Medifast Inc (MED) 2026 Q2 法說會逐字稿

Greetings and welcome to the Medifast second quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Medifast 2026 年第二季財報電話會議。(接線員指示) 提醒各位，本次會議將被錄音。

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

現在我很榮幸為各位介紹本次會議主持人：投資人關係副總裁 Steven Zenker。謝謝您，先生。您可以開始了。

Good afternoon, and welcome to Medifast's second quarter 2026 earnings conference call. On the call with me today are Nick Johnson, Chief Executive Officer;and Jim Maloney, Chief Financial Officer.

各位下午好，歡迎參加 Medifast 2026 年第二季財報電話會議。今天與我一同出席的有執行長 Nick Johnson，以及財務長 Jim Maloney。

By now, everyone should have access to the earnings release for the second quarter ended June 30, 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.

截至目前，大家應該都已取得截至 2026 年 6 月 30 日止第二季的財報新聞稿，該新聞稿已於今天下午約美東時間 4 點 05 分發布。若您尚未收到，請至 Medifast 官網 www.medifastinc.com 的投資人關係專區查閱。本次電話會議將進行網路直播，並且公司網站亦將提供重播。

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. 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.

在開始之前，我們提醒各位，今天的事先準備發言包含前瞻性陳述，管理團隊也可能在回答各位提問時提出額外的前瞻性陳述。「相信」、「預期」、「預估」以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表現，因此不應過度依賴。實際結果可能與任何前瞻性陳述所預測者有重大差異。本文所載之所有前瞻性陳述僅截至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 Chief Executive Officer, Nick Johnson.

現在，我想把電話交給 Medifast 執行長 Nick Johnson。

Thanks, Steve, and good afternoon, everyone. It's an honor to be addressing you today in my first earnings call as the CEO of Medifast, and I'm looking forward to conversations with investors over the months and years ahead. In our second quarter, we continued to see positive indicators in our business, maintaining a trend that began in late 2025. Most notably, revenue has stabilized sequentially over the recent quarters, aided by higher coach productivity which grew for the third consecutive quarter.

謝謝你，Steve，各位下午好。很榮幸在我擔任 Medifast 執行長後的首次財報電話會議與各位對話，也期待在未來數月與數年與投資人持續交流。在第二季，我們的業務持續出現正向指標，延續自 2025 年底開始的趨勢。最值得注意的是，近幾季營收已按季趨於穩定，並受惠於教練生產力提升，且該指標已連續第三季成長。

This is a key metric for us, as positive trends historically have preceded revenue and profitability growth. Improved coach productivity is also reflected in the growing percentage of active earning coaches reaching Executive Director rank, as our field embraces our strategic transition to metabolic health. We anticipate that these positive trends will continue through the remainder of the year, supported by the launch of our new consumer brand, Trilivy.

這對我們而言是一項關鍵指標，因為從歷史經驗來看，正向趨勢往往先於營收與獲利成長出現。教練生產力的改善，也反映在達到執行董事（Executive Director）職級的活躍且有收入教練占比提升上，顯示我們的前線團隊正擁抱我們向代謝健康的策略轉型。我們預期在新消費者品牌 Trilivy 上市的支持下，這些正向趨勢將在今年剩餘期間持續。

Trilivy is the first step in our 3.0 strategy, which is the biggest shift for Medifast since we launched OPTAVIA in 2017. The strategy is defined by a 10-year roadmap that will allow us to expand our offer to Coaches and Clients in the context of a comprehensive metabolic health system, while also broadening our geographic and demographic footprints.

Trilivy 是我們 3.0 策略的第一步，這是 Medifast 自 2017 年推出 OPTAVIA 以來最大的轉變。該策略以一份 10 年路線圖為核心，讓我們能在完整的代謝健康系統脈絡下，擴展對教練與客戶的產品與服務，同時也擴大我們的地理與人口結構覆蓋範圍。

We have made substantial progress this year, launching a new brand, a new scientific institute, an enhanced coach compensation structure and a standardized training system for our coaches. Each is a significant step forward, and together they help form a foundation for us to win in the metabolic health category. The way we are running the 3.0 organization centers around four core defining characteristics, namely speed, simplicity, scale and stewardship.

今年我們已取得重大進展，包括推出新品牌、新的科學研究院、強化的教練獎酬結構，以及為教練建立標準化訓練系統。每一項都是重要的向前一步，合在一起則有助於奠定我們在代謝健康類別中勝出的基礎。我們推動 3.0 組織的方式，聚焦於四項核心特質：速度、簡化、規模與責任治理。

We have to move quickly to take advantage of the opportunity that exists in metabolic health, while also returning the business to profitability. This speed imperative is reflected in the launch of a series of new initiatives that we will share more about on this call, but also in setting and maintaining a sustainable pace to our work and finding ways to do more with less.

