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Medifast Q2 profit falls 9.6% YOY

Medifast Inc. said its normalized net income for the second quarter amounted to 47 cents per share, compared with the S&P Capital IQ consensus estimate of 48 cents per share.

EPS decreased year over year from 48 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $5.7 million, a decrease of 9.6% from $6.3 million in the prior-year period.

The normalized profit margin dropped to 7.9% from 8.4% in the year-earlier period.

Total revenue decreased year over year to $72.2 million from $74.7 million, and total operating expenses declined on an annual basis to $63.2 million from $64.9 million.

Reported net income declined 11.2% on an annual basis to $5.8 million, or 48 cents per share, from $6.6 million, or 50 cents per share.