Medifast Inc (MED) 2025 Q3 法說會逐字稿

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

大家好，歡迎參加 Medifast 2025 年第三季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。

It is now my pleasure to introduce your host, Steve Zenker, Vice President of Investor Relations. Thank you, sir. You may begin.

現在，我榮幸地向大家介紹主持人，投資人關係副總裁史蒂夫·曾克爾。謝謝您，先生。你可以開始了。

Good afternoon, and welcome to Medifast's third-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 年第三季財報電話會議。今天和我一起通話的是董事長兼執行長丹·查德，以及財務長吉姆·馬洛尼。

By now, everyone should have access to the earnings release for the third quarter ended September 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.

現在，所有人都應該可以查閱截至 2025 年 9 月 30 日的第三季財報報告，該報告於今天下午美國東部時間下午 4:05 左右發布。如果您尚未收到新聞稿，可在Medifast公司網站www.medifastinc.com的投資者關係頁面查看。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.

在開始之前，我們想提醒大家，今天準備好的發言稿包含前瞻性陳述，管理階層可能會在回答大家的問題時做出額外的前瞻性陳述。「相信」、「預期」、「預期」等詞語以及其他類似表達通常用於識別前瞻性陳述。

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業績，因此不應過度依賴這些聲明。實際結果可能與任何前瞻性聲明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截至本次電話會議之日的資訊。Medifast不承擔更新今天新聞稿或電話會議中可能作出的任何前瞻性聲明的義務。

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

現在我想把電話交給 Medifast 的董事長兼執行長丹‧查德。

Thank you, Steve, and good afternoon, everyone. We appreciate you joining us today as we discuss our third quarter results and share an update on our progress. This is an important year for Medifast one where the work we've done to transform the business is beginning to align more clearly with the opportunity we see in front of us.

謝謝你，史蒂夫，大家下午好。感謝您今天蒞臨，與我們一同探討第三季業績並分享我們的最新進展。對 Medifast 來說，今年是重要的一年，我們為業務轉型所做的工作開始與眼前的機會更加清晰地契合。

The weight loss and wellness industry has undergone fundamental change in a very short time. The rapid growth in consumer understanding and usage of GLP-1 medications has reshaped much of the public conversation around obesity and health, introducing millions of people to a tool for appetite control that leads to weight loss.

減肥和健康產業在很短的時間內發生了根本性的變化。消費者對 GLP-1 藥物的了解和使用迅速增長，重塑了公眾對肥胖和健康的討論，使數百萬人接觸到一種控制食慾、從而達到減肥目的的工具。

While these medications are truly groundbreaking, they are not a complete solution to long-term health unless they are paired with lifestyle modifications. Further, most weight challenges are rooted in poor metabolic health, also called metabolic dysfunction, which medication alone does not fully correct.

雖然這些藥物確實具有突破性意義，但除非與生活方式的改變相結合，否則它們並不能完全解決長期健康問題。此外，大多數體重問題都源於代謝健康不良，也稱為代謝功能障礙，而單靠藥物無法完全糾正這種情況。

A lifestyle approach that builds healthy habits and protects lean muscle mass during weight loss is essential to improving metabolic health. Since many people discontinue medication, the absence of these fundamental changes often leads to weight regain. For most people, the most durable path forward comes from addressing the underlying metabolic issues, not relying on medication alone.

採取健康的生活方式，在減肥過程中養成健康的生活習慣並保護瘦肌肉量，對於改善代謝健康至關重要。由於許多人停止服藥，缺乏這些根本性的改變往往會導致體重反彈。對大多數人來說，最持久的康復途徑是解決潛在的代謝問題，而不是只依賴藥物。

Data across multiple studies paint a consistent picture, up to 40% of the weight loss while on GLP-1 medications comes from lean mass, including muscle. 74% of those on the medications discontinue them within a year and the majority regain much of the weight they lost once they stop.

多項研究的數據一致表明，服用GLP-1類藥物期間，高達40%的體重減輕來自於瘦體重（包括肌肉）的減少。 74%的服藥者會在一年內停藥，而且大多數人在停藥後會反彈，體重增加的大部分都會恢復到之前的水平。

For many, this leads to a cycle of temporary success followed by intense frustration. The opportunity for Medifast is to help break that cycle to empower people not just to lose weight, but to learn how to keep it off and most importantly, to improve their metabolic health in the process, leading to a body that uses energy more efficiently, preserves muscle and functions the way it was designed to.

對許多人來說，這會導致暫時的成功之後緊接著是強烈的挫折感，形成惡性循環。Medifast 的機會在於幫助打破這種惡性循環，使人們不僅能夠減肥，還能學會如何維持體重，更重要的是，在此過程中改善他們的代謝健康，從而使身體能夠更有效地利用能量，保持肌肉，並按照其設計的方式運作。

There is a significant opportunity in front of us to deliver a reset that helps the body work as it was meant to. More than 90% of US adults are metabolically unhealthy. This represents not only a vast health challenge, but also a once-in-a-generation opportunity to redefine what wellness looks like. Our mission and our growth strategy are centered on meeting that need.

我們面前有一個絕佳的機會，可以進行一次徹底的重置，幫助身體恢復到它原本應有的運作方式。超過90%的美國成年人代謝不健康。這不僅代表著巨大的健康挑戰，也是一代人重新定義健康意義的難得的機會。我們的使命和發展策略都圍繞著滿足這項需求。

Our clinically study plan is designed to address the underlying causes of metabolic dysfunction, reducing bad visceral fat, retaining lean mass and protecting healthy muscle and helping improve overall body composition. We don't believe success should be measured just by pounds lost, but by how much healthier a person's body becomes in the process.