我們必須快速行動，把握代謝健康領域的機會，同時也讓業務重回獲利。這項對速度的要求，反映在一系列新計畫的推出上，我們將在本次電話會議中分享更多內容；同時也體現在為工作設定並維持可持續的節奏，以及尋找以更少資源完成更多事情的方法。

Simplicity is part of the narrative that underpins our business model and the ease with which we empower coaches to build their businesses. The less complexity our coaches face, the more they can focus on what actually grows their businesses. We have to eliminate what doesn't serve our coaches and clients and optimize the things that do. Scale matters because everything we are building is designed to compound.

簡化是支撐我們商業模式敘事的一部分，也關乎我們賦能教練建立其事業的便利性。教練面對的複雜度越低，就越能專注於真正能推動其事業成長的事情。我們必須去除無法服務教練與客戶的事項，並優化那些能帶來價值的部分。規模之所以重要，是因為我們所打造的一切都旨在產生複利效應。

Each new coach and client fuels our flywheel, while stewardship underlines our commitment to building a business that is consistently profitable and that delivers for years to come. A key source of fuel for our flywheel is our new consumer brand, Trilivy, which succeeds OPTAVIA as our primary consumer brand. For years, the OPTAVIA brand was known primarily for one outcome, weight loss, which was just a single element of its effectiveness in helping people live a healthier lifestyle.

每一位新教練與新客戶都能推動我們的飛輪，而責任治理則凸顯我們致力於打造一個持續獲利、並能多年交付成果的企業。為我們飛輪提供關鍵動能的來源之一，是我們新的消費者品牌 Trilivy，它將取代 OPTAVIA 成為我們主要的消費者品牌。多年來，OPTAVIA 品牌主要以單一成果為人所知——減重——但那只是其協助人們過更健康生活方式之成效的一個面向。

Trilivy reflects the holistic health benefits our system is intended to deliver, a metabolic reset that helps the body work better over time through three distinct phases. Reset, refine, and renew. Our science supports clients from end to end in a clear and compelling way that better aligns the brand with the daily realities of our coaches and clients, today and into the future. We believe the opportunity is large. More than 90% of US adults and 1.5 billion adults worldwide are metabolically unhealthy.

Trilivy 反映了我們系統旨在帶來的整體健康效益：透過三個明確階段，進行代謝重置，讓身體隨時間推移運作得更好。重置、精進、煥新。我們的科學以清晰且具說服力的方式，為客戶提供端到端支持，使品牌更能貼近教練與客戶在當下及未來的日常現實。我們相信這個機會非常龐大。超過 90% 的美國成年人，以及全球 15 億成年人處於代謝不健康狀態。

Our study of more than 1,000 adults found nearly 94% are concerned about at least one aspect of their metabolic health. 85% believe metabolic dysfunction can be reversed, and 84% see it as central to overall wellbeing. But 80% say they do not really understand what metabolic health means. So there is high public concern, a belief that change is possible, but low understanding of how to do that. Our science-backed, coach-guided system closes that understanding gap.

我們對超過 1,000 名成年人的研究發現，近 94% 的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% 認為其是整體福祉的核心。但有 80% 表示他們其實不太了解「代謝健康」的意義。因此，公眾高度關切、相信改變可行，但對如何做到的理解不足。我們以科學為後盾、由教練引導的系統，彌補了這個理解落差。

Attention on body composition, lean mass, and muscle preservation has never been higher, as GLP-1 adoption and awareness continues to grow. Our comprehensive metabolic health system offers holistic lifestyle change and behavioral modification through the coaching and structured nutrition that is central to all of our plans.

隨著 GLP-1 的採用與認知持續提升，市場對身體組成、瘦體重與肌肉保留的關注度達到前所未有的高度。我們完整的代謝健康系統，透過教練指導與結構化營養（這也是我們所有方案的核心），提供整體生活型態改變與行為調整。

We continue to engage the GLP-1 market and beyond, supporting people throughout their health journey, whether they're using medication, coming off it, or pursuing metabolic health through non-medication pathways. Our coach-led program builds on more than 45 years of clinical and scientific heritage and is built around metabolic synchronization, our proprietary science that reverses metabolic dysfunction.

我們持續投入 GLP-1 市場及其延伸領域，支持人們在健康旅程中的各個階段——無論他們正在使用藥物、正在停藥，或是透過非藥物途徑追求代謝健康。我們的教練主導方案建立在超過 45 年的臨床與科學傳承之上，並以代謝同步（metabolic synchronization）為核心——這是我們的專有科學，可逆轉代謝功能失調。

Our clinically proven plans activate targeted fat burn while preserving lean mass. Our most popular plan reduces visceral fat by 14% while retaining 98% of lean mass over 16 weeks. And in a clinical study, clients working with a coach lost up to 10 times more weight and 17 times more fat than those trying on their own. That is the structural advantage at the heart of our model, and it sets us apart in a crowded market.

