On this page of StockholderLetter.com we present the latest annual shareholder letter from MEDIFAST INC — ticker symbol MED. Reading current and past MED letters to shareholders can bring important insights into the investment thesis.

 •  4/6/2026 Letter Continued (Full PDF)
 •  5/1/2023 MED Stockholder Letter
 •  5/8/2024 MED Stockholder Letter
 •  5/5/2025 MED Stockholder Letter
 •  More "Consumer Goods" Category Stockholder Letters
 •  MED Benford's Law Stock Score = 79

MED Shareholder/Stockholder Letter Transcript:

2025 ANNUAL REPORT


This shift represents a natural extension of our
decades of expertise in structured, coachguided health transformation. By expanding the
scope of health outcomes we can impact and
the addressable markets we can serve, we are
positioning Medifast as a differentiated leader
in the broader metabolic health ecosystem.
Chairman & Chief Executive Officer

Dear Fellow Stockholder:
2025 was a defining year
for Medifast. As the health
landscape continues to
evolve rapidly, we took
decisive steps to reposition
our focus upstream   toward
improving metabolic health by
addressing the root causes of
metabolic dysfunction rather
than concentrating solely on
downstream symptoms like
weight gain. This marks an
important evolution for our
business, moving beyond
a primary focus on weight loss to fully embrace our role as a
metabolic health company.
This shift represents a natural extension of our decades of
expertise in structured, coach-guided health transformation.
By expanding the scope of health outcomes we can impact
and the addressable markets we can serve, we are positioning
Medifast as a differentiated leader in the broader metabolic
health ecosystem. In 2025, we completed the foundational
work needed to bring this strategy to life. Today, we are ready
to lead in a massive, underserved market where nearly 94% of
American adults express concern over at least one aspect of
their metabolic health1.
Our strategic priorities for 2026 are unified under a single
umbrella: disciplined execution on re-attaining growth
and profitability. We have taken systematic steps to align
our operations with market realities, including greater
expense management across all business functions, while
preserving the resources needed to invest in growth. While
controlled cost management remains essential, we are
equally focused on strengthening the capabilities required
to build our long-term metabolic health platform.
The Science of Metabolic Synchronization
We have a clear science-driven strategy that is supported
by clinical research. The centerpiece of our evolution is
Metabolic Synchronization  . Announced in October 2025,
this breakthrough scientific approach reverses metabolic
dysfunction and creates a targeted reset of the body   s key
metabolic processes.
Our clinical research has already demonstrated the power of
this system. In a 16-week clinical study of our flagship plan,
participants reduced    bad    visceral fat by 14% while retaining
98% of their lean mass. Further, the study demonstrated that
Coaches have a multiplier effect: clients with the support of a
Coach lost 10 times more weight and 17 times more fat than
those attempting to lose weight on their own. This is a critical
differentiator in a market often focused on weight loss at any
cost. By prioritizing body composition and metabolic efficiency,
we are providing a holistic solution that resonates with the
85% of Americans who believe metabolic dysfunction can
be reversed1.
We   re actively leveraging our Metabolic Synchronization
science platform to develop a new product line designed to
further support reduction of bad visceral fat, and improve body
composition, metabolic efficiency, and overall health. These
products will utilize a proprietary formula of clinically-studied
ingredients and are designed to support metabolic health.
We have strengthened our clinical and scientific foundation, and
we   ve positioned the company to expand our claims over time.
Execution and    Green Shoots   
As we enter 2026, we are moving from defining our strategy
to disciplined execution. We are already seeing the    green
shoots    of this transition. In the fourth quarter of 2025,
independent coach productivity turned positive year-overyear for the first time since mid-2022, growing by 6%. This
improvement was driven by a greater alignment within
our coach network, prioritizing our most productive coach
leadership organizations. We are seeing a healthy shift in
coach tenure, as we achieve a revitalized sweet spot where less
productive coaches transition off and are being replaced by a
younger-tenured coach base. Historically, coach productivity
has been a leading indicator of broader growth in client
acquisition and coach enrollment.
Our leadership team remains focused on several key priorities
with clear and measurable milestones. We are closely
tracking leading indicators across the business, including field
productivity, engagement, and demand signals, to ensure
early improvements translate into sustained performance. This
momentum is supported by the success of our Premier+, EDGE,
and client referral programs, which have simplified our offer
and incentivized the behaviors that drive long-term business
stability. Our coaches are energized by our new metabolic
health positioning, as evidenced by a significant rise in coachled meetings and training activity as we headed into 2026.
1 OPTAVIA commissioned an online survey with KRC Research among n=1,004 U.S. adults ages 18-75. The survey was fielded between September 23rd and September 29th, 2025.

A Planned Transition: Passing the Torch
Looking Ahead
On a personal note, I recently shared my plan to step down
as Chief Executive Officer effective June 1, 2026. Leading
Medifast for the past decade has been the greatest privilege of
my career. I am not leaving the Medifast family; I will continue
to serve as your Chairman, ensuring a smooth transition and
remaining fully engaged in our strategic vision. Over these ten
years, I have watched this company evolve from a traditional
weight-loss provider into a modern, coach-led health and
wellness leader. I have been inspired daily by the stories of
transformation from our clients and the unwavering dedication
of our independent coach community. This decision was made
thoughtfully and deliberately, as part of a planned transition to
ensure Medifast has the right leadership for its next decade
of growth.
Medifast has spent four decades at the forefront of evidencebased health. While the tools of our industry have changed, our
core belief remains unchanged: sustainable health requires the
human connection, accountability, and community that only a
coach-led model can provide.
The Board has appointed Nick Johnson as President, with the
expectation that he will succeed me as CEO. Nick has been a
central architect of our strategy since joining us in 2018. He has
been by my side through recent challenges and complexities,
as well as for the milestones of record-breaking achievement
that have defined our journey together. His deep connection
to our coach community, his operational discipline, and his
passion for our mission make him the ideal leader to guide
Medifast through this next era. I have full confidence in Nick
and the entire leadership team to carry our mission forward,
and I look forward to supporting them in my role as Chairman.
We are emerging from this period of transformation more
focused and more grounded in science than ever before.
Thank you for your continued trust and investment in Medifast
as we work to make a healthy lifestyle second nature for all.
Sincerely,
Dan Chard
Chairman & Chief Executive Officer
FORWARD-LOOKING STATEMENTS
Certain information included in this Annual Report, such as descriptions of Medifast   s objectives or goals, constitute    forward looking statements    within the meaning of the Private
Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements
give expectations of future events and are not guarantees of future performance and are subject to certain risks, uncertainties, and other factors reflected in the Risk Factors section of
Medifast   s Form 10-K for fiscal year 2025 and in Medifast   s other filings with the U.S. Securities and Exchange Commission. Although Medifast believes that these statements are reasonable,
actual results could differ materially from those expressed or implied in the forward-looking statements; therefore, the reader should not place undue reliance upon these statements,
which speak only as of the date of this Annual Report. Unless legally required, Medifast undertakes no obligation to update publicly any forward-looking statements, whether as a result
of the new information, future events, or otherwise.

4/6/2026 Letter Continued (Full PDF)

 

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