BALTIMORE, Nov. 14, 2018 /PRNewswire/ -- Medifast, Inc.
(NYSE: MED), a leading manufacturer and distributor of clinically
proven, healthy living products and programs, today announced it
has completed a $10 million stock
repurchase. This repurchase was made as part of the Company's
existing stock repurchase program that was previously approved by
its Board of Directors.
"Our stock repurchase demonstrates the confidence our Board of
Directors and executive team has in Medifast's long-term growth
trajectory and the strength of our balance sheet and cash flow,"
said Tim Robinson, Chief Financial
Officer of Medifast. "Through strong revenue growth and disciplined
investments, we believe Medifast remains well positioned to deliver
long-term sustainable growth and value for our stockholders."
Purchases under the Company's stock repurchase program may be
made from time-to-time through a combination of open market
repurchases, privately negotiated transactions, and accelerated
share repurchase transactions, at the discretion of the Company's
officers, and as permitted by securities laws and other legal
requirements. The stock repurchase program may be suspended or
discontinued at any time. The timing, number and amount of any
shares repurchased will be determined by Company management at its
discretion and will be based on a number of factors, including its
evaluation of general market and economic conditions and the
trading price of the common stock.
For more information on Medifast, visit www.MedifastInc.com.
About Medifast®:
Medifast (NYSE: MED) is a
leading manufacturer and distributor of clinically proven, healthy
living products and programs. The brand has been recommended by
more than 20,000 doctors since its founding. Its integrated coach
model leverages nearly 40 years of experience from medical,
franchise, e-commerce, and direct selling channels. Medifast and
its community of independent OPTAVIA Coaches embrace the
future of wellness with a shared vision to offer the world lifelong
transformation, one healthy habit at a time™. OPTAVIA®
is represented by a community of OPTAVIA Coaches who teach
Clients healthy habits, while offering support and guidance on
their transformation journey. In 2018, Medifast announced it will
expand into the Asia-Pacific
markets of Hong Kong and
Singapore in 2019 with its
integrated coach model. Medifast is traded on the New York Stock
Exchange and was named to Forbes' 100 Most Trustworthy
Companies in America List in 2016
and 2017. For more information, visit www.MedifastInc.com or
www.OPTAVIA.com.
Forward Looking Statements
This release contains
"forward-looking" statements within the meaning of Section 27A of
the Securities Act of 1933, as amended, Section 21E of the
Securities Exchange Act of 1934, as amended, and the Private
Securities Litigation Reform Act of 1995. These "forward-looking"
statements are based on present circumstances and on Medifast's
predictions with respect to events that have not occurred, that may
not occur, or that may occur with different consequences and timing
than those now assumed or anticipated. Such forward-looking
statements, including the repurchases of the Company's common stock
under the previously approved stock repurchase plan or expected
future declaration or payment of dividends and any statement of the
plans and objectives of management for future operations and
forecasts of future growth and value, are not guarantees of future
performance or results and involve risks and uncertainties that
could cause actual events or results to differ materially from the
events or results described in the forward-looking statements. Such
forward-looking statements are made only as of the date of this
release and Medifast assumes no obligation to update
forward-looking statements to reflect subsequent events or
circumstances. Readers should not place undue reliance on these
forward-looking statements.
MED-F
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SOURCE Medifast, Inc.