Medifast Introduces a State-of-the-Art R&D
Workspace
BALTIMORE, May 10, 2022
/PRNewswire/ -- Medifast (NYSE: MED), the global company
behind one of the fastest-growing health and wellness communities,
OPTAVIA®, announced today the opening of a new research and
development hub, the Medifast Product Innovation Center. The
workplace is designed to support innovation as the company
anticipates continued rapid growth and focuses on expansion in the
$230 billion health and wellness
market. The Medifast Product Innovation Center integrates
state-of-the-art office, lab and pilot plant spaces and enhances
research and development, packaging engineering, quality assurance
and food regulatory efforts.
A ribbon-cutting ceremony with company leadership, business
partners and local government representation featuring tours and
lab demonstrations will commemorate the opening on May 10.
"The Medifast Product Innovation Center is a pivotal investment
for our continued growth," said Dan
Chard, Chairman and CEO of Medifast. "The business' revenue
has more than doubled twice in five years, and we are eager to
provide a space to fuel our progress as we look to build on our
success in the weight management industry and continue to focus on
new segments in the broader health and wellness market.
Scientifically developed products are one key component of the
OPTAVIA program. This space will allow us to deliver
high-quality, unique products to our independent Coaches so they
can support Customers on their journeys to Lifelong Transformation,
One Healthy Habit at a Time better than ever before."
The lab and pilot plant within the Medifast Product Innovation
Center provide a wide range of ingredient science technology to
enable ideation that will support expanding the OPTAVIA
offer into other healthy habit areas, prototyping on small scale
production equipment for powders and bars as well as quality
assurance for finished goods.
"The Medifast Product Innovation Center advances our ability to
support our scientists and engineers, deepening their technical
capabilities," said Doug Zimmermann,
Medifast's Vice President of Research and Development. "Within this
dedicated space, we can ideate new product platforms, test products
for optimization and develop new products more efficiently and
effectively."
At the Medifast Product Innovation Center, team members have
access to innovative workspaces, collaboration areas, modular
accessories, high-powered IT connectivity, "hoteling" desks for
visitors and more. The space was designed with health and wellness
top of mind, including an abundance of natural light and neutral
colors, motivational branding, ergonomically designed adjustable
sit or stand desks and a designated room for nursing mothers.
Including the Product Innovation Center, Medifast now has
operations in several locations within the state of Maryland alone, from its headquarters in
Baltimore City to several
manufacturing and distribution centers. This expansion in
Maryland follows office openings
in Utah in 2020 as well as
Hong Kong and Singapore in 2019.
Medifast's OPTAVIA program merges decades of experience
with new scientific product and plan development alongside personal
support from Coaches and a Community to help Customers create
healthy habits. The enhanced resources provided by the Medifast
Product Innovation Center play a key role in the company's vision
to grow OPTAVIA within the fast-growing health and wellness
market, impacting lives one healthy habit at a time.
About Medifast:
Medifast (NYSE: MED) is the global company behind one of the
fastest-growing health and wellness
communities, OPTAVIA®, which offers
scientifically developed products, clinically proven plans and the
support of independent OPTAVIA Coaches and a Community to
help Customers achieve Lifelong Transformation, One Healthy Habit
at a Time®. As the publicly traded market leader by revenue in the
U.S. $7 billion weight management
industry, the company has impacted more than 2 million lives
through its Community of OPTAVIA Coaches, who teach
Customers how to develop holistic healthy habits through the
proprietary Habits of Health® Transformational System. Medifast was
recognized in 2022 as one of America's Best Mid-Sized Companies by
Forbes, in 2020 and 2021 as one of FORTUNE's 100
Fastest-Growing Companies and was named to Forbes' 100
Most Trustworthy Companies in America list in 2017. For more
information,
visit MedifastInc.com or OPTAVIA.com and
follow @Medifast on Twitter.
Forward Looking Statements
Please Note: This release contains "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995, Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended.
These forward-looking statements generally can be identified by use
of phrases or terminology such as "intend," "anticipate," "expects"
or other similar words or the negative of such terminology.
Similarly, descriptions of Medifast's objectives, strategies,
plans, goals or targets contained herein are also considered
forward-looking statements. These statements are based on the
current expectations of the management of Medifast and are subject
to certain events, risks, uncertainties and other factors. Some of
these factors include, among others, risks associated with
Medifast's direct-to-consumer business model, the impact of rapid
growth on Medifast's systems, disruptions in Medifast's supply
chain, Medifast's inability to continue to develop new products,
effectiveness of Medifast's advertising and marketing programs,
including use of social media by independent OPTAVIA
Coaches, Medifast's inability to maintain and grow the network of
independent OPTAVIA Coaches, the departure of one or more
key personnel, Medifast's inability to protect against online
security risks, to protect its brand, to protect against product
liability claims, Medifast's planned growth into domestic and
international markets, adverse publicity associated with Medifast's
products, Medifast's inability to continue declaring dividends,
fluctuations of Medifast's common stock market price, the impact of
the COVID-19 pandemic on Medifast's results, the severity, length
and ultimate impact of the COVID-19 pandemic on people and
economies, increases in competition, litigation, consequences of
other geopolitical events, natural disasters, acts of war, or
climate change, activist investors, regulatory changes, inflation,
labor shortages, market conditions and resulting impact on consumer
spending, and a failure of internal control over financial
reporting. Although Medifast believes that the expectations,
statements and assumptions reflected in these forward-looking
statements are reasonable, it cautions readers to always consider
all of the risk factors and any other cautionary statements
carefully in evaluating each forward-looking statement in this
release, as well as those set forth in its Annual Report on Form
10-K for the fiscal year ended December 31,
2021, and other filings filed with the United States
Securities and Exchange Commission, including its current reports
on Form 8-K. All of the forward-looking statements contained herein
speak only as of the date of this release.
For further information: Chelsea
Torres, chelsea.torres@medifastinc.com
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SOURCE Medifast