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Medifast Announces Third Quarter 2024 Financial Results

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Medifast (NYSE: MED) reported Q3 2024 financial results with revenue of $140.2 million, down 40.6% from $235.9 million in Q3 2023. The company had 30,000 active earning OPTAVIA coaches, a 36.3% decrease from 47,100 in the previous year. Net income was $1.1 million ($0.10 per diluted share), compared to $23.1 million ($2.12 per diluted share) in Q3 2023. The company maintains a strong balance sheet with $170.0 million in cash and no debt. For Q4 2024, Medifast expects revenue between $100-120 million and projects a diluted loss per share of $0.10 to $0.65.

Medifast (NYSE: MED) ha riportato i risultati finanziari del terzo trimestre del 2024 con un fatturato di 140,2 milioni di dollari, in calo del 40,6% rispetto ai 235,9 milioni di dollari dello stesso trimestre del 2023. L'azienda ha avuto 30.000 coach OPTAVIA attivi, con una diminuzione del 36,3% rispetto ai 47.100 dell'anno precedente. L'utile netto è stato di 1,1 milioni di dollari (0,10 dollari per azione diluita), rispetto ai 23,1 milioni di dollari (2,12 dollari per azione diluita) nel terzo trimestre del 2023. L'azienda mantiene un bilancio solido con 170,0 milioni di dollari in contante e senza debiti. Per il quarto trimestre del 2024, Medifast prevede un fatturato compreso tra 100 e 120 milioni di dollari e stima una perdita diluita per azione tra 0,10 e 0,65 dollari.

Medifast (NYSE: MED) informó los resultados financieros del tercer trimestre de 2024 con ingresos de 140,2 millones de dólares, una caída del 40,6% desde los 235,9 millones de dólares en el tercer trimestre de 2023. La compañía tenía 30,000 entrenadores de OPTAVIA activos, una disminución del 36,3% desde 47,100 en el año anterior. La renta neta fue de 1,1 millones de dólares (0,10 dólares por acción diluida), en comparación con 23,1 millones de dólares (2,12 dólares por acción diluida) en el tercer trimestre de 2023. La empresa mantiene un balance sólido con 170,0 millones de dólares en efectivo y sin deudas. Para el cuarto trimestre de 2024, Medifast espera ingresos entre 100 y 120 millones de dólares y proyecta una pérdida diluida por acción de 0,10 a 0,65 dólares.

메디패스트 (NYSE: MED)는 2024년 3분기 재무 결과를 발표했으며, 수익은 1억 4020만 달러로 2023년 3분기 2억 3590만 달러에 비해 40.6% 감소했습니다. 이 회사는 30,000명의 활동적인 OPTAVIA 코치가 있었으며, 이는 전년의 47,100명에서 36.3% 감소한 수치입니다. 순이익은 110만 달러(희석 주당 0.10 달러)로, 2023년 3분기 2310만 달러(희석 주당 2.12 달러)와 비교됩니다. 이 회사는 1억 7000만 달러의 현금을 보유하고 있으며, 부채는 없습니다. 2024년 4분기에 대해 메디패스트는 수익이 1억에서 1억 2000만 달러 사이일 것으로 예상하며, 주당 희석 손실은 0.10에서 0.65 달러로 예상하고 있습니다.

Medifast (NYSE: MED) a publié les résultats financiers du troisième trimestre 2024 avec des revenus de 140,2 millions de dollars, en baisse de 40,6 % par rapport à 235,9 millions de dollars au troisième trimestre 2023. L'entreprise comptait 30 000 entraîneurs OPTAVIA actifs, soit une diminution de 36,3 % par rapport aux 47 100 de l'année précédente. Le revenu net a été de 1,1 million de dollars (0,10 dollar par action diluée), contre 23,1 millions de dollars (2,12 dollars par action diluée) au troisième trimestre 2023. L'entreprise maintient un solide bilan avec 170,0 millions de dollars en liquidités et sans dettes. Pour le quatrième trimestre 2024, Medifast s'attend à des revenus compris entre 100 et 120 millions de dollars et prévoit une perte diluée par action de 0,10 à 0,65 dollar.

