Medifast Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Medifast Inc. has submitted its annual 10-K filing for the fiscal year 2023, detailing its financial performance and operational status.</b>

AI Summary

MEDIFAST INC (MED) filed a Annual Report (10-K) with the SEC on February 20, 2024. Medifast Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The company is incorporated in Delaware and headquartered in Owings Mills, Maryland. Medifast Inc. operates within the Miscellaneous Food Preparations & Kindred Products industry. The filing covers the period from January 1, 2023, to December 31, 2023. The report was filed on February 20, 2024.

Why It Matters

For investors and stakeholders tracking MEDIFAST INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Medifast's financial health and strategic direction for investors and stakeholders. Understanding the details within this report is crucial for assessing the company's performance, risks, and future prospects in the food preparation industry.

Risk Assessment

Risk Level: medium — MEDIFAST INC shows moderate risk based on this filing. The filing is a standard 10-K, which typically contains a broad range of information, including financial statements and risk factors, necessitating a thorough review to identify specific material risks.

Analyst Insight

Review the detailed financial statements and risk factor disclosures within the 10-K to identify any significant changes or emerging concerns for Medifast Inc.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-20 — Filing Date (Date of submission)
• 001-31573 — SEC File Number (Company's SEC file number)
• 21117 — ZIP Code (Business address postal code)

Key Players & Entities

• MEDIFAST INC (company) — Filer name
• MED (company) — Ticker symbol
• 10-K (regulator) — Form type
• 20231231 (date) — Fiscal year end
• 20240220 (date) — Filing date
• 0000910329 (company) — Central Index Key
• DE (jurisdiction) — State of incorporation
• OWINGS MILLS (location) — Business address city

FAQ

Industry Context

Medifast Inc. operates in the Miscellaneous Food Preparations & Kindred Products sector, a segment of the broader food and beverage industry.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures to the SEC.

What Investors Should Do

1. Analyze the financial statements for revenue trends, profitability, and cash flow.
2. Review the 'Risk Factors' section for any new or evolving business, financial, or regulatory risks.
3. Examine management's discussion and analysis (MD&A) for insights into business performance and outlook.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-20: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial extraction of data from the 2023 10-K filing; comparative data from the previous year's filing would be needed for a direct comparison.

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 par value per share MED New York Stoc
• $92 — ock (based on the closing sale price of $92.16, as reported by the New York Stock E
• $30 billion — tember of 2023, the Company entered the $30 billion sports nutrition market, launching its
• $10.0 million — 425 shares of LifeMD's common stock for $10.0 million and has committed to invest up to an ad
• $5.0 million — support the collaboration (comprised of $5.0 million paid in December of 2023 and two $2.5 m
• $2.5 million — illion paid in December of 2023 and two $2.5 million payments expected in 2024), for enhance
• $20 billion — t's estimated to be worth approximately $20 billion today with a growth rate of approximate
• $100 billion — arket, which is expected to reach up to $100 billion by 2030 6 . We offer customers a radic

Filing Documents

• med-20231231.htm (10-K) — 1340KB
• med-20231231x10kxex211.htm (EX-21.1) — 8KB
• med-20231231x10kxex231.htm (EX-23.1) — 2KB
• med-20231231x10kxex311.htm (EX-31.1) — 9KB
• med-20231231x10kxex312.htm (EX-31.2) — 9KB
• med-20231231x10kxex32.htm (EX-32.0) — 7KB
• med-20231231x10kxex97.htm (EX-97.0) — 32KB
• med-20231231_g1.jpg (GRAPHIC) — 40KB
• 0001628280-24-005620.txt (&nbsp;) — 6834KB
• med-20231231.xsd (EX-101.SCH) — 40KB
• med-20231231_cal.xml (EX-101.CAL) — 99KB
• med-20231231_def.xml (EX-101.DEF) — 158KB
• med-20231231_lab.xml (EX-101.LAB) — 607KB
• med-20231231_pre.xml (EX-101.PRE) — 369KB
• med-20231231_htm.xml (XML) — 925KB

Business

Business 4 Item 1A

Risk Factors

Risk Factors 17 Item 1B Unresolved Staff Comments 28 I tem 1C Cybersecurity 28 Item 2

Properties

Properties 29 Item 3

Legal Proceedings

Legal Proceedings 30 Item 4 Mine Safety Disclosures 30 PART II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 31 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 32 Item 7A

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 39 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 40 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 62 Item 9A

Controls and Procedures

Controls and Procedures 62 Item 9B Other Information 63 Item 9C Di sclosure Regarding Foreign Jurisdictions That Prevent Inspections 63 PART III Item 10 Directors, Executive Officers and Corporate Governance 64 Item 11

Executive Compensation

Executive Compensation 64 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 64 Item 13 Certain Relationships and Related Transactions, and Director Independence 64 Item 14 Principal Accountant Fees and Services 64 PART IV Item 15 Exhibits and Financial Statement Schedules 65 Item 16 Form 10-K Summary 67 3 Table of Contents PART I

BUSINESS

ITEM 1. BUSINESS SUMMARY Medifast, Inc. ("Medifast," the "Company," "we" or "us") is the health and wellness company known for its habit-based and coach-guided lifestyle solution, OPTA VIA . The Company has initiated its business transformation by expanding into the medically supported weight loss and sports nutrition markets, reflecting its commitment to providing comprehensive health and wellness solutions to customers as both their needs and the industry evolve . Medifast has created a well-capitalized business and OPTA VIA has grown into a billion-dollar brand under current leadership. It has a powerful business model, building a network of more than 41,100 active earning Coaches and impacting more than 3 million customers. Medifast was recognized in 2023 by Financial Times as one of The Americas' Fastest Growing Companies and in 2022 as one of America's Best Mid-Sized Companies by Forbes. As a physician-founded company with a 40+ year history, Medifast is a leader in the U.S. weight management industry. OPTA VIA's lifestyle plans deliver clinically proven health benefits as well as evidence-based tools, including scientifically developed products and a framework for habit creation reinforced by independent Coaches and community support. The Company continues to innovate and build upon its scientific and clinical heritage to fulfill its mission of offering Lifelong Transformation, One Healthy Habit at a Time . OPTA VIA's holistic lifestyle solution is built around four key components: Independent Coaches: Independent OPTA VIA Coaches provide individualized support and guidance to customers on the path to optimal health and wellbeing. OPTA VIA Community: A Community of like-hearted people providing each other with real-time connection and support. The Habits of Health Transformational System: A proprietary system that offers easy steps to a sustainable healthy lifestyle. Products & Plans: Clinically proven plans and scientifically developed products, bac

View Full Filing

View this 10-K filing on SEC EDGAR