Optavia Parent Second Quarter Revenue Falls 35 Percent to 296 Million
BALTIMORE, August 7, 2023 --
Medifast, Inc., parent of OPTAVIA, reported second-quarter 2023 revenue of 296.2 million dollars, down 34.7 percent from 453.3 million dollars a year earlier. Independent active earning OPTAVIA Coaches fell 21.9 percent to 53,100, and revenue per active earning coach fell 16.3 percent to 5,578 dollars. Net income was 30.3 million dollars, or 2.77 dollars per diluted share.
Gross margin was 71.1 percent versus 71.0 percent a year earlier. Cash and cash equivalents ended the quarter at 147.4 million dollars with no interest-bearing debt. Chairman and chief executive Dan Chard said cost-reduction initiatives under the Fuel for the Future plan helped mitigate economic headwinds and that the company was expanding into new wellness areas including OPTAVIA ACTIVE products and medically supported weight-loss pilots.
Third-quarter 2023 guidance is revenue of 220 million to 240 million dollars and diluted EPS of 0.71 to 1.32 dollars.
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