First quarter 2024 revenue decreased 49.9% to $174.7 million from $349.0 million for the first quarter of 2023, primarily driven by a decrease in the number of active earning OPTAVIA Coaches, lower Coach productivity, and a $9.1 million impact from a timing difference related to changes in the company’s sales order terms and conditions with its customers realized in the first quarter of 2023.
The total number of active earning OPTAVIA Coaches decreased 35.6% to 37,800 compared to 58,700 for the first quarter of 2023.
The average revenue per active earning OPTAVIA Coach was $4,623, compared to $5,945 for the first quarter last year, primarily driven by continued pressure on customer acquisition.
Dan Chard, Chairman & Chief Executive Officer said:
“Fast paced medical innovation is providing greater access to medical weight loss solutions than ever before. We are transforming our OPTAVIA offer to include comprehensive support for consumers who wish to use GLP-1 medical weight loss solutions on their individual journeys to sustainable healthy lifestyles.
It’s a market that is estimated by a recent BCG market study to have the potential to grow to $50B or more by 2030, and it’s one that we are uniquely positioned to capitalize on.”
About Medifast®:
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