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Mar 31, 2023
Medifast Q1 2023 Earnings Report
Reported a decrease in revenue compared to the same quarter last year, but revenue and operating income exceeded expectations.
Key Takeaways
Medifast reported a revenue of $349.0 million for Q1 2023, a decrease of 16.4% compared to Q1 2022. EPS was $3.67, and net income was $40.0 million. The company's balance sheet remains strong with $123.7 million in cash and cash equivalents and no interest-bearing debt.
Revenue decreased by 16.4% to $349.0 million compared to the first quarter of 2022.
Earnings per diluted share (EPS) was $3.67.
Net income was $40.0 million.
The company expects second quarter 2023 revenue to be in the range of $250 million to $270 million and second quarter 2023 diluted EPS to be in the range of $1.32 to $1.44.
Forward Guidance
The company expects second quarter 2023 revenue to be in the range of $250 million to $270 million and second quarter 2023 diluted EPS to be in the range of $1.32 to $1.44. The second quarter 2023 earnings guidance assumes a 24.50% to 26.25% effective tax rate. The guidance includes the impact of investments being made for future growth initiatives, which are expected to continue throughout the year, impacting profitability.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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