Medifast (NYSE: MED) reported Q3 EPS of $2.91, $0.45 better than the analyst estimate of $2.46. Revenue for the quarter came in at $271.5 million versus the consensus estimate of $240.62 million.

Third Quarter 2020 Highlights Compared to Prior-Year Period

• Revenue increased 42.8% to $271.5 million
• 30.7% growth in active earning OPTAVIA Coaches to a record level of 42,100
• Revenue per active earning OPTAVIA Coach increased 8.2% over the second quarter to $6,329
• Net income increased 116.7% to $34.5 million
• Earnings per diluted share ("EPS") of $2.91, an increase of 120.5%

"Our business continues to go from strength to strength, with high levels of client demand and engagement among independent OPTAVIA Coaches, accelerated growth and record levels of active earning Coaches," said Dan Chard, Chief Executive Officer of Medifast. "Our programming efforts this year, along with enhancements to our organization, have given us a foundation for significant progress during the quarter. We continue to make investments to enhance our infrastructure to support our strong growth trajectory. We believe we are well positioned to capitalize on the ever-increasing focus on health and wellness across the United States and around the world. Our comprehensive solution is resonating with Coaches and Clients everywhere, and we will continue to focus on providing our Clients with the ability to achieve lifelong transformation one healthy habit at a time."

"While the COVID-19 pandemic continues to deliver challenges and obstacles to consumer-facing businesses, our entire organization as well as our dedicated Coaches have successfully adapted to the new dynamics. We remain highly confident in our ability to deliver long-term growth to all of our valued stakeholders."

For earnings history and earnings-related data on Medifast (MED) click here.