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Last $30.69 USD
Change Today +0.69 / 2.30%
Volume 171.3K
MED On Other Exchanges
Symbol
Exchange
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As of 8:04 PM 05/1/15 All times are local (Market data is delayed by at least 15 minutes).

medifast inc (MED) Key Developments

Medifast Inc. Reconstitutes Board

Medifast Inc. announced that it has entered into a cooperation agreement with Engaged Capital LLC, which beneficially owns approximately 6% of the company's outstanding shares. Under third cooperation agreement, the company's board of directors has agreed to nominate new, independent director candidates to stand for election at the company's 2015 Annual Meeting of Stockholders, including Jeffrey J. Brown, Jori Hartwig and Glenn W. Welling. The company announced that, commencing with the 2015 Annual Meeting, it will eliminate its classified board and decrease the size of the board from 12 to seven directors, subject to an increase to nine directors when the two additional independent directors have been agreed upon. As a result, Rev. Donald F. Reilly, Harvey C. Barnum, Barry B. Bondroff, John P. McDaniel, Sr. Catherine T. Maguire, Jason L. Groves, Jerry D. Reece and Meg Sheetz will not stand for re-election. Groves and Sheetz will continue in their roles as officers of the company, while incumbent Medifast directors who will stand for re-election at the 2015 Annual Meeting include Kevin G. Byrnes, Charles P. Connolly, Michael C. MacDonald and Carl E. Sassano.

Medifast Inc. Approves Amended and Restated Bylaws

On and effective March 18, 2015, the Board of Directors of Medifast Inc. approved and adopted Amended and Restated Bylaws of the company, which provide that the Board may, by majority vote of the Whole Board, extend or waive the advance notice deadlines in the Amended and Restated Bylaws for stockholders to provide notice of nomination of a person for election as a director at, or propose that other business be brought before, a stockholder meeting of the company and that a stockholder's notice of nomination of a person for election to the Board at an annual meeting of the company's stockholders for which the waiver must be received by the company not less than ninety days nor more than one hundred twenty days prior to the one-year anniversary of the preceding year's annual meeting, subject to limited exceptions in the Amended and Restated Bylaws.

Medifast, Inc. Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Earnings Guidance for First Quarter and Full Year of 2015

Medifast Inc. reported consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported revenue of $62,303,000 against $70,273,000 a year ago. Income from operations was $4,185,000 against $10,038,000 a year ago. Income from continuing operations before income taxes was $4,161,000 against $9,767,000 a year ago. Income from continuing operations was $2,584,000 or $0.21 per diluted share against $7,197,000 or $0.53 per diluted share a year ago. Net loss was $3,361,000 or $0.28 per diluted share against net income of $5,290,000 or $0.39 per diluted share a year ago. Adjusted income from continuing operations was $4,600,000 or $0.38 per diluted share against $7,197,000 or $0.53 per diluted share a year ago. Adjusted net loss was $1,345,000 or $0.11 per diluted share against adjusted net income of $5,290,000 or $0.39 per diluted share a year ago. Adjusted income from operations was $7,182,000 against $10,038,000 a year ago. For the full year, the company reported revenue of $285,285,000 against $324,054,000 a year ago. Income from operations was $30,246,000 against $38,410,000 a year ago. Income from continuing operations before income taxes was $31,693,000 against $39,043,000 a year ago. Income from continuing operations was $21,029,000 or $1.65 per diluted share against $27,135,000 or $1.96 per diluted share a year ago. Net income was $13,181,000 or $1.03 per diluted share against $23,969,000 or $1.73 per diluted share a year ago. Adjusted income from operations was $24,132,000 or $1.89 per diluted share against $27,135,000 or $1.96 per diluted share a year ago. Adjusted net loss was $1,345,000 or $0.11 per diluted share against adjusted net income of $5,290,000 or $0.39 per diluted share a year ago. Adjusted income from operations was $34,823,000 against $38,410,000 a year ago. The company expects first quarter 2015 net revenue from continuing operations to be in the range of approximately $70.0 to $73.0 million and earnings per diluted share from continuing operations in the range of $0.33 to $0.35 per diluted share. For fiscal year 2015, the company expects revenue from continuing operations to be in the range of $285 to $300 million and earnings per diluted share from continuing operations in the range of $1.85 to $1.95 per diluted share. The fiscal year 2015 guidance assumes a 33% to 34% effective tax rate.

Medifast Inc. to Report Q4, 2014 Results on Mar 12, 2015

Medifast Inc. announced that they will report Q4, 2014 results at 4:30 PM, US Eastern Standard Time on Mar 12, 2015

Medifast Inc., Q4 2014 Earnings Call, Mar 12, 2015

Medifast Inc., Q4 2014 Earnings Call, Mar 12, 2015

 

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Industry Analysis

MED

Industry Average

Valuation MED Industry Range
Price/Earnings 18.6x
Price/Sales 1.3x
Price/Book 4.6x
Price/Cash Flow 28.3x
TEV/Sales 1.1x
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