Medifast's Board of Directors Elect to Discontinue the Company's Quarterly Cash Dividend
December 13, 2023 at 07:43 am EST
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Medifast's Board of Directors has elected to discontinue the company's quarterly cash dividend, effective immediately. The Board of Directors believes that discontinuing the dividend at this time is in the best interest of the company and its stockholders, as it allows the company to redirect capital to invest in technology and growth initiatives. This is intended to improve customer acquisition and customer experience, which the company expects will generate higher long-term stockholder returns, as well as allow for stock repurchases when management and the Board deem it appropriate.
The investments include a new marketing campaign designed to increase brand awareness and drive customer adoption.
Medifast, Inc. is a health and wellness company. The Company provides a habit-based and coach-guided lifestyle solution OPTAVIA, which provides people with a comprehensive approach to help them achieve lasting optimal health and wellbeing. OPTAVIA's lifestyle plans deliver clinically proven health benefits as well as evidence-based tools, including scientifically developed products and a framework for habit creation reinforced by independent coaches and community support. Through a collaboration with the virtual primary care provider LifeMD, Inc (LifeMD), OPTAVIA customers have access to board-certified affiliated clinicians and medications, such as GLP-1s, that support treatment plans for obesity and other health conditions. OPTAVIA Coaches introduce customers to a set of healthy habits, and offer OPTAVIA-branded products, including Fuelings as well as OPTAVIA ACTIVE, a line of essential amino acid supplements and protein powders. Its operations are conducted through its subsidiaries.
MEDIFAST, INC. 
