Medifast falls after downbeat Q2 forecast

Medifast

29/04/2024 22:07

** Health and wellness company Medifast's  MED.N  shares
fall 18.1% to $29.09 after market
    ** Co expects Q2 revenue to be in the range of $150 mln to
$170 mln, below analysts' estimate of $175.1 mln - LSEG
    ** It expects its Q2 EPS to be in the range of $0.05/shr to
$0.40/shr, missing analysts' estimate of $0.67/shr
    ** Reports Q1 revenue of $174.7 mln vs $349 mln a year ago
    ** Gross profit decreased 48.3% to $127.3 mln from $246.4
mln
    ** "The decrease in gross profit was due to lower revenue,
partially offset by efficiencies in inventory management and
cost savings from Fuel for the Future initiatives," - co 
    ** Stock has fallen 47.17% YTD

 (Reporting by Abhinav Parmar in Bengaluru)
 ((Abhinav.parmar@thomsonreuters.com))