Weight-loss company Medifast Inc. lost more than $3 million over its fourth quarter as revenue plunged more than 11 percent in earnings released Thursday afternoon.
Owings Mills-based Medifast (NYSE: MED) lost $3.4 million, or 28 cents per share, in its fourth quarter ending Dec. 31 — a year after posting a profit of $5.3 million, or 39 cents per share, in the same quarter.
The company shed more than $8 million in revenue year-over-year, posting $62.3 million in the 2014 fourth quarter. Revenue missed Wall Street estimates averaging $69.4 million in analyst polling from Thomson Financial Network and company stock was down more than 8 percent in after-hours trading.
That revenue drop came as Medifast’s two largest moneymaking divisions lost sales. Revenue plunged 12 percent to $45.7 million at the company’s direct sales channel, Take Shape for