Medifast, Inc. (NYSE:MED) Q3 2024 Earnings Conference Call November 4, 2024 4:30 PM ET

Company Participants

Steven Zenker - Vice President-Investor Relations
Dan Chard - Chairman & Chief Executive Officer
Jim Maloney - Chief Financial Officer

Conference Call Participants

Jim Salera - Stephens Inc.
Linda Bolton-Weiser - D.A. Davidson

Operator

Greetings, and welcome to the Medifast Third Quarter 2024 Earnings Conference Call. At this time, all participants are on a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Steven Zenker, Vice President of Investor Relations. Thank you, sir. You may begin.

Steven Zenker

Good afternoon, and welcome to Medifast's Third 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 September 30, 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 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 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

Thanks, Steve, and thanks to everyone for joining us on the call today. With me is Jim Maloney, Medifast's CFO. We'll give some color on our third quarter results and provide an update on the progress we're making on our business transformation. The weight loss segment of the health and wellness industry continues to experience profound change; widespread consumer adoption of GLP-1 medications has fundamentally shifted the way people think about weight management and health. The growth is in many ways staggering given that it's not quite 12 months since the FDA approved the second generation of GLP-1 medications for use in weight loss regimens. A recent Kaiser Family Foundation poll showed that one in five US overweight and obese adults have used one of these medications.