Medifast, Inc. announced its third quarter financial results, reporting revenue of $413.4 million, a 52.3% increase in revenue over the same quarter of 2020. Net income increased 21.9% to $42 million with earnings per diluted share of $3.56, an increase of 22.3%.
The company’s OPTAVIA Coaches grew in number to historic levels, increasing 44.9% compared to the same quarter of 2020, totaling 61,000 people. The average revenue per active earning OPTAVIA Coach was $6,773, an increase of 7% over the third quarter of 2020.
“We saw continued strong momentum during the third quarter, reflecting our ongoing success in offering a differentiated and personalized health and wellness program to a growing community of clients across the United States and Asia Pacific,” said Dan Chard, Chairman & Chief Executive Officer of Medifast. “We have more active earning OPTAVIA Coaches than at any point in our history and they continue to support more clients than ever before. Our business remains on track to take advantage of the growth opportunity that lies ahead, as we develop unique digital tools to support our Coach-driven program that guides OPTAVIA clients on their health and wellness journey. Our clinically proven plans and scientifically designed products remain in high demand, and the powerful platform we have built puts us in a strong position for sustained long-term success.”
Medifast’s selling, general and administrative expenses increased 57.9% to $251.9 million, which the company attributes to higher OPTAVIA commission expenses, increased salary and benefit costs, incremental consulting costs related to IT, increased credit card fees due to higher sales, and in-person convention costs. The company’s cash, cash equivalents and investment securities declined from the same quarter last year, totaling $159.9 million.
Full-year guidance now includes revenue in the range of $1.51 billion to $1.53 billion, and a 2021 EPS within the range of $13.27 to $13.96.
