Medifast Inc (MED) 2026 Q1 法說會逐字稿

Ladies and gentlemen, greetings, and welcome to the Medifast first quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Medifast VP, Investor Relations, Steven Zenker. Please go ahead.

各位女士、先生，大家好，歡迎參加 Medifast 2026 年第一季財報電話會議。（接線員指示）提醒各位，本次會議將被錄音。現在我很榮幸介紹本次會議主持人，Medifast 投資人關係副總裁 Steven Zenker。請開始。

Good afternoon, and welcome to Medifast's first quarter 2026 earnings conference call. On the call with me today are Dan Chard, Chairman and Chief Executive Officer; Nick Johnson, President; and Jim Maloney, Chief Financial Officer. By now, everyone should have access to the earnings release for the first quarter ended March 31, 2026, 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's website at www.medifastinc.com. This call is being webcast, and a replay will also be available on the company's website.

各位下午好，歡迎參加 Medifast 2026 年第一季財報電話會議。今天與我一同出席的有董事長兼執行長 Dan Chard、總裁 Nick Johnson，以及財務長 Jim Maloney。此時此刻，各位應已可取得截至 2026 年 3 月 31 日止第一季的財報新聞稿，該新聞稿已於今天下午約美東時間 4:05 發布。若您尚未收到，請至 Medifast 官網 www.medifastinc.com 的投資人關係專區查閱。本次電話會議將以網路直播方式進行，會後亦可於公司網站收看重播。

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. These statements do not guarantee future performance, and therefore, undue reliance should not be placed on them.

在開始之前，我們提醒各位，今天的預先準備發言包含前瞻性陳述，且管理團隊在回覆各位提問時也可能提出額外的前瞻性陳述。「相信」、「預期」、「預估」及其他類似用語通常用以識別前瞻性陳述。這些陳述不保證未來績效，因此不應過度依賴。

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.

實際結果可能與任何前瞻性陳述中所預測者存在重大差異。本文所載所有前瞻性陳述僅以本次電話會議日期為準。Medifast 不承擔更新今日新聞稿或電話會議中可能提出之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.

現在我想把電話交給 Medifast 董事長兼執行長 Dan Chard。

Thanks, Steve, and good afternoon, everyone. We appreciate you joining us today as we share an update on the continued execution of our strategy to transition to serving the metabolic health market. When we spoke to you last quarter, we described the growing focus on metabolic health as a defining shift in our industry and the significant opportunity it presents for Medifast. We saw early signs that our strategy was beginning to translate into measurable progress and the potential to build on that as we moved into 2026.

謝謝你，Steve，各位下午好。感謝各位今天加入我們，讓我們分享在持續執行策略、轉型服務代謝健康市場方面的最新進展。上季與各位交流時，我們提到對代謝健康日益聚焦，正成為本產業的關鍵轉變，並為 Medifast 帶來重大機會。我們也看到初步跡象顯示，我們的策略開始轉化為可衡量的進展，並在邁入 2026 年之際具備進一步延伸的潛力。

As we speak today, I'm pleased to report that those early indicators have continued to strengthen. We are seeing further evidence that our business is at the beginning of a period of stabilization and that we are making meaningful progress in delivering tangible traction in the market.

截至今天，我很高興報告，這些早期指標持續轉強。我們看到更多證據顯示，我們的業務正處於穩定化階段的起點，並且在市場上取得具體且有意義的進展與動能。

We'll go into the numbers in more detail in a moment. But as you'll have no doubt read in the release, although the number of active earning coaches continues to decline, the first quarter saw our first sequential quarterly revenue growth in three years, a second consecutive quarter of year over year coach productivity gains, strong coach leadership advancement and improved performance in the percentage of coaches acquiring new clients. All of this is indicative of high field engagement and provides encouraging signs that have historically been signals of future growth.

稍後我們會更詳細說明數字。不過各位想必已在新聞稿中看到，儘管活躍且有收入的教練人數仍在下降，第一季仍出現三年來首次的季度營收連續成長；教練生產力年增也連續第二季提升；教練領導階層晉升表現強勁；以及教練獲取新客戶的比例表現改善。這些都顯示前線高度投入，並提供令人鼓舞的訊號；從歷史經驗來看，這些往往是未來成長的先行指標。

Our sector, including Medifast, has undergone a significant change due to the continuing high rate of adoption of GLP-1 medications, which has disrupted the traditional weight loss market. We have responded by fundamentally repositioning the company, not by abandoning weight loss, but by reframing it to address the metabolic health crisis that is impacting the vast majority of Americans today. That work is now largely complete, and our focus has shifted decisively from transformation to execution.

由於 GLP-1 藥物持續以高速度被採用，傳統減重市場受到擾動，我們所處的產業（包括 Medifast）因此經歷重大變化。我們的回應是從根本上重新定位公司——不是放棄減重，而是重新詮釋減重，以因應當今影響絕大多數美國人的代謝健康危機。這項工作目前大致已完成，我們的重心也已明確地從轉型轉向執行。

Nick is going to walk you through the substance of what we're seeing across the business, the science that's driving our differentiation, the evidence from the field that our strategy is working, the tools and programs that are supporting our coach community and the continued work we are doing to position the company for sustainable growth ahead.

接下來 Nick 將帶各位了解我們在整體業務中所觀察到的重點、驅動我們差異化的科學基礎、來自前線的證據（顯示我們的策略正在奏效）、支持教練社群的工具與方案，以及我們為公司未來可持續成長所持續推進的各項工作。

Over to you, Nick.

交給你了，Nick。

Thank you, Dan, and good afternoon, everyone. As Dan mentioned, we're seeing exciting progress right now, and that's indicative of the focused work of both our coaches and our corporate team members. At the core of this work is our foundational 3.0 strategy, which represents the biggest shift in this company's approach since the introduction of OPTAVIA in 2017.

