August 6, 2021
Medifast reported its results for Q2 2021 on August 4.
"This has been another outstanding quarter for Medifast, driven in large part by our success in driving growth in independent OPTAVIA Coaches to new highs, and empowering those Coaches to be more productive than ever before." said Dan Chard, Chairman & Chief Executive Officer of Medifast. "We are leveraging technology in new and effective ways to deliver these results, building digital products, channels and platforms that enable our Coaches to create deeper and more effective connections with their Clients. At the same time, we've accelerated our supply chain transformation to take full advantage of increased demand, creating a manufacturing and distribution engine that we expect will support $2 billion in revenue well ahead of schedule."
Second Quarter 2021 Results
Second quarter revenue increased 79.2% to $394.2 million from revenue of $220.0 million for the second quarter of 2020. OPTAVIA-branded products represented 94.1% of consumable units sold for the second quarter compared to 83.0% for the same period a year ago.
The total number of active earning OPTAVIA Coaches increased 62.2% to 59,200 compared to 36,500 for the second quarter of 2020. The average revenue per active earning OPTAVIA Coach was $6,662 compared to $5,851 for the second quarter last year, an increase of 13.9%.
Gross profit increased 84.4% to $293.7 million from $159.3 million for the second quarter of 2020. The company's gross profit as a percentage of revenue was 74.5% compared to 72.4% in the second quarter of 2020.
The company's balance sheet remains strong with cash, cash equivalents and investment securities of $197.4 million as of June 30, 2021 compared to $174.5 million at December 31, 2020.
The conference call... will be archived online through August 18, 2021. In addition, listeners may dial (855) 560-2579.A telephonic playback will be available from August 4, 2021, through August 11, 2021. Participants can dial (877) 344-7529 to hear the playback and enter passcode 10158283.
Revenues for the first 6 months of 2021 were $734 million.
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