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Medifast Q1 2021 Revenue Increased 90.9%

The first quarter of 2021 financial results for Medifast, Inc. show a 61 percent rise in active earning OPTAVIA coaches, a new high of 52,500, and a 90.9 percent increase in sales, to $340.7 million. In addition, the company’s net income rose by 122% to $41.1 million.

“This has been an exceptional quarter of growth and productivity, demonstrating the exceptional abilities of both our independent OPTAVIA Coaches and our employees,” said Dan Chard, Medifast’s Chairman, and Chief Executive Officer. “We currently have a total of 52,500 OPTAVIA Coaches, all of whom are hitting new efficiency highs by using technology to assist clients and recruit new OPTAVIA Coaches. Our app-based tools and social media networks, and field-led training platforms are among these innovations. Consumer interest in health and wellness is still strong, and the OPTAVIA coach-based model’s power and ability to change lives have continued to draw a steady stream of new clients.

We’ve boosted sales and earnings growth to new highs by harnessing demand and maximizing our organizational capabilities. We’re continuing to invest in infrastructure to take advantage of potential growth prospects while still maintaining a solid balance sheet and prioritizing capital allocation to maximize long-term value for stockholders.”

OPTAVIA-branded brands accounted for 88.9% of consumable units sold in Q1 2021, up nearly 10% from the same timeframe the previous year.
The average revenue per successful OPTAVIA Coach rose by 21% to 6,454 dollars.

The following are some of the report’s other highlights for Q1 2021:
• A gross profit rise of 83.8 percent, totaling $248.5 million, with a gross profit margin of 73 percent.

• Owing to higher OPTAVIA commission costs, increased wages and benefits for workers, and increased credit card fees from higher sales, selling, general, and administrative expenses increased 75.2 percent to $195.7 million.

• The company’s operating income totaled $52.8 million.

• The company’s cash, cash equivalents, and expenditure securities equal $212.9 million, and it has no interest-bearing debt.

• On February 5, 2021, a cash dividend of $13.4 million, or $1.13 per share, was paid.

• The quarterly dividend has been increased by 26 percent (to $1.42 per share) and paid on May 6, 2021.

The entire year of 2021 is forecast to range from $1.4 billion to $1.475 billion.

First Quarter 2021 Results
Earnings for the first quarter of year 2020 rose 90.9 percent to $340.7 million, up from $178.5 million in the first quarter of 2019. In the first quarter, OPTAVIA-branded brands accounted for 88.9% of consumable units sold, compared to 79.0% in the same timeframe a year earlier. According to the company’s market and brand plan, the Medifast-branded product line will be phased out by the completion of the second quarter of the year 2021.

The total number of successful earning OPTAVIA Coaches rose by 61.0 percent to 52,500 in the first quarter of the year 2020, up from 32,600 in the previous quarter. The average revenue per successful earning OPTAVIA Coach was $6,454 in the first quarter of this year, up 21.0 percent from $5,333 the last year.

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