謝謝你，Dan，各位下午好。如 Dan 所提到的，我們目前看到令人振奮的進展，這反映了教練與公司團隊成員專注投入的成果。這些工作的核心是我們的 3.0 基礎策略，這代表自 2017 年推出 OPTAVIA 以來，公司策略方法上最大的一次轉變。

We've strengthened our clinical and scientific foundation and enhanced our ability to link our underlying science to measurable health outcomes over time. And we have meaningfully realigned our cost structure to the realities of the market, which is anticipated to generate more than $30 million in future savings, helping us work towards retaining profitability even as we tactically invest in long-term growth. We believe the market opportunity is massive. More than 90% of US adults are metabolically unhealthy or in other words, are affected by metabolic dysfunction.

我們強化了臨床與科學基礎，並提升了將底層科學與可衡量的健康成果（隨時間推進）連結起來的能力。同時，我們也依市場現實大幅調整成本結構，預期可在未來帶來超過 3,000 萬美元的節省，協助我們在策略性投資長期成長的同時，朝維持獲利能力的目標邁進。我們相信市場機會極為龐大：超過 90% 的美國成年人處於代謝不健康狀態，換言之，受到代謝功能失調的影響。

Our online survey conducted with KRC research found that nearly 94% of Americans are concerned about at least one aspect of their metabolic health. 85% believe metabolic dysfunction can be reversed and 84% view metabolic health as central to overall well-being. Yet despite that concern, 80% of Americans report limited understanding of what it truly means to be metabolically healthy.

我們與 KRC Research 共同進行的線上調查發現，近 94% 的美國人對其代謝健康至少一個面向感到擔憂；85% 相信代謝功能失調可以逆轉；84% 認為代謝健康是整體福祉的核心。然而，儘管有此擔憂，仍有 80% 的美國人表示對「真正的代謝健康」意涵理解有限。

The combination of concern, belief in reversibility and low understanding of how to achieve change represents a huge opportunity that our science-backed coach-guided system is designed to address. At the center of our approach is metabolic synchronization, our breakthrough science that reverses metabolic dysfunction.

「擔憂」、「相信可逆轉」以及「對如何達成改變的理解不足」三者的組合，代表一個巨大的機會；而我們以科學為後盾、由教練引導的系統正是為了解決這個問題。我們方法的核心是「代謝同步」（metabolic synchronization）——這是我們用以逆轉代謝功能失調的突破性科學。

Our clinically proven plans create an important shift in the body's metabolism and activate strong and targeted fat burn, leading to improved body composition. Our most popular plan does this through three critical pillars: burning bad visceral fat with a 14% reduction in visceral fat demonstrated in just 16 weeks, preserving lean mass with 98% of lean mass retained over that same period and protecting healthy muscle to help restore the body's natural metabolic function. These aren't just weight loss outcomes. They represent body composition changes that support broader upstream metabolic health benefits, helping differentiate us in a crowded market.

我們經臨床驗證的計畫可促成身體代謝的重要轉變，並啟動強而有力且具針對性的燃脂作用，進而改善身體組成。我們最受歡迎的計畫透過三大關鍵支柱達成：燃燒不良的內臟脂肪——僅 16 週即證實內臟脂肪可降低 14%；保留瘦體重——同期間可保留 98% 的瘦體重；以及保護健康肌肉，以協助恢復身體自然的代謝功能。這些不只是減重成果，而是支持更廣泛、上游代謝健康效益的身體組成改變，有助於我們在競爭激烈的市場中形成差異化。

Importantly, our clinical research demonstrates that these outcomes are materially enhanced by working with a coach, thanks to our highly personalized and customized approach. Clients on our most popular plan who work with a coach achieve better outcomes, including up to 10 times greater weight loss and 17 times greater fat loss than those who attempt to do it on their own.

重要的是，我們的臨床研究顯示，透過教練協助可顯著強化上述成果，這得益於我們高度個人化與客製化的方法。在我們最受歡迎的計畫中，與教練合作的客戶能取得更佳成果，包括相較於自行嘗試者，最高可達 10 倍的減重效果與 17 倍的減脂效果。

We are continuing to build on this scientific foundation and are planning to launch a new comprehensive metabolic system at our next coach convention in July, featuring products that incorporate clinically studied ingredients designed to further advance metabolic health. This represents our first effort to fully leverage our metabolic synchronization science.

我們持續在此科學基礎上深化，並計畫在 7 月下一次教練年會上推出全新的「全面代謝系統」，其中包含採用經臨床研究之成分的產品，旨在進一步促進代謝健康。這也代表我們首次全面運用「代謝同步」科學。

We have developed a proprietary ingredient technology for the new product line, which will build on the success of previous products while reinforcing our commitment to improving metabolic health. We recently initiated a pilot with a small group of clients and coaches utilizing the new product line, and I am pleased to say early feedback has been highly encouraging. As a result, we plan to roll out the new system to all our clients and coaches later in the year.

我們已為新產品線開發專有成分技術，將在既有產品成功基礎上再向前推進，同時強化我們改善代謝健康的承諾。我們近期以少數客戶與教練為對象啟動新產品線試點計畫，我很高興地表示，早期回饋非常正面。因此，我們計畫在今年稍晚將新系統推廣至所有客戶與教練。

Simplifying how we support clients across every phase of their metabolic health journey is an essential component of our efforts, and we'll be making a number of key announcements in this space at our upcoming coach convention in July. Our new metabolic system is built around three phases: reset, refine and renew, giving coaches a clear road map to guide clients from a targeted metabolic reset toward optimal metabolic health. Our highly personalized system gives clients the ability to jump start their progress with both foundational and targeted nutrition, a coach and the introduction of new habits, which are then reinforced and mastered in subsequent phases to support long-term health span and vitality.

在客戶代謝健康旅程的每個階段，簡化我們提供支援的方式，是我們努力的重要組成部分；我們也將在 7 月即將到來的教練年會上，就此領域發布多項關鍵公告。我們新的代謝系統以三個階段為架構：重置（reset）、精進（refine）與更新（renew），為教練提供清晰路線圖，引導客戶從具針對性的代謝重置邁向最佳代謝健康。我們高度個人化的系統，讓客戶能透過基礎與目標式營養、教練支持以及新習慣的導入來加速啟動進展；而這些習慣會在後續階段被強化並熟練，以支持長期健康壽命（health span）與活力。

Our program is eligible for HSA and FSA reimbursement on select insurance plans, which reflects the importance of metabolic health in today's health care landscape and makes our solution more accessible and affordable for a wider range of clients. For many, weight loss is the fundamental starting point for improving metabolic health, which in turn contributes to meaningful health outcomes in areas such as cardiovascular health, joint health, sleep quality, energy levels, liver health and mental well-being. These metabolic improvements can also support better outcomes in type two diabetes and insulin sensitivity.