我們的臨床研究計畫旨在解決代謝功能障礙的根本原因，減少有害的內臟脂肪，維持瘦體重，保護健康的肌肉，並幫助改善整體身體組成。我們認為，衡量成功的標準不應該只是減掉的體重，而應該看在過程中一個人的身體變得多麼健康。

We recently announced clinical research findings led by our scientific and clinical affairs team using a science focused on metabolic synchronization, a breakthrough approach that reverses metabolic dysfunction with a targeted reset.

我們最近公佈了由我們的科學和臨床事務團隊領導的臨床研究成果，該研究採用了一種專注於代謝同步的科學方法，這是一種突破性的方法，可以透過有針對性的重置來逆轉代謝功能障礙。

Our most recent clinical analysis uncovered findings that revealed that our comprehensive plan delivers strong and targeted fat burn resulting in not only weight loss, but also improved body composition. At 16 weeks, clients on our plan retained 98% of their lean mass, reduced visceral fat by 14% and showed measurable improvement in body composition while losing weight and protecting muscle. This reduction in visceral fat, the bad fat driving metabolic dysfunction, along with strong muscle preservation are key indicators of improved metabolic health.

我們最新的臨床分析發現，我們的綜合方案能夠強效且有針對性地燃燒脂肪，不僅可以減輕體重，還能改善身體組成。16 週後，我們計劃中的客戶保留了 98% 的瘦體重，減少了 14% 的內臟脂肪，並且在減輕體重和保護肌肉的同時，身體組成也得到了可衡量的改善。內臟脂肪（導致代謝功能障礙的壞脂肪）的減少，以及肌肉的良好維持，是代謝健康改善的關鍵指標。

Whether a client is using a GLP-1 medication, transitioning off one or not using one at all, our program provides a foundation for overall metabolic health and well-being. This is not just a short-term fix, but a comprehensive system that is specifically designed to help people live a healthier life.

無論客戶是否正在使用 GLP-1 藥物、正在停用 GLP-1 藥物或根本不使用 GLP-1 藥物，我們的方案都能為整體代謝健康和幸福奠定基礎。這不僅僅是一個短期解決方案，而是一個專門為幫助人們過上更健康的生活而設計的綜合系統。

At the center of our approach is the human connection provided by our incredible coaches. These coaches play a vital role in translating the underlying science that powers our approach into real-world results that help people make a real difference in their approach to health.

我們方法的核心在於我們優秀的教練所提供的人際連結。這些教練在將我們方法背後的科學原理轉化為實際成果方面發揮著至關重要的作用，幫助人們在健康方面做出真正的改變。

Coach's understanding of the benefits and shortcomings of GLP-1 medications continues to build all the time. Currently, 61% of our coaches have already worked with clients who are using GLP-1 medications and 22% of our client base reports either using or having tried a GLP-1 medication in the past year. That gives us invaluable insight into how these medications are being used and how our approach can complement them.

教練對 GLP-1 藥物的益處和不足之處的理解一直在不斷加深。目前，我們61%的教練已經與使用GLP-1藥物的客戶合作過，而我們22%的客戶表示在過去一年中使用過或嘗試過GLP-1藥物。這讓我們能夠深入了解這些藥物的使用方式，以及我們的方法如何與它們互補。

Medications alone are simply not enough in our view. Clinical data shows that clients who work with a coach lose 10x more weight and 17x more fat than those who go it alone. That's certainly not a coincidence. Our coaches guide clients through the important behavioral and nutritional lifestyle changes needed to maintain their progress on their health journey.

我們認為，單靠藥物治療是遠遠不夠的。臨床數據顯示，與獨自健身的人相比，有教練指導的健身者減掉的體重是其 10 倍，減掉的脂肪是其 17 倍。這絕非巧合。我們的教練會指導客戶進行重要的行為和營養生活方式改變，以保持他們在健康之旅中的進展。

The coach has helped people stay accountable, navigate challenges and build the healthy lifestyle habits that lead to lasting results. Coaching is what makes the difference between temporary change and long-term transformation.

這位教練幫助人們保持自律，克服挑戰，並養成健康的生活習慣，從而獲得持久的效果。教練輔導是實現短期改變和長期轉型之間的關鍵。

We're evolving Medifast from being seen primarily as a weight loss company to one that is recognized as a leader in the broader field of metabolic health. It's a shift to a far larger and more durable market as we move from helping people not only lose weight, but also helping them live metabolically healthier lives.

我們正在將 Medifast 從主要被視為減肥公司的企業，轉變為在更廣泛的代謝健康領域被公認為領導者的企業。隨著我們不僅幫助人們減肥，也幫助他們過著新陳代謝更健康的生活，我們正向一個更大、更持久的市場轉變。

Looking ahead, the company plans to launch significant product innovations using the science of metabolic synchronization and incorporating next-generation ingredients for metabolic enhancement. Initial feedback from the field of coaches has shown encouraging results and we expect to bring this new product line to market next year.

展望未來，該公司計劃利用代謝同步科學，並結合新一代代謝增強成分，推出重大產品創新。來自教練領域的初步回饋顯示出令人鼓舞的結果，我們預計明年將推出這項新產品系列。

This new product line builds on the strength of our existing programs, and we believe it will further differentiate Medifast in the marketplace. Our aim is not just to respond to the rise of GLP-1s, but to define what the next generation of metabolic health solutions will look like combining clinical credibility, human connection and healthy results.

