Medifast Inc (MED) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Medifast second-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Medifast 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce you to your host, Steven Zenker, the Investor Relations. Thank you, Steven. You may begin

現在我很高興向您介紹主持人、投資者關係部門 Steven Zenker。謝謝你，史蒂文。你可以開始

Good afternoon, and welcome to Medifast second-quarter 2025 earnings conference call. On the call with me today are Dan Chard, Chairman and Chief Executive Officer; and Jim Maloney, Chief Financial Officer.

下午好，歡迎參加 Medifast 2025 年第二季財報電話會議。今天與我一起通話的還有董事長兼執行長 Dan Chard 和財務長吉姆馬洛尼 (Jim Maloney)。

By now, everyone should have access to the earnings release for the second quarter ended June 30, 2025, that went out this afternoon at approximately 4:05 PM Eastern time. If you have not received the release, it is available on the Investor Relations portion of Medifast website at www.medifastinc.com. This call is being webcast, and a replay will also be available on the company's website.

到目前為止，每個人都應該可以看到今天下午東部時間大約 4:05 發布的截至 2025 年 6 月 30 日的第二季度收益報告。如果您尚未收到該新聞稿，請造訪 Medifast 網站 www.medifastinc.com 的投資者關係板塊獲取。本次電話會議將進行網路直播，重播也將在公司網站上提供。

Before we begin, we would like to remind everyone that today's prepared remarks contain forward-looking statements, and management may make additional forward-looking statements in response to your questions. The words believe, expect, anticipate and other similar expressions generally identify forward-looking statements.

在我們開始之前，我們想提醒大家，今天的準備好的評論包含前瞻性的陳述，管理層可能會針對您的問題做出額外的前瞻性陳述。相信、期望、預期和其他類似的表達通常表示前瞻性陳述。

These statements do not guarantee future performance, and therefore, undue reliance should not be placed on them. Actual results could differ materially from those projected in any forward-looking statements. All of the forward-looking statements contained herein speak only as of the date of this call. Medifast assumes no obligation to update any forward-looking statements that may be made in today's release or call.

這些聲明並不保證未來的表現，因此，不應過度依賴它們。實際結果可能與任何前瞻性陳述中預測的結果有重大差異。本文所包含的所有前瞻性陳述僅代表本次電話會議召開之日的觀點。Medifast 不承擔更新今天發布或電話會議中可能做出的任何前瞻性陳述的義務。

Now I would like to turn the call over to Medifast's Chairman and Chief Executive Officer, Dan Chard.

現在我想將電話轉給 Medifast 董事長兼執行長 Dan Chard。

Thank you, Steve, and good afternoon, everyone. We're glad to be here with you today to share some updates on our progress over the second quarter of 2025. We continue to work diligently to transform our business and capitalize on the significant opportunities in helping people achieve their health goals, especially as it relates to weight loss and optimal metabolic health.

謝謝你，史蒂夫，大家下午好。我們很高興今天能在這裡與大家分享我們在 2025 年第二季取得的一些進展。我們將繼續努力轉變我們的業務，並利用重大機會幫助人們實現他們的健康目標，特別是與減肥和最佳代謝健康相關的目標。

We are also keenly focused on coach productivity and coach growth through targeted initiatives that aim to enhance our offer, support coach business success and help us maintain a strong balance sheet. The rapid adoption of GLP-1 medications has brought unprecedented attention to the issue of obesity and the critical role that weight plays in overall health.

我們也透過有針對性的舉措，高度關注教練生產力和教練成長，旨在增強我們的服務、支持教練業務的成功並幫助我們保持強勁的資產負債表。GLP-1 藥物的迅速普及引起了人們對肥胖問題以及體重在整體健康中所起的關鍵作用的空前關注。

GLP-1s can be a powerful appetite suppressant, helping to turn down the food noise, but studies are in agreement that medication on its own does not help users develop the lifestyle changes necessary to achieve and sustain optimal metabolic health, which includes preserving lean mass.

GLP-1 是一種強效的食慾抑制劑，有助於降低對食物的渴望，但研究一致認為，單靠藥物並不能幫助使用者改變生活方式，從而實現並維持最佳代謝健康，包括維持瘦體重。

Research indicates that without adopting sustainable lifestyle changes, individuals who lose weight using GLP-1 medications often experience loss of lean mass, which includes muscle, of up to 40% of total weight lost and tend to regain most of the weight back within a year after discontinuing use of the drug. This is where our programs are built to make a difference.

