Medifast, Inc. (NYSE: MED) reported financial results for the fourth quarter and full year ended December 31, 2018.
For the fourth quarter of 2018, revenue increased 87.0 percent to $145.8 million from revenue of $78.0 million for the fourth quarter last year. OPTAVIA-branded products represented 72 percent of consumable units sold for the fourth quarter of 2018 compared to 51 percent for the fourth quarter of last year. The total number of active earning OPTAVIA Coaches for the fourth quarter of 2018 increased to 24,100, compared to 15,000 for the fourth quarter of 2017. The average revenue per active earning OPTAVIA Coach for the fourth quarter of 2018 increased 26.2 percent to $5,756 compared to $4,562 for the fourth quarter last year.
“We are very pleased with our strong finish to 2018,” said Dan Chard, Medifast’s chief executive officer. “We reached a significant corporate milestone generating over $500 million in annual revenue and profitability exceeded our expectations. Importantly, we achieved these results while accelerating the level of strategic investment to support our long-term growth plans to build our brand platform and operations as we continue to improve the scalability of our business. As we move forward with our strategic initiatives, both domestically and internationally, we believe we remain well positioned to deliver long-term sustainable growth and value for our shareholders as well as meaningful improvements to the lives of OPTAVIA clients across the country as they learn new healthy habits that make their lives better.”
For the fiscal year ended December 31, 2018, revenue increased 66.1 percent to $501.0 million compared to revenue of $301.6 million in 2017.
To read the full Medifast financial report, click here.