Tag Archive for Medifast

Hot Business News Today

Medifast Profits Fall 45%, Overhauls Board

by Ramya Chandrasekaran • April 17, 2015 • 0 Comments

Weight-loss company Medifast Inc. announced Monday that it would overhaul its board of directors under pressure from an activist investment firm, removing eight directors and adding five.
Medifast, is seeking to break into international markets and expand its national reach as it copes with growing competition from technology-driven diet programs on smartphones and other gadgets. CEO Michael MacDonald, who will continue as chairman, said the new board would help the company reach those goals.

The board members who are being replaced “were good board members but didn’t have the national experience or exposure that these guys were looking for,” MacDonald said. “What we’re doing now is putting in what we feel will be people who have very good skill sets to take us to that next level.”

MacDonald said he began talking last year with

Hot Business News Today

Medifast Drops To Loss In 4th QRTR As Revenue Plunges

by Tina Williams • March 13, 2015 • 0 Comments

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

Hot Business News Today

Law Firm Investigating Potential Claims On Behalf of Medifast, Inc. Stockholders

by Tina Williams • February 6, 2015 • 0 Comments

Kirby McInerney LLP is investigating potential claims against the Board of Directors of Medifast, Inc. (“Medifast” or the “Company”) MED, -0.36% concerning the improper compensation of the Company’s executives.
Medifast’s key executive compensation increased drastically from approximately $2.12 million in 2012 to approximately $12.11 million in 2013. This is an especially significant increase given the fact that key executive compensation was under $2 million for each year from 2009 to 2011. While the key executive compensation has increased dramatically, there has not been any significant increase in the Company’s stock price.
If you are a Medifast stockholder and wish to obtain additional information, please contact J. Brandon Walker, Esq. by email at bwalker@kmllp.com, or telephone at (212) 699-1145, Melissa Fortunato, Esq. by email at mfortunato@kmllp.com, or telephone at (212) 699-1141, or toll free at (888) 529-4787, or by filling out this contact form. There is no cost or obligation to you.
Kirby McInerney LLP is a New York-based law firm concentrating in securities, whistleblower, antitrust and consumer litigation.

Hot Business News Today

Medifast Named SmartCEO Future 50 Award Winner For 4th Consecutive Year

by Tina Williams • January 23, 2015 • 0 Comments

Medifast, Inc. (MED), a leading United States manufacturer and provider of clinically proven, weight-loss and healthy living products and programs is proud to be recognized by SmartCEO magazine as a 2015 Future 50 Blue Chip company for the fourth consecutive year
The prestigious annual Future 50 award honors a range of growing businesses in the Baltimore region including 50 fast-growth mid-sized companies, five small Emerging Growth companies and five large Blue Chip companies. As a Blue Chip winner, Medifast was identified as one of Baltimore’s leading businesses with strong foundational leadership and an innate drive for success.

“Medifast has continued to advance as a leader in the weight-loss industry and we are pleased to again be recognized by SmartCEO,” said Mike MacDonald, Chairman & Chief Executive Officer of Medifast. “This past year, we expanded into new markets and product categories to reach new customers. We partnered with Fitbit™, the market leader in the connected activity tracking space, and introduced an online tool for consumers to better track their progress. Our launch of new products and programs and entry into the connected health and wellness space supports our focus on enhancing the customer experience and helping to make a healthy lifestyle a reality for our customers.”

SmartCEO Future 50 award winners

Hot Business News Today

Medifast Board Of Directors Under Investigation

by Tina Williams • December 19, 2014 • 0 Comments

Kirby McInerney LLP is investigating potential claims against the Board of Directors of Medifast, Inc. (“Medifast” or the “Company”) (MED) concerning the improper compensation of the Company’s executives.
Medifast’s key executive compensation increased drastically from approximately $2.12 million in 2012 to approximately $12.11 million in 2013. This is an especially significant increase given the fact that key executive compensation was under $2 million for each year from 2009 to 2011. While the key executive compensation has increased dramatically, there has not been any significant increase in the Company’s stock price.
If you are a Medifast stockholder and wish to obtain additional information, please contact J. Brandon Walker, Esq. by email at bwalker@kmllp.com, or telephone at (212) 699-1145, Melissa Fortunato, Esq. by email at mfortunato@kmllp.com, or telephone at (212) 699-1141, or toll free at (888) 529-4787
Kirby McInerney LLP is a New York-based law firm concentrating in securities, whistleblower, antitrust and consumer litigation.

Hot Business News Today

Medifast To Close 34 Corporate Owned Centers By December 31st

by Tina Williams • December 8, 2014 • 0 Comments

Medifast, Inc. (NYSE: MED), a leading United States manufacturer and provider of clinically proven, weight-loss products and programs, announced today the plan by a subsidiary to close 34 corporate-owned Medifast Weight Control Centers by December 31, 2014.
Medifast also expects its subsidiary to sell the assets of 17 corporate-owned Medifast Weight Control Centers to existing business partners, which would then be transitioned to the franchise model.

“Exiting the corporate Center model is consistent with our long-term strategy and will allow us to focus on optimizing the performance of our franchise partners,” said Michael MacDonald, Chairman and Chief Executive Officer of Medifast. “We will continue to leverage our multi-channel distribution approach across franchised Medifast Weight Control Centers, Take Shape For Life, Medifast Direct, and Medifast Medical Providers.
By providing unique support offerings, we meet customers where they are in their weight-loss or weight-management journey and provide healthy living tools for long-term wellness.”

The Company will offer severance to impacted employees and the unique opportunity to become a Take Shape For Life Health Coach. Affected Center members will have several options to continue their programs with Medifast. Members can opt to transition to nearby franchised Medifast Weight Control Centers, get a free health coach

Page 3 of 3

« 1 2 3