Medifast IncNYSE: MED

Second Quarter 2026 Medifast Second Quarter 2026 Earnings Supplement

Aug 3, 2026 at 8:16 PM UTC · Issued by Medifast Inc

Watch Medifast explain itMEDIFAST INC (MED) Q2 2026 Earnings Call · Replay · Aug 3

Q2 2026

Earning Supplement

Medifast® Q2 2026 Highlights

Revenue within Guidance Range, EPS above Guidance Range

Gross Profit Margin of 69.9% was down 270 bp versus Q2 2025, impacted by loss of leverage of fixed costs

Operating Income declined versus Q2 2025, negatively impacted by loss of leverage of fixed costs partially offset by lower marketing costs

Coach Productivity grew Y/Y for the third consecutive quarter

Revenue per active earning coach (AEC) increased 41% Y/Y & 20% Q/Q, and is expected to continue to grow throughout the remainder of 2026

Debt-Free, with $170 Million of Cash & Investments as of June 30, 2026, compared to $167M at December 31, 2025

Enterprise Value remains below net cash & investments

| Q2 2026 - By the Numbers

$76M

revenue

$160M

working capital

($0.28)

loss per share

$6,529

revenue per active earning coach

11,700

active earning coaches

$170M

cash & cash equivalents and investments

Early Signals of Business Improvement

Coach Productivity

Q2 coach productivity gain of 41% Y/Y & 20% Q/Q
§ Third consecutive quarter of growth
Highest revenue per AEC since Q2 2022
§ Expected to continue to rise throughout 2026
Productivity Improvements Historically Precede Coach & Revenue Growth
Higher productivity typically leads to higher new client growth, which drives new coach growth
Percent of Coach Base Qualifying for Coach Leadership Level
Q2 continued double-digit percent of coaches at ED+ level, highest since 2022
Significant increase in coach-led events and programs
New compensation program and new standardized coach training expected to drive further coach engagement and motivation
Active Earning Coach Trends
Number of new coaches expected to exhibit growth in second half of 2026
New coaches generally secure new clients at a higher rate than the overall coach base
5
© 2026 Medifast, Inc. All Rights Reserved.

Going Beyond Weight Loss
Science-Driven Innovation
Coaches at the Center

Enhanced Business Model

45+ years of scientific heritage
Once-in-a-generation opportunity to redefine wellness, as 90%+ US adults are metabolically unhealthy*
Targeting visceral fat reduction, lean mass retention, and healthy muscle protection
Not just measured by pounds lost, but by how much healthier a person becomes
Products launched in 2026 with clinically studied ingredients to support metabolic health
Human connection is core to approach
+
Coaches translate underlying science into real-world results
Clinical data shows clients who work with a coach lose 10x more weight** and 17x more fat** than those who go it alone
New compensation plan combines incentives, best practices, and recognition to help coaches grow their businesses
A 10-year plan through 2036 to drive innovation and advance optimal health and wellbeing
+
A disciplined focus on speed, simplicity, scale, and stewardship
An ecosystem built to support clients across their whole health journey - expanding the market served
HSA/FSA eligibility on select plans that makes the solution more affordable for more clients†
*O'Hearn M, et al. Trends and Disparities in Cardiometabolic Health Among U.S. Adults, 1999-2018. J Am Coll Cardiol. 2022;80(2):138-151. doi: 10.1016/j.jacc.2022.04.046.
**Those on the Optimal Weight 5 & 1 Plan® with support of a coach successfully lost 10x more weight and 17x more fat than those who tried to lose weight on their own. Arterburn LM, et al. Randomized controlled trial assessing two commercial weight loss programs in adults with overweight or obesity. Obes Sci Pract. 2018;5(1):3-14. doi: 10.1002/osp4.312.
†Available for reimbursement on select insurance plans using Health Savings Accounts (HSA) and Flexible Spending Accounts (FSA)

© 2026 Medifast, Inc. All Rights Reserved.
6
Brand reflects the broader metabolic focus of the business
A name built for where the company is going, not where it has been - a modern metabolic health company for today's and tomorrow's opportunities
A metabolic health system across 3 phases -reset, refine, & renew
Positions business to lead the conversation and build mind share around metabolic health as the category takes shape
Honors the foundation already built while aligning the brand that coaches and clients live in every day with the strategy that is being executed
© 2026 Medifast, Inc. All Rights Reserved.
A NEW NAME FOR

A BIGGER VISION OF HEALTH.
New Brand:

Metabolic Synchronization®: Medifast's Breakthrough Scientific Framework
Metabolic Synchronization
Outcomes
Targets the root of metabolic dysfunction to improve metabolic health beyond weight loss
Systematic harmonization of the body's metabolic processes at the cellular level
Works with the body to help reset key metabolic processes that have fallen out of balance
Guides future research & innovation focus, which could include energy regulation, muscle health and performance, digestive health, metabolic health, sleep quality, and health span

Delivers strong & targeted fat burn, creating conditions for improvement in body composition, energy, & overall health

→

14%

visceral fat reduction*

Reduce

Visceral (Bad) Fat

98%

lean mass retention*

Retain

Protect

Healthy Muscle

High-Quality Protein products & plans

Lean Mass

Lustig RH, et al. Obesity I: Overview and molecular and biochemical mechanisms. Biochem Pharmacol. 2022;199:115012. doi: 10.1016/j.bcp.2022.115012.

