Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from________ to ________. | Title of each class | Trading Symbol | Name of each exchange on which registered | | --- | --- | --- | | Common Stock, par value ...

Financial Data and Key Metrics Changes - Revenue decreased 16.4% year-over-year to $349 million, primarily due to a lower number of active earning OPTAVIA Coaches and lower average revenue per active earning OPTAVIA Coach [67] - Gross profit decreased 18.5% year-over-year to $246.4 million, with gross profit margin declining 180 basis points to 70.6% [29] - Net income for Q1 2023 was $40 million or $3.67 per diluted share, compared to $41.8 million or $3.59 per diluted share in the prior year [52] - Cash flows from operations increased 46.7% to $64.1 million during the first quarter [53] Business Line Data and Key Metrics Changes - The number of active earning OPTAVIA Coaches decreased by 8.1% year-over-year to approximately 58,700 [49] - Average revenue per active earning OPTAVIA Coach was $5,945, a year-over-year decline of 9% but an increase from the previous two quarters [49] - SG&A expense decreased 22% year-over-year to $192.9 million, reflecting progress on cost reduction initiatives [68] Market Data and Key Metrics Changes - Customer retention levels have returned to historical norms, but customer acquisition remains challenging due to changes in spending and social media algorithms [11] - The Hispanic market has shown encouraging growth, with new Hispanic coach enrollments up 30% year-over-year [44] Company Strategy and Development Direction - The company aims for 15% annualized revenue growth and a 15% sustainable operating margin by 2025 as part of the 15x25 initiative [10] - Focus on enhancing customer acquisition through coach-led training, programming composition, and unique positioning [37] - Plans to expand into adjacent product categories and explore international markets, particularly in Latin America [22][23] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenging operating environment due to macroeconomic factors and competitive landscape changes [34] - The company is optimistic about reestablishing growth and improving customer acquisition through strategic initiatives [15][27] - Future growth initiatives will require time to gain traction, and the company is not providing full-year guidance yet [73] Other Important Information - The company declared a quarterly cash dividend of $1.65 per share, representing a 0.6% increase compared to the prior year [71] - The effective tax rate for Q1 2023 was 25.1%, higher than the previous year's 24% [70] Q&A Session Summary Question: What are the expectations for growth initiatives spending? - Management expects that spending on growth initiatives will be concentrated in the latter half of 2023, with quarterly results likely below the previous year [57] Question: How is the company addressing the pressure on customer acquisition? - Management highlighted the focus on reestablishing coach productivity metrics and customer acquisition through new incentive structures [60] Question: Is the dividend at risk given the EPS guidance? - Management reassured that the dividend is not at risk and that excess cash flows will continue to support it [62] Question: How does the company view the new GLP-1 weight loss drugs? - Management emphasized that coaching remains central to their model and that they are exploring ways to remain relevant alongside these new drugs [64][96] Question: What were the operating cash flow and CapEx numbers for the quarter? - Operating cash flow was $64 million, an increase of 47%, and CapEx was $2 million for the quarter [86]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR Table of Contents o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from________ to ________. Commission File Number: 001-31573 Medifast, Inc. (Exact name of registrant as specified in its charter) | Delaware | 13-3714405 | ...