我們經臨床驗證的方案可啟動針對性的燃脂，同時保留瘦體重。我們最受歡迎的方案在 16 週內可將內臟脂肪降低 14%，同時保留 98% 的瘦體重。此外，在一項臨床研究中，與教練合作的客戶，其減重效果最高可達自行嘗試者的 10 倍、減脂效果最高可達 17 倍。這正是我們模式核心的結構性優勢，也使我們在競爭激烈的市場中脫穎而出。

In July, we launched the Medifast Metabolic Health Institute. With a mission to advance metabolic health through rigorous research and credible evidence-based education. Led by recognized experts, including a dedicated scientific advisory board, and backed by teams with more than 390 years of collective professional experience, the Institute organizes our work across research, product development, scientific communications, and education.

7月，我們成立了 Medifast 代謝健康研究院。其使命是透過嚴謹研究與可信、以實證為基礎的教育，推進代謝健康。研究院由公認的專家領導，包括專責的科學諮詢委員會，並由累計超過390年專業經驗的團隊支持，統籌我們在研究、產品開發、科學傳播與教育等面向的工作。

It serves a clear commercial purpose: to strengthen the evidence base behind our programs, continue to substantiate an expanding set of health claims, and establish Medifast as a trusted authority in a field that most of the market is only beginning to understand. We expect that this is how we turn our scientific heritage into a durable competitive advantage. We continue to build on our clinically proven science, utilizing our MetaVantage technology platform with the upcoming launch of our new Reset Fuelings.

它具有明確的商業目的：強化我們方案背後的證據基礎，持續佐證日益擴大的健康主張，並在多數市場才剛開始理解的領域中，將 Medifast 建立為值得信賴的權威。我們預期，這將是把我們的科學傳承轉化為持久競爭優勢的方式。我們持續以臨床驗證的科學為基礎，運用我們的 MetaVantage 技術平台，並即將推出全新的 Reset Fuelings。

Each Fueling, like those in our previous Fuelings line, is nutrient-dense and pre-portioned, with high-quality protein, fiber, probiotics, and more than two dozen vitamins and minerals. Added to the new product line are three key ingredients intended to make our products even more effective. This proprietary MetaVantage technology reset formula is designed to unlock key metabolic pathways to help support normal fat metabolism, healthy insulin function, and reduced waist circumference.

每一款 Fueling 與我們先前 Fuelings 產品線相同，皆為營養密度高且預先分裝，含有高品質蛋白質、纖維、益生菌，以及二十多種維生素與礦物質。新產品線另外加入三項關鍵成分，旨在讓我們的產品更有效。這項專有的 MetaVantage 技術重置配方，旨在啟動關鍵代謝途徑，以協助支持正常脂肪代謝、健康的胰島素功能，以及腰圍縮減。

The new Fuelings anchor our clinically proven Reset 5-in-1 plan, which activates a targeted fat burn to improve body composition, reducing visceral fat while retaining lean mass. This is our first product line designed to fully utilize our MetaVantage technology reset formula, and it strengthens our overall market differentiation. We ran a pilot this spring with certain employees, coaches, and clients, and the feedback was overwhelmingly positive.

全新 Fuelings 是我們臨床驗證的 Reset 5合1計畫的核心，該計畫可啟動針對性的燃脂，以改善身體組成，在保留瘦體重的同時降低內臟脂肪。這是我們第一個為完整運用 MetaVantage 技術重置配方而設計的產品線，並強化了我們整體的市場差異化。今年春季，我們針對部分員工、教練與客戶進行試點，回饋極為正面。

We look forward to putting these products into the hands of all clients and coaches later this month. In the field, engagement is high, and that's showing in the metrics. Although the number of Coaches continues to decline, active earning coach productivity was positive for the third straight quarter, with year over year productivity up 41% and sequentially up 20% versus our first quarter. Revenue per active earning coach is now the highest it has been since the second quarter of 2022, and we expect the trend to continue through 2026.

我們期待在本月稍晚將這些產品交到所有客戶與教練手中。在第一線，互動參與度很高，並反映在各項指標上。儘管教練人數持續下降，但「活躍且有收入的教練」生產力已連續第三季呈現正向表現，年增41%，較第一季環比提升20%。每位活躍且有收入的教練之平均營收，已達到自2022年第二季以來的最高水準，我們預期此趨勢將延續至2026年。

On August 1, we launched an enhanced compensation plan that significantly sharpens our focus on developing and duplicating executive directors. As high producing coaches, executive directors are the single greatest driver of sustainable growth for our business. The design of our new compensation plan was heavily informed by the success of our EDGE program, which confirmed our belief that focusing our field on building executive directors empowers stronger leadership development and healthier field performance.

8月1日，我們推出強化版獎酬計畫，顯著聚焦於培育並複製執行董事（Executive Directors）。作為高產能教練，執行董事是推動我們業務可持續成長的最重要單一驅動因素。我們新獎酬計畫的設計深受 EDGE 計畫成功經驗的啟發；該計畫印證了我們的信念：讓第一線聚焦於打造執行董事，能促進更強的領導力發展與更健康的第一線表現。

The momentum we are seeing today reflects those edge results, with the percentage of active earning coaches at the executive director rank or above continuing to climb, remaining over our 10% benchmark for a healthy, scalable field organization. This is a big area of focus for us as we move forward, and we believe our enhanced compensation plan builds on this proven foundation and will further accelerate growth over time.

