Optavia Parent Fourth Quarter Revenue Falls 11 Percent to 337.2 Million

BALTIMORE, February 21, 2023 -- Medifast, Inc., parent of OPTAVIA, reported fourth-quarter 2022 revenue of 337.2 million dollars, down 10.7 percent from 377.8 million dollars a year earlier. Independent active earning OPTAVIA Coaches rose 1.8 percent to 60,900, while revenue per active earning coach fell 12.4 percent to 5,538 dollars. GAAP net income was 26.5 million dollars, or 2.41 dollars per diluted share; non-GAAP adjusted net income was 40.6 million dollars, or 3.70 dollars.

Full-year revenue rose 4.8 percent to 1.6 billion dollars, with GAAP net income of 143.6 million dollars, or 12.73 dollars per diluted share. The company ended the year with 87.7 million dollars in cash and investment securities and no interest-bearing debt.

Chairman and chief executive Dan Chard said customer retention had returned to normal levels and focus was shifting to coach growth and productivity. First-quarter 2023 guidance is revenue of 300 million to 320 million dollars and diluted EPS of 1.75 to 2.40 dollars.