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Sep 30, 2023
Medifast Q3 2023 Earnings Report
Medifast's third quarter results were announced, revealing a decrease in revenue and earnings per share compared to the same period last year, alongside a decline in active earning OPTAVIA Coaches.
Key Takeaways
Medifast reported a decrease in revenue to $235.9 million, a net income of $23.1 million, and an EPS of $2.12 for the third quarter of 2023. The company faced challenges with a decline in active earning OPTAVIA Coaches and their productivity, but is adapting its business model to address the evolving health and wellness market.
Revenue decreased by 39.6% to $235.9 million compared to Q3 2022.
Net income was $23.1 million, or $2.12 per diluted share, a decrease from $36.2 million, or $3.27 per diluted share in Q3 2022.
The number of active earning OPTAVIA Coaches decreased by 28.9% to 47,100.
The company expects full-year 2023 revenue to be in the range of $1,050 million to $1,070 million and full-year 2023 diluted EPS to be in the range of $8.65 to $9.55.
Forward Guidance
The company expects full-year 2023 revenue to be in the range of $1,050 million to $1,070 million and full-year 2023 diluted EPS to be in the range of $8.65 to $9.55. The full-year 2023 earnings guidance assumes a 20.5% to 21.5% effective tax rate.
Historical Earnings Impact
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