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Jun 30, 2023
Medifast Q2 2023 Earnings Report
Medifast's second quarter results were announced, revealing a decrease in revenue due to a decline in active earning OPTAVIA Coaches and their productivity, while strategic initiatives aimed at efficiency and cost reduction helped mitigate the impact of economic headwinds.
Key Takeaways
Medifast reported a decrease in revenue for Q2 2023, driven by a decline in active OPTAVIA Coaches and their productivity. However, strategic initiatives focused on efficiency and cost reduction helped mitigate the impact of economic headwinds. The company is also advancing its health and wellness agenda with the launch of new products and pilot programs.
Revenue decreased by 34.7% to $296.2 million compared to Q2 2022, driven by a decrease in active earning OPTAVIA Coaches and their productivity.
The average revenue per active earning OPTAVIA Coach was $5,578, a 16.3% decline compared to $6,667 in Q2 2022.
Net income was $30.3 million, or $2.77 per diluted share, compared to $39.1 million, or $3.42 per diluted share, in Q2 2022.
Cash and cash equivalents totaled $147.4 million with no interest-bearing debt.
Forward Guidance
The Company expects third quarter 2023 revenue to be in the range of $220 million to $240 million and third quarter 2023 diluted EPS to be in the range of $0.71 to $1.32
Historical Earnings Impact
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Avg. Return Before/After Earnings
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