02:31 PM EDT, 04/30/2024 (MT Newswires) -- Medifast ( MED ) shares were more than 18% in recent trading on Tuesday, a day after the company's Q1 adjusted earnings miss consensus.

The company reported Q1 adjusted earnings Monday of $0.66 per diluted share, down from $3.67 a year earlier.

Analysts polled by Capital IQ expected $0.80 per share.

Revenue for the quarter ended March 31 fell to $174.7 million from $349 million a year earlier. Analysts surveyed by Capital IQ estimated $173.5 million.

For Q2, the company expects diluted EPS of $0.05 to $0.40 on revenue of $150 million to $170 million. Analysts polled by Capital IQ expect EPS of $0.90 on revenue of $157.4 million.

Price: 28.54, Change: -6.97, Percent Change: -19.63