However, Medifast has endured competitive strife in the recent 3rd quarter of 2023. The company reported a concerning revenue drop year-on-year by 39.71%, far surpassing the overall decrease of 5.81% experienced by its immediate competitors within the same period. Consequently, the plunging revenue dynamics have also translated into dwindling market shares. The company's market share fell notably to 6.2% in Q3, down from 7.58% in Q2, 2023. This contraction in market share presents a cumulative loss of around 7.89% over the past twelve months.