我們目前看到的動能反映了 EDGE 的成果：活躍且有收入的教練中，職級達到執行董事或以上的比例持續攀升，並維持在我們所設定的10%健康、可擴展第一線組織基準之上。這是我們未來推進的重要聚焦領域；我們相信，強化版獎酬計畫建立在這個已被驗證的基礎上，並將隨時間進一步加速成長。

Our client referral program continues to exceed expectations. Which is important as we launch the new product line and seek to capitalize on the enthusiasm and energy of the coaches as they lean into the new metabolic health narrative with clients. The renewed energy and excitement from the coach base was on display at our sold-out coach convention in July and was a clear indicator of the strength of coach engagement right now.

我們的客戶推薦計畫持續超出預期。這點在我們推出新產品線、並希望把握教練在與客戶溝通全新代謝健康敘事時所展現的熱情與能量之際，尤其重要。教練群體重新燃起的活力與興奮，在7月我們售罄的教練年會上展露無遺，也清楚顯示目前教練參與度的強勁。

We used the opportunity to focus coach attention on key initiatives including Trilivy's new products, the simplified compensation plan, and our new coach-developed Trilivy Coach Hub training platform. Simplifying the fundamentals of our products and programs, but also the way we talk about them, is a critical component of our collective commitment to bringing the company back to profitability and improving the scalability of our business.

我們把握這個機會，將教練的注意力聚焦於幾項關鍵倡議，包括 Trilivy 的新產品、簡化的獎酬計畫，以及我們全新、由教練開發的 Trilivy Coach Hub 訓練平台。簡化我們產品與方案的基本要素，以及我們談論它們的方式，是我們共同承諾讓公司重返獲利、並提升業務可擴展性的關鍵組成。

The energy at the conference was remarkable, and it's encouraging to see a new generation of coaches engaging with the new brand and the enhanced approach to metabolic health as we seek to reset, refine, and renew lives. Before I turn it over to Jim for a detailed look at the financials, I want to touch on a few key data points.

會議現場的能量令人驚艷；看到新一代教練投入新品牌與強化的代謝健康方法，並在我們致力於重置、精進與更新人生之際共同參與，令人振奮。在我把時間交給 Jim 詳細說明財務之前，我想先提幾個關鍵數據點。

We met expectations for the quarter on both revenue and earnings. Second quarter revenue was $76 million, in line with the guidance we provided in May. The results reflect higher coach productivity and improved client retention trends and is consistent with a business whose operating indicators are starting to turn more positive. Our balance sheet remains a source of strength. We ended the quarter with more than $169 million in cash and investments and no debt.

本季在營收與獲利兩方面皆符合預期。第二季營收為7,600萬美元，與我們5月提供的指引一致。結果反映教練生產力提升與客戶留存趨勢改善，並與一家營運指標開始轉向更正面的企業相符。我們的資產負債表仍是實力來源。本季末我們持有超過1.69億美元的現金與投資，且無負債。

Our enterprise value today sits below the value of our cash and investments. The restructuring actions of the past two years reduced our cost base significantly while preserving the capabilities we need to grow. During Q2, we launched our Catalyst program, with the majority of the execution expected to take place in Q3. The Catalyst program is designed to drive additional cost savings through facility rationalization, AI-related efficiencies, and other means, all while being certain we do not negatively impact our ability to grow.

我們目前的企業價值低於我們的現金與投資價值。過去兩年的重整行動在保留成長所需能力的同時，顯著降低了我們的成本基礎。在第二季期間，我們啟動了 Catalyst 計畫，且大部分執行預計將在第三季進行。Catalyst 計畫旨在透過設施整併、AI 相關效率提升及其他方式，帶來額外的成本節省，同時確保不會對我們的成長能力造成負面影響。

By intensifying our focus on improving profitability, we believe we will be in a stronger financial position to execute our 10-year growth strategy successfully. Our near-term focus is straightforward. We aim to return to profitability by the fourth quarter of 2026. We are executing on both sides of the equation, enhancing initiatives to grow revenue and eliminating cost across the business, and we believe we are on track to deliver it.

透過加強聚焦提升獲利能力，我們相信將能以更強健的財務狀況，成功執行我們的10年成長策略。我們的短期重點很明確。我們的目標是在2026年第四季恢復獲利。我們在等式兩端同步推進：一方面強化帶動營收成長的倡議，另一方面在全公司範圍內削減成本；我們相信目前正按計畫達成。

All of this comes back to my earlier comments about running this organization on the key tenets of speed, simplicity, scale, and stewardship. We are moving fast without overreaching, simplifying how our coaches build their businesses, and building a model designed to strengthen as the field grows. We have a clear long-term plan built around helping clients achieve optimal metabolic health. It is backed by breakthrough science and delivered through a coach-led model that we believe is a real structural advantage.

