Optavia
April 29, 2024
BALTIMORE, April 29, 2024 --
Medifast, parent of the Optavia coach-guided weight-loss system, reported first-quarter 2024 revenue of 174.7 million dollars, down 49.9 percent from 349.0 million dollars a year earlier, as active earning Optavia coaches fell 35.6 percent to 37,800 from 58,700.
Net income was 8.3 million dollars, or 0.76 dollars per diluted share, compared with 40.0 million dollars, or 3.67 dollars, a year earlier. Average revenue per active earning coach fell to 4,623 dollars from 5,945 dollars. Cash, cash equivalents and investment securities totaled 156.4 million dollars with no debt.
Chairman and Chief Executive Dan Chard said the company is transforming Optavia to support consumers using GLP-1 medical weight-loss therapies through its LifeMD collaboration and planned company-led national marketing. Medifast guided second-quarter revenue of 150 million to 170 million dollars and diluted EPS of 0.05 to 0.40 dollars, excluding LifeMD-related items.