這條新產品線建立在我們現有專案的優勢之上，我們相信它將進一步提升 Medifast 在市場上的競爭力。我們的目標不僅是應對 GLP-1 的興起，還要定義下一代代謝健康解決方案將是什麼樣子，將臨床可信度、人際連結和健康結果結合起來。

To deliver further on our ambitions in the metabolic health space, we're moving forward on several fronts. Our coach leaders have already been trained on the new clinical data and they are now cascading that knowledge throughout their organizations. This training will continue into 2026 as coaches learn to reach new types of clients, people who are focused not just on weight loss but also on their overall metabolic health.

為了進一步實現我們在代謝健康領域的雄心壯志，我們正在多個方面取得進展。我們的教練領導者已經接受了關於新臨床數據的培訓，現在他們正在將這些知識傳播到他們所在的組織中。這項訓練將持續到 2026 年，教練們將學習如何接觸新的客戶群，這些客戶不僅專注於減肥，還關注他們的整體代謝健康。

We are seeing continued momentum in our work to support our coaches and clients. The new Premier+ pricing and auto ship program has simplified our value proposition, creating a more consistent experience for both coaches and clients.

我們在支持教練和客戶方面的工作正持續取得進展。全新的 Premier+ 定價和自動出貨計畫簡化了我們的價值主張，為教練和客戶創造了更一致的體驗。

It offers immediate savings, predictable pricing and a straightforward path to loyalty, making it easier for coaches to attract and retain clients. While it's still early, we're encouraged by the initial response which has shown an uptick in baseline client retention beyond the first month.

它提供即時節省、可預測的價格和直接的忠誠度提升途徑，使教練更容易吸引和留住客戶。雖然現在下結論還為時過早，但初步回饋令人鼓舞，數據顯示，在第一個月之後，客戶留存率上升。

We've also continued to strengthen the leadership foundation of our field through our EDGE leadership development program. EDGE combines incentives, best practices and recognition tools to help coaches grow their businesses with purpose and structure.

我們也透過 EDGE 領導力發展計劃，不斷加強我們領域的領導力基礎。EDGE 結合了激勵措施、最佳實踐和認可工具，幫助教練有目標、有條理地發展業務。

The program was built in partnership with field leaders ensuring it reflects real-world experience. It's designed to make early success achievable and sustainable, helping new coaches find their footing and build confidence and enabling our experienced coaches to scale their impact.

該專案與一線領導者合作制定，以確保其反映真實世界的經驗。它旨在幫助新教練快速取得成功並保持信心，同時幫助經驗豐富的教練擴大影響力。

In a world where technology increasingly replaces human interaction, our greatest strength remains the power of personal connection and we're continuing to focus on how we take full advantage of our highly personalized solutions.

在科技日益取代人際互動的時代，我們最大的優勢仍然是人與人之間的聯繫，我們將繼續專注於如何充分利用我們高度個人化的解決方案。

Both Premier+ and EDGE are important components of our commercial model and we expect these to play a central role in continuing to improve coach productivity and stability as we move into 2026. In the third quarter, productivity among active coaches continue to show signs of stability.

Premier+ 和 EDGE 都是我們商業模式的重要組成部分，我們預計它們將在 2026 年繼續提高教練的生產力和穩定性方面發揮核心作用。第三季度，活躍教練的生產力持續呈現穩定跡象。

We're also continuing to invest in our digital platforms to make the coaching and client experience even more seamless. Enhancements to our app and reporting tools are providing better visibility into client progress and coach performance, giving our field more actionable insights and allowing them to focus where they can make the biggest impact.

我們也持續投資於我們的數位平台，以使教練和客戶體驗更加順暢。我們的應用程式和報告工具的改進，能夠更好地展現客戶進度和教練表現，為我們的現場人員提供更多可操作的見解，讓他們能夠專注於能夠產生最大影響的地方。

Regarding our third quarter results. Revenue of $89 million for our third quarter was at the high end of our guidance range and EPS came in within our guidance range. Active earning coach productivity for the quarter of $4,585 was down just 2% year-over-year, continuing a trend of moderating declines. Sequentially, coach productivity was down 1%.

關於我們第三季業績。第三季營收為 8,900 萬美元，達到我們預期範圍的高端，每股盈餘也符合我們的預期範圍。本季活躍教練的收入為 4,585 美元，年比僅下降 2%，延續了下降幅度放緩的趨勢。教練效率季減 1%。

As we look ahead, our strategy remains clear. We're building Medifast as a science-backed coach guided system for promoting long-term metabolic health. The trends shaping this industry from medical intervention to lifestyle integration point towards the need for exactly what we offer, a system that helps people improve their metabolic function by getting rid of the bad fat, preserving lean mass and protecting their muscle, ultimately, empowering them to healthier results over time. We've already taken important steps to position the business for this future.

展望未來，我們的戰略依然明確。我們正在將 Medifast 打造成一個以科學為依據、由教練指導的系統，旨在促進長期的代謝健康。從醫療幹預到生活方式融合，塑造這個行業的趨勢表明，人們需要我們提供的產品：一個能夠幫助人們通過去除壞脂肪、保持瘦體重和保護肌肉來改善新陳代謝功能的系統，最終使他們隨著時間的推移獲得更健康的結果。我們已經採取了重要措施，使公司能夠為未來做好準備。

Our transformation is not theoretical. It's visible in the way our coaches are working and the science behind our products and in the foundation we're laying for the next phase of growth. We have more work to do, but we're confident in our direction.

我們的轉變並非紙上談兵。這一點從我們教練的工作方式、我們產品背後的科學原理以及我們為下一階段成長奠定的基礎中都能看出。我們還有很多工作要做，但我們對未來的方向充滿信心。

We have a strong balance sheet, no debt, and more than $170 million in cash and investments. We have a passionate coach community that continues to adapt and lead, and we have a comprehensive program, plan and product that are scientifically validated and aligned with where we believe consumer demand is headed.