*Arterburn LM, et al. Randomized controlled trial assessing two commercial weight loss programs in adults with overweight or obesity. Obes Sci Pract. 2018;5(1):3-14. doi: 10.1002/osp4.312. In a clinical study, individuals on the Optimal Weight 5 & 1 Plan, retained 98% of lean mass and achieved 14% reduction of visceral fat at 16 weeks."

Medifast Metabolic Health Institute™ Core Pillars: Optimal Metabolic Health

Metabolic Health Science

Metabolic Health Research

Products Research & Development

→

Advancing the field through rigorous research

Through the Medifast Metabolic Health Institute™, the company is:

Elevating the importance of metabolic health as a cornerstone of well-being

Becoming a trusted source of metabolic health expertise

Scientific Advisory Board

Scientific Communications

Education, Training & Certification

Strengthening the evidence and benefits of healthy habits

Translating science into actionable knowledge

Driving advancements in optimal metabolic health

Enhanced Product Line Ready to Launch:

Upgraded for Optimal Metabolic Health

Nutrient-dense

High-quality complete protein

Interchangeable 24 essential vitamins

& minerals

Prebiotics & probiotics No flavors, colors,

or sweeteners from artificial sources

Nutrition Blueprint

Now With The New MetaVantage

Technology™

Clinically studied postbiotic helps support a reduced waist circumference*

Chromium picolinate helps maintain healthy insulin function

Choline

supports normal fat metabolism

*Pedret, A., R.M. Valls, L. Calderon-Perez, et al. Effects of daily consumption of the probiotic Bifidobacterium animalis subsp. lactis CECT 8145 on anthropometric adiposity biomarkers in abdominally obese subjects: a randomized controlled trial. Int J Obes (Lond) 2019;43(9):1863-1868.

Strong Feedback From Product Pilot Program

33 Participants

successfully completed the 12-week program

On average, participants lost

21.6 lbs.*

On average, participants reduced their visceral fat** score by

2.4 pts.

*Average weight loss on the Reset 5 & 1 Plan is 12 pounds. Clients are in weight loss, on average, for 12 weeks.

**In a clinical study, individuals on the Reset 5 & 1 Plan experienced a reduction of 14% visceral fat and 98% of lean mass was retained at 16 weeks. Arterburn LM, Coleman CD, Kiel J, et al. Randomized controlled trial assessing two commercial weight loss programs in adults with overweight or obesity. Obes Sci Pract. Feb 2019;5(1):3-14. doi:10.1002/osp4.312

Looking Ahead

Building for Sustainable Growth

Consistent & Clear Strategy

Science-based, coach-guided system, executing a 10-year roadmap to help people achieve long-term metabolic health

New Brand & Products

OPTAVIA® has become TrilivyTM - a metabolic health system across three phases: reset, refine, renew
New Reset Fuelings, the first products with MetaVantage TechnologyTM, launch in August, after strong pilot feedback
Coaches at the Center, Energized by New Compensation Plan
Coaches clinically proven to improve results and effectiveness of the company's programs
Coaches most effective channel for client acquisition
New compensation plan combines incentives, best practices, and recognition to help coaches grow their businesses
Market Opportunity is Significant
9 of 10 U.S. adults*, and 1.5 billion worldwide** are metabolically unhealthy. Building an ecosystem that serves clients across their whole health journey
Deepening focus on metabolic health through ongoing research and the development of new products
Operating Momentum & Disciplined Execution
Coach productivity up a third straight quarter; revenue per active coach at its highest since Q2 2022
$170M in cash and investments with no debt; expect Q4 2026 to be an inflection point toward growth and profitability

*O'Hearn M, et al. Trends and Disparities in Cardiometabolic Health Among U.S. Adults, 1999-2018. J Am Coll Cardiol. 2022;80(2):138-151. doi: 10.1016/ j.jacc.2022.04.046.

**Noubiap, J.J., Nansseu, J.R., Nyaga, U.F. et al. Worldwide trends in metabolic syndrome from 2000 to 2023: a systematic review and modelling analysis. Nat Commun 17, 573 (2026).

Q3 2026

$60M - $80M

Q3 revenue

($0.15) - ($0.65)

Q3 loss per share

FY 2026

$270M - $300M

FY revenue

($0.25) - ($1.75)

FY loss per share

| 2026 - Guidance

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