這一切都回到我先前提到的：以速度、簡化、規模化與善盡管理責任（stewardship）作為營運本組織的關鍵原則。我們快速推進但不過度擴張，簡化教練建立其事業的方式，並打造一個會隨著第一線成長而更強健的模式。我們有一個清晰的長期計畫，核心是協助客戶達到最佳代謝健康。該計畫以突破性科學為後盾，並透過我們相信具有真正結構性優勢的「教練主導」模式來交付。

We are already seeing progress in key areas of our business ahead of the impact of the new brand, products, and training. We have the science, the brand, the products, and the coaches to compete and win in metabolic health, and we have the financial strength to create a platform for growth. There is more to be done, but we have entered the second-half of the year with a clear focus on fulfilling both our short and long-term business objectives.

在新品牌、產品與訓練帶來影響之前，我們已在業務的關鍵領域看到進展。我們具備科學、品牌、產品與教練，足以在代謝健康領域競爭並勝出；同時也具備財務實力，打造一個成長平台。仍有更多工作要做，但我們以清晰的聚焦進入下半年，致力於同時達成短期與長期的業務目標。

With that, I'll hand over to Jim to run through the financials.

接下來，我把時間交給 Jim，請他帶大家檢視財務表現。

Thank you, Nick. Good afternoon, everyone. Second quarter 2026 revenue was within our guidance range and second quarter EPS exceeded our guidance range, supported by a third consecutive quarter of year over year coach productivity growth. Revenue for the second quarter was $76.4 million, a decrease of 27.6% versus the year earlier period. Primarily due to a decrease in the number of active earning coaches. We ended the quarter with approximately 11,700 active earning coaches, a decrease of 48.7% from the second quarter of 2025.

謝謝你，Nick。各位下午好。2026 年第二季營收落在我們的指引區間內，而第二季每股盈餘（EPS）超出我們的指引區間，主要受惠於教練生產力連續第三季年增。第二季營收為 7,640 萬美元，較去年同期下降 27.6%。主要是因為活躍且有收入的教練人數減少。本季末我們約有 11,700 名活躍且有收入的教練，較 2025 年第二季減少 48.7%。

The company continues to see an impact from the rapid adoption of GLP-1 medication across the traditional weight loss category, which is contributing to this decline. In response, we continued our work on building a new coach leadership structure, which includes deprioritizing less productive coaches and developing a network of the most productive executive director organizations. This work resulted in average revenue per active earning coach for the second quarter of $6,529, a year over year increase of 41.0%.

公司持續看到 GLP-1 藥物在傳統減重類別中快速普及所帶來的影響，這也促成了此次下滑。為此，我們持續推進建立新的教練領導架構，包括降低對生產力較低教練的優先順序，並發展由最具生產力的執行董事組織所構成的網絡。這項工作使得第二季每位活躍且有收入教練的平均營收達 6,529 美元，年增 41.0%。

We now have a clear trend of increasing coach productivity both year over year and sequentially. 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. Gross profit for Q2 2026 decreased 30.3% year over year to $53.4 million, driven by lower sales volumes. Gross profit margin for the current quarter was 69.9% compared to 72.6% for the second quarter of 2025, primarily driven by the loss of leverage on fixed costs.

我們現在已清楚看到教練生產力無論年比年或季比季皆呈上升趨勢。我們仍然相信，每位活躍且有收入教練的營收提升，是未來教練成長的早期指標，而我們相信教練成長將進一步帶動營收成長。2026 年第二季毛利較去年同期下降 30.3% 至 5,340 萬美元，主要受較低銷售量所影響。本季毛利率為 69.9%，相較 2025 年第二季的 72.6% 下滑，主要因固定成本槓桿效益減弱。

SG&A expense was down 25.7% year over year to $57.7 million, primarily due to a $12.6 million decrease in coach compensation on lower volume and fewer active earning coaches, a $2.3 million decrease in employee salary and benefit expenses, and a $2 million decrease in company-led marketing costs. SG&A as a percentage of revenue increased 200 basis points, primarily due to approximately 290 basis points associated to loss of leverage on fixed costs and 60 basis points associated with the launch of the company's new Trilivy Reset product line, partially offset by a 190 basis points reduction related to company-led marketing costs.

銷售、一般及行政費用（SG&A）較去年同期下降 25.7% 至 5,770 萬美元，主要因銷量下降與活躍且有收入教練減少，使教練酬金減少 1,260 萬美元；員工薪資與福利費用減少 230 萬美元；以及公司主導行銷成本減少 200 萬美元。SG&A 佔營收比重上升 200 個基點，主要因固定成本槓桿效益減弱約 290 個基點，以及公司推出全新 Trilivy Reset 產品線帶來約 60 個基點的影響；部分被公司主導行銷成本降低所帶來的 190 個基點改善所抵銷。

As Nick mentioned earlier, we launched our Catalyst program during Q2, and we'll more to share about these cost savings and streamlining initiatives as they ramp up in Q3. We continue to include in our guidance the belief that improvements to get back to profitability will start in Q4 2026, and the Catalyst program will be a large part of how we accomplish that objective.

