By Sabela Ojea
Medifast said Thursday that it is exiting its operations in Hong Kong and Singapore because of a decline in demand for its products in both Asia-Pacific markets as a result of the Covid-19 pandemic.
The nutrition and weight loss company’s move comes as it looks to improve its operational efficiency and achieve its goal of 15% annualized revenue growth and 15% sustainable operating margin by 2025.
The operational exit will take place on July 1.
“We continue to adjust to the changing demands of the market,” Chief Executive Dan Chard said, adding that the company is now focused on expanding into new demographics and diversifying its revenue streams.
Medifast is also looking into reducing costs through deeper automation.
Write to Sabela Ojea at sabela.ojea@wsj.com
Read the full article here
