FitLife Brands Announces Second Quarter 2024 Results

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FitLife Brands, Inc.
FitLife Brands, Inc.

Omaha, Aug. 14, 2024 (GLOBE NEWSWIRE) -- FitLife Brands, Inc. (“FitLife” or the “Company”) (NASDAQ: FTLF), a provider of innovative and proprietary nutritional supplements and wellness products, today announced financial results for the second quarter ended June 30, 2024.

Highlights for the second quarter ended June 30, 2024 include:

  • Total revenue was $16.9 million, an increase of 15% compared to the second quarter of 2023.

  • Online sales were $11.2 million, representing 66% of total revenue and an increase of 13% compared to the second quarter of 2023.

  • Gross margin was 44.8% compared to 40.4% during the second quarter of 2023.

  • Net income was $2.6 million compared to $2.0 million during the second quarter of 2023.

  • Basic earnings per share and diluted earnings per share were $0.57 and $0.53, respectively, compared to $0.44 and $0.40 during the second quarter of 2023.

  • Adjusted EBITDA was $3.8 million, a 29% increase compared to the second quarter of 2023.

  • The Company ended the quarter with $15.4 million outstanding on its term loans and cash of $3.7 million, or total net debt of $11.7 million.

For the second quarter ended June 30, 2024, total revenue was $16.9 million, an increase of 15% compared to $14.8 million during the same period last year. Online revenue for the quarter was $11.2 million, an increase of 13% compared to the quarter ended June 30, 2023. Online revenue accounted for 66% and 67% of the Company’s total revenue during the quarters ended June 30, 2024 and 2023, respectively.

Wholesale revenue for the quarter ended June 30, 2024 was $5.7 million, an increase of 18% compared to the same period last year.   The Company’s recent acquisitions of Mimi’s Rock Corp (“MRC”) and the MusclePharm assets contributed $1.5 million of wholesale revenue during the second quarter of 2024, while Legacy FitLife wholesale revenue was down $0.5 million, or 10%, compared to the same period last year.

Gross margin for the quarter ended June 30, 2024 was 44.8% compared to 40.4% during the same period in the prior year. Excluding the impact of the inventory step-up resulting from the acquisition of MRC, gross margin during the quarter ended June 30, 2023 would have been 41.9%.

Net income for the second quarter of 2024 was $2.6 million compared to $2.0 million during the quarter ended June 30, 2023. Basic and diluted earnings per share were $0.57 and $0.53 respectively, compared to $0.44 and $0.40 during the second quarter of 2023.   Net income during the second quarter of 2023 was adversely impacted by $0.1 million of merger and acquisition related costs as well as $0.2 from the amortization of the inventory step-up from the MRC acquisition.