Medifast (NYSE: MED) hat die finanziellen Ergebnisse für das dritte Quartal 2024 bekannt gegeben, mit einem Umsatz von 140,2 Millionen Dollar, was einem Rückgang von 40,6% gegenüber 235,9 Millionen Dollar im dritten Quartal 2023 entspricht. Das Unternehmen hatte 30.000 aktive OPTAVIA-Coaches, was einem Rückgang von 36,3% gegenüber 47.100 im Vorjahr entspricht. Der Nettogewinn betrug 1,1 Millionen Dollar (0,10 Dollar pro verwässerter Aktie), verglichen mit 23,1 Millionen Dollar (2,12 Dollar pro verwässerter Aktie) im dritten Quartal 2023. Das Unternehmen hat eine starke Bilanz mit 170,0 Millionen Dollar in bar und ohne Schulden. Für das vierte Quartal 2024 erwartet Medifast einen Umsatz zwischen 100 und 120 Millionen Dollar und plant einen verwässerten Verlust pro Aktie zwischen 0,10 und 0,65 Dollar.

Positive
  • Strong cash position of $170.0 million with no debt
  • Maintained healthy gross profit margin of 75.4%
  • Expected annual savings of $500,000 from credit facility termination
Negative
  • Revenue declined 40.6% year-over-year to $140.2 million
  • Net income decreased 95.2% to $1.1 million from $23.1 million
  • Active earning OPTAVIA coaches decreased 36.3% to 30,000
  • Average revenue per coach declined to $4,672 from $5,008
  • Projected Q4 2024 loss per share between $0.10 to $0.65
  • SG&A as percentage of revenue increased 950 basis points to 73.9%

Insights

The Q3 2024 results reveal significant challenges for Medifast, with concerning declines across key metrics. Revenue dropped 40.6% to $140.2 million, while active OPTAVIA coaches decreased 36.3% to 30,000. The company's net income plummeted to just $1.1 million, compared to $23.1 million in Q3 2023.

The outlook appears particularly challenging, with Q4 2024 guidance projecting revenue between $100-120 million and expecting a loss per share of $0.10-0.65. While the balance sheet remains solid with $170 million in cash and no debt, the cancellation of the $225 million credit facility signals a defensive financial strategy.

The company's pivot to include GLP-1 medication support through LifeMD partnership appears reactive to market disruption rather than proactive positioning. The 950 basis point increase in SG&A as a percentage of revenue indicates concerning operational inefficiencies.

BALTIMORE--(BUSINESS WIRE)-- Medifast (NYSE: MED), the health and wellness company known for its habit-based and coach-guided lifestyle solution, OPTAVIA®, today reported results for the third quarter ended September 30, 2024.

Third Quarter 2024

  • Revenue of $140.2 million, with revenue per active earning coach of $4,672
  • Independent active earning OPTAVIA coaches of 30,000
  • Net income of $1.1 million (non-GAAP adjusted net income of $3.9 million)
  • Income per diluted share of $0.10 (non-GAAP adjusted earnings per share ("EPS") of $0.35)
  • Cash, Cash Equivalents, and Investment Securities of $170.0 million with no debt

“Medical innovation has transformed the weight loss industry, so at Medifast we’re creating a health and wellness business of the future by meeting the unique needs of customers regardless of their approach to their health goals,” said Dan Chard, Chairman & CEO.

“We offer comprehensive support for medication users including access to clinicians through LifeMD, as well as programs and products to help maintain muscle and minimize side effects. We’re developing customized solutions for those looking to maintain their weight and build a healthier lifestyle beyond medication usage. Importantly, our clinically-studied coach-led program remains a powerful solution for those not using medications at all, combining the community support, a habit-based approach and nutritional products that are a hallmark of all our OPTAVIA programs, having already helped over 3 million people achieve improved health.”

Chard concluded, “With tailored plans, personal solutions and a focused approach to driving customer acquisition, we believe that our strategy can drive sustainable growth in the quarters and years ahead.”

Third Quarter 2024 Results

Third quarter 2024 revenue decreased 40.6% to $140.2 million from $235.9 million for the third quarter of 2023 primarily driven by a decrease in the number of active earning OPTAVIA coaches and lower coach productivity. The total number of active earning OPTAVIA coaches decreased 36.3% to 30,000 compared to 47,100 for the third quarter of 2023. The average revenue per active earning OPTAVIA coach was $4,672, compared to $5,008 for the third quarter last year, primarily driven by continued pressure on customer acquisition.

Gross profit decreased 40.4% to $105.7 million from $177.4 million for the third quarter of 2023. The decrease in gross profit was primarily due to lower revenue. Gross profit margin was 75.4% compared to 75.2% in the third quarter of 2023.

