Medifast shares surge after reporting profits doubled in 1Q

Medifast Inc.'s profit doubled in the first quarter while revenue grew 40 percent, sending shares soaring in after-market trading.

The Baltimore-based dieting and wellness company reported net income of $12.2 million, or $1.01 per share, in the first quarter compared to net income of $6.1 million, or 51 cents per share, in the prior-year quarter.

Shares of Medifast (NYSE: MED) were up 3 percent in after-marketing Thursday to $102.33. The stock has exploded this year as Medifast gears up for its…

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