FitLife Brands Announces Third Quarter 2024 Results

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FitLife Brands, Inc.
FitLife Brands, Inc.

Omaha, Nov. 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 third quarter ended September 30, 2024.


Highlights for the third quarter ended September 30, 2024 include:

  • Total revenue was $16.0 million, an increase of 15% compared to the third quarter of 2023.

  • Online sales were $10.8 million, representing 68% of total revenue and an increase of 14% compared to the third quarter of 2023.

  • Gross margin was 43.8% compared to 41.0% during the third quarter of 2023.

  • Net income was $2.1 million compared to $1.7 million during the third quarter of 2023.

  • Basic earnings per share and diluted earnings per share were $0.46 and $0.43, respectively, compared to $0.38 and $0.35 during the third quarter of 2023.

  • Adjusted EBITDA was $3.6 million, a 41% increase compared to the third quarter of 2023.

  • The Company ended the quarter with $14.3 million outstanding on its term loans and cash of $4.7 million, or total net debt of $9.5 million.

For the third quarter ended September 30, 2024, total revenue was $16.0 million, an increase of 15% compared to $13.9 million during the same period last year. Online revenue for the quarter was $10.8 million, an increase of 14% compared to the quarter ended September 30, 2023. Online revenue accounted for 68% of the Company’s total revenue during the quarters ended September 30, 2024 and 2023.

Wholesale revenue for the quarter ended September 30, 2024 was $5.2 million, an increase of 16% compared to the same period last year.   The Company’s recent acquisitions of Mimi’s Rock Corp (“MRC”) and the MusclePharm assets contributed $1.3 million of wholesale revenue during the third quarter of 2024, while Legacy FitLife wholesale revenue was down $0.5 million, or 12%, compared to the same period last year.

Gross margin for the quarter ended September 30, 2024 was 43.8% compared to 41.0% during the same period in the prior year.

Net income for the third quarter of 2024 was $2.1 million compared to $1.7 million during the quarter ended September 30, 2023. Basic and diluted earnings per share were $0.46 and $0.43 respectively, compared to $0.38 and $0.35 during the third quarter of 2023.

Adjusted EBITDA for the quarter ended September 30, 2024 was $3.6 million, an increase of 41% compared to the same period in 2023. Adjusted EBITDA for the last twelve months, which includes four full quarters of MRC’s financial performance but approximately only three and a half quarters of MusclePharm, was $13.4 million.