Medifast Stories $1.6 Billion in 2022 Income

Medifast, the mum or dad firm of direct promoting group OPTAVIA, launched its fourth quarter and full 12 months monetary outcomes for 2022. In This autumn, income for the corporate reached $337.2 million, a ten.7% decline from the earlier 12 months’s quarter, with a internet revenue of $26.5 million and earnings per diluted share of $2.41. Every OPTAVIA Coach earned a mean income of $5,538, a 12.4% lower from This autumn 2021. Gross revenue additionally declined by 16.1% to $233.6 million, which the corporate attributed to inflation and restructuring bills related to exterior manufacturing agreements pertaining to provide chain optimization.  

General, the corporate posted income of $1.6 billion in 2022, a 4.8% improve over 2021. Internet revenue for the 12 months was $143.6 million with an EPS of $12.73. 

The corporate ended the 12 months with $87.7 million in money, money equivalents and funding securities, with no interest-bearing debt. 

“We’ve positioned a considerable deal with driving stability in buyer retention charges, and with buyer satisfaction metrics at all-time highs, we’ve seen retention return to and maintain at regular ranges,” stated Dan Chard, Medifast Chairman & Chief Govt Officer. “Our consideration is now on driving productiveness and Coach development which have been each disrupted within the second half of final 12 months. Moreover, we proceed to take steps to mitigate value pressures, drive effectivity and construct monetary resilience into our mannequin. We’re already seeing among the affect of that work start to play out, and whereas it’s going to take a while to work via our enterprise cadence, we stay extremely assured in each the long-term efficacy of our mannequin and our prospects for secure and sustainable development.” 

Steerage for the primary quarter of 2023 income is anticipated to fall inside $300-$320 million with diluted EPS between $1.75-$2.40.