我們的方案在部分保險計畫下符合 HSA 與 FSA 的報銷資格，這反映代謝健康在當今醫療照護環境中的重要性，也使我們的解決方案對更廣泛的客戶群更易取得且更可負擔。對許多人而言，減重是改善代謝健康的根本起點，而代謝健康的提升又會在心血管健康、關節健康、睡眠品質、能量水平、肝臟健康與心理福祉等方面帶來有意義的健康成果。這些代謝改善也能支持第二型糖尿病與胰島素敏感性方面的更佳結果。

Empowering our coaches to tell their own stories and those of their clients who have had success losing weight on our program is a key aspect of our value proposition. As clients experience improvements in metabolic functions, these stories become powerful proof points for our metabolic synchronization science. They give coaches a sharper, more compelling story to tell, and we're beginning to see the impact of that in the core metrics that we closely measure.

賦能我們的教練講述他們自己的故事，以及其客戶在我們的方案中成功減重的故事，是我們價值主張的關鍵面向。隨著客戶的代謝功能出現改善，這些故事便成為我們「代謝同步」科學的有力佐證。它們讓教練能講出更精準、更具說服力的敘事，而我們也開始在我們密切衡量的核心指標中看到其影響。

Historically, coach productivity has been a leading indicator of future growth. The first quarter marked our second consecutive quarter of year over year coach productivity gains with an increase of 19% year over year and up 16% on a sequential basis. This is markedly higher than last quarter's 6% gain with coach productivity at its highest level in many years. We expect the positive trend to continue throughout the year and a sustained positive trajectory gives us confidence in the direction of the business.

歷來，教練生產力一直是未來成長的領先指標。第一季是我們連續第二個季度教練生產力年增，年增19%，且按季增16%。這顯著高於上一季6%的增幅，教練生產力也達到多年來的最高水準。我們預期這股正向趨勢將在全年持續，而持續的正向軌跡讓我們對業務方向更具信心。

Our EDGE program continues to strengthen the coach leadership foundation of our field. We are seeing consistent year over year improvements in the percentage of active earning coaches reaching the Executive Director rank, a historically significant indicator of success. This metric has recently hit levels previously linked to periods of robust growth. Retention at this level remains encouraging.

我們的 EDGE 計畫持續強化第一線的教練領導力基礎。我們看到達到「執行董事」（Executive Director）職級的活躍有收入教練占比，年對年持續改善；這一指標在歷史上一直是成功的重要指標。該指標近期已達到過去與強勁成長時期相關聯的水準。此職級的留任表現仍令人鼓舞。

Moving forward, we aim to maintain and build upon this momentum as the duplication of this core leadership rank is the primary driver of coach business growth. Field engagement continues to build across the board with a focused effort on establishing a repeatable cadence of coach-led product and business opportunity meetings targeting prospective clients and coaches. We've seen significant acceleration in these field meetings with activity levels remaining well above the year ago period.

展望未來，我們的目標是維持並在此動能上再接再厲，因為這一核心領導職級的複製（duplication）是推動教練業務成長的主要驅動力。第一線參與度持續全面提升，我們聚焦於建立可重複的節奏，由教練主導舉辦產品與事業機會說明會，鎖定潛在客戶與潛在教練。我們看到這些第一線會議顯著加速，活動水準仍明顯高於去年同期。

We also recently completed our coach incentive trip and Go Global event, both of which were well attended and reinforced the energy and excitement around our immediate opportunity. Coaches are leaning in right now with confidence and conviction. We're also seeing our referral engine gain strength. March closed with a record high percentage of new clients coming from referrals, outperforming expectations. Coaches who participate in our referral program are achieving 2 times higher client acquisition rates compared to nonparticipating coaches, which tells us that when coaches lean into referral activity, the initiative works.

我們近期也完成了教練獎勵旅遊與 Go Global 活動，兩者出席踴躍，並強化了大家對我們近期機會的能量與興奮感。教練目前正以信心與信念全力投入。我們也看到轉介紹引擎持續增強。3 月以轉介紹而來的新客戶占比創下歷史新高，表現優於預期。參與我們轉介紹計畫的教練，其獲客率是未參與教練的 2 倍，這告訴我們：當教練投入轉介紹活動時，這項倡議確實有效。

Combined with improving sponsoring activity and a younger tenured coach mix, these dynamics can create a flywheel of momentum that we have seen in prior growth cycles.

再加上贊助（sponsoring）活動改善，以及教練任期較短、較年輕的組合，這些動態可形成我們在過往成長週期中見過的動能飛輪。

With that, I'll turn it back to Dan.

接下來我把時間交回給 Dan。

Thanks, Nick. It's exciting to see this energy in the field and the delivery against the progress we have previously said that we expected to see in 2026. Before I hand it over to Jim, I want to reinforce a few points. We remain focused on executing against a clearly defined long-term strategic plan centered on offering our clients optimal metabolic health. That plan is backed by breakthrough science and delivered through a coach-led model that provides a genuine structural advantage in the market.

謝謝你，Nick。看到第一線有這樣的能量，以及我們在先前所說、預期於 2026 年看到的進展正在落地，令人振奮。在我把時間交給 Jim 之前，我想再強調幾點。我們仍專注於執行一個清晰界定的長期策略計畫，其核心是為客戶提供最佳的代謝健康。該計畫以突破性科學為後盾，並透過教練主導的模式交付，為我們在市場上帶來真正的結構性優勢。

We're seeing progress already, and that's ahead of a number of key market launch initiatives that will kick off later in the year. We are encouraged by the metrics showing increased coach productivity and by the energy and enthusiasm we see from the coach base, which is showing up in the percent of coaches reaching executive director and above. We believe these are early indicators of an expected turn in the business, and we expect these and other metrics to improve as we move through the year and into next year. And we are managing this business with financial discipline. Our balance sheet remains strong with substantial cash and investments of approximately $169 million, marginally higher than in Q4 and no debt.