研究表明，如果不採取可持續的生活方式改變，使用 GLP-1 藥物減肥的人通常會損失瘦體重（包括肌肉），損失量高達總體重的 40%，並且在停止使用該藥物後一年內往往會恢復大部分體重。這就是我們制定計劃來發揮作用的地方。

Each program is developed to guide individuals in adopting and maintaining healthy habits that not only promote weight loss, but also maximize fat burn while preserving lean mass. In fact, a recent study of randomized clinical trial data showed that clients using the OPTAVIA 5 & 1 Plan maintained 98% of lean mass during weight loss.

每個計劃都旨在指導個人養成和維持健康的習慣，不僅可以促進減肥，還可以最大限度地燃燒脂肪，同時保持瘦體重。事實上，最近一項隨機臨床試驗數據研究表明，使用 OPTAVIA 5 & 1 計劃的客戶在減肥期間保持了 98% 的瘦體重。

This is due to a holistic nutrition and lifestyle approach to ensure lean mass support during the active weight loss phase and through the critical maintenance phase that follows. We believe that healthy habits are essential to long-term health, and with research showing that up to 74% of people stop GLP-1 medications for weight loss within a year or less of starting them, there's a growing need for an effective long-term solution that helps people maintain their weight loss progress, whether or not they have used medications as part of their efforts to improve their health.

這是由於整體營養和生活方式的方法可確保在主動減重階段以及隨後的關鍵維持階段對瘦體重的支持。我們相信健康的習慣對於長期健康至關重要，研究表明，多達 74% 的人在開始服用 GLP-1 減肥藥物後一年或更短的時間內停止服用，因此，越來越需要一種有效的長期解決方案來幫助人們保持減肥進度，無論他們是否使用藥物作為改善健康努力的一部分。

The science that supports our clinical study programs is rooted in three key design elements. First, fostering sustainable change through coach and community support, second, targeting and optimizing fat burn and lean muscle maintenance, and third, supporting gut health.

支持我們臨床研究計畫的科學根植於三個關鍵設計要素。首先，透過教練和社區支持促進永續變化；其次，針對性和優化脂肪燃燒和肌肉維持；第三，支持腸道健康。

As science evolves, so do we, meeting people where they are and helping them navigate life changes and challenges. While the core of our program continues to be very relevant, we are in the midst of a comprehensive evolution of our company to maximize the business opportunity for our coaches, while offering tailored solutions to our clients.

隨著科學的發展，我們也不斷發展，了解人們的處境，幫助他們應對生活中的變化和挑戰。雖然我們的計劃核心仍然非常重要，但我們的公司正在進行全面變革，以最大限度地為我們的教練創造商業機會，同時為我們的客戶提供量身定制的解決方案。

We cater to individuals looking to lose weight and achieve optimal metabolic health, whether they are currently using GLP-1 medications, transitioning off of them or not using medications at all. Our focus is on helping all clients protect their lean body mass and adopt a healthy lifestyle to achieve their best health outcomes.

我們滿足希望減肥並實現最佳代謝健康的個人的需求，無論他們目前正在使用 GLP-1 藥物、正在停用藥物還是根本不使用藥物。我們的重點是幫助所有客戶保護他們的瘦體重並採取健康的生活方式以獲得最佳的健康結果。

We're now going into the next phase of our evolution as we leverage science and clinical research to extend the impact of our flagship 5 & 1 program and product line to address the growing challenges associated with poor metabolic health. 93% of US adults are metabolically unhealthy, which leads to weight gain, low energy and higher risk of chronic illness. This is a growing health challenge that based on recent study data, we believe OPTAVIA will be in a position to address. We'll have more to say about this in the specifics later this year.

我們現在正進入發展的下一階段，利用科學和臨床研究來擴大我們的旗艦 5 & 1 計劃和產品線的影響，以應對與代謝健康不良相關的日益嚴重的挑戰。 93% 的美國成年人代謝不健康，這導致體重增加、能量低下和慢性病的風險增加。這是一個日益嚴重的健康挑戰，根據最近的研究數據，我們相信 OPTAVIA 將能夠解決這個問題。我們將在今年稍後對此進行更詳細的說明。

At the heart of our approach is leveraging important science breakthroughs that we believe will enhance our performance in areas of strength while also addressing important new areas of performance and our focus to deliver optimal metabolic health and well-being for our clients. As always, our programs are supported by a personalized experience powered by dedicated coaches and a supportive community, an approach designed to inspire meaningful, lasting transformation.

