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Medifast CEO on Q2 earnings results

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Dan Chard, Medifast CEO, joined Yahoo Finance to discuss the company's latest earnings result.

Video Transcript

- It's Medifast's CEO. Medifast just out with earnings just a few minutes ago, and taking a look at the reaction. Not seeing a heck of a lot of reaction after the stock closed at just around $287 a share. We want to bring in Dan Chard for his reaction to the quarter, and Dan, what can you tell us?

DAN CHARD: Well, it's good to be with you today. I think we started a growth cycle and it started going in 2018 when we were up 66%, 2019 42%, and the pandemic here up 31%. We had a strong start to this year, first quarter, 91%.

And so now we're-- We just reported the second quarter, up 79%, so it's really driven by the unique aspect of our model, which is our independent [INAUDIBLE] coaches who help individual clients get healthy by learning a set of healthy habits. So that-- that number of coaches grew 62% to 59,000 and that's what's driving the growth. So we feel like we're in a unique position at a time when there's a lot of interest in becoming healthy and so we're happy about the quarter and feel like we're-- we're well positioned to continue to address this large market.

- Dan, I know you're going to get grilled on that earnings call in just a few minutes, but where do you go, you know, forward? Where should we be watching? Is it going to be growth in the United States, is it Asia-Pacific? What do you see coming down the pike?

DAN CHARD: Well this-- this health and wellness, I'll call it a pandemic, that's kind of led by obesity rates across the world is led by the United States, but other developed countries, and also in developing countries. So there's this enormous addressable market, not just in the United States, but abroad. Our-- our specific focus, we talk about our mission as being to offer the world a lifelong transformation one healthy habit at a time.

So we start in the United States, as you pointed out, about a year and a half ago, expanded into Asia-Pacific, into Hong Kong and Singapore, and we continue to grow in both of those markets. And our focus really is leveraging this model to attract new clients and achieving our long term growth objectives of continuing to expand throughout the-- throughout the world and achieving growth in the mid-teens.

- Dan Chard, CEO of Medifast. We will let you go because we know your earnings call is getting underway in just a few minutes, so you are a man in high demand right now. But we look forward to talking with you a little bit more about the quarter and what to expect going forward tomorrow afternoon, so make sure everyone tunes in for that.