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Medifast Reports 1st Quarter 2022 Results

May 2, 2022

“Record quarterly revenues, sharp acceleration in coach metrics and an increase in our annual financial guidance are powerful indications of the underlying strength of our business. We have record numbers of independent active earning OPTAVIA Coaches, helping us drive robust product demand and rapidly increasing digital engagement, and bolstering OPTAVIA to the #1 revenue share position among publicly traded companies in the weight management industry in the United States,” said Dan Chard, Chairman and CEO.

First Quarter 2022 Highlights Compared to the Prior-Year Period

  • Revenue increased 22.6% to $417.6 million
  • 21.7% growth in the number of active earning OPTAVIA Coaches to 63,900
  • Revenue per active earning OPTAVIA Coach increased 1.3% to $6,536
  • Net income increased 1.7% to $41.8 million
  • Earnings per diluted share (“EPS”) of $3.59, an increase of 3.8%
  • Annual revenue guidance raised to $1.78 billion to $1.84 billion and full-year EPS to $14.60 to $16.05

First quarter 2022 revenue increased 22.6% to $417.6 million from $340.7 million for the first quarter of 2021. The total number of active earning OPTAVIA Coaches increased 21.7% to 63,900 compared to 52,500 for the first quarter of 2021. The average revenue per active earning OPTAVIA Coach was $6,536 compared to $6,454 for the first quarter of 2021, an increase of 1.3%.

Gross profit increased 21.6% to $302.3 million from $248.5 million for the first quarter of 2021. The increase in gross profit was primarily attributable to higher revenue. The Company’s gross profit as a percentage of revenue was 72.4% compared to 73.0% in the first quarter of 2021. 

The Company’s balance sheet remains strong with cash, cash equivalents and investment securities of $122.1 million as of March 31, 2022 compared to $109.5 million at December 31, 2021. As of March 31, 2022, the Company remained free of interest-bearing debt.

The company paid a quarterly cash dividend of $16.7 million, or $1.42 per share, on February 8, 2022, to stockholders of record as of the close of business on December 21, 2021. On March 17, 2022, the Company declared a quarterly dividend of $1.64 per share payable on May 9, 2022, a 15.5% increase per share over the dividend paid in the first quarter of 2021. 

The complete Press Release with financial tables can be found here:


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This new Marketdata report presents a wrap-up of 2020 & 2021 performance for the U.S. weight loss market during the Covid-19 pandemic, and a forecast for 2022 and the current “diet season”. The value of the total market is estimated to have declined by a historic 25% in 2020, to $58 billion. as a result of closures of weight loss centers and medical programs. However, in 2021 the market recovered nearly all of that, up 24% to $72.6 billion.

Some market segments actually prospered due to shifting dieter behaviors – frozen dinner entrees, meal replacements, obesity medications, weight loss apps and other virtual services, and multi-level marketing channels.

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Individual Status Reports and the Effects of the Pandemic on operations and revenues, for ALLmajor weight loss market segments… diet soft drinks, artificial sweeteners, health clubs industry, commercial weight loss chains, retail meal replacements and diet supplements, medical programs (physicians, hospitals/clinic programs, prescription diet drugs, bariatricians, weight loss surgeries), and low-calorie dinner entrees.

Includes profiles/updated outlooks for: WW, NutriSystem, Jenny Craig, Medifast, Herbalife, Glanbia (Slim-Fast), Noom, Simply Good Foods (Atkins), HMR Boston, Lindora, and Profile by Sanford. Marketdata analysis of company strategy, conference calls.

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