May 1, 2019
Medifast, Inc. today reported financial results for the first quarter ended March 31, 2019. "Our strong start to the year was fueled by a record number of active earning OPTAVIA Coaches and increased coach productivity," commented Dan Chard, Medifast's CEO. "These achievements helped generate first quarter revenue and earnings above our expectations and gives us confidence to raise our outlook for the full year 2019. "
OPTAVIA-branded products represented 73% of consumable units sold for the first quarter of 2019 compared to 58% for the first quarter of last year. The total number of active earning OPTAVIA Coaches for the first quarter of 2019 increased to 27,200, compared to 16,700 for the first quarter of 2018. The average revenue per active earning OPTAVIA Coach for the first quarter of 2019 increased 10.2% to $5,817, compared to $5,278 for the first quarter last year.
The Company expects second quarter revenue to be in the range of $180 millionto $185 million and EPS to be in the range of $1.67 to $1.72. For the full year 2019, the Company now expects revenue of $720 million to $740 million and EPS of $6.70 to $6.90, compared to the Company's previous guidance for revenue of $700 million to $720 million and EPS of $6.45 to $6.65.
First Quarter 2019 Highlights:
- Revenue of $165.9 million, an increase of 68.2% year-over-year
- Active earning OPTAVIA Coaches of 27,200, an increase of 62.9% year-over-year
- Net income of $20.8 million, an increase of 69.8% year-over-year
- Earnings per diluted share ("EPS") of $1.70, an increase of 68.3% year-over-year
- Cash, cash equivalents, and investment securities of $120.4 million and debt-free.
The complete Press Release, with detailed financial table, can be found here: