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Medifast Announces First Quarter 2008 Financial Results
Date:5/12/2008

Reports Record Quarterly Sales of over $25 million

OWINGS MILLS, Md., May 12 /PRNewswire-FirstCall/ -- Medifast, Inc. (NYSE: MED) announced today first quarter financial results for the period ended March 31, 2008.

Financial highlights included:

-- First quarter revenues increased 25%;

-- Gross margins increased to 75.8% vs. 74.8%

-- The direct sales segment of Take Shape for Life experienced sales

increase of 63% year-over-year;

-- Medifast Weight Control Centers quarterly revenues increased 75%;

For the first quarter Medifast reported revenue of $25.2 million, a 25% increase from $20.1 million in the first quarter of 2007. The Company reported net income of $1.4 million or $0.10 per basic and diluted share compared with $1.4 million, or $0.11 per basic share - $0.10 per diluted share in the first quarter of 2007.

The Company's balance sheet remains strong with stockholders' equity of $38.6 million and working capital of $9.8 million as of March 31, 2008. The current ratio was 2.3 to 1.

"We are pleased with the results of the quarter," commented Michael S. McDevitt, chief executive officer of Medifast, Inc. "Our multi-channel distribution model continues to gain traction, with virtually all of our channels achieving solid double-digit growth for the quarter. The Take Shape for Life division grew 63% year-over-year; and now represents approximately 39% of overall revenues for the first quarter. This growth can largely be attributed to the investments made during 2007 in the tools and training to promote growth in the recruiting of health coaches. In that regard, the number of active health coaches grew to 2,200 at the end of the first quarter of 2008 as
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SOURCE Medifast, Inc.
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