Financial Data and Key Metrics Changes - Revenue in Q4 2022 decreased by 10.7% to $337.2 million from $377.8 million in Q4 2021 [60] - Net income in Q4 2022 was $26.5 million, or $2.41 per diluted share, while on a non-GAAP adjusted basis, net income increased by 19.4% year-over-year to $40.6 million [42][60] - SG&A expenses decreased by 13.1% to $200.9 million, reflecting lower coach compensation and internal labor expenses [19] - Adjusted gross margin compression of 80 basis points in Q4 was primarily due to inflation, with expectations for price increases to positively impact margins in 2023 [5] Business Line Data and Key Metrics Changes - The number of active earning OPTAVIA Coaches was approximately 60,900, an increase of 1.8% from Q4 2021, but Coach productivity declined both sequentially and year-over-year [60][29] - Average revenue per active earning OPTAVIA Coach for Q4 was $5,538, a year-over-year decline of 12.4% [60] Market Data and Key Metrics Changes - Customer retention levels have returned to historical norms, but customer acquisition remains pressured due to changes in purchasing behavior and social media algorithms [6][28] - The company is focusing on enhancing customer acquisition programs to improve engagement and retention [9][11] Company Strategy and Development Direction - The company is implementing initiatives to improve customer acquisition and optimize the tenure mix, which is crucial for growth [7][11] - A commitment to health business program was launched to align the coach network around customer acquisition [10] - The company aims to maintain operational effectiveness while leveraging investments to deliver high profitability rates even in inflationary environments [13] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by macroeconomic conditions and changing consumer behavior, impacting customer acquisition [22][28] - There is confidence in the ability to navigate the new business environment and achieve long-term growth targets of 15% [64][40] - Management is closely monitoring the impact of new weight loss drugs and increased competition in the wellness space [96][97] Other Important Information - The company declared a quarterly cash dividend of $17.9 million, or $1.64 per share, representing a 15.5% increase compared to the previous year [21] - The financial position remains strong with $87.7 million in cash and no interest-bearing debt as of December 31, 2022 [63] Q&A Session Summary Question: What metrics are being monitored for annual guidance? - Management is focused on customer acquisition metrics, which have not yet returned to historical norms, impacting guidance [71][72] Question: Are coaches able to run their own promotions? - Yes, coaches can run their own promotions through a system that allows them to manage health credits for new client acquisition [79][80] Question: What is the outlook for gross margins in 2023? - Gross margins are expected to be impacted in Q1 due to promotional programs, but long-term targets remain achievable [90][81] Question: How is the company addressing competition from new weight loss drugs? - Management is monitoring the situation closely but has not seen significant impact from these drugs yet [96][97]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from____________to____________. Commission file number: 001-31573 Medifast, Inc. (Exact name of registrant as specified in its charter) | Delaware | 13-3714405 | | ...

Medifast, Inc. (NYSE:MED) Q3 2022 Earnings Conference Call November 3, 2022 4:30 PM ET Company Participants Reed Anderson - ICR Daniel Chard - Executive Chairman & CEO James Maloney - CFO Conference Call Participants Christina Xue - D.A. Davidson Operator Good day, and welcome to the Medifast Third Quarter 2022 Earnings Conference Call. [Operator Instructions]. I would now like to turn the conference over to Reed Anderson with ICR. Please go ahead. Reed Anderson Good afternoon, and welcome to Medifast's Thi ...

Medifast, Inc. (NYSE:MED) Q2 2022 Earnings Conference Call August 3, 2022 4:30 PM ET Company Participants Reed Anderson - ICR, Investor Relations Dan Chard - Chairman & Chief Executive Officer Jim Maloney - Chief Financial Officer Conference Call Participants Chris Neamonitis - Jefferies Operator Good afternoon. And welcome to Medifast Second Quarter 2022 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity t ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from________ to ________. Commission File Number: 001-31573 Medifast, Inc. (Exact name of registrant as specified in its charter) | Delaware | 13-3714405 | | ...

Call Start: 16:30 January 1, 0000 5:09 PM ET Medifast, Inc.???s (NYSE:MED) Q1 2022 Earnings Conference Call May 2, 2022, 4:30 PM ET Company Participants Dan Chard - Chairman and CEO Jim Maloney - Chief Financial Officer Conference Call Participants Chris Neamonitis - Jefferies Linda Bolton Weiser - D.A. Davidson Doug Lane - Lane Research Operator Good afternoon. And welcome to Medifast First Quarter of 2022 Earnings Conference Call. On the call with me today are Dan Chard, Chairman and Chief Executive Offic ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from________ to ________. Commission File Number: 001-31573 100 International Drive Baltimore, Maryland 21202 Telephone Number: (410) 581-8042 (Address of P ...