Medifast beats Wall Street expectations in first quarter

Owings Mills weight loss company posts $6.4 million profit

May 09, 2011|By Gus G. Sentementes, The Baltimore Sun

Medifast Inc., an Owings Mills-based provider of portion-controlled weight-loss programs, said Monday it had higher-than-expected first-quarter earnings, fueled by strong sales in its three business categories.

The company, which sells diet food and offers coaching programs for dieters, had strong quarter-over-quarter revenues from its direct sales, direct marketing and weight-loss center operations.

Revenues rose 23 percent to $74.3 million in the quarter ended March 31, compared with $60.6 million in the similar quarter last year. Medifast's quarterly profit rose to $6.4 million, or 44 cents per diluted share, compared to $4.9 million, or 33 cents per share for last year's first quarter.

Analysts had expected profit of 41 cents per share in the quarter, according to MarketWatch.

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