Medifast Inc · NYSE:MED
Medifast — Q4 2025 Earnings Presentation
12 slides from Medifast's earnings presentation, Feb 17, 2026
Slide 1: Medifast Q4 2025 Earnings Supplement
1 Medifast® Q4 2025 Earnings Supplement
Slide 2: Safe Harbor Statement
Safe Harbor Statement 2 This presentation contains "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 forward-looking
Slide 3: Medifast Q4 2025 Highlights
Medifast® Q4 2025 Highlights 3 Revenue at upper end of guidance • Loss per share better than guidance range after excluding a non- cash valuation allowance Gross profit margin of 69.4% was down 470 bp versus Q4 2024 • Impacted by loss of leverage on fixed costs and a one-time restructuring charge Op
Slide 4: Q4 2025 By The Numbers
4 $75M $158.7M ($1.65) REVENUE WORKING LOSS PER SHARE CAPITAL Q4 2025 By The Numbers $4,664 16,100 $167M REVENUE PER ACTIVE ACTIVE EARNING CASH & CASH EQUIVALENTS EARNING COACH COACHES AND INVESTMENTS © 2026 Medifast, Inc. All Rights Reserved.
Slide 5: FY 2025 By The Numbers
5 $386M ($1.70) REVENUE LOSS PER SHARE FY 2025 By The Numbers $7M 71.3% 2025 GROSS PROFIT AS OPERATING A PERCENT OF SALES CASH FLOW © 2026 Medifast, Inc. All Rights Reserved.
Slide 6: Early Signals of Business Improvement
Early Signals of Business Improvement Coach Productivity • 4Q coach productivity up 6% Y/Y & 2% Q/Q – first increase since mid-2022 – Highest level since Q3 2024 – Expected to continue to rise throughout 2026 Productivity Improvements Historically Precede Coach Growth • Historically has followed coa
Slide 7: From Transformation → To Transition
From Transformation → To Transition 7 TRANSFORMATION TRANSITION What We Accomplished What Happens Now 2024–2025 2026 • Reposition offer around Metabolic Health • Move upstream to metabolic health • Launched new scientific approach: • Launch next-gen products with enhanced Metabolic Synchronization m
Slide 8: From Weight Loss to Metabolic Health
From Weight Loss to Metabolic Health 8 SCIENCE-DRIVEN INNOVATION COACHES AT THE CENTER SCALABLE BUSINESS MODEL 40+ years of scientific heritage Human connection is core to approach No inventory means coaches can scale without overhead Once-in-a-generation opportunity to redefine wellness, as 90%+ US
Slide 9: Metabolic Synchronization: Medifast's Breakthrough Scientific Framework
Metabolic Synchronization : Medifast’s Breakthrough Scientific 9 Framework Metabolic Synchronization Outcomes Targets the root of metabolic dysfunction to Delivers strong & targeted fat burn, creating improve metabolic health beyond weight loss conditions for improvement in body composition, energy
Slide 10: The Coach Engine
The Coach Engine 10 Coach Momentum +6% Substantial Increase in Coach Productivity YOY Event Activity vs Jan. 2025 Coaches Improve Outcomes 10x 17x More Weight Loss* More Fat Loss* Program Designed to Build Coach Leadership & Drive Coach Productivity Early Signs of a Healthier Coach Mix Coming in 2H2
Slide 11: Looking Ahead: Building For Sustainable Growth
Looking Ahead: Building For Sustainable Growth Strategy Stays Consistent & Clear • Medifast remains a science-based, coach-guided system that is moving upstream to help people achieve long-term metabolic health Market Opportunity is Significant • 9 of 10 US adults are metabolically unhealthy, equati
Slide 12: 2026 Guidance
12 $65M - $80M ($0.15) – ($0.70) Q1 Revenue Q1 Loss Per Share 2026 Guidance $270M - $300M ($1.55) – ($2.75) FY Revenue FY Loss Per Share © 2026 Medifast, Inc. All Rights Reserved.