FitLife Brands Announces Fourth Quarter and Full-Year 2023 Results and Investor Conference Call

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FitLife Brands, Inc.
FitLife Brands, Inc.

OMAHA, NE, March 29, 2024 (GLOBE NEWSWIRE) -- FitLife Brands, Inc. (“FitLife,” the “Company,” or “We”) (Nasdaq: FTLF), a provider of innovative and proprietary nutritional supplements and wellness products, today announced financial results for the year ended December 31, 2023.  The Company’s improved financial performance during the quarter and for the full year was driven primarily by the acquisition of Mimi’s Rock Corp. (“MRC”), which closed on February 28, 2023.

Highlights for the year ended December 31, 2023 include:

  • Total revenue was $52.7 million, an increase of 83% compared to $28.8 million in the prior year.

  • Online sales for the full year increased 309% to $33.4 million and represented 63% of total revenue compared to 28% in the prior year.

  • Gross profit increased 78% to $21.4 million.

  • Net income increased 20% to $5.3 million.

  • Adjusted EBITDA increased 52% to $10.2 million.

  • The Company ended the year with $20.1 million debt and $1.9 million of cash.  Subsequent to the end of the fiscal year, the Company made a scheduled $1.1 million amortization payment and a $2.5 million voluntary principal paydown on its term loans, bringing the outstanding debt balance to $16.5 million.

Financial Performance

For the fiscal year ended December 31, 2023, total revenue was $52.7 million, an increase of 83% compared to $28.8 million during fiscal 2022.  Online revenue for the full year was $33.4 million, an increase of 309% compared to fiscal 2022.  Wholesale revenue for the full year was $19.3 million, a decrease of 6.6% compared to fiscal 2022.  Online revenue and wholesale revenue accounted for 63% and 37% of the Company’s total revenue, respectively, during 2023.

Total revenue for the fourth quarter was $13.3 million, an increase of 148% compared to the same period in 2022.  Online revenue for the fourth quarter was $9.1 million, an increase of 362% compared to the same period in 2022.  Wholesale revenue for the fourth quarter was $4.2 million, an increase of 24% compared to the same period in 2022.  Online revenue and wholesale revenue accounted for 68% and 32% of the Company’s total revenue, respectively, for the fourth quarter of 2023.

The Company has commented previously about the variability and unpredictability of orders from its wholesale customers.  The 24% increase in wholesale revenue during the fourth quarter is due primarily to the timing of wholesale orders.  In addition, wholesale revenue for the Company was low during the fourth quarter of 2022, resulting in a favorable year-over-year comparison.