OWINGS MILLS, Md., July 6 /PRNewswire-FirstCall/ -- Medifast, Inc. announced today that it expects to report record second quarter revenues for the three-month period ended June 30, 2005. The Company had unaudited revenues of approximately $10.5 million, a 42% increase versus the period ended June 30, 2004 when the Company had revenues of $7.4 million. Medifast has increased its overall year-to-date unaudited revenues by 32% to $18.8 million versus $14.2 million for the same period ended June 30, 2004.
“Medifast is very pleased with the results for the second quarter and the first half of the year,” said Michael S. McDevitt, Medifast’s President. During the second quarter, Medifast’s strong sales growth was driven by its effective television and print advertising campaign and its Take Shape for Life Health Network and Hi-Energy Weight Control Centers.
“Medifast’s record revenues were also a result of the investment in clinical research and development that has enhanced our business platform including the launch of the Medifast Maintain program in pharmacy, as well as Hi-Energy clinical pharmacy programs in nationwide drug chains such as Kerr Drug and within DrugMax’s Familymeds and Arrow Specialty Pharmacies,” said Executive Chairman, Bradley T. MacDonald.
Medifast is a leader in combating Type 2 diabetes with its patented diabetic formula that improves the health of patients while reducing their dependence on medications. In the recent clinical study conducted by Johns Hopkins Bloomberg School of Public Health, Medifast patients were twice as effective in losing weight and were twice as compliant as food programs. Also, patients on the Medifast diet saw an average of 27% improvement in their Health Related Quality of Life, which measures such things as physical functioning, energy levels and general health. In fact, many of the participants significantly reduced their medication using Medifast versus the food programs.
Medifast expects to announce its second quarter financial results on Tuesday, August 9.
About Medifast: (www.medifastdiet.com)
Medifast has been helping people lose weight and achieve better health for almost 25 years. Its meal replacement foods have been proven effective at Johns Hopkins University, recommended by over 15,000 physicians and used by more than 1,000,000 customers. Medifast offers its customers world-class customer service, technical and medical support.
This release contains forward-looking statements, which may involve known, and unknown risks, uncertainties and other factors that may cause Medifast’s actual results and performance in future periods to be materially different from any future results or performance suggested by these statements. Medifast cautions investors not to place undue reliance on forward-looking statements, which speak only to management’s expectation on this date.
Medifast, Inc.
CONTACT: Jeremy Hunt, Investor Relations Specialist of Medifast, Inc.,+1-410-504-8196
Web site: http://www.medifastdiet.com//