我們已經看到進展，而且這還早於今年稍晚將啟動的多項關鍵市場上市（launch）計畫。我們對顯示教練生產力提升的指標感到鼓舞，也對教練群體展現的能量與熱情感到振奮，這反映在達到執行董事及以上職級的教練占比上。我們相信這些是業務預期轉折的早期指標，並預期隨著今年推進並進入明年，這些及其他指標將持續改善。同時，我們以財務紀律管理這項業務。我們的資產負債表仍然強健，現金與投資約 1.69 億美元，較第四季略高，且無負債。

This positions us well as the business stabilizes and we reestablish revenue growth. We continue to review our cost base for further opportunities that do not compromise our ability to drive growth. We are reconfirming our full year 2026 guidance today. As we communicated last quarter, we believe improvements toward reattaining profitability will begin in the fourth quarter of 2026, and we are targeting those improvements to continue into 2027 and beyond.

這使我們在業務趨於穩定並重新建立營收成長時具備良好條件。我們持續檢視成本基礎，尋找更多不會削弱我們推動成長能力的機會。我們今天再次確認 2026 全年財測指引。如同上季所溝通，我們認為朝重新達成獲利的改善將自 2026 年第四季開始，並以這些改善在 2027 年及之後持續為目標。

Now I'll turn it over to Jim to review the financials and our outlook.

現在我把時間交給 Jim，請他回顧財務表現與我們的展望。

Thank you, Dan. Good afternoon, everyone. First quarter 2026 results for both revenue and EPS were within our guidance ranges, supported by a second consecutive quarter of year over year coach productivity growth. Revenue for the first quarter was $76.0 million, a decrease of 34.3% versus the year earlier period, primarily due to a decrease in the number of active earning coaches. We ended the quarter with approximately 14,000 active earning coaches, a decrease of 44.9% from the first quarter of 2025.

謝謝你，Dan。各位下午好。2026 年第一季營收與每股盈餘（EPS）結果皆落在我們的指引區間內，並受惠於連續第二個季度教練生產力年增。第一季營收為 7,600 萬美元，較去年同期下降 34.3%，主要因活躍有收入教練人數下降。我們在季末約有 14,000 名活躍有收入教練，較 2025 年第一季下降 44.9%。

This decline was driven in part by the rapid adoption of GLP-1 medications, which continues to impact the traditional weight loss category. It's also reflective of our continued work to build a new coach leadership structure comprised of the most productive executive director organizations. This work resulted in average revenue per active earning coach for the first quarter of $5,432, a year over year increase of 19.2%. This growth reaffirms the green shoot we saw during Q4 2025, with coach productivity continuing to increase both year over year and sequentially.

這一下滑部分是由 GLP-1 藥物的快速採用所驅動，該趨勢持續影響傳統減重類別。同時也反映我們持續致力於建立新的教練領導結構，該結構由生產力最高的執行董事組織所構成。這項工作使第一季每位活躍有收入教練的平均營收達 5,432 美元，年增 19.2%。這項成長再次印證我們在 2025 年第四季看到的「綠芽」（green shoot），教練生產力持續呈現年增與季增。

The 19% year over year gain is the largest increase for any quarter in five years and the sequential quarterly increase of 16% is the highest in eight years. We continue to believe that increases in revenue per active earning coach are an early indicator for future coach growth, which we believe will, in turn, lead to revenue growth. As a reminder, revenue growth has historically lagged coach productivity by several quarters and productivity gains need to continue in order for revenue growth to occur.

年增 19% 是五年來任何季度的最大增幅，而按季增 16% 則是八年來最高。我們仍相信，每位活躍有收入教練營收的提升，是未來教練成長的早期指標，而教練成長進而將帶動營收成長。提醒一下，歷史上營收成長通常會落後教練生產力數個季度，且生產力增幅需要持續，營收成長才會發生。

Gross profit for Q1 2026 decreased 38.6% year over year to $51.8 million, driven by lower sales volumes. Gross profit margin for the current quarter was 68.1% compared to 72.8% for the first quarter of 2025, primarily driven by the loss of leverage on fixed costs. SG&A expense was down 35.6% year over year to $55.1 million, primarily due to a $16.2 million decrease in coach compensation on lower volume, a $5.6 million decrease in company-led marketing-related expenses, a onetime $2.2 million gain on the sale of our Maryland Distribution Center, and a $2 million decrease in employee compensation, resulting from the realignment of the employee base to lower revenue.

2026 年第一季毛利年減 38.6% 至 5,180 萬美元，主要受較低銷售量所致。本季毛利率為 68.1%，相較 2025 年第一季的 72.8%，主要因固定成本槓桿降低所致。銷售、一般及行政（SG&A）費用年減 35.6% 至 5,510 萬美元，主要因銷量下降使教練酬金減少 1,620 萬美元、公司主導的行銷相關費用減少 560 萬美元、出售馬里蘭州配送中心帶來一次性 220 萬美元收益，以及因員工規模配合較低營收而調整，導致員工薪酬減少 200 萬美元。

SG&A as a percentage of revenue decreased 150 basis points, primarily due to approximately 470 basis points of decreased company-led marketing-related expenses and 240 basis points of one-time gain on the sale of our Maryland Distribution Center building and land, partially offset by 620 basis points of loss of leverage on fixed costs due to lower sales volume.

SG&A 占營收比重下降 150 個基點，主要因公司主導的行銷相關費用下降約 470 個基點，以及出售馬里蘭州配送中心建物與土地的一次性收益貢獻 240 個基點；但部分被因銷售量較低導致固定成本槓桿降低的 620 個基點所抵銷。

Loss from operations was $3.3 million in the first quarter of 2026, an increase in losses of $2 million versus the year earlier period as the decline in gross profit was largely offset by lower SG&A. As a percentage of revenue, loss from operations was 4.3% in the first quarter, 320 basis points below the year earlier level. Other income decreased 24.3% year over year to $1.4 million, primarily due to unrealized gains on our investment in LifeMD common stock in the year earlier period.

