Medifast (NYSE: MED), the health and wellness company known for its habit-based and Coach-guided lifestyle solution, OPTAVIA, today reported results for the fourth quarter and full year ended December 31, 2023.
Fourth Quarter 2023
Revenue of $191.0 million, with revenue per active earning Coach of $4,648
Independent active earning OPTAVIA Coaches of 41,100
Net income of $6.0 million (non-GAAP adjusted net income of $11.9 million)
Earnings per diluted share (“EPS”) of $0.55 (non-GAAP adjusted EPS of $1.09)
Full Year 2023
Revenue of $1.1 billion
Net income of $99.4 million (non-GAAP adjusted net income of $105.2 million)
EPS of $9.10 (non-GAAP adjusted EPS of $9.64)
Cash, Cash Equivalents, and Investments of $150.0 million and no interest-bearing debt
“We are realigning our business to respond to the evolving dynamics of the weight loss industry and to aggressively execute on bold initiatives to transform our business model,”
said Dan Chard, Chairman & CEO of Medifast.
“We are broadening our customer acquisition activities significantly, launching a broad-based national marketing effort and leaning into the medically-supported weight loss market through our collaboration with LifeMD.” Chard continued,
“This remains a challenging market, and it will take time to navigate the transformational path that we are on. However, I believe that the investments we’re making in our business will broaden