我們擁有穩健的資產負債表，沒有債務，現金和投資超過 1.7 億美元。我們擁有充滿熱情、不斷適應和引領潮流的教練社群，我們擁有經過科學驗證的全面計劃、方案和產品，這些都與我們認為的消費者需求發展方向相一致。

We're a company that has been built on ongoing innovation and that is always thinking about the next chapter. We expect that the foundation we're building today will redefine what health looks like for the years to come.

我們是一家以持續創新為基石，並始終著眼於未來發展的公司。我們期望今天我們所奠定的基礎，將在未來幾年重新定義健康的意義。

By combining our science, our coaches and our community, we are positioning Medifast to become the trusted partner for millions of people seeking to improve metabolic health. We're building for long-term sustainable growth, and we're doing that with discipline and conviction.

透過結合我們的科學、教練和社區，我們正在將 Medifast 打造成數百萬尋求改善代謝健康的人們值得信賴的合作夥伴。我們正在建立長期可持續成長，並且我們以嚴謹的態度和堅定的信念來實現這一目標。

Now I'll turn it over to Jim to review the finances and our outlook for the next quarter.

現在我將把發言權交給吉姆，讓他來回顧一下財務狀況以及我們對下一季的展望。

Thank you, Dan. Good afternoon, everyone. As Dan mentioned earlier, third quarter 2025 results for both revenue and EPS were at the high end of our guidance ranges. Revenue for the third quarter was $89.4 million, a decrease of 36.2% versus the year earlier period, primarily due to a decrease in the number of active earning OPTAVIA coaches.

謝謝你，丹。大家下午好。正如丹之前所提到的，2025 年第三季的營收和每股盈餘均處於我們預期範圍的高端。第三季營收為 8,940 萬美元，比去年同期下降 36.2%，主要原因是活躍的 OPTAVIA 教練人數減少。

We ended the quarter with approximately 19,500 active earning OPTAVIA coaches, a decrease of 35% from the third quarter of 2024. Average revenue per active earning OPTAVIA coach for the third quarter was $4,585, a year-over-year decrease of 1.9%, primarily driven by continued pressure on client acquisition. We continue to see moderating year-over-year declines in this key metric.

本季末，我們約有 19,500 名活躍的 OPTAVIA 教練，比 2024 年第三季減少了 35%。第三季每位活躍的 OPTAVIA 教練的平均收入為 4,585 美元，年減 1.9%，主要原因是客戶獲取持續面臨壓力。我們看到這項關鍵指標年減幅持續放緩。

Gross profit decreased 41.2% year-over-year to $62.2 million driven by lower sales volumes, partially offset by lower cost of sales. Gross profit margin for the current quarter was 69.5% which decreased 590 basis points compared to the year earlier period, attributable to 450 basis points of loss of leverage on fixed costs and 180 basis points of a reserve for the reformulation of the Essential product line.

受銷量下降的影響，毛利年減 41.2% 至 6,220 萬美元，但銷售成本下降部分抵消了這一影響。本季毛利率為 69.5%，較上年同期下降 590 個基點，其中固定成本槓桿作用損失 450 個基點，基本產品線配方調整準備金 180 個基點。

As Dan mentioned, we expect to introduce a new product line next year which is intended to improve upon the effectiveness of our current essential product line in addressing overall metabolic health. These new products will replace the current Essential line of fuelings that are part of many of our current plans.

正如丹所提到的，我們預計明年將推出一條新的產品線，旨在提高我們目前主要產品線在改善整體代謝健康方面的有效性。這些新產品將取代目前許多計畫中使用的 Essential 系列燃料。

SG&A expense was down 36% year-over-year to $66.2 million primarily due to a $19.7 million decrease in coach compensation on fewer active earning coaches and lower volumes. Additionally, SG&A expenses in the current quarter reflected decreases of $5.6 million related to company-led marketing compared to 2024 as well as $2.9 million for the company's convention costs and $2 million for the company's collaboration with LifeMD that did not recur in the current quarter.

銷售、一般及行政費用年減 36% 至 6,620 萬美元，主要原因是活躍的教練人數減少、收入降低，導致教練薪資減少 1,970 萬美元。此外，本季的銷售、一般及行政費用較 2024 年減少了 560 萬美元，其中包括公司主導的行銷費用；此外，公司會議費用減少了 290 萬美元；公司與 LifeMD 合作的費用減少了 200 萬美元，這些費用在本季不再發生。

SG&A as a percentage of revenue increased 20 basis points, primarily due to approximately 520 basis points associated with the loss of leverage on fixed cost and other smaller increases, partially offset by a 360 basis point reduction related to company-led marketing and 210 basis points for the company's convention cost incurred in the prior year's comparable period that did not recur in the third quarter of 2025.

銷售、一般及行政費用佔收入的百分比增加了 20 個基點，主要是由於固定成本槓桿作用的喪失以及其他較小的增長導致約 520 個基點的增加，部分被公司主導的營銷活動減少 360 個基點以及公司在上年同期產生的會議費用減少 210 個基點所抵消，而這些費用在第三季度不再發生。

Loss from operations was $4.1 million in the third quarter of 2025 compared to income from operations of $2.1 million in the prior year comparable period. As a percentage of revenue, loss from operations was 4.6% in the third quarter compared to income from operations of 1.5% in the prior year period.