我們方法的核心是利用重要的科學突破，我們相信這些突破將提高我們在優勢領域的表現，同時也解決重要的新表現領域，並致力於為客戶提供最佳的代謝健康和福祉。像往常一樣，我們的計劃由專門的教練和支持社區提供支持，以提供個性化體驗，這種方法旨在激發有意義的、持久的轉變。

Coaches are a central driver of the long-term success of our program. Many of our coaches have experienced their own transformation through the program and are uniquely equipped to help others on their path to optimal metabolic health, 23% of OPTAVIA coaches have personal experience in using GLP-1 drugs in their own health journey and now 60% have coached a client who has used GLP-1 medication.

教練是我們計畫長期成功的核心推動力。我們的許多教練都透過該計劃經歷了自身的轉變，並具備獨特的能力來幫助他人走上最佳代謝健康之路，23％的OPTAVIA教練在其自身的健康旅程中有使用GLP-1藥物的親身經歷，現在60％的教練都曾指導過使用過GLP-1藥物的客戶。

Their experience, combined with a simple and actionable plan is what makes our program distinctive and effective, helping clients at every stage from weight loss to optimal and metabolic health. We are a coach first business.

他們的經驗，加上簡單可行的計劃，使我們的計劃獨特而有效，幫助客戶從減肥到最佳代謝健康的每個階段。我們是一家以教練為先的企業。

Our focus is squarely on energizing and upgrading the tools that help coaches build their businesses and maximize their impact on clients. We are doing this in an integrated phase way, starting with broadening our product portfolio through the introduction of the Active and Ascend lines and now expanding into enhancements to our mobile app and web platform. These changes are designed to deliver actionable insights, simplify coach reporting and streamline both our coach economics and product pricing models.

我們的重點是增強和升級幫助教練建立業務並最大限度地發揮對客戶影響的工具。我們正在以綜合的方式分階段實施這一目標，首先透過推出 Active 和 Ascend 系列來擴大我們的產品組合，現在擴展到對我們的行動應用程式和網路平台的增強。這些變化旨在提供可行的見解，簡化教練報告並簡化我們的教練經濟和產品定價模型。

In July, we launched a new pricing and incentive structure for our auto ship clients who represent over 90% of our client base. This new structure named Premier plus, integrated discounts beyond the client's first order and replaces a more complex system of loyalty credits with straightforward upfront savings, simplifying the value proposition for clients and giving coaches a more consistently priced client offer than previously available.

7 月份，我們為占我們客戶群 90% 以上的汽車運輸客戶推出了新的定價和激勵結構。這種名為 Premier plus 的新結構整合了客戶首次訂單以外的折扣，並用直接的前期節省取代了更複雜的忠誠度積分系統，簡化了客戶的價值主張，並為教練提供了比以前更一致的客戶價格優惠。

From a client perspective, the new pricing is simpler and easier to understand. They get discounts on every order provided they meet a minimum order size and clients pay one fixed price for shipping regardless of order size.

從客戶的角度來看，新的定價更簡單、更容易理解。只要滿足最低訂單量，他們每次訂單都會獲得折扣，並且無論訂單量多少，客戶都支付一個固定的運費。

These improvements help make our program more compelling to prospective clients and easier to explain for coaches. The coaches should benefit by making it easier to attract and retain clients, while also making the coach compensation plan payout more predictable and easy to understand. As no adjustments have to be made for promotions or loyalty credits.

這些改進有助於使我們的計劃對潛在客戶更具吸引力，並且更容易向教練解釋。透過使吸引和留住客戶變得更加容易，教練應該會從中受益，同時也使教練薪酬計劃的支出更加可預測和易於理解。因為不需要針對促銷或忠誠度積分做出任何調整。

This also makes it easier for coaches to recruit new coaches and help the new coaches grow their businesses. Going forward, we expect that our use of promotions will be limited, likely resulting in more consistent client and demand across the year. We also believe this new approach will encourage clients to stay on the program longer.

這也使得教練更容易招募新教練並幫助新教練發展業務。展望未來，我們預計促銷活動的使用將受到限制，這可能會導致全年客戶和需求更加穩定。我們也相信這種新方法將鼓勵客戶更長時間地留在該計劃中。

Additionally, because our model works best when our coaches are aligned and focused on the same core client support and business building behaviors, we introduced a program called Edge in the second quarter, which features a set of integrated coach incentives, best practices and recognition tools to reinforce the behaviors that drive success and business building.