如 Nick 先前提到，我們在第二季推出了 Catalyst 計畫，隨著第三季逐步擴大推進，我們將分享更多關於這些節省成本與精簡措施的內容。我們在指引中仍納入一項看法：重返獲利的改善將自 2026 年第四季開始，而 Catalyst 計畫將是我們達成該目標的重要一環。

Loss from operations was $4.3 million in the second quarter of 2026, an increase in losses of $3.3 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 5.7% in the second quarter. A 470 basis points change from 1.0% in the year earlier comparable period. Other income decreased $2.6 million year over year to $1.3 million, primarily due to gains on our investment in LifeMD common stock in the year earlier period.

2026 年第二季營業損失為 430 萬美元，較去年同期損失增加 330 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，第二季營業損失率為 5.7%。相較去年同期可比期間的 1.0%，變動 470 個基點。其他收入較去年同期減少 260 萬美元至 130 萬美元，主要因去年同期包含我們對 LifeMD 普通股投資的收益。

As a reminder, we sold our common stock investment in LifeMD during the second quarter of 2025. Income tax expense for the period was $0.1 million, an effective rate of negative 3.6% as compared to $0.4 million for the second quarter of 2025, an effective rate of 13.7%. 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 10 萬美元，有效稅率為負 3.6%；相較之下，2025 年第二季所得稅費用為 40 萬美元，有效稅率為 13.7%。原因在於截至 2025 年 12 月 31 日，針對遞延所得稅資產已全額提列估值備抵。公司係依本季實際結果計算本期所得稅費用。

The decrease in the effective tax rate was primarily driven by the increased loss incurred in the June 30, 2026, period and the valuation allowance on the net deferred tax assets. Net loss in the second quarter of 2026 was $3.1 million or $0.28 per diluted share, compared to a net income of $2.5 million or $0.22 per share in the year earlier period. With respect to our balance sheet, we ended the year with $169.8 million in cash equivalents, and investments. And no debt as of June 30, 2026.

有效稅率下降主要是因截至 2026 年 6 月 30 日期間發生的損失增加，以及對淨遞延所得稅資產提列估值備抵。2026 年第二季淨損為 310 萬美元，稀釋後每股虧損 0.28 美元；相較去年同期淨利 250 萬美元、每股盈餘 0.22 美元。就資產負債表而言，本年度末我們持有現金約當物及投資合計 1.698 億美元。截至 2026 年 6 月 30 日並無負債。

Additionally, our working capital, defined as current assets less current liabilities, was $160.5 million as of December 31, 2025. Now I'll turn to guidance. We are expecting third quarter revenue to range from $60 million to $80 million. And loss per share for the quarter to range from $0.15 to $0.65. This excludes any one-time costs associated with the execution of our catalyst initiatives. While we expect to continue to see the active earning coach count to decline in the short-term, we expect to see continued coach productivity growth during the quarter, up both year over year and sequentially.

此外，我們的營運資金（定義為流動資產減流動負債）截至 2025 年 12 月 31 日為 1.605 億美元。接下來我將說明財測指引。我們預期第三季營收介於 6,000 萬至 8,000 萬美元。且本季每股虧損介於 0.15 至 0.65 美元；此不包含執行 Catalyst 措施所產生的任何一次性成本。雖然我們預期短期內活躍且有收入的教練人數仍將下滑，但我們預期本季教練生產力將持續成長，無論年比年或季比季皆上升。

For the full year 2026, we expect revenue to range from $270 million to $300 million and loss per share between $0.25 and $1.75. Also, we continue to include in our guidance the belief that 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 $145 million at December 31, 2026.

就 2026 全年而言，我們預期營收介於 2.70 億至 3.00 億美元，每股虧損介於 0.25 至 1.75 美元。此外，我們在指引中仍納入一項看法：在推出新產品線後，重返獲利的改善將自 2026 年第四季開始。我們也將以改善獲利為目標，並延續至 2027 年及其後。最後，我們相信截至 2026 年 12 月 31 日，我們的營運資金將超過 1.45 億美元。

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

接下來，我把電話交回接線生，進行問答。

(Operator Instructions)

（接線生指示）

Jim Salera, Stephens Inc.

Jim Salera，Stephens Inc.

I wanted to start out with some questions around the Catalyst program. I think investors will be encouraged to hear visibility toward profitability in 4Q of '26. I would love some more detail around, I guess, the initial implementation costs of the Catalyst program. The expected savings and maybe kind of the cadence of when we should start to see the cost flow through the P&L versus the realization of the savings?