2025 年第三季營業虧損為 410 萬美元，而去年同期營業收入為 210 萬美元。第三季營業虧損佔營收的 4.6%，而上年同期營業收入為 1.5%。

Other income increased $2 million year-over-year to $1.4 million, primarily due to a loss on the company's investment in LifeMD's common stock during the corresponding period in 2024. As you may recall, we sold the investment in the second quarter 2025.

其他營收年增 200 萬美元至 140 萬美元，主要原因是該公司在 2024 年同期對 LifeMD 普通股的投資出現虧損。您可能還記得，我們​​在 2025 年第二季出售了這項投資。

The effective tax rate was 14.9% for the third quarter of 2025 compared to 28.5% in the prior year period. The change in the effective tax rate for the three months ended September 30, 2025, was primarily driven by a decrease in the tax benefit of research and development tax credits which represented 115.3% of the change, partially offset by an increase of 85.6% from the impact of state taxes. These percentages were magnified by the near breakeven pretax position in the current year.

2025 年第三季的實際稅率為 14.9%，而去年同期為 28.5%。截至 2025 年 9 月 30 日的三個月內，實際稅率的變化主要是由於研發稅收抵免的稅收優惠減少，佔變化的 115.3%，部分被州稅影響帶來的 85.6% 的增長所抵消。由於本年度稅前接近損益平衡，這些百分比被放大了。

Net loss in the third quarter of 2025 was $2.3 million or $0.21 loss per diluted share compared to net income of $1.1 million or $0.10 per share in the year-earlier period. Our financial position remains strong with $173.5 million in cash, cash equivalents and investments and no interest-bearing debt as of September 30, 2025.

2025 年第三季淨虧損 230 萬美元，即每股攤薄虧損 0.21 美元，而上年同期淨利為 110 萬美元，即每股收益 0.10 美元。截至 2025 年 9 月 30 日，我們的財務狀況依然穩健，擁有 1.735 億美元的現金、現金等價物和投資，且無任何計息債務。

Now I'll turn to guidance. We are expecting fourth quarter revenue to range from $65 million to $80 million and a loss per share for the quarter ranging from $0.70 to $1.25.

現在我將轉向指導部分。我們預計第四季營收將在 6,500 萬美元至 8,000 萬美元之間，每股虧損將在 0.70 美元至 1.25 美元之間。

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

那麼，我將把電話轉回給接線生，回答大家的問題。

(Operator Instructions)

（操作說明）

Jim Salera, Stephens.

吉姆·薩萊拉，史蒂芬斯。

Hey guys, good afternoon, thanks for taking our question. I wanted to first start with the shifting focus towards metabolic dysfunction and how integrating that messaging with the coaches is going to work. Can you just maybe walk us through the process to make sure that you have consistent messaging among the coaches and that they're all kind of trained up on the new go-to-market or strategy around communicating the kind of holistic view that you guys are taking to weight loss moving forward?

各位，下午好，感謝你們回答我們的問題。我想先談談將重點轉移到代謝功能障礙上，以及如何將這訊息與教練的指導結合。您能否詳細介紹整個流程，以確保教練們的訊息傳遞保持一致，並且他們都接受了關於新的市場推廣策略或宣傳策略的培訓，以便更好地傳達你們未來在減肥方面所採取的整體理念？

Sure, Jim. Let me also start out by adding that Nick Johnson, our Chief Field Operations Officer and President of OPTAVIA has joined us as well. So I'll make a couple of comments, and then I'll let him talk about what we're doing to make sure that the coaches across the entire country are trained and understand what this new story around metabolic health is.

當然可以，吉姆。首先，我還要補充一點，我們的首席現場營運長兼 OPTAVIA 總裁 Nick Johnson 也加入了我們。所以我先說幾點，然後讓他談談我們正在採取哪些措施，以確保全國各地的教練都接受培訓，並了解代謝健康這個新概念是什麼。

I'll start out by saying that most weight loss challenges and 9 out of 10 of the leading health challenges, for the country are rooted in for metabolic health or sometimes refer to as metabolic dysfunction. Our coaches are aware of this. So it starts out by partially an awareness.

首先我要說的是，大多數減肥挑戰和全國十大主要健康挑戰中的九個都源於代謝健康問題，或有時被稱為代謝功能障礙。我們的教練都知道這一點。所以它原本是部分意識覺醒的結果。

But what we've done, probably in the most significant way we ever have is conducted a study partially tied to previous research that we have done, but also taking a deeper dive into the clinical studies to show exactly what our program does with metabolic health and how it is able to reverse metabolic dysfunction. And here's how it links to weight loss.

但我們所做的，或許是我們迄今為止最重要的一項研究，部分與我們先前的研究相關，但同時也深入研究了臨床研究，以準確展示我們的方案對代謝健康的作用，以及它如何逆轉代謝功能障礙。這就是它與減肥的連結。

And the -- we talked a little bit about some of these claims or the results of our study in the last call, but I'll just cover them again. The first and significant one is our program targets the bad fat or often referred to as visceral fat and that's the fat around the belly and inside and around vital organs. And it reduces that fat at a clinically significant level. It maintains lean mass and 98% during weight loss. It protects muscle and improves body composition.

上次通話中，我們稍微談到了其中的一些說法或我們的研究結果，但我再簡單介紹一下。第一個也是最重要的一點是，我們的方案針對的是壞脂肪，或通常被稱為內臟脂肪，也就是腹部周圍以及重要器官內部和周圍的脂肪。而且它能顯著降低脂肪含量。它在減肥過程中能維持98%的瘦體重。它能保護肌肉，改善身體組成。

And you've heard us talk about the other part of our research that shows that when a coach gets involved and helping somebody on the program, the clients are able to lose 10x more weight and 17x more fat. So those are new claims that we've shared with our coaches.

