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Medifast ( (MED) ) just unveiled an announcement.
Medifast, known for its OPTAVIA lifestyle solution, reported a significant 40.6% drop in third-quarter revenue to $140.2 million due to fewer active OPTAVIA coaches and lower productivity. Despite a decrease in gross profit and net income, the company maintained a strong balance sheet with $170 million in cash and no debt, leading to the termination of its credit agreement to save on fees. Medifast is focusing on innovative health solutions and customer acquisition strategies to drive future growth.
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