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Medifast Reports Record First Quarter 2009 Financial Results
Date:4/29/2009

Record Quarterly Revenues: $33.7 million vs. $25.2 million - Increase of 34%

Record Quarterly Diluted EPS: $0.17 vs. $0.10 - Increase of 70%

Operating Margins Improve to 11.9%

OWINGS MILLS, Md., April 29 /PRNewswire-FirstCall/ -- Medifast, Inc. (NYSE: MED) announced today first quarter financial results for the period ended March 31, 2009.

First Quarter highlights included:

  • First quarter revenues increased 34% compared to 2008 to $33.7 million;
  • Diluted EPS for the quarter increased 70% to $0.17 versus $0.10 year-over-year;
  • Direct sales segment, Take Shape for Life, increased sales 92% year-over-year for the quarter;
  • Medifast Weight Control Centers quarterly revenues increased 72%;
  • Improvement achieved in direct response revenue-to-spend ratio;
  • Operating margins improve to 11.9% versus 8.2% in the comparable quarter

For the first quarter ended March 31, 2009, Medifast reported revenue of $33.7 million, a 34% increase from $25.2 million in the first quarter of 2008. The Company reported net income of $2.5 million, or $0.17 per fully diluted share, compared with $1.4 million, or $0.10 per fully diluted share in the first quarter of 2008, a diluted EPS increase of 70%.

"We are extremely pleased with the record results of the first quarter," commented Michael S. McDevitt, Chief Executive Officer of Medifast, Inc. "Our business model is showing growth or improvement across all segments and is gaining traction with the more than 200 million Americans who are currently overweight or obese, and are looking for a solution that is safe and effective. With nearly 30 years of clinically proven results and having been recomme
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SOURCE Medifast, Inc.
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