你也聽我們說過，我們的研究還有另一部分，研究表明，當教練參與並幫助學員完成訓練計劃時，學員能夠減掉的體重是原來的 10 倍，脂肪是原來的 17 倍。這些都是我們與教練分享的新觀點。

The important part of what they're doing now is the targeting, which is -- it's fairly expansive. 90% of Americans have -- are metabolically unhealthy or experience metabolic dysfunction. And with our research, this clinical research and an understanding of how we can reverse that, they have an interesting and highly relevant new story.

他們現在所做的最重要的部分是目標定位，而且定位範圍相當廣泛。 90%的美國人有代謝不健康或代謝功能障礙。憑藉我們的研究、這項臨床研究以及對如何逆轉這種情況的理解，他們有了一個有趣且非常相關的新故事。

And it's becoming increasingly relevant even in the face of this world where GLP-1 drugs have had such an impact on people trying them, which is basically our program is differentiated in that we maintain 98% of lean body mass, whereas GLP-1 drugs often result in as much as 40% of the weight loss being from lean mass and high levels of discontinuation, 74% on of patients discontinued use within a year of GLP-1 drugs and two-third of the weight is regained. So those are the -- that's kind of the problem solution, if you will.

即使在 GLP-1 藥物對嘗試者產生如此巨大影響的當今世界，我們的方案也變得越來越重要。我們的方案與眾不同之處在於，我們能夠維持 98% 的瘦體重，而 GLP-1 藥物通常會導致高達 40% 的體重減輕來自瘦體重，並且停藥率很高，74% 的患者在服用 GLP-1 藥物一年內停止使用，並且三分之二的體重會反彈。所以，這些就是──如果你願意的話，這就是問題的解決方案。

Now I'll let Nick talk a little bit about how we are training leaders and how that leadership base now is in the process of training the field. So I'll turn some time over to Nick to do that.

現在我讓尼克談談我們是如何培養領導者的，以及這些領導者現在是如何對第一線人員進行培訓的。所以我會把一些時間交給尼克去做這件事。

So recently, we met with all of our leaders at a better retreat, our annual leadership retreat that took place in Sundance, Utah. All of those lines of business across our business were actually represented. So with all those leaders of the different lines of business now informed trained and understand where we're going in the direction the metabolic synchronization of proprietary science that addresses neuro versus metabolic dysfunction.

所以最近，我們與所有領導人在猶他州聖丹斯舉行的年度領導力務虛會上進行了一次更好的休整。我們公司所有業務線其實都有代表出席。因此，現在各個業務線的領導者都了解、培訓並理解了我們的發展方向，即透過專有科學實現代謝同步，以解決神經功能障礙與代謝功能障礙的問題。

From now until the end of the year, those messages, those trainings will continue to be disseminated. And so by the end of the year, we expect to have all of the different coaches all the way down to our core rank of Executive Director trained and steeped in this direction. So we ensure that we are across the network singing from the same song sheet, so to speak.

從現在到年底，這些資訊和培訓將繼續傳播。因此，到今年年底，我們希望所有不同級別的教練，包括核心級別的執行董事，都能接受這方面的培訓並深入了解這方面的理念。這樣，我們就能確保整個網路步調一致，就像唱同一首歌一樣。

Great. That's very helpful. Can you speak to just the EDGE program and maybe the incentive structure as again, you kind of expand the aperture and the focus of what coaches are going to be communicating to potential clients. And I would imagine that kind of broadens the range of potential clients they can talk to.

偉大的。那很有幫助。您能否談談 EDGE 專案以及激勵機制，因為您確實拓寬了教練與潛在客戶溝通的範圍和重點。我想這應該能拓寬他們可以接觸到的潛在客戶範圍。

Yeah, it's another good one for Nick. So Nick, why don't you take that one as well?

是的，這對尼克來說又是一次不錯的機會。尼克，你為什麼不也接受這個？

Sure thing. So as we've talked about in the past, the EDGE program is designed around really three activities, and they're all based on the same core rank Executive Director. It's for creation of new executive directors, duplication of those directors and then multiplication of those executive directors. So the EDGE program is designed to change the rank composition of the business.

當然可以。正如我們過去所討論的，EDGE 計劃實際上是圍繞三個活動設計的，而這三個活動都基於同一個核心級別——執行董事。這是為了創造新的執行董事，複製這些執行董事，然後再複製這些執行董事。因此，EDGE計劃旨在改變企業的等級組成。

Now keep in mind that those executive directors have approximately $6,000 in revenue per Executive Director. They're highly, highly productive. So when we see the rank composition of the business start to shift in a more positive direction, revenue and therefore, productivity go up as the rain composition improves.

請記住，每位執行董事的收入約為 6,000 美元。它們的生產力非常非常高。因此，當我們看到企業的排名組成開始朝著更積極的方向轉變時，隨著排名組成的改善，收入和生產力也會隨之提高。

So we'll continue to focus on the EDGE program, like we said in the past, focusing on becoming and duplicating and multiplying those executive directors. And what we discussed at the Sundance leadership retreat is how we will continue to execute the EDGE program, which will then yield that higher productive coach rank and then fill out the different generations within the pay structure for our top leaders.

因此，我們將繼續專注於 EDGE 項目，就像我們過去所說的那樣，專注於培養、複製和倍增這些執行董事。我們在聖丹斯領導力研討會上討論的是如何繼續執行 EDGE 計劃，這將產生更高生產力的教練級別，然後完善我們高層領導薪酬結構中的不同世代。

Okay. That's helpful. Maybe shifting gears a little bit, Jim, just a couple of questions on the guidance and then some of the results in the quarter. Maybe for starters, it looks like you closed the gap between the decline in SG&A and the decline in the top line. Those are much more kind of aligned than in previous quarters.

