Dec. 29, 2020
"Our business continues to go from strength to strength, with high levels of client demand and engagement among independent OPTAVIA Coaches, accelerated growth and record levels of active earning Coaches," said Dan Chard, CEO of Medifast. "Our programming efforts this year, along with enhancements to our organization, have given us a foundation for significant progress during the quarter. We continue to make investments to enhance our infrastructure to support our strong growth trajectory."
OPTAVIA-branded products represented 83.0% of consumable units sold for the third quarter compared to 78.0% for the same period a year ago.
The total number of active earning OPTAVIA Coaches increased 30.7% to 42,100, compared to 32,200 for the third quarter of 2019. The average revenue per active earning OPTAVIA Coach was $6,329 compared to $5,715 for the third quarter last year.
The company's balance sheet remains strong with cash, cash equivalents, and investment securities of $169.9 million as of September 30, 2020 compared to $92.7 million at December 31, 2019. The company remains free of interest-bearing debt.
9-month revenues were $669.9 million. This represents an annual pace of $890+ million.
Third Quarter 2020 Highlights Compared to Prior-Year Period
- Revenue increased 42.8% to $271.5 million
- 30.7% growth in active earning OPTAVIA Coaches to a record level of 42,100
- Revenue per active earning OPTAVIA Coach increased 8.2% over the second quarter to $6,329
- Net income increased 116.7% to $34.5 million
Find the complete Press Release and financial tables here:
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