Medifast (NYSE: MED), 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, 2024.
Revenue of $168.6 million, with revenue per active earning Coach of $4,972
Independent active earning OPTAVIA Coaches of 33,900
Net loss of $8.2 million (non-GAAP adjusted net income of $10.1 million)
Loss per diluted share of $0.75 (non-GAAP adjusted earnings per share (“EPS”) of $0.92)
Cash, Cash Equivalents, and Investment Securities of $163.5 million with zero debt
“We are acting decisively to transform our business to position us for long-term growth, with a strong balance sheet free of debt, a clear focus on new customer acquisition, and a broader health and wellness offer to a significantly expanded target market,”
said Dan Chard, Chairman & CEO.
”Our holistic approach, encompassing nutrition, personalized coaching, a supportive community, and access to a clinician through our collaboration with telehealth provider, LifeMD, positions us uniquely to support those who are interested in weight loss medications as well as those who are transitioning off a medical regimen, or those who choose to pursue more traditional weight loss methods. Our mission today, much like it has been over the last 40 years, is to help our