Optavia Parent First Quarter Revenue Falls 16 Percent to 349 Million
BALTIMORE, May 1, 2023 --
Medifast, Inc., parent of OPTAVIA, reported first-quarter 2023 revenue of 349.0 million dollars, down 16.4 percent from 417.6 million dollars a year earlier. Independent active earning OPTAVIA Coaches fell 8.1 percent to 58,700, and revenue per active earning coach fell 9.0 percent to 5,945 dollars. Net income was 40.0 million dollars, or 3.67 dollars per diluted share.
Gross margin was 70.6 percent versus 72.4 percent a year earlier, reflecting lower volumes, product-cost inflation and a January customer-acquisition program. Cash and cash equivalents ended the quarter at 123.7 million dollars with no interest-bearing debt. The board declared a 1.65 dollar quarterly dividend payable May 9, 2023.
Chairman and chief executive Dan Chard said the company was adjusting to changing business dynamics and investing to return to growth. Second-quarter 2023 guidance is revenue of 250 million to 270 million dollars and diluted EPS of 1.32 to 1.44 dollars.
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