient population and impending virtual primary care patients.LifeMD expects this transaction to serve as a framework for future partnerships and/or acquisitions in the traditional healthcare product world. - Accelerates LifeMD’s Revenue and Adjusted EBITDA Growth: Cleared was launched in 2019 and addresses significant addressable markets in allergy and other immunologic conditions. In addition to accelerating LifeMD’s revenue growth, the acquisition of Cleared is expected to be neutral to accretive to LifeMD’s Adjusted EBITDA in 2022 and significantly accretive thereafter.
Transaction Terms
Under the terms of the agreement,
About
About Cleared
Cleared is a direct-to-consumer telehealth destination that provides end-to-end personalized care for allergy, asthma and immunology. Cleared’s strategic partnerships and ever-expanding network of US-licensed Allergists & Immunologists provide patients with fairly priced prescription allergy medications and immunotherapies via its telehealth clinic. For additional information on the Company, please visit its website at http://www.getcleared.com. The information on its website does not, however, form a part of this press release.
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
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
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.
Company Contact
Marc Benathen, CFO
marc@lifemd.com
Investor Relations Contact
arr@lifesciadvisors.com
Media Contact
Kivvit
eherman@kivvit.com
Source:
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