Company bucks Wall Street to stay in Maryland

OWINGS MILLS, Md. - Stripped down to its basics, each Medifast packet includes a mix of protein, vitamins and minerals with a hundred calories or less, but turning it into a meal sets this company apart.

"We duplicate this in every product. So if you take Maryland crab-flavored soup. It took us three years to develop this product," said Medifast Chairman of the Board Bradley MacDonald as he gave us a tour inside the Owings Mills plant.

Once limited to 20 selections available only in doctors’ offices, Medifast now offers more than 70 meals including pancakes, brownies and soft serve ice cream that have helped more than three quarters of a million people lose weight.

The customers’ loss has been the company’s gain growing its sales by $90 million last year alone, but MacDonald says keeping the company in Maryland has come with its own costs.

"Wall Street by the way beat me up, because they always said these plants should go some place else," said MacDonald, "I felt that Baltimore County---this being the uniquely Baltimore company because of the historical roots associated with Hopkins, Stevenson, McCormick Spice & Seasoning, the flavoring capitol of the world so to speak, we have great partnerships here, and as a result of that and the intellectual capitol here is much higher than any other place in the United States, but you have to pay a premium for that."

Rated the number one small company in America by Forbes Magazine, Medifast proves 350 jobs at its Baltimore County headquarters and plant drawing praise from county leaders for being one of its fastest growing corporate citizens.

"This is a great success story,” said Baltimore County Executive Kevin Kamenetz, “It's not only a good product, but it's a well-run company, and it's a Baltimore County company that appreciates its roots in Baltimore County and wants to stay here despite temptations to go other places."

Right now, Medifast is in its infancy with no international business, but its chairman says within the next decade it could become one of Maryland’s billion dollar companies.