2026 年第一季營業損失為 330 萬美元，較去年同期損失增加 200 萬美元，因毛利下滑大致被較低的 SG&A 所抵銷。以營收百分比計，第一季營業損失為 4.3%，較去年同期水準低 320 個基點。其他收入年減 24.3% 至 140 萬美元，主要因去年同期我們對 LifeMD 普通股投資的未實現收益所致。

As a reminder, we sold our common stock investment in LifeMD during the second quarter of 2025. Income tax expense for the period was $0.2 million, an effective rate of negative 9.3% as compared to $1.3 million for the first quarter of 2025, an effective rate of 246.8%. Due to the existence of a full valuation allowance against its deferred tax assets recorded as of December 31, 2025, the company calculated income tax expense for the current period based on actual results for the quarter.

提醒一下，我們已於 2025 年第二季出售了對 LifeMD 的普通股投資。本期所得稅費用為 20 萬美元，有效稅率為負 9.3%；相較之下，2025 年第一季所得稅費用為 130 萬美元，有效稅率為 246.8%。由於截至 2025 年 12 月 31 日，公司對其遞延所得稅資產已記錄全額估值備抵（valuation allowance），因此公司依據本季實際結果計算本期所得稅費用。

As a result, the company's income tax provision for the quarter reflects discrete items, primarily state income taxes. The decrease in the effective tax rate was primarily driven by the increased loss incurred in the March 31, 2026 period, and the valuation allowance on the net deferred tax assets. Net loss in the first quarter of 2026 was $2.1 million or $0.19 per share compared to a net loss of $0.8 million or $0.07 per diluted share in the year earlier period.

因此，公司本季的所得稅費用反映了離散項目，主要為州所得稅。有效稅率的下降主要係由截至 2026 年 3 月 31 日期間發生的虧損增加，以及對淨遞延所得稅資產提列估值備抵所致。2026 年第一季淨損為 210 萬美元或每股 0.19 美元，相較於去年同期淨損 80 萬美元或每股稀釋後 0.07 美元。

With respect to our balance sheet, we ended the year with $168.9 million in cash, cash equivalents and investments and no debt as of March 31, 2026. Additionally, our working capital, defined as current assets less current liabilities, was $160.4 million as of March 31, 2026.

就資產負債表而言，截至 2026 年 3 月 31 日，我們期末持有現金、約當現金及投資合計 1.689 億美元，且無任何負債。此外，我們的營運資金（定義為流動資產減流動負債）截至 2026 年 3 月 31 日為 1.604 億美元。

Now I'll turn to guidance. We are expecting second quarter revenue to range from $60 million to $80 million and loss per share for the quarter to range from $0.50 to $1. We expect to see continued coach productivity growth during the quarter, up both year over year and sequentially. For the full year 2026, we expect revenue to range from $270 million to $300 million and loss per share between $1.55 and $2.75.

接下來我將說明財測。我們預期第二季營收將介於 6,000 萬至 8,000 萬美元之間，本季每股虧損將介於 0.50 美元至 1 美元之間。我們預期本季教練生產力將持續成長，無論年增或季增皆上升。就 2026 全年而言，我們預期營收將介於 2.70 億至 3.00 億美元之間，每股虧損介於 1.55 美元至 2.75 美元之間。

Also included in our guidance is that we believe improvements to get back to profitability will start in Q4 2026, following the launch of our new product line, and we will be targeting improvements in earnings to continue into 2027 and beyond. Finally, we believe that our working capital will be more than $140 million at December 31, 2026.

我們的財測亦包含以下觀點：我們認為在推出新產品線之後，改善以回到獲利的進展將自 2026 年第四季開始，並將以提升獲利為目標，持續延伸至 2027 年及其後。最後，我們認為截至 2026 年 12 月 31 日，我們的營運資金將超過 1.40 億美元。

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

接下來，我把電話交回給接線員進行提問。

(Operator Instructions) Jim Salera, Stephens Inc.

（接線員指示）Jim Salera，Stephens Inc.。

Hey guys, good afternoon. Thanks for taking our questions. I wanted to start off with the $30 million in cost savings. I know you guys have made a lot of progress over the last several years as the business has changed in both the structure of the company and some of the product lineup. Can you just give us a sense for where that's going to come from COGS and SG&A? And then kind of maybe a steady state, how we should think about gross margin once we start to pivot back towards earnings growth in 4Q and moving forward?

嗨，各位，午安。謝謝回答我們的問題。我想先從 3,000 萬美元的成本節省談起。我知道過去幾年隨著業務變化，你們在公司架構以及部分產品組合方面都取得了很大進展。你們能否讓我們了解一下，這些節省將分別來自銷貨成本（COGS）與銷售、一般及行政費用（SG&A）的哪些部分？另外，當我們在第四季開始轉向獲利成長並往後推進時，從較穩態的角度，我們應該如何看待毛利率？

Jim, this is Dan. I'm going to have Jim answer that question. But as we move into the more technical aspect of the financial questions that come in, I just want to just highlight what you've heard in our prepared remarks is reflective not only of our progress in the financial cost structure, but also, we're very encouraged by the trajectory of some of these key underlying metrics and not just the metrics, but the consistency, particularly around coach productivity, second consecutive quarter and now that's actually the seventh month where we've seen that improvement.

Jim，我是 Dan。我會請 Jim 來回答這個問題。不過，當我們進入更技術性的財務問題之前，我想先強調，你在我們事先準備的發言中所聽到的內容，不僅反映了我們在財務成本結構上的進展；同時，我們也對一些關鍵底層指標的走勢感到非常鼓舞，而且不只是指標本身，還包括其一致性，特別是在教練生產力方面，已連續第二季改善，而現在其實已是我們看到改善的第七個月。

And we see that also translating into top line improvement. This is the first time, as you know, in quite some time that we've seen sequential revenue growth, and that's been driven by improved coach effectiveness and acquiring new clients, and that's been one of the key challenges we've had in a GLP-1 environment, and we're starting to see our coaches break through. And I think the other thing that we just want everyone to understand from an investment standpoint is the transition model where weight management was a primary benefit to one where the optimal metabolic health is a primary benefit with weight management as a key component is beginning to take hold.

