$MED
MEDIFAST INC

2022 Q1 Form 10-Q Financial Statement

#000162828022011751 Filed on May 02, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $417.6M $340.7M
YoY Change 22.58% 90.89%
Cost Of Revenue $115.3M $92.12M
YoY Change 25.18% 113.14%
Gross Profit $302.3M $248.5M
YoY Change 21.62% 83.78%
Gross Profit Margin 72.39% 72.96%
Selling, General & Admin $247.2M $195.7M
YoY Change 26.28% 75.23%
% of Gross Profit 81.78% 78.76%
Research & Development $900.0K $1.000M
YoY Change -10.0% 100.0%
% of Gross Profit 0.3% 0.4%
Depreciation & Amortization $2.444M $1.124M
YoY Change 117.44% -32.25%
% of Gross Profit 0.81% 0.45%
Operating Expenses $247.2M $195.7M
YoY Change 26.28% 75.23%
Operating Profit $55.09M $52.80M
YoY Change 4.33% 124.36%
Interest Expense -$95.00K $23.00K
YoY Change -513.04% -79.09%
% of Operating Profit -0.17% 0.04%
Other Income/Expense, Net -$111.0K $42.00K
YoY Change -364.29% -53.85%
Pretax Income $54.98M $52.84M
YoY Change 4.04% 123.68%
Income Tax $13.20M $11.78M
% Of Pretax Income 24.0% 22.29%
Net Earnings $41.78M $41.06M
YoY Change 1.75% 122.24%
Net Earnings / Revenue 10.01% 12.05%
Basic Earnings Per Share $3.62 $3.49
Diluted Earnings Per Share $3.59 $3.46
COMMON SHARES
Basic Shares Outstanding 11.56M shares 11.77M shares
Diluted Shares Outstanding 11.64M shares 11.88M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $240.1M $418.9M
YoY Change -42.7% 113.82%
Cash & Equivalents $118.0M $206.0M
Short-Term Investments $122.1M $212.9M
Other Short-Term Assets $13.23M $6.600M
YoY Change 100.41% -12.0%
Inventory $189.0M $62.23M
Prepaid Expenses
Receivables $88.00K
Other Receivables $0.00
Total Short-Term Assets $324.3M $281.9M
YoY Change 15.04% 74.83%
LONG-TERM ASSETS
Property, Plant & Equipment $57.80M $31.11M
YoY Change 85.82% 22.84%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $12.03M $3.112M
YoY Change 286.44% 42.69%
Total Long-Term Assets $97.18M $44.53M
YoY Change 118.21% 8.83%
TOTAL ASSETS
Total Short-Term Assets $324.3M $281.9M
Total Long-Term Assets $97.18M $44.53M
Total Assets $421.4M $326.4M
YoY Change 29.12% 61.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $174.4M $141.3M
YoY Change 23.4% 79.77%
Accrued Expenses $6.663M $3.700M
YoY Change 80.08% 15.63%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $181.0M $144.9M
YoY Change 24.93% 77.1%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $24.38M $6.600M
YoY Change 269.38% -31.25%
Total Long-Term Liabilities $24.38M $6.600M
YoY Change 269.38% -31.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $181.0M $144.9M
Total Long-Term Liabilities $24.38M $6.600M
Total Liabilities $205.4M $151.5M
YoY Change 35.58% 65.77%
SHAREHOLDERS EQUITY
Retained Earnings $203.1M $178.6M
YoY Change 13.71% 62.07%
Common Stock $12.00K $12.00K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $216.0M $174.9M
YoY Change
Total Liabilities & Shareholders Equity $421.4M $326.4M
YoY Change 29.12% 61.47%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $41.78M $41.06M
YoY Change 1.75% 122.24%
Depreciation, Depletion And Amortization $2.444M $1.124M
YoY Change 117.44% -32.25%
Cash From Operating Activities $43.67M $65.33M
YoY Change -33.15% 144.35%
INVESTING ACTIVITIES
Capital Expenditures $3.009M $4.598M
YoY Change -34.56% 1463.95%
Acquisitions
YoY Change
Other Investing Activities $1.245M $3.700M
YoY Change -66.35% 270.0%
Cash From Investing Activities -$1.764M -$878.0K
YoY Change 100.91% -224.36%
FINANCING ACTIVITIES
Cash Dividend Paid $16.66M $13.39M
YoY Change 24.4% 1.04%
Common Stock Issuance & Retirement, Net $10.00M $7.500M
YoY Change 33.33%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$28.12M -$22.22M
YoY Change 26.56% 61.69%
NET CHANGE
Cash From Operating Activities $43.67M $65.33M
Cash From Investing Activities -$1.764M -$878.0K
Cash From Financing Activities -$28.12M -$22.22M
Net Change In Cash $13.82M $42.31M
YoY Change -67.33% 208.91%
FREE CASH FLOW
Cash From Operating Activities $43.67M $65.33M
Capital Expenditures $3.009M $4.598M
Free Cash Flow $40.66M $60.73M
YoY Change -33.04% 129.67%

