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Medifast Reports Record February Revenues; Revenues Grow 283% Versus Same Month Last Year; Company Signs 20 MEDSLIM Clinics Across the Country
PRNewswire-FirstCall
OWINGS MILLS, Md.

Medifast, Inc. announced today that its revenues for the month of February increased by 283% to $2.3 million versus $0.6 million during the same month last year. The strong sales of its Take Shape for Life division, fueled by its aggressive advertising campaign and growth in international markets have contributed to the strong results.

"I am confident that our stellar growth in revenues will be reflected in our first quarter results," said Bradley MacDonald, Chairman and CEO of Medifast. "Our significant investments in advertising are producing immediate results, which is apparent in our daily sales figures. We are still in the peak of the diet season as people are now gearing up for the summer season and vacations. Moreover, our disease management products, particularly our Diabetic line, has made a significant impact on the Company's profitability."

Medifast also announced that the Company had signed 20 MEDSLIM clinics across the country as of February 28, 2003. Dr. DiBartolomeo, Vice President of Clinical Affairs for Medifast and former 20-year veteran of Nutri/System said, "The MEDSLIM license agreement is a great opportunity for any physician with a significant amount of patients desiring to focus on disease and weight management." A regional advertising program providing exclusive territories, marketing support and web-based patient referrals supports this comprehensive program. Medifast estimates that it will have over 100 fully operational MEDSLIM clinics by the end of 2004.

In addition, the company's Clinical Affairs department is aggressively prospecting large clinics, hospitals and HMOs in an effort to build high volume. The Company anticipates that MEDSLIM clinics will generate over $100,000 per clinic in Medifast product sales. Since 1980, the Company estimates that over 15,000 physicians nationwide have used Medifast as a treatment for their overweight patients and that an estimated 750,000 patients have used its products to lose and maintain their weight.

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.

SOURCE: Medifast, Inc.

CONTACT: Casey Seward, Public & Investor Relations Specialist, Medifast,
+1-410-504-8154, or Mathew Henderson, CEOcast, Inc. for Medifast,
+1-212-732-4300