MEDIFAST INC
For the period ended Jun 30, 2024. Filed Aug 5, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 5, 2024
MED$12.81+0.6%Stored close · as of Nov 6, 2026
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Item 1. – Financial Statements
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(U.S. dollars in thousands, except per share amounts & dividend data)
| Three months ended June 30, | Six months ended June 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Revenue | $168,558 | $296,188 | $343,297 | $645,170 |
| Cost of sales | 45,120 | 85,473 | 92,567 | 188,065 |
| Gross profit | 123,438 | 210,715 | 250,730 | 457,105 |
| Selling, general, and administrative | 131,314 | 172,009 | 250,666 | 364,887 |
| Income (loss) from operations | (7,876) | 38,706 | 64 | 92,218 |
| Other income (expense) | ||||
| Interest income | 1,296 | 462 | 2,519 | 281 |
| Other expense | (4,070) | (51) | (1,647) | (53) |
| (2,774) | 411 | 872 | 228 | |
| Income (loss) from operations before income taxes | (10,650) | 39,117 | 936 | 92,446 |
| Provision (benefit) for income taxes | (2,496) | 8,837 | 773 | 22,198 |
| Net income (loss) | $(8,154) | $30,280 | $163 | $70,248 |
| Earnings (loss) per share - basic | $(0.75) | $2.78 | $0.01 | $6.46 |
| Earnings (loss) per share - diluted | $(0.75) | $2.77 | $0.01 | $6.43 |
| Weighted average shares outstanding | ||||
| Basic | 10,937 | 10,888 | 10,923 | 10,876 |
| Diluted | 10,937 | 10,917 | 10,967 | 10,923 |
| Cash dividends declared per share | $— | $1.65 | $— | $3.30 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
(U.S. dollars in thousands)
| Three months ended June 30, | Six months ended June 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Net income (loss) | $(8,154) | $30,280 | $163 | $70,248 |
| Other comprehensive income (loss), net of tax: | ||||
| Foreign currency translation | 32 | 90 | 43 | 99 |
| Unrealized losses on investment securities | (28) | — | (265) | — |
| 4 | 90 | (222) | 99 | |
| Comprehensive income (loss) | $(8,150) | $30,370 | $(59) | $70,347 |
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