Medifast Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Medifast Inc. has filed its Q1 2024 10-Q report, detailing financial performance and operational status.</b>

AI Summary

MEDIFAST INC (MED) filed a Quarterly Report (10-Q) with the SEC on April 29, 2024. Medifast Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on December 31st. Medifast Inc. is incorporated in Delaware. The company's principal business address is in Owings Mills, Maryland.

Why It Matters

For investors and stakeholders tracking MEDIFAST INC, this filing contains several important signals. This filing provides investors with the latest financial data and operational insights for Medifast Inc. for the first quarter of 2024. Understanding the details within this 10-Q is crucial for assessing the company's current financial health and future prospects.

Risk Assessment

Risk Level: low — MEDIFAST INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant negative news or disclosures that would suggest a high-risk event.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand Medifast's performance in Q1 2024 and identify any emerging trends or risks.

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report period)
• 2024-04-29 — Filing Date (Date the report was filed)
• 2024-01-01 — Quarter Start Date (Beginning of the reporting period)
• 1231 — Fiscal Year End (Company's fiscal year end date)

Key Players & Entities

• MEDIFAST INC (company) — Filer name
• MED (company) — Ticker symbol
• 2024-04-29 (date) — Filing date
• 2024-03-31 (date) — Period of report
• 2024-01-01 (date) — Quarter start date
• 11445 CRONHILL DRIVE (address) — Business address
• OWINGS MILLS (location) — Business address city
• MD (location) — Business address state

FAQ

Industry Context

Medifast Inc. operates in the miscellaneous food preparations and kindred products sector.

Regulatory Implications

The company is subject to standard SEC regulations for public filings, including the requirement to submit quarterly reports (10-Q).

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and other key performance indicators.
2. Examine the Management's Discussion and Analysis (MD&A) section for insights into business trends and outlook.
3. Review any disclosed risk factors or legal proceedings that may impact the company.

Year-Over-Year Comparison

This is the initial filing for the first quarter of 2024, so direct comparison to a prior period within this filing is not applicable. However, it sets the baseline for future comparisons.

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 per share MED New York Stock Exchange

Filing Documents

• med-20240331.htm (10-Q) — 721KB
• med-20240131xexx311.htm (EX-31.1) — 10KB
• med-20240131xexx312.htm (EX-31.2) — 10KB
• med-20240131xexx321.htm (EX-32.1) — 7KB
• 0001628280-24-019046.txt (&nbsp;) — 4137KB
• med-20240331.xsd (EX-101.SCH) — 28KB
• med-20240331_cal.xml (EX-101.CAL) — 63KB
• med-20240331_def.xml (EX-101.DEF) — 127KB
• med-20240331_lab.xml (EX-101.LAB) — 390KB
• med-20240331_pre.xml (EX-101.PRE) — 260KB
• med-20240331_htm.xml (XML) — 511KB

– Financial Statements

Item 1 – Financial Statements Condensed Consolidated Statements of Income (unaudited) for the Three Months Ended March 31, 2024 and 2023 2 Condensed Consolidated Statements of Comprehensive Income (unaudited) for the Three Months Ended March 31, 2024 and 2023 3 Condensed Consolidated Balance Sheets (unaudited) as of March 31, 2024 and December 31, 2023 4 Condensed Consolidated Statements of Cash Flows (unaudited) for the Three Months Ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Changes in Stockholders' Equity (unaudited) for the Three Months Ended March 31, 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements (unaudited) 7

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

Item 2 – Management's Discussion and Analysis of Financial Condition and Results of Operations 15

– Quantitative and Qualitative Disclosures about Market Risk

Item 3 – Quantitative and Qualitative Disclosures about Market Risk 22

– Controls and Procedures

Item 4 – Controls and Procedures 22

– Other Information

Part II – Other Information

– Legal Proceedings

Item 1 – Legal Proceedings 23

– Risk Factors

Item 1A – Risk Factors 23

– Unregistered Sales of Equity Securities and Use of Proceeds

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds 23

– Exhibits

Item 6 – Exhibits 24 1 Table of Contents MEDIFAST, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (U.S. dollars in thousands, except per share amounts & dividend data) Three months ended March 31, 2024 2023 Revenue $ 174,739 $ 348,983 Cost of sales 47,447 102,593 Gross profit 127,292 246,390 Selling, general, and administrative 119,352 192,879 Income from operations 7,940 53,511 Other income (expense) Interest income (expense) 1,223 ( 181 ) Other income (expense) 2,422 ( 1 ) 3,645 ( 182 ) Income from operations before income taxes 11,585 53,329 Provision for income taxes 3,269 13,361 Net income $ 8,316 $ 39,968 Earnings per share - basic $ 0.76 $ 3.68 Earnings per share - diluted $ 0.76 $ 3.67 Weighted average shares outstanding Basic 10,909 10,864 Diluted 10,958 10,899 Cash dividends declared per share $ — $ 1.65 The accompanying notes are an integral part of these condensed consolidated financial statements. 2 Table of Contents MEDIFAST, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (U.S. dollars in thousands) Three months ended March 31, 2024 2023 Net income $ 8,316 $ 39,968 Other comprehensive income, net of tax: Foreign currency translation 15 9 Unrealized losses on investment securities ( 241 ) — ( 226 ) 9 Comprehensive income $ 8,090 $ 39,977 The accompanying notes are an integral part of these condensed consolidated financial statements. 3 Table of Contents MEDIFAST, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (U.S. dollars in thousands, except par value) March 31, 2024 December 31, 2023 ASSETS Current Assets Cash and cash equivalents $ 97,471 $ 94,440 Inventories 46,273 54,591 Investments 58,957 55,601 Income taxes, prepaid 5,471 8,727 Prepaid expenses and other current assets 11,412 10,670 Total current assets 219,584 224,029 Property, plant and equipment - net of accum

View Full Filing

View this 10-Q filing on SEC EDGAR