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Text: Revenue increased 79% to $394 million in the quarter, driven by growth in the number of independent OPTAVIA Coaches coupled with further improvements in coach productivity.
The number of active earning OPTAVIA Coaches reached approximately 59,200 at the end of the second quarter, a record high, that is 62% above the same quarter last year and up nearly 13% sequentially.
Revenue per active earning OPTAVIA Coach was $6,662, another new record, up nearly 14% versus last year and 3% sequentially.
The continued productivity gains we are seeing has been fueled by the development of infrastructure and education to help coaches learn how to support a greater number of clients than has historically been possible.
This field-led training approach leverages social media and communication technology platforms to engage clients and support and train coaches.
We've been investing substantially in technology and digital processes, with an emphasis on creating unique infrastructure and education to help OPTAVIA Coaches leverage their time and talent to efficiently serve clients.
While it's still very early, we can already see the benefits from these efforts based on the strong trends in coach level productivity.
Our digital product teams have been developing two apps.
The first is the OPTAVIA app, which primarily targets clients and features lean and green recipes, self-service options related to OPTAVIA Premier orders and returns and other key information to stay engaged.
The OPTAVIA app went live in April for coaches and in July for clients.
The second is the Connect App, which is for coaches on the go, who need data and insights to help them manage their business efficiently.
The beta version of the Connect app went live in April and is currently being utilized by nearly one-third of coaches with a broader rollout expected over the balance of the year.
In addition, to our proprietary apps, OPTAVIA Coaches continue to refine our social media and other communication platform to manage their business to drive deeper connections to serve existing customers to attract new clients.
It's clear that interest in health and wellness across the board continues to be extremely strong.
A recent study of consumer health priorities and motivators commissioned by Medifast found that 93% of U.S. adults of health and wellness goals and 84% are actively working toward achieving them.
2/3 of Americans say the biggest motivator for staying consistent with health and wellness goals is feeling good mentally and physically, defined by having more energy and reducing stress and anxiety.
OPTAVIA's unique model has proven effectiveness in helping people achieve their individual goals around health and wellness and the resonance of this model has demonstrated clearly results we've announced today.
As we drive further demand through a growing number of coaches, it's important that we continue to develop our supply chain capabilities to be able to meet the needs of the field.
We achieved our $2 billion manufacturing capacity target in the second quarter, six months ahead of the original goal through the expansion of relationships with co-manufacturers.
Given our growth trajectory and outlook for the future, this additional capacity is crucial to meeting the needs of our coaches and clients as well as continuing to deliver strong returns for shareholders.
Scaling our fulfillment capacity to an equivalent level is also in process, with an expected completion date in the third quarter of this year, three months ahead of the original goal.
We added an internally managed fulfillment center in April 2021 and for partnerships with 3PL companies to ensure that we are able to efficiently move everything through our supply chain network.
There were no promotions in the quarter as the strength of our coach-based model and field-led training continue to drive strong engagement and activation.
Importantly, since we were lapping the essential start promotion from last year's second quarter, the absence of promotion provided a nice lift to gross margins, which improved by 210 basis points in the same quarter last year.
This underscores a key differentiator in our model versus other direct selling models.
That is that we focus on empowering coaches to serve clients by educating them on the Habits of Health system, using a holistic community-based approach to help them transform their lives one healthy habit at the time.
Looking at the third quarter, we will repeat our business builder program and expect this to further grow the number of OPTAVIA Coaches helping our business as we move ahead into 2022.
Last week, we concluded our biggest ever annual convention which was held in the new hybrid format and saw more than 15,000 global registrants.
Recall that the 2020 event was modified to be virtual only due to the global pandemic.
While partnering with the Georgia World Congress Center in Atlanta and following statewide COVID-19 safety regulations for the in-person experience, we also offered a live stream component for attendees who participated from home.
Attendants experienced valuable coach-led educational sessions, panel discussions and company updates along with celebrations of their success in transforming lives around the world.
This year's event also placed an increased focus on community engagement and team building following the 2020 virtual event.
We believe OPTAVIA's unique offer complete with the support of a coach community Habits of health transformation system.
And our clinically proven plans and scientifically developed OPTAVIA brand nutritional products provides a holistic solution consumers need to make their health goals a reality.
Before turning the call over to Jim, I want to share some comments on corporate social responsibility.
We continue to join forces with the OPTAVIA community to support our philanthropic initiative, Healthy Habits For all, which empowers generations through education and access to healthy habits.
As part of 2021 convention registration and outside donation opportunities, the OptiView community gave back through the company's philanthropic initiative, Healthy Habits For All.
This coach-led fundraising initiative raised over $100,000 of worthy nonprofits and advance the company's mission of providing children with education and access to resources that support healthy habits.
To date, alongside with our OPTAVIA community, the company has funded up to eight million nutritious mills for children facing hunger.
Medifast's commitment to lifelong transformation is not just the result of the work our OPTAVIA Coaches do but also a result of our active support of the communities in which we live and work.
Revenue in the second quarter of 2021 increased 79.2% to $394.2 million from $220 million in the second quarter of 2020, reflecting continued growth in the number of active earning OPTAVIA Coaches and higher per coach productivity which resulted in more clients participating in our optimal weight five & one Plan.
