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© 2025 Medifast, Inc. All Rights Reserved. Medifast® Q3 2025 Earnings Supplement
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© 2025 Medifast, Inc. All Rights Reserved. 22 Safe Harbor Statement This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally can be identified by use of phrases or terminology such as "intend," "anticipate," "expect" or other similar words or the negative of such terminology. Similarly, descriptions of Medifast's objectives, strategies, plans, goals, outlook or targets contained herein are also considered forward-looking statements. These statements are based on the current expectations of the management of Medifast and are subject to certain events, risks, uncertainties and other factors. Some of these factors include, among others, Medifast's inability to maintain and grow the network of independent OPTAVIA coaches; Industry competition and new weight loss products, including weight loss medications, or services; Medifast’s health or advertising related claims by our OPTAVIA customers; Medifast's inability to continue to develop new products; effectiveness of Medifast's advertising and marketing programs, including use of social media by OPTAVIA coaches; the departure of one or more key personnel; Medifast's inability to protect against online security risks and cyberattacks; risks associated with Medifast's direct-to-consumer business model; disruptions in Medifast's supply chain; product liability claims; Medifast's planned growth into domestic markets and transformation to promote metabolic health; adverse publicity associated with Medifast's products; the impact of existing and future laws and regulations on Medifast’s business; fluctuations of Medifast's common stock market price; increases in litigation; actions of activist investors; the consequences of other geopolitical events, overall economic and market conditions and the resulting impact on consumer sentiment and spending patterns; and Medifast's ability to prevent or detect a failure of internal control over financial reporting. Although Medifast believes that the expectations, statements and assumptions reflected in these forward-looking statements are reasonable, it cautions readers to always consider all of the risk factors and any other cautionary statements carefully in evaluating each forward-looking statement in this release, as well as those set forth in its Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and other filings filed with the United States Securities and Exchange Commission, including its quarterly reports on Form 10-Q and current reports on Form 8-K. All of the forward-looking statements contained herein speak only as of the date of this presentation.
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© 2025 Medifast, Inc. All Rights Reserved. 33 Medifast® Q3 2025 Highlights Revenue and EPS at upper end of guidance range Gross profit margin of 69.5% was down 590 bp versus Q3 2024, impacted by loss of leverage on fixed costs and a reserve for product reformulation Operating income declined $6.2M vs. last year • Loss of leverage on fixed costs, partially offset by lower marketing costs and non-recurring items in the prior year period Coach productivity trends continued to stabilize • Revenue per active earning coach (AEC) declined 2% Y/Y & 1% Q/Q, continuing to exhibit more favorable trends vs. a year ago Debt-free, with $174 million of cash & investments as of September 30, 2025, up 2% vs. the prior year period
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© 2025 Medifast, Inc. All Rights Reserved. 44 © 2025 Medifast, Inc. All Rights Reserved. Q3 2025 By The Numbers REVENUE PER ACTIVE EARNING COACH $4,585 ACTIVE EARNING COACHES 19,500 CASH & CASH EQUIVALENTS AND INVESTMENTS $174M OPERATING LOSS ($4.1M) LOSS PER SHARE ($0.21) REVENUE $89M
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© 2025 Medifast, Inc. All Rights Reserved. 55 METABOLIC DYSFUNCTION DRIVES MOST MA JOR HEALTH CHALLENGES 9 OUT OF 10 U.S ADULTS ARE METABOLICALLY UNHEALTHY*1 WHAT CAN BE DONE? Metabolic dysfunction is a root cause behind poor metabolic health, often silently affecting energy, weight and more Metabolic Dysfunction: The Health Challenge of Our Time Metabolic dysfunction occurs when the body’s systems that regulate energy, metabolism and fat breakdown aren’t working as efficiently as they should To reverse metabolic dysfunction, the first step for many requires healthy, quality weight loss that focuses on reducing bad visceral fat while preserving lean mass *O'Hearn M, et al. Trends and Disparities in Cardiometabolic Health Among U.S. Adults, 1999-2018. J Am Coll Cardiol. 2022;80(2):138-151. doi: 10.1016/j.jacc.2022.04.046. 1Huberman, A. D. (Host). (2024, May 6). Dr. Casey Means: Transform your health by improving metabolism, hormone & blood sugar regulation (No. 175). Huberman Lab. Scicomm Media. Nichols GA, et al. Cardiometabolic Risk Factors Among 1.3 Million Adults With Overweight or Obesity, but Not Diabetes, in 10 Geographically Diverse Regions of the United States, 2012–2013. Prev Chronic Dis 2017;14:160438. DOI:http://dx.doi.org/10.5888/pcd14.160438 Disclaimer: Our Products are not meant to diagnose, cure, mitigate, or treat diseases
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© 2025 Medifast, Inc. All Rights Reserved. 66 Transforming Medifast: From Weight Loss to Metabolic Health Leadership *O'Hearn M, et al. Trends and Disparities in Cardiometabolic Health Among U.S. Adults, 1999-2018. J Am Coll Cardiol. 2022;80(2):138-151. doi: 10.1016/j.jacc.2022.04.046. 1Those on the Optimal Weight 5 & 1 Plan® with support of a coach successfully lost 10x more weight and 17x more fat than those who tried to lose weight on their own. Arterburn LM, et al. Randomized controlled trial assessing two commercial weight loss programs in adults with overweight or obesity. Obes Sci Pract. 2018;5(1):3-14. doi: 10.1002/osp4.312. SCIENCE DRIVEN INNOVATION Targeting visceral fat reduction, lean mass retention and healthy muscle protection Focus is to provide systematic harmonization of body's metabolic and biochemical processes at cellular level Once-in-a-generation opportunity to redefine wellness, as 90%+ US adults are metabolically unhealthy* Success measured not just by pounds lost, but by how much healthier a person's body becomes 2026 Next-gen product line will replace essential fuelings with clinically- studied ingredients to support metabolic health COACHES ARE AT THE CENTER Clinical data shows clients who work with a coach lose 10x more weight1 & 17x more fat1 than those who go it alone Human connection is core to approach – Coaches translate underlying science into real-world results Digital investments making experience better for coaches and clients, with improved visibility and actionable insights EDGE Program combines incentives, best practices, and recognition to help Coaches grow businesses SCALABLE BUSINESS MODEL Strong cash position enables enhanced coach support while maintaining stability No inventory means coaches can scale without overhead Rising coach productivity and limited fixed costs enable the business flywheel Premier+ pricing creates consistency and cost savings, helping drive client retention
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© 2025 Medifast, Inc. All Rights Reserved. © 2025 Medifast, Inc. All Rights Reserved. Introducing Metabolic Synchronization Our new clinically studied & proprietary breakthrough approach
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© 2025 Medifast, Inc. All Rights Reserved. 88Metabolic Synchronization is Medifast’s breakthrough approach, providing a comprehensive lifestyle system that targets the root of metabolic dysfunction to improve metabolic health beyond weight loss Systematic harmonization of the body's metabolic processes at the cellular level Unlocks key metabolic pathways that help your body work for you, not against you Lustig RH, et al. Obesity I: Overview and molecular and biochemical mechanisms. Biochem Pharmacol. 2022;199:115012. doi: 10.1016/j.bcp.2022.115012. Energy Regulation Metabolic Health Digestive Health Health Span Muscle Health & Performance Sleep Quality
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© 2025 Medifast, Inc. All Rights Reserved. 99Metabolic Synchronization addresses three critical drivers for reversing metabolic dysfunction and improving metabolic health *Arterburn LM, et al. Randomized controlled trial assessing two commercial weight loss programs in adults with overweight or obesity. Obes Sci Pract. 2018;5(1):3-14. doi: 10.1002/osp4.312. In a clinical study, individuals on the Optimal Weight 5 & 1 Plan, retained 98% of lean mass and achieved 14% reduction of visceral fat at 16 weeks.” Working together to deliver strong & targeted fat burn and reset the body’s metabolism Reduce Visceral (Bad) Fat 14% visceral fat reduction* Protect Healthy Muscle High-Quality Protein products & plans Preserves Lean Mass 98% lean mass retention*
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© 2025 Medifast, Inc. All Rights Reserved. 1010 © 2025 Medifast, Inc. All Rights Reserved. Breaking The Cycle: Why Metabolic Health Transformation is a Modern-Day Necessity
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© 2025 Medifast, Inc. All Rights Reserved. 1111Without Lifestyle Changes, GLP-1 Medications Can Result in Significant Lean Mass Loss Medical advice, treatment, prescriptions, and the overall practice of medicine must be provided by a licensed healthcare professional. OPTAVIA and its coaches do not engage in or provide any medical services. *GLP-1 clinical studies provide standard of care recommending a reduced calorie diet (1500-1800 cals) & 150 mins of physical activity; weight loss periodis 68-72 weeks; DXA measurements taken at baseline and at end of study 1Wilding JPH, Batterham RL, Calanna S, Davies M, Van Gaal LF, Lingvay I, McGowan BM, Rosenstock J, Tran MTD, Wadden TA, Wharton S, Yokote K, Zeuthen N, Kushner RF; STEP 1 Study Group. Once-Weekly Semaglutide in Adults with Overweight or Obesity. N Engl J Med. 2021 Mar 18;384(11):989-1002. doi: 10.1056/NEJMoa2032183. 2Lean mass is a combination of muscle, non-bone tissue, organs and fluid, with muscle making up close to 50% of lean mass. 3Grosicki GJ, Thomas JG, Dhurandhar NV, Lofton H, Heymsfield S, Jonnalagadda SS. GLP-1 RA Discontinuation is Higher in Individuals with Overweight and Obesity Without Type 2 Diabetes 4Wilding JPH, et al; STEP 1 Study Group. Weight regain and cardiometabolic effects after withdrawal of semaglutide: The STEP 1 trial extension. Diabetes Obes Metab. 2022 Aug;24(8):1553-1564. doi: 10.1111/dom.14725. Up to 40%* Weight lost from lean mass1,2 Up to 74% Patients transition off GLP-1 medications in the first 12 months of use3 2/3 of Weight Lost Regained after stopping medication4