此外，由於當我們的教練保持一致並專注於相同的核心客戶支援和業務建設行為時，我們的模型效果最佳，因此我們在第二季度推出了一項名為 Edge 的計劃，該計劃包含一套綜合教練激勵、最佳實踐和認可工具，以強化推動成功和業務建設的行為。

It's designed to be accessible for both new and experienced coaches, providing a clear and motivating structure for growth and alignment to help them turn part-time work into a thriving business. The changes the Edge program introduces are intended to simplify onboarding for coaches to bring non-new clients, create faster and more meaningful early wins and provide a clear pathway for advancement and compensation growth.

它旨在讓新手和經驗豐富的教練都能輕鬆上手，提供清晰且激勵的成長和協調結構，幫助他們將兼職工作轉變為蓬勃發展的業務。Edge 計劃引入的變更旨在簡化教練的入職流程，以便帶來非新客戶，創造更快、更有意義的早期勝利，並為晉升和薪酬增長提供清晰的途徑。

We're completing this with improved leadership development training empowering coaches to build thriving businesses. In addition, new digital app functionality provides more robust data for coaches to allow them to track both their own business building progress and their clients' progress in their optimal metabolic health journey. All of this enables a greater focus on personalized client service and provides better insights into how coaches can best build their businesses.

我們正在透過改進領導力發展培訓來實現這一目標，使教練能夠打造蓬勃發展的企業。此外，新的數位應用程式功能為教練提供了更強大的數據，使他們能夠追蹤自己的業務建設進度以及客戶在最佳代謝健康旅程中的進度。所有這些都使得教練能夠更加重視個人化客戶服務，並更好地了解教練如何最好地發展他們的業務。

Now turning to quarterly results. Revenue and EPS came in above our guidance. The total number of coaches during the quarter totaled 22,800, down 33% from Q2 of 2024. Year-over-year coach productivity declined 7% versus Q2 of 2024, in part reflecting the timing of promotions. In this year's second quarter, we did not utilize any promotions.

現在談談季度業績。收入和每股收益高於我們的預期。本季客車總數為 22,800 輛，較 2024 年第二季下降 33%。與 2024 年第二季相比，客車生產力年減 7%，部分反映了促銷時機的影響。今年第二季度，我們沒有採取任何促銷措施。

Although the total number of coaches and the average revenue per coach declined compared to the same quarter last year, average revenue per coach increased sequentially for the second consecutive quarter. New coach acquisition growth in the second quarter was down compared to the prior year, again, reflecting the absence of promotions compared with last year's second quarter.

雖然與去年同期相比，教練總數和每位教練的平均收入有所下降，但每位教練的平均收入連續第二季較上季成長。第二季新客車採購量成長與前一年相比有所下降，這再次反映出與去年第二季相比缺乏促銷活動。

We continue to see strong productivity among new coaches at levels we've historically seen during growth periods in the past, and we expect that trend to continue into next year. While our transformation continues to evolve, we are taking meaningful steps to position the company for future success in the years ahead. Reigniting the coach growth engine is a top priority, and we have initiatives underway on multiple fronts to support this.

我們繼續看到新教練的生產力強勁，達到了過去成長時期的歷史水平，我們預計這種趨勢將持續到明年。隨著我們的轉型不斷發展，我們正在採取有意義的措施，為公司未來幾年的成功做好準備。重新點燃教練成長引擎是當務之急，我們正在多個方面採取措施來支持這一點。

Now I will turn it over to Jim to go over the quarter and our projections for the next quarter.

現在我將把時間交給吉姆來回顧本季以及我們對下一季的預測。

Thank you, Dan. Good afternoon, everyone. As Dan mentioned earlier, second quarter 2025 results for both revenue and EPS were above our guidance ranges. Revenue for the second quarter was $105.6 million a decrease of 37.4% versus the year earlier period, primarily due to a decrease in the number of active earning OPTAVIA coaches. We ended the quarter with approximately 22,800 active earning OPTAVIA coaches, a decrease of 32.7% from the second quarter of 2024.

謝謝你，丹。大家下午好。正如丹之前所提到的，2025 年第二季的營收和每股盈餘都高於我們的預期範圍。第二季營收為 1.056 億美元，較去年同期下降 37.4%，主要原因是 OPTAVIA 活躍收入教練數量減少。截至本季末，OPTAVIA 活躍教練人數約為 22,800 名，較 2024 年第二季下降了 32.7%。

Average revenue per active earning OPTAVIA Coach for the second quarter was $4,630, a year-over-year decrease of 6.9%, primarily driven by continued pressure on client acquisition and timing differences in promotional activity. In 2024, promotional activity occurred in late Q1 into early Q2, while in 2025, promotional activity only occurred in Q1.

