Dennis Wijnker
LifeMDAbout Dennis Wijnker
Dennis Wijnker is Chief Technology Officer at LifeMD (appointed 2021). He previously led technology and AI-driven analytics in evidence-based medicine at Doctor Evidence (2009–2021) and held leadership roles at Parexel/Perceptive Informatics (now Calyx). He studied Bio‑Pharmaceutical Sciences at Leiden University. During his tenure, LifeMD’s revenue grew from $119.0M in FY2022 to $212.5M in FY2024, while EBITDA losses narrowed from $38.6M to $14.7M; company TSR (value of $100 investment) measured by the proxy was $29.71 in 2022, $105.61 in 2023, and $63.06 in 2024 . Revenues and EBITDA trends are shown below (EBITDA values from S&P Global).
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenue ($USD) | 119,033,520 | 152,547,006 | 212,453,838 |
| EBITDA ($USD) | -38,597,758* | -13,313,857* | -14,674,300* |
Values retrieved from S&P Global.*
Pay-versus-performance TSR reference points: $29.71 (2022), $105.61 (2023), $63.06 (2024) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Doctor Evidence | Senior Architect; SVP Technology | 2009–2021 | Built AI-powered analytics for evidence-based medicine; led product/platform innovation |
| Parexel/Perceptive Informatics (now Calyx) | Technology leadership | Not disclosed | Co-developed configurable EDC platform; introduced clinical data standards integration |
External Roles
No current public-company directorships or committee roles disclosed in LFMD’s proxy/bio for Wijnker .
Fixed Compensation
| Item | Detail | Effective Date |
|---|---|---|
| Base salary | $350,000 under employment agreement | 12/13/2021 |
| Base salary | Increased to $385,000 | 05/01/2023 |
| Base salary | Increased to $404,250 | 04/01/2024 |
| 2024 salary paid | $399,438 | FY2024 |
| Target bonus | 15% of base salary | Per agreement |
| 2024 discretionary bonus | $32,340 | FY2024 |
Performance Compensation
2024 Corporate Bonus Program (Company-level metrics and payout curve)
| Performance Measure | Weight | Threshold (0–75% payout) | Target (100% payout) | Maximum (125–200% + discretion) | 2024 Actual | Payout as % of Target Bonus |
|---|---|---|---|---|---|---|
| Telehealth Net Revenue | 30% | 25% reduction per $1M below target | $135–$145M | 25% increase per $1M above; discretionary ≥$150M | $158.4M | 200% |
| Telehealth Cash Rebilling Revenue | 30% | 25% reduction per $1M below target | $100–$108M | 25% increase per $1M above; discretionary ≥$112M | $119.8M | 200% |
| Telehealth Adjusted EBITDA | 40% | 25% reduction per $1M below target | $0–$7M | 25% increase per $1M above; discretionary ≥$11M | $7.4M | 100% |
| Total | 100% | — | — | — | — | 160% |
Notes: Metric definitions provided in the proxy; Telehealth Adjusted EBITDA is non‑GAAP with reconciliation in Appendix A .
2024 Bonus Outcome — Dennis Wijnker
| Component | Value |
|---|---|
| Target bonus ($) | $60,638 |
| Payout (% of target) | 213% |
| Payout amount ($) | $129,360 |
| Additional discretionary bonus ($) | $32,340 |
Equity Incentives — Structure and Vesting
| Award Type | Grant/Action | Vesting/Conditions | Size |
|---|---|---|---|
| Stock options (initial) | 80,000 options @ $3.78 | Originally vest 12/29/2024; canceled 8/18/2024 | 80,000 |
| Time-based RS (legacy) | Granted 04/04/2022 | Vest 04/04/2025 | 20,000 |
| Time-based RS (amendment) | Granted 08/18/2024 | Vest 01/01/2025 | 40,000 |
| Time-based RS (amendment) | Granted 08/18/2024 | Vest 01/01/2026 | 40,000 |
| Performance RS (personal) | Granted 08/18/2024 | Personal performance over 2 years | 50,000 |
| Performance RS (company) | Granted 08/18/2024 | Net revenue + adjusted EBITDA margin milestones over 3 years | 75,000 |
Outstanding as of 12/31/2024:
- Unvested time-based: 100,000 shares; market value $495,000 at $4.95
- Unearned performance-based: 125,000 shares; payout value at target $618,750 at $4.95
Equity Ownership & Alignment
| Ownership Item | Amount / % | As of |
|---|---|---|
| Beneficial ownership (direct) | 110,000 shares | 04/23/2025 |
| Ownership % of outstanding | <1% (asterisk in proxy) | 04/23/2025 |
| Shares outstanding reference | 43,968,450 shares | 04/23/2025 |
| Anti-hedging policy | Insider Trading & Anti-Hedging Policy in place | 2025 proxy |
| Pledging | No pledging disclosure for Wijnker in beneficial ownership section | 2025 proxy |
Vesting overhang considerations:
- Near-term supply from time-based tranches vesting 01/01/2025 and 04/04/2025, and 01/01/2026; plus performance tranches contingent on revenue/EBITDA milestones .
Employment Terms
| Provision | Term |
|---|---|
| Agreement | Employment Agreement dated 12/29/2021; indefinite term; terminable with or without cause |
| Severance | 3 months of monthly base salary upon termination without cause |
| Change-of-control | 100% of awards vest immediately upon a Change of Control (definition includes control of board or sale of substantially all assets) |
| Clawback | Compensation Committee administers incentive compensation recovery policy |
| Bonus target | 15% of base salary under agreement (subject to corporate program outcomes/discretion) |
Investment Implications
- Pay-for-performance alignment: Annual bonuses tied to growth (Telehealth net revenue and cash rebilling) and profitability (Adjusted EBITDA), with 2024 exceeding targets and Wijnker paid at 213% of target plus a discretionary $32,340, signaling strong operational delivery but some discretionary overlay .
- Retention risk neutralized by equity: Significant unvested and performance-based awards (225,000 shares total at year-end 2024) with multi-year and milestone-based vesting create meaningful retention hooks; near-term vesting dates imply potential supply around 1/1/2025, 4/4/2025, and 1/1/2026 .
- Alignment: Direct ownership of 110,000 shares (<1%) balances with substantial unvested/performance equity; anti-hedging policy reduces misalignment risk, and no pledging is disclosed for Wijnker .
- Change-of-control economics: Single-trigger-like acceleration (immediate vesting upon CoC) could amplify payout sensitivity to strategic transactions; boards/investors should weigh this in M&A scenarios .
- Execution track record: Under Wijnker’s technology leadership, LifeMD scaled revenue materially (FY2022–FY2024) while narrowing EBITDA losses, though still negative; this supports incentive targets focused on scaling with improving margins and S&P Global EBITDA values*.
Values retrieved from S&P Global.*