Optavia
November 4, 2024
BALTIMORE, November 4, 2024 --
Medifast, parent of Optavia, reported third-quarter 2024 revenue of 140.2 million dollars, down 40.6 percent from 235.9 million dollars a year earlier. Independent active earning Optavia coaches fell 36.3 percent to 30,000, and revenue per active earning coach slipped to 4,672 dollars from 5,008 dollars.
Net income was 1.1 million dollars, or 0.10 dollars per diluted share, compared with 23.1 million dollars, or 2.12 dollars, a year earlier. Non-GAAP adjusted net income was 3.9 million dollars, or 0.35 dollars per share. Chairman and Chief Executive Dan Chard said the company is adapting to GLP-1 medication trends with clinician access through LifeMD, muscle-support programs and coach-led plans for customers not using medications.
Medifast guided fourth-quarter 2024 revenue to 100 million to 120 million dollars and diluted loss per share of 0.10 to 0.65 dollars, excluding LifeMD mark-to-market swings. It ended the quarter with 170.0 million dollars in cash, cash equivalents and investment securities and no debt, and later canceled its unused 225 million dollar credit facility to cut commitment fees.