Medifast, the guardian firm of direct promoting group OPTAVIA, introduced first quarter 2023 income of $349 million, a year-over-year lower of 16.4% from the identical time final yr. This decline was primarily pushed by a decrease variety of unbiased lively incomes OPTAVIA Coaches, which numbered 58,700 within the first quarter. Common income per lively OPTAVIA Coach was additionally down by 9% to $5,945.
Gross revenue for the corporate decreased by 18.5% to $246.4 million, which the corporate attributed to decrease income and inflation of prices for uncooked substances, transport and labor. Internet earnings for the quarter was $40 million with an earnings per diluted share (EPS) of $3.67.
“We’re happy to see income and working earnings each forward of expectations within the quarter, as we proceed to regulate to the altering dynamics of the enterprise atmosphere,” stated Dan Chard, Medifast Chairman and Chief Govt Officer. “Sustainable long-term progress is on the core of our focus, and we’re endeavor a lot of initiatives to return the enterprise to a progress trajectory. Along with working to extend buyer acquisition, we’re implementing methods that can develop our addressable market, as we goal new demographic segments, geographies, and adjoining classes.”
Second quarter outlook for income now features a vary of $250 million to $270 million with a diluted EPS within the vary of $1.32 to $1.44.