We achieved another record for active earning OPTAVIA Coaches, ending the quarter with approximately 59,200 and generating sequential growth of 12.8% compared to Q1 and an increase of 62.2% from last year's second quarter.
Average revenue per active earning OPTAVIA Coach for the second quarter was $6,662, setting another record and up 3.2% from the prior high set just last quarter.
Versus a year ago, revenue per active earning of OPTAVIA Coach was up 13.9%.
Gains in productivity per active earning OPTAVIA Coach for the quarter continued to be driven by an increase in both the number of clients supported by each coach as well as an increase in average client spend.
The growth we're seeing in new coaches and in per coach productivity is closely related to our approach that better leverages field-led coach training and social media and communication technology platforms.
Gross profit for the second quarter of 2021 increased 84.4% to $293.7 million compared to $159.3 million in the prior year period.
Gross profit as a percentage of revenue was 74.5%, up 210 basis points compared to 72.4% in the second quarter of 2020.
We did not offer any promotions during the second quarter as we lap the essential start promotion from last year, and that was the primary factor that drove the year-over-year improvement in gross margin.
With the anticipated acceleration in demand of OPTAVIA branded products, we expect pressure on gross profit margin through the remainder of 2021 due to the planned higher level of use of co-manufacturers.
Additionally, we are seeing higher levels of inflation in raw ingredients, freight and labor costs that will add pressure to our gross profit margin for the second half of 2021.
To protect our overall profit margins in the short term, we will continue to focus and manage our costs while investing in supply chain and technology for our long-term growth objectives.
We believe gross profit margin as a percentage of revenue will improve in the longer term as we develop pricing strategies, enhance our distribution network, reduce freight costs by shortening shipping lanes and gain productivity improvements in our supply chain processes as we scale our business.
SG&A for the second quarter of 2021 increased 77% to $232.3 million compared to $131.2 million for the second quarter of 2020.
The increase was primarily due to higher OPTAVIA commissions, increased salary and benefit-related expenses for employees, increased consulting costs related to technology projects and increased credit card fees resulting from higher sales.
SG&A as a percentage of revenue decreased 70 basis points year-over-year to 58.9% versus 59.6% in the second quarter of 2020.
Income from operations increased $33.3 million to $61.4 million from $28.1 million in the prior year period, reflecting significant improvement in gross profit margin coupled with leverage of SG&A expenses.
Income from operations as a percentage of revenue was 15.6% for the quarter, an increase of 280 basis points from the year ago period.
The effective tax rate was 23.4% for the second quarter of 2021 compared to 22.1% in last year's second quarter.
Net income in the second quarter of 2021 was $47 million or $3.96 per diluted share based on approximately 11.9 million shares of common stock outstanding.
This compares to net income of $21.9 million or $1.86 per diluted share based on approximately 11.8 million shares of common stock outstanding in last year's second quarter.
Our balance sheet remains very strong with cash, cash equivalents and investment securities of $197.4 million as of June 30, 2021, compared to $174.5 million at December 31, 2020.
The company remains free of interest-bearing debt and believes it is well positioned to execute its growth strategy.
On the first quarter call, I provided additional detail around our capital allocation priorities and discussed that we expect higher levels of capital expenditures over the next 24 months to expand our technology and supply chain capabilities.
Additionally, we expect that stock repurchase was going to increase relative to our dividend.
To that end, during the second quarter, we repurchased $12.2 million of stock, which is up from $7.5 million of repurchase activity in the first quarter, bringing our year-to-date total to $19.7 million through the first half of 2021.
Given our strong financial condition, expectations for future cash flow growth and the relative valuation of our stock, we anticipate continuing to prioritize buybacks as a means of adding value for shareholders in the foreseeable future.
Finally, in June 2021, our Board of Directors declared a quarterly cash dividend of $16.9 million or $1.42 per share, which is payable on August 6.
Turning to our guidance, which we reinstated last quarter.
For the full year 2021, we expect revenue in the range of $1.425 billion to $1.525 billion and diluted earnings per share to be in the range of $12.70 to $14.17.
Our guidance also assumes a 23.25% to 24.25% effective tax rate.
As discussed, we are expecting pressure on gross profit margin in the second half of 2021 due to the increased levels of use of co-manufacturers in the coming months to meet accelerated demand in OPTAVIA-branded products and due to inflation factors.
In Q3 this year, we successfully returned to an in-person convention that will increase SG&A expenses in Q3.
Finally, in Q3, we will be repeating our business builder program and expect this to further grow the number of independent OPTAVIA Coaches and help our business as we head into 2022.
The business builder program will be recorded in SG&A expenses in Q3.
In closing, second quarter results were strong, and we remain confident in our business model and are well positioned to capitalize on the opportunities that lie ahead.

user
q2 earnings per share $3.96.
q2 revenue $394.2 million versus refinitiv ibes estimate of $359.5 million.
sees fy earnings per share $12.70 to $14.17.
sees fy revenue $1.425 billion to $1.525 billion.
total number of active earning optavia coaches increased 62.2% to 59,200 compared to 36,500 for q2 of 2020.

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