Medifast, Inc. (NYSE:MED) Q2 2022 Earnings Conference Call August 3, 2022 4:30 PM ET

Company Participants

Reed Anderson - ICR, Investor Relations

Dan Chard - Chairman & Chief Executive Officer

Jim Maloney - Chief Financial Officer

Conference Call Participants

Chris Neamonitis - Jefferies

Operator

Good afternoon. And welcome to Medifast Second Quarter 2022 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Reed Anderson with ICR. Please go ahead.

Reed Anderson

Good afternoon, and welcome to Medifast second quarter 2022 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, 2022 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 be available on the company’s website.

Before we begin, we would like to remind everyone that the 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 upon 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 projections 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

Thank you, Reed, and good afternoon, everyone. Thank you for taking time to be with us. On the call with me today is Jim Maloney, our Chief Financial Officer. I'll start with an overview of the second quarter and the continued evolution of our business, then Jim who will run through our financial results in more detail. Following our prepared remarks, we will open up the call to take your questions.

Second quarter results were strong with revenue up 15% to $453 million, another company record, driven by continued growth in the number of OPTAVIA Coaches. Active earning coach numbers reached 68,000 in the second quarter, a 14.9% increase versus a year ago, and up 6.4% sequentially from the first quarter of 2022. Revenue per active earning coach, which is a measure of productivity of coaches supporting customer's was $6,667, slightly above levels in the prior year period and up 2% sequentially.