Facts In Submission

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CY2021Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
481000 USD
CY2021Q1 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
1807000 USD
CY2021Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
7500000 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
62000 USD
CY2021Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
16852000 USD
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
174891000 USD
CY2022Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Reclassification -</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Certain amounts reported for prior periods have been reclassified to be consistent with the current period presentation. No reclassification in the condensed consolidated financial statements had a material impact on the presentation.</span>
CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> - The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates.</span>
CY2022Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
15340000 USD
CY2021Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
15196000 USD
CY2022Q1 us-gaap Retail Related Inventory Packaging And Other Supplies
RetailRelatedInventoryPackagingAndOtherSupplies
3640000 USD
CY2021Q4 us-gaap Retail Related Inventory Packaging And Other Supplies
RetailRelatedInventoryPackagingAndOtherSupplies
3641000 USD
CY2022Q1 med Inventory Non Food Finished Goods
InventoryNonFoodFinishedGoods
13316000 USD
CY2021Q4 med Inventory Non Food Finished Goods
InventoryNonFoodFinishedGoods
15991000 USD
CY2022Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
161698000 USD
CY2021Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
152687000 USD
CY2022Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
5022000 USD
CY2021Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
7472000 USD
CY2022Q1 us-gaap Inventory Net
InventoryNet
188972000 USD
CY2021Q4 us-gaap Inventory Net
InventoryNet
180043000 USD
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
41781000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
41063000 USD
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11557000 shares
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11772000 shares
CY2022Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
81000 shares
CY2021Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
109000 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11638000 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11881000 shares
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.62
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.49
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.59
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.46
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2021Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
500000 USD
CY2022Q1 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
8000 shares
CY2021Q1 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
7000 shares
CY2022Q1 us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
152000 shares
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2275000 USD
CY2021Q1 us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
162000 shares
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2198000 USD
CY2022Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
0 USD
CY2021Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
0 USD
CY2022Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
1800000 USD
CY2021Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
1000000 USD
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1756000 USD
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1002000 USD
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
103000 USD
CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
11000 USD
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y3M18D
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.021
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
5443000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
6242000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
5693000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
5825000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
4160000 USD
CY2022Q1 med Lessee Operating Lease Liability Payments Due Year Five And After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFiveAndAfterYearFive
5412000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
32775000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1733000 USD
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
31042000 USD
CY2022Q1 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
120000 USD
CY2021Q4 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
90000 USD
CY2022Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
127000 USD
CY2021Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
111000 USD
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
118003000 USD
CY2022Q1 us-gaap Investment Owned At Fair Value
InvestmentOwnedAtFairValue
4057000 USD
CY2022Q1 us-gaap Accumulated Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
7000 USD
CY2021Q4 us-gaap Accumulated Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
21000 USD
CY2022Q1 us-gaap Marketable Securities
MarketableSecurities
122029000 USD
CY2022Q1 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
7000 USD
CY2022Q1 us-gaap Interest Receivable
InterestReceivable
24000 USD
CY2022Q1 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
122060000 USD
CY2021Q4 us-gaap Marketable Securities
MarketableSecurities
109464000 USD
CY2021 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
21000 USD
CY2021Q4 us-gaap Interest Receivable
InterestReceivable
59000 USD
CY2021Q4 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
109544000 USD
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
104183000 USD
CY2021Q4 us-gaap Investment Owned At Fair Value
InvestmentOwnedAtFairValue
5361000 USD
CY2022Q1 us-gaap Debt And Equity Securities Realized Gain Loss
DebtAndEquitySecuritiesRealizedGainLoss
0 USD
CY2021Q1 us-gaap Debt And Equity Securities Realized Gain Loss
DebtAndEquitySecuritiesRealizedGainLoss
0 USD

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