OPTAVIA Coach 第二季每位活躍收入的平均收入為 4,630 美元，年減 6.9%，主要原因是客戶獲取壓力持續存在，以及促銷活動的時間差異。2024 年，促銷活動發生在第一季末至第二季初，而 2025 年，促銷活動僅發生在第一季。

Coach productivity was actually up sequentially for the second consecutive quarter and the percentage decline improved year-over-year from Q2 2024, which decreased 10.9%. Gross profit decreased 37.9% year-over-year to $76.6 million driven by lower sales volumes. Gross profit margin for the current quarter was 72.6%, which decreased 60 basis points compared to the year earlier period.

長途客車生產率實際上連續第二季環比上升，且降幅較 2024 年第二季（下降 10.9%）較去年同期有所改善。由於銷售量下降，毛利年減 37.9% 至 7,660 萬美元。本季毛利率為72.6%，較去年同期下降60個基點。

SG&A expense was down 40.8% year-over-year to $77.7 million, primarily due to $24.3 million decrease in OPTAVIA coach compensation on fewer active earning coaches and lower volumes. Additionally, the company incurred costs in the second quarter of 2024 that did not recur in the second quarter of 2025, including $12.5 million for supply chain optimization, $3 million for cancellation of OPTAVIA conventions in the future years and $2 million for the company's collaboration with Life MD.

銷售、一般及行政費用 (SG&A) 年減 40.8% 至 7,770 萬美元，主要原因是 OPTAVIA 教練薪酬因活躍收入教練人數減少和數量減少而減少 2,430 萬美元。此外，該公司在 2024 年第二季產生的成本並未在 2025 年第二季再次發生，其中包括 1,250 萬美元的供應鏈優化費用、300 萬美元的取消未來幾年 OPTAVIA 大會的費用以及 200 萬美元的與 Life MD 合作的費用。

SG&A as a percentage of revenue decreased 430 basis points primarily due to approximately 740 basis points for supply chain optimization initiatives, 180 basis points for cancellation of OPTAVIA Convention incurred in the second quarter of 2024 that did not recur in the second quarter of 2025, partially offset by 440 basis points attributable to the loss of leverage on fixed cost due to lower sales volumes.

銷售、一般及行政費用佔收入的百分比下降了 430 個基點，主要是由於供應鏈優化計劃減少了約 740 個基點，因 2024 年第二季度取消 OPTAVIA 大會而減少了 180 個基點，但該費用在 2025 年第二季度沒有再次發生，部分成本由於銷售量下降導致 40 個槓桿損失。

Loss from operations was $1.1 million in the second quarter of 2025, an improvement of $6.8 million versus the year earlier period, as the decline in gross profit was more than offset by lower SG&A. As a percentage of revenue, loss from operations was 1% in the second quarter in an increase of 370 basis points compared to the year earlier period.

2025 年第二季的營業虧損為 110 萬美元，比去年同期改善了 680 萬美元，因為毛利的下降被銷售、一般及行政費用的降低所抵銷。以營收百分比計算，第二季營業虧損為 1%，較去年同期增加 370 個基點。

Other income increased 242.1% year-over-year to $3.9 million, primarily due to a gain on investment in Life MD common stock. The company's gain on investment in Life MD common stock for the second quarter of 2025 was $2.6 million compared to a loss of investment of $4.2 million for the corresponding period in 2024.

其他收入年增 242.1% 至 390 萬美元，主要原因是對 Life MD 普通股的投資收益。該公司 2025 年第二季對 Life MD 普通股的投資收益為 260 萬美元，而 2024 年同期的投資損失為 420 萬美元。

During the quarter, we liquidated our position in Life MD common stock. We initially invested in Life MD to kick start our collaboration. And while we continue to offer our clients access to Life MD clinicians, we do not need to hold the common stock investment in Life MD to sustain this strategy. We never view the investment in Life MD common stock as a long-term investment.

在本季度，我們清算了所持有的 Life MD 普通股。我們最初投資 Life MD 是為了啟動我們的合作。雖然我們繼續為客戶提供 Life MD 臨床醫生的服務，但我們不需要持有 Life MD 的普通股投資來維持這項策略。我們從不將對 Life MD 普通股的投資視為長期投資。

Our goal with all our investments is to favor ones that protect our principle and meet certain duration and risk parameters. The effective tax rate was 13.7% for the second quarter of 2025 compared to 23.4% in the prior year period.

