Medifast, Inc.

Medifast (MED) maintains a strong, cash-heavy balance sheet and trades near liquidation value, but its business model remains uninspiring amid GLP-1 disruption. Q3 2026 revenue declined 19.4% YoY to $72M, with active earning coaches down 47%, though average revenue per coach increased. Management transition and Steamboat Capital's activist involvement signal board-level changes, but the core product and MLM-style distribution remain unchanged.

MED tops Q3 earnings expectations as coach productivity jumps 54.1% and margins expand, despite declining revenues and a shrinking coach network.

Medifast, Inc. (MED) Q3 2026 Earnings Call Transcript

Medifast NYSE: MED reported third-quarter 2026 revenue of $72 million, down 19.4% from a year earlier, as the company continued to face a sharp decline in its active earning coach base. Management said revenue was within its guidance range and marked a fourth consecutive quarter in which sales stabilized around the mid-$70 million range.