好的。那很有幫助。吉姆，或許我們可以稍微換個話題，問你幾個關於業績指引和本季業績的問題。首先，看起來你們已經縮小了銷售、管理及行政費用下降與營收下降之間的差距。與前幾季相比，這些數字更加一致。

And I appreciate you gave some detail around just maybe some onetime expenses there. But could you just give us some color around -- is there a way we should think about if the top line is down X percent, SG&A should underperform that by 100 basis points, 200 basis points, just as we think about kind of modeling that on a go-forward basis?

感謝您詳細說明了可能存在的某些一次性費用。但您能否提供我們一些細節資訊——如果營收下降 X%，銷售、管理及行政費用是否應該比營收下降 100 個基點、200 個基點，就像我們考慮如何建模未來一樣？

Yeah. I mean, as you mentioned, one of the charges in Q3 was an approximate $1.5 million charge for the reformulation of our essential line. So we made the decision in Q3 of 2025. So we took that charge. We believe that's going to be a onetime item.

是的。我的意思是，正如您所提到的，第三季的一項費用約為 150 萬美元，用於重新調整我們的基礎產品線配方。因此，我們在 2025 年第三季做出了決定。所以我們承擔了這個任務。我們認為這只是一次性事件。

We also mentioned regarding within gross margin that we had a loss of leverage of fixed costs. And what we're -- what we have done. And what we continue to do is make sure that our balance sheet remains strong for the foreseeable future. So we ended the quarter with $170 million in cash and investments. And we're rightsizing the business.

我們也提到，在毛利率方面，我們失去了對固定成本的槓桿作用。以及我們——我們所做的一切。我們將繼續努力，確保我們的資產負債表在可預見的未來保持強勁。因此，本季末我們擁有1.7億美元的現金和投資。我們正在調整業務規模。

We did some actions in October, so last month to rightsize the business to make sure that as we return to growth, the margins will improve. And when you look at our guidance, you mentioned guidance, and we are seeing pressure continue into Q4 with the guidance that we provided.

我們在十月份，也就是上個月，採取了一些措施來調整業務規模，以確保隨著我們恢復成長，利潤率能夠提高。當你查看我們的業績指引時，你提到了業績指引，我們看到，根據我們提供的業績指引，第四季仍將面臨壓力。

So as I mentioned before on our call, with the way our business works and the way we get back to growth, looking at our metrics, our expectations are that it starts with client acquisition and client retention. And based on the history when we get growth in revenue per active earning coach and a sustained improvement in revenue per active earning coach the growth of it.

正如我之前在電話會議中提到的，根據我們業務的運作方式以及我們恢復成長的方式，從我們的指標來看，我們預期成長將始於客戶獲取和客戶留存。根據歷史經驗，當每位活躍收入教練的收入成長，且每位活躍收入教練的收入持續改善時，收入就會成長。

Typically, we see about 6 to 9 months after that, we typically see coach growth. And obviously, once we get back to coach growth is when you get back to revenue growth, probably within a quarter or two from that coach growth. And we've been mentioning to investors, and I believe we mentioned it on our last call, that we're anticipating that to happen in 2025.

通常情況下，在那之後大約 6 到 9 個月，我們會看到教練的成長。顯然，一旦教練人數恢復成長，收入也會隨之恢復成長，可能在教練人數成長後的一、兩個季度內就能實現。我們一直在向投資者提及，我相信我們在上次電話會議上也提到過，我們預計這種情況將在 2025 年發生。

So we are anticipating that to happen in Q4, but at a minimum, getting back to revenue per active earning coach growth, we believe, will happen at least in the next six months. So we're expecting it to happen in Q4 and that will be the first green shoot of stabilization for the company and a path forward to get back to growth. So we're anticipating that happened in Q4, but at a minimum in the next six months.

因此，我們預計這種情況將在第四季度發生，但至少我們相信，恢復到每位活躍獲利教練的收入成長水準至少會在未來六個月內發生。因此，我們預計這將在第四季度發生，這將是公司穩定的第一個萌芽，也是公司重回成長軌道的第一步。因此，我們預計這種情況會在第四季度發生，但至少會在未來六個月內發生。

Okay. And maybe on the top line, can you just speak to any outside of, obviously, GLP-1 kind of well-covered trends just broader economic softness and softness we've seen in the consumer. Just any commentary you can offer on how that's been impacting likelihood of consumers to add an incremental monthly expense like OPTAVIA into their budget?

好的。或許在最根本的問題上，您能否談談除了 GLP-1 這種廣為人知的趨勢之外，更廣泛的經濟疲軟以及我們在消費者身上看到的疲軟情緒？您能否就此發表一些評論，說明這對消費者將 OPTAVIA 這類每月額外支出納入預算的可能性有何影響？

One of the things we continue to see, Jim, and this is not something that's new, but consumers prioritize their health. And this is a health issue that's been with us for quite some time and is not relenting. So we have high satisfaction with those clients who choose to engage in our program as evidenced by their high repeat.

吉姆，我們一直看到的情況之一是，消費者越來越重視自己的健康，這並不是什麼新鮮事。這是一個困擾我們相當長一段時間的健康問題，而且一直沒有緩解的跡象。因此，選擇參與我們專案的客戶滿意度很高，他們的高重複參與率就證明了這一點。

And I think we always are looking at what you're asking about, which is does a challenged economy affect consumer spending. I think certainly, the answer is yes. But we continue to see consumers prioritizing the spend on health over other things.

