Medifast, Inc. (NYSE:MED) Q2 2023 Earnings Conference Call August 7, 2023 4:30 PM ET

Company Participants

Steve Zenker - VP of IR

Dan Chard - Chairman and CEO

Jim Maloney - CFO

Conference Call Participants

Linda Bolton-Weiser - D.A. Davidson

Operator

Good afternoon, and welcome to the Medifast Second Quarter 2023 Earnings Conference Call. All participants will be in listen-only mode. After today's presentation, there will be an opportunity to ask questions. Please note, this event is being recorded.

I would now like to turn the conference over to Steve Zenker, Medifast's Vice President of Investor Relations. Please go ahead.

Steve Zenker

Good afternoon, and welcome to Medifast second quarter 2023 earnings conference call. On the call with me today are Dan Chard, Chairman and Chief Executive Officer; and Jim Maloney, Chief Financial Officer.

By now, everyone should have access to the earnings release for the quarter ended June 30, 2023, that went out this afternoon at approximately 4:05 PM Eastern Time. If you have not received the release, it is available on the Investor Relations portion of Medifast's website at www.medifastinc.com. This call is being webcast and a replay will also be available on the company's website.

Before we begin, we would like to remind everyone that today's prepared remarks contain forward-looking statements, and management may make additional forward-looking statements in response to your questions. The words believe, expect, anticipate and other similar expressions generally identify forward-looking statements. These statements do not guarantee future performance, and therefore, undue reliance should not be placed on them. Actual results could differ materially from those projected in any forward-looking statements. All of the forward-looking statements contained herein speak only as of the date of this call. Medifast assumes no obligation to update any forward-looking statements that may be made in today's release or call.

And with that, I would like to turn the call over to Medifast's Chairman and Chief Executive Officer, Dan Chard.

Dan Chard

I want to start by thanking you all for joining today's call. With me today is Jim Maloney, Medifast's Chief Financial Officer.

Before I get into the specific dynamics of the second quarter, I want to share how Medifast is evolving to create sustainable success in the changing marketplace. As we have mentioned previously, the market has experienced some significant shifts in the last year, caused in part by changes in the macroeconomic and competitive environments. In both areas, shifts have impacted the nature of the demand and demand creation and caused Medifast and other companies to reassess drivers for long term growth.