March 12, 2015 -- According to a press release...For the 4th quarter 2014, Medifast net revenue fell 11% to $62.3 million from net revenue of $70.3 million in Q4 2013. As a result of the closure and sale of the Medifast Corporate Weight Control Centers, the Company re-evaluated its segment reporting and will no longer provide segment disclosure other than sales per channel which reflects how the business is run.
Revenue for Take Shape for Life, decreased 12% to $45.7 million in the Q4 2014 compared to $51.7 million in the same period last year. The company ended Q4 with approximately 9,300 active Health Coaches and the average revenue per coach per month was $1,401 vs. $1,477 in Q4 2013. Medifast Direct channel revenue decreased 19% to $11.4 million, vs. $14.0 million in Q4 2013.
Revenue in the Franchise Weight Control Centers channel increased 6% to $3.8 million from $3.6 million in the fourth quarter of last year. This increase was driven by the conversion of corporate owned centers to Franchise Centers partially offset by a 10% decline in revenues from all other Franchise centers. There was an average of 65 franchise centers per month in operation in the fourth quarter 2014 compared to 38 centers last year and there were 73 franchise centers in operation as of December 31, 2014 compared to 41 centers last year.
For the fiscal year ended December 31, 2014, Medifast net revenue was $285.3 million vs. revenue of $324.1 million in 2013. The Take Shape For Life channel accounted for approximately 73%, Medifast Direct accounted for 20%, Medifast Franchise Weight Control Centers accounted for 5%, and Medifast Wholesale Physicians accounted for 2% of total revenue.
Income from continuing operations for 2014 decreased $6.1 million to $21.0 million. For fiscal year 2015, the company expects revenue to be in the range of $285 to $300 million.
Complete financials can be found here: