By Chris Wack
Medifast shares were down 16% on Wednesday to $41.28 after the company reported lower fourth-quarter earnings than the same quarter last year.
The health and wellness company on Tuesday after market close reported quarterly earnings of $6 million, or 55 cents a share, compared with earnings of $26.5 million, or $2.41 a share, in the same quarter last year.
Revenue for the quarter was $191 million, compared with last year’s $337.2 million.
Adjusted earnings were $1.09 a share.
The company said revenue decreased due to a “challenging market” and lower revenue per active customer.
Medifast expects to have first-quarter revenue of $155 million to $175 million, and earnings of 25 cents to 95 cents a share.
Write to Chris Wack at chris.wack@wsj.com
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