我們所有投資的目標是選擇那些能夠保護我們的本金並滿足一定期限和風險參數的投資。2025 年第二季的有效稅率為 13.7%，而去年同期的有效稅率為 23.4%。

The change in the effective tax rate for the three months ended June 30, 2025, was primarily driven by the increase in the limitation for executive compensation, which was magnified by the near breakeven pretax position in the current year.

截至 2025 年 6 月 30 日的三個月有效稅率的變化主要是由於高階主管薪酬限額的增加，而本年度接近盈虧平衡的稅前狀況加劇了這一變化。

Net income in the second quarter of 2025 was $2.5 million or $0.22 per diluted share compared to a net loss of $8.2 million or $0.75 per share in the year earlier period. Importantly, our financial position remains strong with $162.7 million in cash and cash equivalents and no interest-bearing debt as of June 30, 2025.

2025 年第二季淨收入為 250 萬美元，即每股攤薄收益 0.22 美元，而去年同期淨虧損為 820 萬美元，即每股虧損 0.75 美元。重要的是，我們的財務狀況依然強勁，截至 2025 年 6 月 30 日，現金和現金等價物為 1.627 億美元，且沒有計息債務。

Now I will turn to guidance. We are expecting third quarter revenue to range from $70 million to $90 million and earnings per share for the quarter to range from $0.00 to a loss of $0.60. Dan mentioned earlier that we have begun rolling out our new Premier Plus auto ship program in the third quarter. I did want to mention that we do not expect to see any appreciable difference in our margins going forward from the adjustments. As any impact from the pricing changes is expected to be offset by other incremental actions taken under the program.

現在我將轉向指導。我們預計第三季營收將在7,000萬美元至9,000萬美元之間，每股盈餘將在0.00美元至虧損0.60美元之間。 Dan之前提到，我們已經在第三季開始推出新的Premier Plus自動出貨計畫。我確實想提一下，我們預計調整後我們的利潤率不會有任何明顯差異。預計價格變化的任何影響都將被該計劃採取的其他漸進行動所抵消。

With that, let me turn the call to the operator for questions.

說完這些，請允許我將電話轉給接線員以回答問題。

Thank you. We'll now be conducting a question and answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。（操作員指示）

Jim Salera, Stefens.

吉姆·薩萊拉，史蒂芬斯。

Dan and Jim, good afternoon. Thanks for taking our question. I wanted to start off maybe just some thoughts around the coach opposition. Just as the landscape changes and selling format, the value proposition for the OPTAVIA portfolio more aligned closely with GLP-1. Have you seen a significant change in your composition of coaches and kind of a different group of coaches replacing some of the other ones that are more focused on GLP-1 as the messaging?

丹和吉姆，下午好。感謝您回答我們的問題。首先我想談談對教練對手的一些想法。正如格局和銷售模式的變化一樣，OPTAVIA 產品組合的價值主張與 GLP-1 更緊密地結合在一起。您是否發現教練的組成發生了顯著變化，並且一組不同的教練取代了一些更注重 GLP-1 作為資訊的教練？

Or do you have kind of a split between legacy coach-- does it still focus on the traditional OPTAVIA messaging and then a new segment of coaches that focus on the more GLP-1? Just any thoughts on kind of how the coaches are adapting to this change.

或者你們對傳統教練進行了區分——是否仍然關注傳統的 OPTAVIA 訊息傳遞，而新教練群體則更加關注 GLP-1？只是關於教練如何適應這種變化的任何想法。

Yeah, Jim, let me take that one. And also, I'll introduce Nick Johnson, who has been on this call before, who's our Chief Field Operations Officer. I'm going to make a couple of comments and then ask him to address that point specifically because I think one of the announcements we made kind of drives towards an important part of what we're -- how we're working with our coaches and how we're changing the business to help operate in this new environment.

是的，吉姆，讓我來接手這個。此外，我還要介紹尼克·約翰遜，他之前曾參加過這次電話會議，他是我們的首席現場營運長。我將發表幾點評論，然後請他具體談談這一點，因為我認為我們所做的聲明之一推動了我們的一個重要部分——我們如何與我們的教練合作，以及我們如何改變業務以幫助在新環境中運作。

So -- you heard us talk a little bit about the new study on clinical research that we're increasing our focus on metabolic health because it's an upstream driver of many of the age-related health conditions, including overweight and obesity. So this is an important move for us, which partly because it addresses something that affects over 90% of Americans who are experiencing some kind of metabolic dysfunction.

