Medifast the health and wellness company known for its habit-based and Coach-guided lifestyle solution, OPTAVIA®, today reported results for the second quarter ended June 30, 2023.
Second Quarter 2023
Revenue of $296.2 million, with revenue per active earning coach of $5,578
Independent active earning OPTAVIA Coaches of 53,100
Net income of $30.3 million
Earnings per diluted share (“EPS) of $2.77
Cash and Cash Equivalents of $147.4 million and no interest-bearing debt
“We are ahead of our Fuel for the Future plan with key initiatives aimed at driving efficiency and cost reduction, which helped to mitigate the impact of continued economic headwinds on our revenues during the quarter,”
said Dan Chard, Chairman & Chief Executive Officer of Medifast.
“In addition, we have made significant progress advancing our broader health and wellness agenda with the recent launch of our new OPTAVIA ACTIVETM line of products, which marks an inflection point for Medifast as we target new areas of growth and more than triple our total addressable market.
We also have pilot programs underway to assess potential growth opportunities related to medically-supported weight loss that leverage the strength of our business model. We believe our scientifically-designed solution, OPTAVIA, is a great complement to those seeking to improve their health and wellness regardless of the method they choose to utilize.”
Chard concluded,
“Industry dynamics have changed numerous