Selling, general, and administrative expenses (“SG&A”) decreased 31.8% to $103.6 million compared to $151.9 million for the third quarter of 2023. The decrease in SG&A was primarily due to a $38.2 million decrease in OPTAVIA coach compensation on fewer active earning coaches and lower volumes and $5.0 million of reduced costs for coach-related events, including convention. As a percentage of revenue, SG&A increased 950 basis points year-over-year to 73.9% of revenue, as compared to 64.4% for the third quarter of 2023. The increase in SG&A as a percentage of revenue was primarily due to approximately 590 basis points of costs for Company-led customer acquisition initiatives and 340 basis points attributable to the loss of leverage on fixed costs due to lower sales volumes. Non-GAAP adjusted SG&A, which excludes the final $1.7 million of expenses related to the company’s overall $10 million collaboration with LifeMD, decreased 32.9% to $101.9 million and non-GAAP adjusted SG&A as a percentage of revenue increased 830 basis points year-over-year to 72.7%.

The company's income from operations for the period was $2.1 million, a decrease of 91.7% from income from operations of $25.5 million in the prior year comparable period. As a percentage of revenue, income from operations was 1.5% for the third quarter of 2024 compared to 10.8% in the prior-year period. Non-GAAP adjusted income from operations decreased 85.3% to $3.8 million. Non-GAAP adjusted income from operations as a percentage of revenue was 2.7%, a decrease of 810 basis points from the year-ago period.

The effective tax rate was 28.5% for the third quarter of 2024 compared to 12.9% in the prior-year period. The increase in the effective tax rate for the three months ended September 30, 2024 was primarily driven by a decrease in the tax benefit for donations of inventory compared to 2023. The non-GAAP effective tax rate was 26.0% as compared to 12.9% in the prior year period.

In the third quarter of 2024, the company's net income was $1.1 million, or $0.10 per diluted share, based on approximately 11.0 million shares of common stock outstanding. In the third quarter of 2023, net income was $23.1 million, or $2.12 per diluted share, based on approximately 10.9 million shares of common stock outstanding. In the third quarter 2024, non-GAAP adjusted net income was $3.9 million, or $0.35 per diluted share.

Capital Allocation and Balance Sheet

The company’s balance sheet remains strong with $170.0 million in cash, cash equivalents and investment securities and no debt as of September 30, 2024, compared to $150.0 million in cash, cash equivalents and investment securities and no debt at December 31, 2023. As of September 30, 2024, the company maintained a $225 million credit facility. Given the company’s healthy cash position, which is projected to be maintained through the expiration of the credit facility, the company cancelled its credit agreement, effective October 30, 2024. This action was made as part of the Fuel for the Future initiative, as the company incurred approximately $50 thousand of cash expenses related to the termination and expects to achieve annual savings of approximately $500 thousand in commitment fees. Unamortized debt issuance costs totaling $419 thousand will be expensed in the fourth quarter of 2024. The credit agreement termination was done in accordance with its terms. As of the date of termination, the company did not have any borrowings under the credit agreement, and the company was in compliance with all covenants. In addition, the company did not incur any premium or early penalties in connection with the termination.

Outlook

The company expects fourth quarter 2024 revenue to be in the range of $100 million to $120 million and fourth quarter 2024 diluted loss per share to be in the range of $0.10 to $0.65. The EPS range excludes any gains or losses from changes in the market price of the company’s LifeMD common stock investment.

Conference Call Information

The conference call is scheduled for today, Monday, November 4, 2024 at 4:30 p.m. ET. The call will be broadcast live over the Internet, hosted on the Investor Relations section of Medifast’s website at www.MedifastInc.com or directly at https://viavid.webcasts.com/starthere.jsp?ei=1691825&tp_key=981ddaa9cf and will be archived online and available through February 4, 2025. In addition, listeners may dial 201-389-0879 to join via telephone.

A telephonic playback will be available from 7:30 p.m. ET, November 4, 2024, through November 11, 2024. Participants can dial 412-317-6671 and enter passcode 13749320 to hear the playback.