我們也看到這些改善正在轉化為營收端的提升。如你所知，這是相當長一段時間以來我們首次看到營收季增，而這是由教練效能提升與新客戶獲取所帶動；在 GLP-1 的環境下，這一直是我們面臨的主要挑戰之一，而我們開始看到教練有所突破。我認為另外一點，我們希望大家從投資角度理解的是：我們的轉型模式正從「體重管理是主要效益」轉向「最佳代謝健康是主要效益、體重管理為關鍵組成」的模式，且正開始成形。

And our focus, first, certainly, we have more work to do, but our focus remains on this disciplined execution, particularly around the critical initiatives in the back half of the year as we continue to move in that direction. And one of them is what you're referencing, which is the changes in the cost structure to help us get back on that path to profitability.

我們的重點首先是——當然，我們仍有更多工作要做——但我們的重點仍在於有紀律地執行，特別是今年下半年那些關鍵的推動事項，因為我們會持續朝該方向前進。其中之一就是你所提到的，也就是成本結構的調整，以協助我們回到獲利的軌道。

I'll let Jim comment specifically on that question around the cost improvement.

我會讓 Jim 針對成本改善的問題做更具體的說明。

Yes. So Jim, thanks for the question. So when you think of the -- our prepared remarks when we talk about the path to profitability, and that's starting in Q4, we believe we're going to start seeing improvement in the full period in gross margins, and you'll see that -- I'm sorry, in the second half of the year, but more towards the last quarter. And then you'll start seeing the same thing within SG&A.

好的。Jim，謝謝你的提問。當你回顧我們事先準備的發言、我們談到通往獲利的路徑且將自第四季開始時，我們相信將開始看到毛利率在整個期間的改善——你會看到那個——抱歉，是在今年下半年，但更偏向最後一季。接著，你也會在 SG&A 看到同樣的趨勢。

So we took action last year in December. So it's starting to come through in certain budget line items as we look at our full P&L to make certain that we can get back to profitability by starting in Q4 2026. But then go into 2027. That's what we're focusing on. When you think of our margins, you mentioned gross margin or the breakout of it.

我們在去年 12 月採取了行動。因此，當我們檢視完整損益表（P&L）時，某些預算科目已開始反映出來，以確保我們能在 2026 年第四季開始回到獲利，並延伸到 2027 年。這就是我們的重點。至於你提到的利潤率，包含毛利率或其拆分。

I can't really give you specific guidance on that. But I would say that we are expecting in the back half of this year for our gross margin to get better, and within the SG&A line items, we're expecting us to be able to start overcoming some of the loss on leverage as we go into Q4. So hopefully, that helps.

我無法就此提供具體指引。但我會說，我們預期今年下半年毛利率會改善；而在 SG&A 各項費用上，我們預期隨著進入第四季，我們將能開始克服部分因規模不足所造成的槓桿損失。因此，希望這能有所幫助。

Yes. That's great. Shifting more to Dan's point on the coach productivity improvement. Are you able to share any details with some of the new or newest members that have come into the program given this greater focus on metabolic health, do you see their tenure with the program being more consistent? Being longer over the period while they're on the program relative to people in the past who may have been kind of yo-yo on and off? Do you have any kind of early results that you could share on that?

是的，這很棒。再把焦點轉到 Dan 提到的教練生產力改善。你們是否能分享一些細節：在更聚焦代謝健康之下，加入計畫的新成員或最新成員，你們是否看到他們在計畫中的留存更一致、在計畫中的期間更長？相較於過去可能會反覆加入又退出（yo-yo on and off）的人，你們是否有任何可以分享的初步結果？

Yes. Nick is here, and I think he's going to have the closest perspective with coaches, and I think he'll be able to give you the answer to you. Go ahead, Nick.

是的，Nick 也在，我想他對教練端的觀察最貼近，應該能回答你的問題。Nick，請。

Thanks, Jim, for the question. So the good thing about the new coach draft classes is that there is no pre-GLP-1 world for them. They are very steeped in what's going on in the marketplace. So they only know this GLP-1 world that we live in. And what we see and the reason why that tenure mix is important because newer coaches tend to drive a lot of productivity.

Jim，謝謝你的提問。新一批教練招募班（draft classes）的好處在於，對他們而言並不存在所謂的「GLP-1 之前的世界」。他們非常熟悉市場上正在發生的事情；他們只認識我們所處的這個 GLP-1 世界。而我們所看到的、以及為什麼任期結構（tenure mix）很重要，是因為較新的教練往往能帶來很高的生產力。

With respect to the client metrics, we did mention this in the prepared remarks, a note around the referral program. And we do see a lot of encouraging activity coming out of that referral program.

就客戶指標而言，我們確實在事先準備的發言中提到一點，關於推薦計畫（referral program）。我們也看到該推薦計畫帶來許多令人鼓舞的活動。

People -- coaches who are engaged in that program are experiencing higher acquisition rates. And I can say that the other metrics that support a client's journey are seeing improvement. So we're encouraged by what we're seeing so far in the client referral program.

參與該計畫的教練正經歷更高的獲客率。我也可以說，其他支持客戶旅程的指標也在改善。因此，就目前在客戶推薦計畫中所看到的情況，我們感到鼓舞。

Historically, you've talked about that coach productivity improvement as being the first step to kind of indicate a new growth cycle. And then subsequent to that, you'll start to see the actual number of coaches return to growth. As we size up the back half of the year, do you have any sense for if it's possible that maybe in conjunction with some of the improving profitability in 4Q, we'd see the absolute number of coaches start to improve?

過去你們曾談到，教練生產力的改善通常是指示新一輪成長週期的第一步。接著，在那之後，你們會開始看到教練的實際人數回到成長。當我們評估今年下半年時，你們是否有任何看法：是否有可能在第四季獲利能力改善的同時，我們會看到教練的絕對人數開始改善？

So I'll start off with that one, Jim, and then I'll pass it over to our Jim to talk about kind of the back half of the year. So productivity tends to be that leading indicator in our business. The growth of the business comes predominantly through two metrics. One is growing productivity or volume per coach and then expanding the channel number of coaches who are active and participating in the business. So we do tend to see that sequence of events, right, coach productivity first, leading to the expansion of the channel.

