MEDIFAST INC

Ladies and gentlemen, greetings and welcome to the MediFast first quarter 2026 earnings conference call. At this time, all participants are in listen-only mode. A brief question and answer session will follow the formal presentation. If anyone requires operator assistance during the conference call, please signal the operator by pressing star and zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Medifast VP, Investment Relations, Stephen Zenker. Please go ahead.

Good afternoon and welcome to Medifast's first quarter 2026 earnings conference call. On the call with me today are Dan Chard, Chairman and Chief Executive Officer, Nick Johnson, President, and Jim Maloney, Chief Financial Officer. By now, everyone should have access to the earnings release for the first quarter ended March 31, 2026, that went out this afternoon at approximately 4.05 p.m. Eastern Time. If you have not received the release, it is available on the Investor Relations portion of Medifast's website at www.medifastinc.com. This call is being webcast, and a replay will also be available on the company's website. Before we begin, we would like to remind everyone that today's prepared remarks contain forward-looking statements and management may make additional forward-looking statements in response to your questions. The words believe, expect, anticipate, and other similar expressions generally identify forward-looking statements. These statements do not guarantee future performance and therefore undue reliance should not be placed on them. Actual results could differ materially from those projected in any forward-looking statements. All of the forward-looking statements contained herein speak only as of the date of this call. MetaFast assumes no obligation to update any forward-looking statements that may be made in today's release or call. Now I would like to turn the call over to Medifast Chairman and Chief Executive Officer, Dan Chard.

Thanks, Steve, and good afternoon, everyone. We appreciate you joining us today as we share an update on the continued execution of our strategy to transition to serving the metabolic health market. When we spoke to you last quarter, we described the growing focus on metabolic health as a defining shift in our industry and the significant opportunity it presents for Medifast. We saw early signs that our strategy was beginning to translate into measurable progress and the potential to build on that as we moved into 2026. As we speak today, I'm pleased to report that those early indicators have continued to strengthen. We are seeing further evidence that our business is at the beginning of a period of stabilization and that we are making meaningful progress in delivering tangible traction in the market. We'll go into the numbers in more detail in a moment, But as you'll have no doubt read in the release, although the number of active earning coaches continues to decline, the first quarter saw our first sequential quarterly revenue growth in three years, a second consecutive quarter of year-over-year coach productivity gains, strong coach leadership advancement, and improved performance in the percentage of coaches acquiring new clients. All of this is indicative of high field engagement and provides encouraging signs that have historically been signals of future growth. Our sector, including Medifast, has undergone a significant change due to the continuing high rate of adoption of GLP-1 medications, which has disrupted the traditional weight loss market. We have responded by fundamentally repositioning the company, not by abandoning weight loss, but by reframing it to address the metabolic health crisis that is impacting the vast majority of Americans today. That work is now largely complete and our focus has shifted decisively from transformation to execution. Nick is going to walk you through the substance of what we're seeing across the business, the science that's driving our differentiation, the evidence from the field that our strategy is working, the tools and programs that are supporting our coach community, and the continued work we are doing to position the company for sustainable growth ahead. Over to you, Nick.