所以——您聽到我們談論了一些關於臨床研究的新研究，我們正在增加對代謝健康的關注，因為它是許多與年齡相關的健康狀況（包括超重和肥胖）的上游驅動因素。所以這對我們來說是一個重要的舉措，部分原因是它解決了影響超過 90% 的美國人某種代謝功能障礙的問題。

So when metabolic health is out of balance, it can trigger a cascade of challenges, that's millions of adults face today. And it's an important thing because it's tied also to one of the things that is becoming more challenged in an environment that has a growing number of people who are using GLP-1 drugs. We now have 60% of our coaches who are supporting at least one client who has used the GLP-1 drug and roughly 23% of our client base also reflects people who have either use are using GLP-1 drugs. But most importantly, and then I'll turn it over to Nick.

因此，當代謝健康失去平衡時，就會引發一系列挑戰，而這正是當今數百萬成年人面臨的問題。這是一件很重要的事情，因為它與使用 GLP-1 藥物的人在越來越多的環境中面臨的挑戰之一有關。現在，我們有 60% 的教練正在支援至少一位使用 GLP-1 藥物的客戶，大約 23% 的客戶群也反映了曾經使用過 GLP-1 藥物的人正在使用 GLP-1 藥物。但最重要的是，然後我會把它交給尼克。

Nick, to ask the question that you asked is that -- as we go forward, we'll be announcing some additional findings related to that new research to further reinforce this direction. And that will affect the product and the way our coaches approach clients in terms of reversing the impact of metabolic dysfunction.

尼克，你提出的問題是——隨著我們不斷前進，我們將宣布一些與這項新研究相關的額外發現，以進一步強化這一方向。這將影響產品以及我們的教練在扭轉代謝功能障礙影響方面對待客戶的方式。

But I'll turn it to Nick to answer the specific question that you asked. Nick?

但我會讓尼克來回答你提出的具體問題。缺口？

Thanks, Dan. And thanks, Jim, for the question. Yeah, important one. I mean productivity for our new coaches is important because this leads to the creation of the next generation of leaders and ultimately reigniting the fly with all of our business. So we've done a lot to focus specifically on supporting those folks over the last couple of quarters. Important to note, I mean, it kind of is obvious, but coach leaders have evolved their training to the new environment. So new coaches only know a world with GLP-1s in them.

謝謝，丹。謝謝吉姆提出這個問題。是的，很重要。我的意思是，新教練的生產力非常重要，因為這將促進下一代領導者的培養，並最終重新激發我們所有業務的活力。因此，在過去的幾個季度裡，我們做了很多工作來特別關注對這些人的支持。值得注意的是，這很明顯，但教練領導者已經將他們的訓練發展到適應新環境。因此，新教練只了解有 GLP-1 的世界。

So they're very similar with it. coach leadership talks about it, trains to it, understands them and understands what they do and do not do understands where they fall short in the realm of metabolic health, specifically around some of those outages that Dan alluded to that we'll be talking about more.

所以它們非常相似。教練領導會談論它，對其進行培訓，了解他們，了解他們做什麼和不做什麼，了解他們在代謝健康領域的不足之處，特別是圍繞丹提到的一些中斷，我們將會更多地討論。

The training specifically includes those who are on GLP-1s currently and also those who are coming off of GLP-1s, how do they transition. So half of our coaches have supported someone on GLP-1 medication, and like Dan said earlier, 25% of coaches have used a GLP-1 medication themselves. So we see that transition happening.

訓練特別針對目前正在使用 GLP-1 的患者以及即將停止使用 GLP-1 的患者，以了解他們如何過渡。因此，我們有一半的教練支持過使用 GLP-1 藥物的人，就像丹之前說的，25% 的教練自己也使用過 GLP-1 藥物。所以我們看到了這種轉變正在發生。

Right. And if I can ask a follow-up just on Ascend. In the past, you guys have talked about that as being particularly targeted towards the kind of GLP-1 use case, periostin with somebody who's utilizing GLP-1 drugs -- just give us an update on if you're able to share Ascend sales as a percentage of total or just what you're seeing there in terms of engagement and how that's been rolling out?

正確的。我是否可以就 Ascend 詢問後續問題。過去，你們曾討論過這一點，認為它特別針對 GLP-1 用例，即針對使用 GLP-1 藥物的人的骨膜素——能否向我們介紹一下 Ascend 銷售額佔總銷售額的百分比，或者您看到的參與度以及進展情況？

Yeah, it continues to meet expectations. The product is it was developed, as you pointed out was to perform two functions. One was to support clients who are using a GLP-1 drug. And the other, very important role is to help those who are transitioning off the 501 program to into a maintenance phase. So it supports both of those rules.