Jim，我先回答這題，然後再交給我們的 Jim 談談下半年的情況。在我們的業務中，生產力往往是領先指標。業務成長主要來自兩個指標：一是提升每位教練的生產力或產出量；二是擴大通路，也就是增加活躍並參與業務的教練人數。因此，我們通常會看到這樣的事件順序：先是教練生產力提升，進而帶動通路擴張。

So while we said in the prepared remarks that the continuation of that growing coach productivity is essential for revenue growth is because we tend to basically create those future draft classes of those higher producing coaches in -- coming from those client draft classes. So we are anticipating good things coming from the productivity numbers. It tends to be a leading indicator, and then we can expect the channel to expand at least that's what historically has happened.

因此，雖然我們在事先準備的發言中表示，教練生產力持續成長對營收成長至關重要，是因為我們基本上會從那些客戶招募班（client draft classes）中，培育出未來更高產出的教練招募班。我們預期生產力數據會帶來正面結果。它往往是領先指標，接著我們可以預期通路擴張——至少從歷史上看一直是如此。

And then, Jim, if you want to do any -- make any comments on the back half?

然後，Jim，如果你想就後半段——發表任何評論嗎？

Yes. So we're not going to give exact guidance on when we anticipate Coach growth to come back. What we can tell you, Jim, is when you think about our financials, Q4, we were based -- Q4 of 2025, we were basically at $75 million of revenue. Q1, we were at $76 million in revenue. So it's sequential growth even though small, but we haven't seen that in three years, any sequential growth.

是的。所以我們不會就我們預期 Coach 成長何時回升提供精確指引。我們能告訴你的是，Jim，當你看我們的財務表現時，2025 年第四季我們基本上是 7,500 萬美元的營收。第一季我們是 7,600 萬美元的營收。所以即使幅度不大，仍是連續季成長，但我們已經三年沒有看到任何連續季成長了。

And then if you look at our guidance, -- if you look at the midpoint, it's at $70 million of revenue. And when you think about that, that's three quarters of relatively flatness to stabilization.

另外，如果你看我們的指引——如果你看中位數，大約是 7,000 萬美元的營收。從這個角度來看，這代表有三個季度相對持平、走向穩定。

And with the coach productivity, the increase of 19% and sequentially growing at 16% for the quarter. That gives us comfort that, that coach growth will be coming. We're not exactly going to predict exactly which quarter. But based on history, that's what we're basing it on. We believe that, that's going to happen, and that's going to happen in a short period of time.

而就教練生產力而言，提升了 19%，且本季連續季成長 16%。這讓我們更有信心，教練成長將會到來。我們不會精準預測會是哪一個季度。但我們是基於歷史經驗來判斷。我們相信這會發生，而且會在相對短的時間內發生。

I appreciate the thoughts. I'll hop back with you.

感謝你的想法。我先回到隊列裡。

Thank you. Doug Lane, Water Tower Research.

謝謝。下一位是 Water Tower Research 的 Doug Lane。

Yes, hi. Good afternoon, everybody, and thanks for taking the questions. The 19% growth in coach productivity is impressive. And I just wanted to drill down on what's really driving that? Are the coaches selling more products per customer or they have more customers per coach? I mean what's really driving the increase in productivity of that magnitude?

是的，嗨。各位下午好，謝謝讓我提問。教練生產力 19% 的成長很令人印象深刻。我想深入了解真正的驅動因素是什麼？是教練每位客戶賣出更多產品，還是每位教練擁有更多客戶？也就是說，究竟是什麼在推動如此幅度的生產力提升？

Yes. Great question. It's not -- to answer the question specifically, it's not being driven by spikes in average order sizes. So we are seeing average order sizes remain more or less consistent with historical averages. So coach productivity then comes down to an increasing number of clients per coach.

是的。這是個好問題。具體回答你的問題：這並不是由平均訂單金額的飆升所驅動。我們看到平均訂單金額大致維持在與歷史平均相近的水準。因此，教練生產力主要來自於每位教練的客戶數增加。

That's driving that productivity and also their length of stay.

這推動了生產力，同時也包括他們的留存時間（停留期間）。

So that is an important inflection point. And so hopefully, if that momentum keeps building, that's what you're looking for to drive the return to coach growth. And of course, the timing of that is unpredictable, I guess, is what your message has been on this call, which makes sense. One thing I wanted to ask you about on this transition to the metabolic health is messaging. I mean weight loss is easy.

所以這是一個重要的轉折點。因此，希望如果這股動能持續累積，這就是你所期待用來推動教練成長回歸的因素。當然，時點不可預測，我想這也是你們在這通電話中的訊息，這很合理。我還想問一個關於轉向代謝健康（metabolic health）的問題：訊息傳達。我的意思是，減重很容易。

The scale goes down, the clothes fit better. How do you message metabolic health in a GLP-1 environment?

體重計數字下降、衣服更合身。在 GLP-1 的環境下，你們要如何傳達代謝健康？

Yes. I think it's critical that we call out that distinction because to your point, the generic weight loss is pretty much commoditized at this point with GLP-1s. And even before that, it's the quality of the weight that's being lost that is a differentiation for our offer. And so where our value proposition comes in is we're not focused just on the number on the scale. There are so many other numbers and indicators that are important.

是的。我認為我們必須強調這個差異點，因為如你所說，隨著 GLP-1 的出現，一般性的減重在此時幾乎已經商品化。甚至在那之前，我們方案的差異化也在於「減掉的體重品質」。因此，我們的價值主張在於：我們不只關注體重計上的數字。還有許多其他重要的數字與指標。

When we talk about the science of metabolic synchronization, we specifically address the quality of the weight loss that one is experiencing, number one, a 14% reduction in bad visceral fat in 16 weeks. That's bad fat in the wrong places. So we're being specific in terms of the type of weight that we're losing. We're wanting to lose the bad fat in the wrong places. We're also wanting to preserve lean mass.