About Medifast®:

Medifast (NYSE: MED) is the health and wellness company known for its habit-based and coach-guided lifestyle solution OPTAVIA®, which provides people with a simple yet comprehensive approach to address obesity and support a healthy lifestyle. OPTAVIA's holistic solution includes lifestyle plans with clinically proven health benefits, scientifically developed products, and a framework for habit creation – all reinforced by independent coach support for customers on their weight loss journeys. Through its collaboration with national virtual primary care provider LifeMD® (Nasdaq: LFMD) and its affiliated medical group, the holistic solution now includes access to GLP-1 medications where clinically appropriate. Medifast remains committed to its mission of offering Lifelong Transformation, Making a Healthy Lifestyle Second Nature™. Visit the OPTAVIA and Medifast websites for more information and follow @Medifast on X and LinkedIn.

MED-F

Forward Looking Statements

Please Note: This release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally can be identified by use of phrases or terminology such as “intend,” “anticipate,” “expect” or other similar words or the negative of such terminology. Similarly, descriptions of Medifast’s objectives, strategies, plans, goals, outlook or targets contained herein are also considered forward-looking statements. These statements are based on the current expectations of the management of Medifast and are subject to certain events, risks, uncertainties and other factors. Some of these factors include, among others, Medifast's inability to maintain and grow the network of independent OPTAVIA Coaches; Industry competition and new weight loss products, including weight loss medications, or services; Medifast’s health or advertising related claims by OPTAVIA customers; Medifast's inability to continue to develop new products; effectiveness of Medifast's advertising and marketing programs, including use of social media by OPTAVIA Coaches; the departure of one or more key personnel; Medifast's inability to protect against online security risks and cyberattacks; risks associated with Medifast's direct-to-consumer business model; disruptions in Medifast's supply chain; product liability claims; Medifast's planned growth into domestic markets including through its collaboration with LifeMD, Inc.; adverse publicity associated with Medifast's products; the impact of existing and future laws and regulations on Medifast’s business; fluctuations of Medifast's common stock market price; increases in litigation; actions of activist investors; the consequences of other geopolitical events, overall economic and market conditions and the resulting impact on consumer sentiment and spending patterns; and Medifast's ability to prevent or detect a failure of internal control over financial reporting. Although Medifast believes that the expectations, statements and assumptions reflected in these forward-looking statements are reasonable, it cautions readers to always consider all of the risk factors and any other cautionary statements carefully in evaluating each forward-looking statement in this release, as well as those set forth in its Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and other filings filed with the United States Securities and Exchange Commission, including its quarterly reports on Form 10-Q and current reports on Form 8-K. All of the forward-looking statements contained herein speak only as of the date of this release.

MEDIFAST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(U.S. dollars in thousands, except per share amounts & dividend data)

 

 

Three months ended
September 30,

 

Nine months ended
September 30,

 

 

2024

 

 

 

2023

 

 

2024

 

 

 

2023

 

 

 

 

 

 

 

 

 

Revenue

$

140,163

 

 

$

235,869

 

$

483,460

 

 

$

881,039

 

Cost of sales

 

34,489

 

 

 

58,492

 

 

127,056

 

 

 

246,558

 

Gross profit

 

105,674

 

 

 

177,377

 

 

356,404

 

 

 

634,481

 

 

 

 

 

 

 

 

 

Selling, general, and administrative

 

103,568

 

 

 

151,868

 

 

354,235

 

 

 

516,755

 

 

 

 

 

 

 

 

 

Income from operations

 

2,106

 

 

 

25,509

 

 

2,169

 

 

 

117,726

 

 

 

 

 

 

 

 

 

Other (expense) income

 

 

 

 

 

 

 

Interest income

 

1,333

 

 

 

1,033

 

 

3,851

 

 

 

1,314

 

Other (expense) income

 

(1,861

)

 

 

7

 

 

(3,508

)

 

 

(45

)

 

 

(528

)

 

 

1,040

 

 

343

 

 

 

1,269

 

 

 

 

 

 

 

 

 

Income before provision for income taxes

 

1,578

 

 

 

26,549

 

 

2,512

 

 

 

118,995

 

 

 

 

 

 

 

 

 

Provision for income taxes

 

449

 

 

 

3,418

 

 

1,222

 

 

 

25,615

 

 

 

 

 

 

 

 

 

Net income

$

1,129

 

 

$

23,131

 

$

1,290

 

 

$

93,380

 

 

 

 

 

 

 

 

 

Earnings per share - basic

$

0.10

 

 

$

2.12

 

$

0.12

 

 

$

8.58

 

 

 

 

 

 

 

 

 