是的，它繼續滿足預期。正如您所指出的，該產品的開發是為了執行兩項功能。一是支持正在使用 GLP-1 藥物的客戶。另一個非常重要的角色是幫助那些從 501 計畫過渡到維護階段的人。所以它支援這兩條規則。

What we're seeing with our coaches and their clients is there's a lot of success in actually having them clients use the 501 program while they're on a GLP-1 regimen. And then transitioning to send later on. And that's true largely because the 5 & 1 provides a little bit more protein and to overall calories at a time when GLP-1 clients need to have support in maintaining that lean body that clinical research that I mentioned earlier is related to that critical number.

我們從我們的教練和他們的客戶身上看到的是，在客戶接受 GLP-1 療法的同時使用 501 計劃確實取得了巨大的成功。然後稍後轉換發送。這在很大程度上是因為 5&1 提供了更多的蛋白質和整體卡路里，而此時 GLP-1 客戶需要支持來維持瘦身材，我之前提到的臨床研究與這個關鍵數字有關。

But overall, we see both the Ascend line and its continued performance as well as the active line, which is tied to clients who are exercising and need to maintain muscle as critical parts to our overall programs.

但總體而言，我們認為 Ascend 系列及其持續表現以及活躍系列（與正在鍛鍊並需要保持肌肉的客戶相關）是我們整體計劃的關鍵部分。

Great. And then maybe just one last one. I know in the past, we tested some company-supported marketing outside of the traditional coach led client acquisition. Then we pared that back a little bit. Just any thoughts on how company-supported marketing is going to play and in kind of driving consumer engagement going forward

偉大的。然後也許只剩下最後一個了。我知道過去我們在傳統的教練主導的客戶獲取之外測試了一些公司支持的營銷。然後我們稍微削減了一點。關於公司支持的營銷將如何發揮作用以及如何推動消費者參與的任何想法

Yeah. This has been an important part of what we've been doing. What we found is those programs are highly effective at bringing back customers or clients who have been on the OPTAVIA program before. But we've found consistently that our coaches sharing their own personal messages is much more effective in bringing on new clients. It's also far more efficient for the company.

是的。這是我們一直在做的重要工作之一。我們發現這些計劃對於挽回之前參加過 OPTAVIA 計劃的顧客或客戶非常有效。但我們不斷發現，我們的教練分享他們自己的個人資訊在吸引新客戶方面更為有效。這對公司來說也更有效率。

So while we'll continue to strategically use advertising dollars, largely to effect and influence search engine management, search engine optimization. We will continue to look to our coaches to share their personal stories of health transformation and as we go forward in the future and have a more pared back budget related to company-led acquisition.

因此，我們將繼續策略性地使用廣告費用，主要是為了影響搜尋引擎管理和搜尋引擎優化。我們將繼續尋求我們的教練分享他們的健康轉變個人故事，並且在未來的發展中，我們將減少與公司主導的收購相關的預算。

Great. I appreciate the detail. I'll get back in the queue.

偉大的。我很欣賞這個細節。我會回到隊列中。

Thank you. There are no further questions at this time. I'd like to pass the call back over to Dan Chard for any closing remarks.

謝謝。目前沒有其他問題。我想將電話轉回給丹·查德 (Dan Chard)，請他做最後發言。

I'd like to thank everyone for your time today. This is an important moment for our business as we continue to transform to meet the pressing need of today's health and wellness landscape, with 93% of adults facing some form of metabolic dysfunction, the opportunity to help millions of people protect their health and sustain their weight loss has never been greater.

我想感謝大家今天抽出時間。這對我們的業務來說是一個重要的時刻，因為我們不斷轉型以滿足當今健康和保健領域的迫切需求，93％的成年人面臨某種形式的代謝功能障礙，幫助數百萬人保護健康和維持減肥的機會從未如此之大。

We're building this business for the long term with a science-backed approach, a community of experienced coaches and an offering that is designed to meet clients wherever they are in their journey. We'll be participating in several investor conferences this fall, including the Canaccord Genuity Annual Growth Conference on August 13. We look forward to continuing the conversation. Thanks again, and we appreciate your continued interest in Medifast.

我們正在透過科學的方法、經驗豐富的教練社群和旨在滿足客戶在旅途中各個階段需求的服務來長期打造這項業務。今年秋天我們將參加幾場投資者會議，包括 8 月 13 日的 Canaccord Genuity 年度成長會議。我們期待繼續對話。再次感謝，我們感謝您對 Medifast 的持續關注。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。