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© 2025 Medifast, Inc. All Rights Reserved. 1212 Positioning the Company for Future Success OFFER EVOLUTION SCALABLE BUSINESS MODEL COACH TOOLS & PATHWAY FOR GROWTH Premier + Program Streamlines Pricing & Processes Rising Coach Productivity Enables Business Flywheel 60% Coaches Have Had at Least 1 Client on GLP-1 Meds Limited Fixed Costs Program Designed to Build Coach Leadership & Drive Coach Productivity 40+ Years of Scientific Heritage Designed to Improve Retention Strengthens Client Acquisition, Engagement, & Recurring Revenue Subscription Engagement & Convenience
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© 2025 Medifast, Inc. All Rights Reserved. 1313 Coaches are Force Multipliers *Those on the Optimal Weight 5 & 1 Plan® with support of a coach successfully lost 10x more weight and 17x more fat than those who tried to lose weight on their own *Arterburn LM, et al. Randomized controlled trial assessing two commercial weight loss programs in adults with overweight or obesity. Obes Sci Pract. 2018;5(1):3-14. doi: 10.1002/osp4.312. Supports Optimal Metabolic Health Coaches are the Secret Sauce, with Clients Being More Successful When They Have a Coach MORE Fat* Lose 17x MORE Weight* Lose 10x
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© 2025 Medifast, Inc. All Rights Reserved. EDGE Program Field-wide recognition and duplication system designed to drive coach productivity, increase client acquisition and coach sponsorship, and improve leadership development Clear Tiered Structure 4 achievement levels with progressive business-building behaviors & rewards Behavior-Based Design Focuses on leading indicators of success, not just outcomes or ranking Scalable Systems Built with marketing, training, & tracking tools, easily adoptable by both new & experienced coaches Field Centric Activation Developed with top field leaders, reflects real-world best practices Coach Programs to Help Reignite Growth
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© 2025 Medifast, Inc. All Rights Reserved. 1515 Targeted Actions to Improve Coach Productivity Opportunities Tactics Results Train Coaches on the Science of Metabolic Synchronization On-Going Training and Related Support Infrastructure • Allows coaches to offer a greater value proposition to their clients • Provides coaches with the narrative, data, and tools to enable them to attract a much wider audience in their pursuit of acquiring new clients and coaches A more energized & motivated coach base Enhance Client and Coach Incentive Structure Comprehensive and Targeted Set of Programs for Coaches • Emphasis on optimizing coach performance, getting new coaches off to a strong start, and creating a clearer progression path • Targeted mix of recognition and incentive programs to excite coaches into incremental action & drive faster progression to higher ranks • EDGE program drives coach productivity, client acquisition, coach sponsorship, and leadership development Coach productivity stabilizing Focus on Coach Tools and Insights Deeper Visibility and Greater Insight • Provide more robust data for coaches, particularly more senior coaches, to enable a greater focus on personalized client service and better insight into how to best build a business Increase Client Value-Add New Pricing Structure and Build Out Larger Portfolio of Products • More immediate recognition of discounts • Allows more tailored solutions for different need states • Expanding offer around Metabolic Synchronization, new product line planned to launch in 2026, incorporating next generation ingredients New Premier+ pricing OPTAVIA ACTIVE® product line OPTAVIA ASCEND product line
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© 2025 Medifast, Inc. All Rights Reserved. 1616 Looking Ahead: Building For Sustainable Growth Strategy Remains Clear Building Medifast as a science-based, coach-guided system to help people achieve long-term metabolic health Market Opportunity is Significant 9 out of 10 US adults are metabolically unhealthy, equating to 200M+ people* Coaches at the Center of the Programs • Coaches clinically proven to improve results and effectiveness of our programs • Coaches most effective channel for client acquisition Breakthrough Science Drives Metabolic Health Improvement • Building on Metabolic Synchronization foundation for future programs and products • Clients’ success not measured just be weight lost but by how much healthier they become Strong Balance Sheet $174M in cash & cash equivalents and investments with no debt *O'Hearn M, et al. Trends and Disparities in Cardiometabolic Health Among U.S. Adults, 1999-2018. J Am Coll Cardiol. 2022;80(2):138-151. doi: 10.1016/j.jacc.2022.04.046.
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© 2025 Medifast, Inc. All Rights Reserved. 1717 © 2025 Medifast, Inc. All Rights Reserved. Q4 2025 Guidance Q4 Loss PER SHARE ($0.70) – ($1.25) Q4 Revenue $65M - $80M