Medifast, Inc., the global parent company of direct selling organization OPTAVIA, released its second quarter financial results, showing a 79.2% increase in revenue during the quarter, totaling $394.2 million. Active earning OPTAVIA Coaches also grew (62.2%) to a record level of 59,200.
Income from operations grew to $61.4 million from $28.1 million in the same quarter last year and reflects an increased gross profit and reduction in selling, general and administrative expenses as a percentage of revenue.
“This has been another outstanding quarter for Medifast, driven in large part by our success in driving growth in independent OPTAVIA Coaches to new highs, and empowering those Coaches to be more productive than ever before,” said Dan Chard, Chairman & Chief Executive Officer of Medifast. “We are leveraging technology in new and effective ways to deliver these results, building digital products, channels and platforms that enable our Coaches to create deeper and more effective connections with their clients. At the same time, we’ve accelerated our supply chain transformation to take full advantage of increased demand, creating a manufacturing and distribution engine that we expect will support $2 billion in revenue well ahead of schedule. Together, this work has given us a solid foundation to further enhance our competitive advantage, and drive sustainable growth for the long term.”
Average revenue per active earning OPTAVIA Coach increased 13.9%, from $5,851 to $6,662. Gross profit for the company increased 84.4% over the same quarter in 2020 to $293.7 million.
Net income for the quarter was $47 million, or $3.96 per diluted share, compared to $1.86 per diluted share in the same quarter last year.