Medifast, Inc. (NYSE:MED) Q1 2024 Earnings Call Transcript April 29, 2024 4:30 PM ET

Company Participants

Steven Zenker - VP, IR
Dan Chard - Chairman & CEO
James Maloney - CFO

Conference Call Participants

James Salera - Stephens
Linda Bolton-Weiser - D.A. Davidson

Operator

Greetings. Welcome to the Medifast First Quarter 2024 Earnings Conference Call. At this time, all participants are on a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions]

I will now turn the conference over to your host, Steven Zenker, Vice President of Restoration. You may begin.

Steven Zenker

Good afternoon, and welcome to Medifast’s first quarter 2024 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 March 31, 2024 that went out this afternoon at approximately 4.05 p.m. 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 these 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 Chairman and Chief Executive Officer Dan Chard.

Dan Chard

Thank you, Steve, and thank you all for joining us today. With me today is Jim Maloney, Medifast’s CFO. I’ll give you an update on the progress we are making in our continued business transformation and Jim will then provide an update on our quarterly financial results.

Medical innovation is empowering more people than ever before to achieve their weight loss goals and that presents a remarkable opportunity for Medifast as an organization. The expanding use of GLP-1 medications for weight loss, as well as expected further innovations in the medically supported weight loss space is creating new markets in both the care and support segments of the weight loss industry. It is anticipated that these two areas will become an integral part of the health and wellness journeys of many individuals, as more and more people begin to use medication and make the necessary lifestyle modifications to help achieve greater long-term health and wellness outcomes.