我想先從 Catalyst 計畫相關的問題開始。我認為投資人聽到 2026 年第四季可望看到獲利能力的能見度，會感到受到鼓舞。我希望能更詳細了解 Catalyst 計畫初期的導入成本。預期可節省的金額，以及我們應該在何時開始看到成本在損益表（P&L）中反映、相對於節省效益實現的節奏大概如何？

Yeah, so Jim, we were very intentional in our prepared remarks to say that there's going to be more to come on the Catalyst program and its savings. What we can say now is we believe there's millions of savings, millions of dollars of savings, but we're not able to quantify it because we're actually working through what we plan to reduce. The focus of Catalyst is to take and simplify the business, but not.

好的，Jim，我們在事先準備的發言中非常刻意地提到，關於 Catalyst 計畫及其節省效益，後續還會有更多資訊。我們目前能說的是，我們相信會有數百萬美元等級的節省，但我們還無法量化，因為我們正在釐清計畫要削減的項目。Catalyst 的重點是簡化業務，但不。

Take costs out that will impact top-line revenues. So we're still continuing to do certain investments within the top-line that we believe will help that. And we're continuing to focus on executive directors, but we're not able to give the exact quantifications at this point. We are going to be doing that in our Q3 earnings call.

削減將會影響營收（top-line）的成本。因此，我們仍持續在我們認為有助於推動營收的領域進行某些投資。我們也持續聚焦於執行董事（executive directors），但目前無法提供精確的量化數字。我們會在第三季（Q3）財報電話會議中說明。

If we think about the add to profitability, return to profitability in 4Q, is the Catalyst program the only lever there or are there some other incremental contributors, whether it be top-line recovery. The new product launch, I don't know if there's any sort of margin change there, but anything that you could help give us kind of the building blocks for that 4Q?

如果我們思考第四季（4Q）提升獲利、回到獲利狀態，Catalyst 計畫是唯一的槓桿嗎？還是有其他額外的貢獻來源，例如營收端的復甦？新產品上市，我不確定那裡是否會有任何毛利變化，但你能否協助我們提供一些第四季的組成要素（building blocks）？

Yeah, I mean, we kept our guidance on the top-line the same versus last quarter. So you're seeing that, the last three quarters, so Q4 of 2025 was approximately $75 million in revenue, Q1 and Q2 was also approximately $75 million revenue, and we're targeting anywhere in the range of the guidance range that we gave of $60 million to $80 million this upcoming quarter. And when you do the math at the midpoint, say we get to $70 million in revenue in Q3 at the midpoint, we'll to get close to that number again in Q4 to be at the midpoint of the range.

是的，我們對營收端的指引與上一季相比維持不變。所以你會看到，過去三個季度，2025 年第四季（Q4）的營收約為 7,500 萬美元，第一季（Q1）與第二季（Q2）也各約為 7,500 萬美元，而我們對即將到來的本季（Q3）目標是落在先前給出的指引區間 6,000 萬至 8,000 萬美元之間。若以中位數來算，假設第三季（Q3）營收達到 7,000 萬美元的中位數，那麼第四季（Q4）也需要再次接近該數字，才能落在區間中位數。

That gives you a feel of the top-line, and we didn't change the top-line at all, and we're feeling more and more confident in that top-line. The EPS range that we're providing has actually got better. So when you look at the full year range of what we provided last quarter versus this quarter. Even though we are excluding certain one-time charges, which we'll call out in our Q3 earnings call, what those were, Q4, when you do the math will actually, you'll see how it gets better.

這讓你對營收端有個概念；我們完全沒有調整營收端，而且我們對營收端愈來愈有信心。我們所提供的每股盈餘（EPS）區間其實有所改善。因此，當你比較我們上一季提供的全年區間與本季提供的全年區間時，即便我們排除了某些一次性費用（one-time charges），我們會在第三季（Q3）財報電話會議中說明那些是什麼；而到第四季（Q4），當你做數學推算時，你會看到它是如何變得更好。

Maybe one more for me with the launch of the revamped product offering in Trilivy, can you just walk us through the coach receptivity to that, how the transition moving people over from the old OPTAVIA system to the new system is going and any hiccups or bumps we should think about there and then I guess once we're kind of fully switched over, maybe some of the incremental opportunities that provides versus the old platform?

我再問最後一個：隨著 Trilivy 全新改版的產品方案推出，你能否帶我們了解一下教練對此的接受度？從舊的 OPTAVIA 系統轉移到新系統的過渡進展如何？是否有任何我們需要留意的卡關或顛簸？另外，我想在我們完全切換完成後，相較於舊平台，這會帶來哪些額外的增量機會？

Thanks, Jim. I'll take the first part of the question, which is around the receptivity across the field. And then with respect to the specifics of the rollout margin, anything of that nature, I'll turn it over to Jim to go over those. So from a receptivity perspective, we saw a tremendous amount of positive reception to the change. Notably around our ability to develop a metabolic health platform, which goes beyond what we've traditionally been known for inside of the OPTAVIA brand is weight loss.

