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"We are delighted that we were able to show sequential revenue growth versus May and to maintain the revenues that we had earlier in the year, as the summer months are normally slower for our business," said Brad MacDonald, CEO of Medifast. "Despite a planned reduction in advertising, we were able to report strong results."
Medifast is planning a national TV, print and radio campaign that will significantly boost revenues in the first quarter 2004 and help it expand its distributor and physician network. Internationally, the Company is launching its products into India, Hong Kong and Singapore in addition to its Malaysian territory.
"Our strategic partnership with Elken will make Dr. Diet by Medifast one of the strongest weight and disease management brands in Asia," said Mr. MacDonald.
The Company will ship over $2 million in revenues to Asia in 2003 and expects significant growth in 2004.
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,
Inc., +1-410-504-8154, or Ken Sgro, CEOcast, Inc. for Medifast,
Web site: http://www.medifast.net/