Medifast Q3 revenue falls 19.4% to $72 million

• Medifast reported third-quarter 2026 revenue of $72 million, down 19.4% year over year, while its net loss widened to $17.5 million, or $1.57 per share.
• Active earning coaches declined 47.7% to 10,200, although average revenue per active coach increased 54.1% to $7,064, reflecting improved productivity within a smaller network.
• Medifast expects fourth-quarter revenue of $55 million to $75 million and earnings per share of $0.00 to $0.25, supported by its Trilivy launch and Catalyst cost-reduction program.

Medifast (NYSE:MED) reported third-quarter 2026 revenue of $72 million, a 19.4% decline from $89.4 million a year earlier, while its net loss widened to $17.5 million, or $1.57 per share, from $2.3 million, or $0.21 per share.

The company's independent active earning coaches decreased 47.7% to 10,200 from 19,500 a year earlier, reflecting continued customer acquisition challenges amid growing adoption of GLP-1 weight-loss medications.

Average revenue per active earning coach increased 54.1% to $7,064, while gross profit declined 19.5% to $50.0 million and gross margin remained unchanged at 69.5%.

Medifast expects fourth-quarter 2026 revenue of $55 million to $75 million and earnings of $0.00 to $0.25 per share, while projecting full-year revenue of $280 million to $300 million and a net loss of $1.80 to $2.05 per share.

Selling, general and administrative expenses rose 4.8% to $69.4 million, largely reflecting restructuring charges under the Catalyst cost-reduction program, while adjusted net loss narrowed to $2.1 million from a reported loss of $17.5 million.

The company ended September with $172.5 million in cash, cash equivalents and investment securities and no debt, as management continued shifting its business toward metabolic health products and more productive coaching operations.