我認為我們一直在關注你提出的問題，那就是經濟不景氣是否會影響消費者的支出。我認為答案當然是肯定的。但我們仍然看到消費者將醫療保健方面的支出優先於其他方面。

So I think we feel optimistic about where we are. I think we have change the value equation to be even more significant with these additional kind of insights into just how our program affects the end consumer. And we see our coaches getting better and better at operating in this current environment.

所以我覺得我們對目前的處境感到樂觀。我認為，透過這些額外的洞察，讓我們更深入地了解我們的項目如何影響最終消費者，從而改變了價值等式，使其變得更加重要。我們看到我們的教練越來越能適應當前的環境。

As I said in the prepared remarks, we have now over 60% of our coaches who are supporting at least one client was either on or who has been on a GLP-1 drug and 22% of our client base, either using or having used GLP-1 drugs.

正如我在準備好的演講稿中所說，我們現在有超過 60% 的教練正在支持至少一位曾經或正在服用 GLP-1 藥物的客戶，而我們 22% 的客戶群體正在或曾經使用過 GLP-1 藥物。

So we see our program as valuable in the current environment and relevant for people who are using -- and using a GLP-1 drug and want a lifestyle program who want to do it without a GLP-1 drug because they don't want to or have a negative reaction to the medication or increasingly people who are transitioning off and want to make sure that they can maintain the health of the gain.

因此，我們認為我們的計劃在當前環境下很有價值，並且與正在使用 GLP-1 藥物並希望進行生活方式計劃的人相關，這些人希望在不使用 GLP-1 藥物的情況下進行治療，因為他們不想服用或對藥物有不良反應，或者越來越多的人正在過渡到停藥狀態，並希望確保他們能夠保持健康。

And now there's one more reason for those who want to get really the root of some of these symptoms of metabolic dysfunction and really focus on the source of the challenge and achieve this lifelong transformation that our coach has been talking about for quite some time.

現在，對於那些想要真正了解代謝功能障礙某些症狀的根源，真正專注於挑戰的源頭，並實現我們的教練一直以來所談論的終身轉變的人來說，又多了一個理由。

Got it. And then maybe just one housekeeping question. Jim, I think you had mentioned when you were kind of breaking down the SG&A expenses that you guys were cycling. There's a $2 million -- I think you said $2 million for collaboration with LifeMD. I just want to make sure, is that something that was a onetime expense last year that we're lapping or are you guys sunsetting the LifeMD partnership and that's like on a go-forward basis that's coming out of SG&A?

知道了。然後或許可以問一個家事方面的問題。吉姆，我想你之前在分析銷售、管理及行政費用時提到過，你們當時正在輪調使用不同的產品。有 200 萬美元——我想你說的是 200 萬美元，用於與 LifeMD 的合作。我只是想確認一下，這是去年的一次性支出，現在我們正在逐步取消，還是你們正在終止與 LifeMD 的合作關係，並且這筆費用將作為未來的支出從銷售、管理及行政費用中扣除？

No, the collaboration is ongoing. What that is, is that was the last in 2024, that $2 million was the last bit of amortization. If you remember, at the beginning of our collaboration, we invested $10 million into LifeMD as part of the collaboration. And that $2 million in Q3 of 2024 represented the last bit of the amortization. So we took the $8 million prior to that. So you won't see that any longer.

不，合作仍在進行中。也就是說，2024 年的最後一筆款項，200 萬美元，是最後一筆攤還款項。如果你還記得的話，在我們合作之初，我們向 LifeMD 投資了 1000 萬美元作為合作的一部分。2024 年第三季的 200 萬美元代表了最後一筆攤銷款項。所以在此之前，我們拿走了800萬美元。所以你以後不會再看到這種情況了。

Got it. That's helpful. I appreciate all the commentary. I'll hop back into you.

知道了。那很有幫助。感謝大家的評論。我會重新回到你體內。

We have reached the end of our question-and-answer session. There are no further questions at this time. I would now like to turn the floor back over to Dan Chard for closing comments.

我們的問答環節到此結束。目前沒有其他問題了。現在我想把發言權交還給丹·查德，讓他做總結發言。

Thanks, everybody, for joining the call today. This continues to be a period of meaningful transformation, as you could hear for the company. And we're evolving with purpose to become a science-backed coach-led leader in metabolic health.

感謝各位今天參加電話會議。正如你所聽到的，對公司而言，這仍然是一個意義重大的轉型時期。我們正在有目標地發展，成為以科學為依據、以教練為主導的代謝健康領域的領導者。

Our approach built around the science of metabolic synchronization enables us to target better health rather than just weight loss, reducing visceral fat while preserving lean mass. We're very encouraged by the progress that we're making from the stabilization of coach productivity to advancing new product innovation and digital tools.

我們以代謝同步科學為基礎的方法，使我們能夠追求更好的健康，而不僅僅是減肥，在減少內臟脂肪的同時保持瘦體重。從穩定教練效率到推動新產品創新和數位工具，我們所取得的進展令我們倍感鼓舞。

We remain confident in our strategy, supported by strong balance sheet and a dedicated coach community focused on long-term client success. I look forward to sharing even more when we present at the Stephens Annual Investment Conference in November 19, in Nashville. Thanks again for joining us today and for your continued interest in Medifast.

我們對我們的策略充滿信心，這得益於我們強勁的資產負債表和專注於客戶長期成功的敬業教練團隊。我期待在 11 月 19 日於納許維爾舉行的史蒂芬斯年度投資大會上與大家分享更多內容。再次感謝您今天蒞臨，也感謝您一直以來對Medifast的關注。

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。您可以在此時斷開線路。感謝您的參與。