當我們談到「代謝同步（metabolic synchronization）的科學」時，我們會具體說明減重品質：第一，在 16 週內不良內臟脂肪（visceral fat）降低 14%。那是長在錯誤位置的不良脂肪。因此我們會很具體地說明我們減掉的是哪一種體重——我們希望減掉長在錯誤位置的不良脂肪。同時，我們也希望保留瘦體重（lean mass）。

So 98% preservation of lean mass in 16 weeks is critical and protecting lean muscle.

因此，在 16 週內保留 98% 的瘦體重非常關鍵，並能保護瘦肌肉。

We believe that the focus on metabolic health and the focus on the quality of the weight being lost will be a defining point in the future because to your point, losing weight is easy. But once you get specific in terms of the quality of the weight that you're losing, you really want to zoom in and focus on that because if you're losing too much lean muscle in particular, you would say that the quality of that weight loss was not there, and it leads to other problems down the road metabolically.

我們相信，聚焦代謝健康、以及聚焦減重的「品質」，未來將成為關鍵的定義點。因為如你所說，減重很容易；但當你具體去看你減掉的體重品質時，你就會想更聚焦在這點上。特別是如果你流失了過多的瘦肌肉，你會說那樣的減重品質並不好，且在代謝層面會在未來引發其他問題。

Well, we've read a lot about the GLP-1 weight loss being unhealthy for us. Has there been any additional science towards that end? It's such a new phenomenon, and it's so widespread. I just wondered if that science is still evolving on the unhealthiness of the rapid weight loss with the antagonists.

我們讀到很多關於 GLP-1 減重對健康不利的報導。針對這點是否有更多科學證據？這是很新的現象，而且非常普及。我只是想知道，關於使用這些拮抗劑（antagonists）造成快速減重的不健康性，相關科學是否仍在演進？

Well, I think that the GLP-1 only solution, a pharmacological approach that suppresses appetite is one dimensional in terms of the problem that is very, very complex to resolve. We believe that what we see going forward is that there needs to be a comprehensive solution to installing eventually a healthy lifestyle. That comprehensive approach is what we're talking about with the evolution of our program. We do view our program as a comprehensive metabolic health system that is comprised of three distinct phases: one, reset; two, refine; and three, renew.

嗯，我認為僅靠 GLP-1 的解決方案——也就是以抑制食慾為主的藥理學方法——對於一個非常、非常複雜且需要解決的問題而言，是一維的。我們相信，未來需要的是一套全面性的解決方案，最終能建立健康的生活方式。這種全面性的方法，就是我們在談的方案演進。我們確實將我們的方案視為一個全面性的代謝健康系統，由三個明確階段組成：第一，reset（重置）；第二，refine（精進）；第三，renew（更新）。

The goal of the reset phase, which we're going to be talking more about at our convention in October comes down to resetting one's metabolic set point. Reduction of bad visceral fat, improving body composition, focusing on lean mass preservation and protecting healthy muscle that sets someone up for the refined stage, which is all about improving your body composition. So there's a lot of room, and it's a big, big market.

重置階段的目標——我們會在 10 月的年會上更深入說明——在於重置個人的代謝設定點（metabolic set point）。降低不良內臟脂肪、改善身體組成、聚焦瘦體重保留並保護健康肌肉，讓個人能進入精進階段；精進階段的重點就是持續改善身體組成。因此這裡有很大的空間，而且市場非常、非常大。

Thank you, Nick. That's very helpful.

謝謝你，Nick。這很有幫助。

Thank you. Ladies and gentlemen, as there are no further questions from the participants, I would now hand the conference over to Dan Chard for any closing comments.

謝謝。各位女士先生，由於與會者已無進一步提問，我現在把會議交回給 Dan Chard 作結語。

Thanks. And before we close, I just want to take a few minutes to share a few final thoughts. As I mentioned on last quarter's call, I informed the Board earlier this year that I plan to step down as Chief Executive Officer effective June 1. I've led this company now for close to 10 years, and it's been one of the great privileges of my career. But as I transition, this isn't the end of my relationship with Medifast. I'm engaged as CEO through the end of May and will continue to serve as Chairman of the Board following the transition.

謝謝。在結束之前，我想花幾分鐘分享幾點最後的想法。如同我在上一季電話會議中提到的，我今年稍早已告知董事會，我計畫自 6 月 1 日起卸任執行長。我領導這家公司將近 10 年，這是我職涯中極大的榮幸。但在我交接之際，這並不是我與 Medifast 關係的終點。我會以執行長身分履職至 5 月底，並在交接後繼續擔任董事會主席。

I'm looking forward to continuing to help this great company as we drive this exciting new path forward in metabolic health. I do want to extend my thanks and my best wishes to all of the Medifast team, but especially to Nick Johnson. Nick has been instrumental in shaping and executing the strategy that we talked about today, and I have every confidence in his ability to lead this company into the next chapter. All of the team at Medifast, past, present and at all levels have been incredible to work with over the years, and I'm grateful for their partnership and expertise.

我期待能持續協助這家優秀的公司，在代謝健康這條令人振奮的新道路上向前推進。我也想向所有 Medifast 團隊表達感謝與最誠摯的祝福，尤其是 Nick Johnson。Nick 在塑造並執行我們今天討論的策略上扮演了關鍵角色，我對他帶領公司邁向下一篇章的能力充滿信心。多年來，Medifast 團隊不論過去、現在、各個層級，都非常出色、合作愉快，我也感謝他們的夥伴關係與專業。

Finally, thank you to everyone on this call for your time today and for your interest in Medifast during my tenure here. This is a company that's building something meaningful, and I'm excited to see that continue over the months and the years to come.

最後，感謝今天參與本次電話會議的各位，謝謝你們撥冗以及在我任內對 Medifast 的關注。這是一家正在打造有意義事業的公司，我也很期待在未來幾個月與幾年看到它持續發展。

Thanks, and have a good evening.

謝謝，祝各位晚安。

Thank you. Ladies and gentlemen, the conference of Medifast has now concluded. Thank you for your participation. You may now disconnect your lines.

謝謝。各位女士先生，Medifast 的電話會議到此結束。感謝各位參與。您現在可以掛線。