Medifast

Medifast, Inc.
Public (NYSE: MED)
Industry Weight loss
Founded 1980
Headquarters Owings Mills, Maryland, United States
Key people
 Michael C. MacDonald, Chairman and CEO
Products Medifast diet
Revenue Decrease US$ 285.3 million (2014)[1]
Decrease US$ 30.2 million (2014) [1]
Decrease US$ 13.2 million (2014) [1]
Total assets Decrease US$ 115.9 million (2014) [1]
Total equity Decrease US$ 80.5 million (2014) [1]
Number of employees
 808 (2014)[2]
Website www.medifast1.com

Medifast, Inc. is an American nutrition and weight loss company based in Owings Mills, Maryland. The company owns five subsidiaries: Jason Pharmaceuticals, Inc. (Jason), Take Shape for Life, Inc. (TSFL), Jason Enterprises, Inc., Jason Properties, LLC and Seven Crondall, LLC. Medifast produces, distributes, and sells weight loss and other health-related products through websites, multi-level marketing, telemarketing, franchised weight loss clinics, and medical professionals.

The company is public with a market capitalization of $405 million, as of October 2014.[2]

Medifast was founded in 1980 by William Vitale, a medical doctor.[3] His products were sold directly to other doctors, who in turn prescribed them to their patients.

The company is publicly traded on the New York Stock Exchange (symbol: MED).

On July 17, 1995, HealthRite (predecessor of Medifast) changed its name from Vitamin Specialties Corp.

In October 2010, Medifast was ranked number 1 on Forbes magazine's list of "America's 100 Best Small Companies".[4] The company was ranked 18th as of the 2014 list.[2]

In September 2012, Medifast's subsidiary, Jason Pharmaceuticals, paid a $3.7 million USD civil penalty for false advertising. The Federal Trade Commission and United States Department of Justice said that advertisements for the "Medifast 5 & 1 Plan" low-calorie diet told consumers they could "lose up to 2-5 pounds per week.", and that these weight-loss claims lacked a reasonable scientific basis, and were unsubstantiated. Under the settlement, any future claims made by the company must be backed by at least one human clinical study.[5][6]

References

  1. 1 2 3 4 5 "Medifast, Inc. Financials".
  2. 1 2 3 "Medifast on the Forbes America's Best Small Companies List". Forbes. Retrieved July 16, 2015.
  3. ↑ Medifast History
  4. ↑ Forbes America's 100 Best Small Companies
  5. ↑ David Ingram (September 7, 2012). "Medifast unit settles false ad claims for $3.7 million". Reuters. Retrieved 2012-09-09.
  6. ↑ Lewis, Truman (September 10, 2012). "Medifast Subsidiary Agrees to $3.7 Million Penalty". ConsumerAffairs.com. Retrieved July 16, 2015.
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