Earnings per share - diluted

$

0.10

 

 

$

2.12

 

$

0.12

 

 

$

8.55

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

 

 

 

 

 

Basic

 

10,937

 

 

 

10,892

 

 

10,928

 

 

 

10,881

 

Diluted

 

10,971

 

 

 

10,933

 

 

10,959

 

 

 

10,925

 

 

 

 

 

 

 

 

 

Cash dividends declared per share

$

 

 

$

1.65

 

$

 

 

$

4.95

 

MEDIFAST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(U.S. dollars in thousands, except par value)

 

 

September 30,
2024

 

December 31,
2023

 

 

 

 

ASSETS

 

 

 

Current Assets

 

 

 

Cash and cash equivalents

$

115,307

 

$

94,440

Inventories, net

 

40,095

 

 

54,591

Investments

 

54,648

 

 

55,601

Income taxes, prepaid

 

8,229

 

 

8,727

Prepaid expenses and other current assets

 

6,696

 

 

10,670

Total current assets

 

224,975

 

 

224,029

 

 

 

 

Property, plant and equipment - net of accumulated depreciation

 

39,003

 

 

51,467

Right-of-use assets

 

12,290

 

 

15,645

Other assets

 

10,967

 

 

14,650

Deferred tax assets, net

 

4,002

 

 

4,117

 

 

 

 

TOTAL ASSETS

$

291,237

 

$

309,908

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

Current Liabilities

 

 

 

Accounts payable and accrued expenses

$

66,270

 

$

86,415

Current lease obligations

 

6,106

 

 

5,885

Total current liabilities

 

72,376

 

 

92,300

 

 

 

 

Lease obligations, net of current lease obligations

 

11,519

 

 

16,127

Total liabilities

 

83,895

 

 

108,427

 

 

 

 

Stockholders' Equity

 

 

 

Common stock, par value $0.001 per share: 20,000 shares authorized;

 

 

 

10,937 and 10,896 issued and outstanding

 

 

 

at September 30, 2024 and December 31, 2023, respectively

 

11

 

 

11

Additional paid-in capital

 

31,005

 

 

26,573

Accumulated other comprehensive income

 

349

 

 

248

Retained earnings

 

175,977

 

 

174,649

Total stockholders' equity

 

207,342

 

 

201,481

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$

291,237

 

$

309,908

Non-GAAP Financial Measures

In an effort to provide investors with additional information regarding results, the company discloses various non-GAAP financial measures in the quarterly earnings press release and other public disclosures. The following GAAP financial measures have been presented on an as adjusted basis: cost of sales, gross profit, SG&A expenses, income from operations, other income (expense), provision for income taxes, net income, effective tax rate, and diluted earnings per share. Each of these non-GAAP financial measures excludes the impact of certain amounts as further identified below that the company believes are not indicative of its core ongoing operational performance. A reconciliation of each of these non-GAAP financial measures to its most comparable GAAP financial measure is included below. These non-GAAP financial measures are not intended to replace GAAP financial measures.

These non-GAAP financial measures are used internally to evaluate and manage the company's operations because the company believes they provide useful supplemental information regarding the company's on-going economic performance. The company has chosen to provide this information to investors to enable them to perform more meaningful comparisons of operating results and as a means to emphasize the results of on-going operations.

The following tables reconcile the non-GAAP financial measures included in this release:

MEDIFAST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED NON-GAAP (UNAUDITED)

(U.S. dollars in thousands, except per share amounts)

 

 

Three Months Ended September 30, 2024

 

GAAP

 

Unrealized Loss on Investment in LifeMD Common Stock

 

LifeMD Prepaid Services Amortization

 

Non-GAAP

Cost of sales

$

34,489

 

 

$

 

$

 

 

$

34,489

Gross profit

 

105,674

 

 

 

 

 

 

 

 

105,674

Selling, general, and administrative

 

103,568

 

 

 

 

 

(1,652

)

 

 

101,916

Income from operations

 

2,106

 

 

 

 

 

1,652

 

 

 

3,758

Other income (expense)

 

(528

)

 

 

1,984

 

 

 

 

 

1,456

Provision for income taxes

 

449

 

 

 

496

 

 

413

 

 

 

1,358

Net income

 

1,129

 

 

 

1,488

 

 

1,239

 

 

 

3,856

Diluted earnings per share(1)

 

0.10

 

 

 

0.14

 

 

0.11

 

