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Jun 30, 2024
Medifast Q2 2024 Earnings Report
Reported a decrease in revenue due to lower active earning OPTAVIA Coaches and reduced Coach productivity, while strategically transforming the business for long-term growth.
Key Takeaways
Medifast reported a revenue of $168.6 million for Q2 2024, a 43.1% decrease compared to Q2 2023. The company experienced a net loss of $8.2 million, or $0.75 per diluted share, but a non-GAAP adjusted net income of $10.1 million, or $0.92 per diluted share. The results reflect strategic transformation efforts, including a focus on new customer acquisition and a broader health and wellness offer.
Revenue decreased by 43.1% to $168.6 million compared to the second quarter of 2023.
The number of active earning OPTAVIA Coaches decreased by 36.2% to 33,900.
The company reported a net loss of $8.2 million, or $0.75 per diluted share.
Cash, cash equivalents, and investment securities totaled $163.5 million with no debt.
Forward Guidance
The company expects third quarter 2024 revenue to be in the range of $125 million to $145 million and third quarter 2024 diluted loss per share in the range of $0.05 to $0.70. The EPS range excludes the costs related to the initiation of the LifeMD collaboration and any gains or losses from changes in the market price of the company’s LifeMD common stock investment, which the company is unable to estimate.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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