Medifast Full Year 2025 Update
The net net turnaround opportunity continues.
Warren Buffett: Both our operating and investment experience cause us to conclude that turnarounds seldom turn.1
Me: So you’re saying there’s a chance?
Disclosures: Long MED
Highlights
Operating losses continue
Sales down 36% YoY
Operating loss of $14 million
Coaches
Active earning coaches down 40.6% YoY to 16,100
Small bright spot in 6% QoQ revenue per active coach
Cash + investments of $167 million
Market cap = $115 million
$12.1 million non-cash tax valuation allowance, but $10.5 million out the door in cash taxes
2026 guidance
Q1 revenue $65 to $80 million
Full-year revenue of $270 to $300 million
Full-year loss of $1.55 to $2.75 per share ($17 million to $30 million)