 

 

0.35

 

Three Months Ended September 30, 2023

 

GAAP

 

Unrealized Loss on Investment in LifeMD Common Stock

 

LifeMD Prepaid Services Amortization

 

Non-GAAP

Cost of sales

$

58,492

 

$

 

$

 

$

58,492

Gross profit

 

177,377

 

 

 

 

 

 

177,377

Selling, general, and administrative

 

151,868

 

 

 

 

 

 

151,868

Income from operations

 

25,509

 

 

 

 

 

 

25,509

Other income

 

1,040

 

 

 

 

 

 

1,040

Provision for income taxes

 

3,418

 

 

 

 

 

 

3,418

Net income

 

23,131

 

 

 

 

 

 

23,131

Diluted earnings per share(1)

 

2.12

 

 

 

 

 

 

2.12

 

Nine Months Ended September 30, 2024

 

GAAP

 

Supply Chain Optimization and Restructuring of External Manufacturing Agreements

 

OPTAVIA Convention Cancellation

 

Unrealized Loss on Investment in LifeMD Common Stock

 

LifeMD Prepaid Services Amortization

 

Non-GAAP

Cost of sales

$

127,056

 

$

(2,579

)

 

$

 

 

$

 

$

 

 

$

124,477

Gross profit

 

356,404

 

 

2,579

 

 

 

 

 

 

 

 

 

 

 

358,983

Selling, general, and administrative

 

354,235

 

 

(12,502

)

 

 

(3,000

)

 

 

 

 

(5,000

)

 

 

333,733

Income from operations

 

2,169

 

 

15,081

 

 

 

3,000

 

 

 

 

 

5,000

 

 

 

25,250

Other income

 

343

 

 

 

 

 

 

 

 

3,734

 

 

 

 

 

4,077

Provision for income taxes

 

1,222

 

 

3,770

 

 

 

750

 

 

 

934

 

 

1,250

 

 

 

7,926

Net income

 

1,290

 

 

11,311

 

 

 

2,250

 

 

 

2,800

 

 

3,750

 

 

 

21,400

Diluted earnings per share(1)

 

0.12

 

 

1.03

 

 

 

0.21

 

 

 

0.26

 

 

0.34

 

 

 

1.95

 

Nine Months Ended September 30, 2023

 

GAAP

 

Supply Chain Optimization and Restructuring of External Manufacturing Agreements

 

OPTAVIA Convention Cancellation

 

Unrealized Loss on Investment in LifeMD Common Stock

 

LifeMD Prepaid Services Amortization

 

Non-GAAP

Cost of sales

$

246,558

 

$

 

$

 

$

 

$

 

$

246,558

Gross profit

 

634,481

 

 

 

 

 

 

 

 

 

 

634,481

Selling, general, and administrative

 

516,755

 

 

 

 

 

 

 

 

 

 

516,755

Income from operations

 

117,726

 

 

 

 

 

 

 

 

 

 

117,726

Other income

 

1,269

 

 

 

 

 

 

 

 

 

 

1,269

Provision for income taxes

 

25,615

 

 

 

 

 

 

 

 

 

 

25,615

Net income

 

93,380

 

 

 

 

 

 

 

 

 

 

93,380

Diluted earnings per share(1)

 

8.55

 

 

 

 

 

 

 

 

 

 

8.55

(1) The weighted-average diluted shares outstanding used in the calculation of these non-GAAP financial measures are the same as the weighted-average shares outstanding used in the calculation of the reported per share amounts.

 

Investor Contact:

Medifast, Inc.

Steven Zenker

InvestorRelations@medifastinc.com

(443) 379-5256

Source: Medifast

FAQ

What was Medifast's (MED) revenue in Q3 2024?

Medifast reported revenue of $140.2 million in Q3 2024, representing a 40.6% decrease from $235.9 million in Q3 2023.

How many active OPTAVIA coaches did Medifast (MED) have in Q3 2024?

Medifast had 30,000 active earning OPTAVIA coaches in Q3 2024, down 36.3% from 47,100 in Q3 2023.

What is Medifast's (MED) Q4 2024 revenue guidance?

Medifast expects Q4 2024 revenue to be in the range of $100 million to $120 million.

What was Medifast's (MED) earnings per share in Q3 2024?

Medifast reported earnings of $0.10 per diluted share in Q3 2024, compared to $2.12 per diluted share in Q3 2023.

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