謝謝，Jim。我先回答問題的第一部分，也就是關於整個一線（field）的接受度。至於推出（rollout）的毛利、或任何類似的細節，我會交給 Jim 來說明。就接受度而言，我們看到對這項變更有非常大量的正面回饋。特別是我們有能力打造一個代謝健康（metabolic health）平台，這超越了 OPTAVIA 品牌過去主要被認知的減重定位。

So number one, an expanded opportunity rooted in metabolic health. Two, we launched a series of initiatives in addition to the new brand. And what we're seeing so far with respect to the coach pre-launch. The new Trilivy fuelings has been very positive. We've seen a lot of activity in that space so far. So from the sold-out event at our convention a few weeks ago to the uptake of the coach pre-launch, we're seeing that as a good signal of receptivity of the change.

所以第一，是以代謝健康為核心的更大機會。第二，除了新品牌之外，我們也推出了一系列的倡議。而就教練端在上市前（pre-launch）的情況來看，新的 Trilivy Fuelings 反應非常正面。我們在這方面看到很多活動與參與。因此，從幾週前我們大會上售罄的活動，到教練端 pre-launch 的採用情況，我們都將其視為對這項變更接受度良好的訊號。

We've seen no major hiccups with respect to that change in the evolution of the brand instead. We've seen a lot of positivity from our field with respect to the renewed opportunity inside of metabolic health. We do have a plan to roll out those Fuelings across the next quarters.

就品牌演進的這項變更而言，我們沒有看到任何重大卡關。相反地，我們看到一線對於代謝健康領域中重新被點燃的機會抱持高度正向態度。我們也有計畫在接下來幾個季度逐步推出這些 Fuelings。

And so I'll Jim comment on what that's looking like in addition to any sort of improvement on the margin side.

接下來我請 Jim 補充說明這會是什麼樣的推進節奏，以及毛利端是否有任何改善。

Overall, speaking to 2026, stabilization of our top-line will help our margins. And then with the impact of what we did in past quarters and moving into Catalyst, that should help with margins. So as we move from a loss in Q2 and we move into focusing on Q4, we do expect better overall margins to our business. And then think about 2027. So we are saying that we're focusing on profitability in 2027 also.

整體而言，談到 2026 年，營收端的穩定將有助於我們的毛利率。再加上我們在過去幾個季度所做的調整，以及進入 Catalyst 的影響，這些都應該會對毛利率有所幫助。因此，當我們從第二季（Q2）的虧損走出來並把焦點放在第四季（Q4）時，我們確實預期整體毛利率會改善。再往 2027 年看。我們也表示，我們同樣聚焦於在 2027 年實現獲利。

And when you think about the last several quarters, what we've talked about, the majority of our margin loss has been due to the loss of leverage of the decline. And as the business stabilizes into 2027 and beyond and starts to grow, that loss of leverage actually starts to become a positive. So as we mentioned in our prepared remarks, this increase in productivity per coach in our past history that has led to coach growth, which then has led to revenue growth.

而當你回顧過去幾個季度我們所談到的內容，我們毛利率下滑的大部分原因，是因為業務下滑導致規模效益（leverage）流失。當業務在 2027 年及之後趨於穩定並開始成長時，這種規模效益的流失實際上會轉為正面因素。因此，如同我們在事先準備的講稿中提到的，過去我們每位教練的生產力提升，帶動了教練人數成長，進而帶動營收成長。

So we are expecting that to reoccur. Obviously, we're in a different world with GLP-1 medications, but there's nothing at least at this point telling us anything differently that we should expect at some point that coach growth will happen and we'll start picking up the leverage points of our fixed cost. As the business grows in the out periods.

因此，我們預期這種情況會再次發生。當然，現在有 GLP-1 藥物的不同環境，但至少就目前而言，沒有任何跡象顯示我們應該做出不同的預期；我們仍預期在某個時間點教練人數會成長，並且我們會開始重新取得固定成本的規模效益槓桿。隨著業務在較長期的期間成長。

We've reached the end of our question-and-answer session.

我們的問答環節到此結束。

I would now like to turn the floor back over to Nick Johnson for closing comments.

接下來我想把時間交回給 Nick Johnson 進行結語。

Thank you, everyone, for joining us today and for your continued interest in Medifast. As we move through the second-half of 2026, our focus remains steadfast on executing our 3.0 strategy and driving the successful rollout of the Trilivy brand. We're energized by the positive momentum in coach productivity and engagement and are confident that the foundational work we are doing today, centering on speed, simplicity, scale and stewardship is setting the stage for a return to profitability in the fourth quarter. We look forward to updating you on our progress during our next call. Have a great afternoon.

感謝各位今天加入我們，也感謝各位持續關注 Medifast。在我們邁入 2026 年下半年之際，我們的重點仍堅定不移：執行 3.0 策略並推動 Trilivy 品牌的成功推出。我們對教練生產力與參與度的正向動能感到振奮，並且有信心我們今天所做的基礎工作——聚焦於速度、簡化、規模化與善盡管理責任（stewardship）——正在為第四季回到獲利奠定舞台。我們期待在下一次電話會議中向各位更新我們的進展。祝各位下午愉快。

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。您現在可以掛斷電話線。感謝您的參與。