FitLife Brands, Inc. reported significant financial growth for the third quarter and the first nine months of 2024, driven by strategic acquisitions and improved operational performance. For the three months ended September 30, 2024, the company generated revenue of $15,977,000, a 15% increase from $13,902,000 in the same period of 2023. For the nine months, revenue rose 26% to $49,456,000 from $39,401,000 year-over-year. This growth was attributed to the acquisitions of MRC and MusclePharm assets, which contributed to higher sales volumes.
Gross profit for the third quarter increased by 23% to $7,001,000, compared to $5,696,000 in the prior year, while gross profit for the nine months rose 36% to $21,868,000 from $16,069,000. The gross margin improved to 43.8% in Q3 2024, up from 41.0% in Q3 2023, reflecting better cost management and product mix.
Operating income for the third quarter was $3,182,000, a 29% increase from $2,470,000 in Q3 2023, and for the nine months, it surged 79% to $10,238,000 from $5,728,000. Net income for the third quarter reached $2,126,000, up 25% from $1,696,000, while net income for the nine months was $6,914,000, an 81% increase from $3,816,000 in the same period last year. The net income per share for Q3 2024 was $0.46, compared to $0.38 in Q3 2023.
The company’s total assets increased to $58,587,000 as of September 30, 2024, from $55,346,000 at the end of 2023. Total current assets also rose to $18,099,000, up from $14,693,000. Cash and cash equivalents saw a significant increase to $4,664,000 from $1,139,000, reflecting improved cash flow from operations, which amounted to $8,653,000 for the nine months, compared to $2,772,000 in the prior year.
FitLife Brands has made strategic moves in its financing, including an amended credit agreement that provided additional term loans to support acquisitions. The company remains compliant with its financial covenants and has no outstanding balance on its revolving line of credit.
The acquisitions of MRC and MusclePharm have been pivotal, with MRC contributing $22,164,000 in revenue for the nine months ended September 30, 2024, and MusclePharm generating $7,227,000. The company is also focusing on optimizing its product offerings, particularly in the skin care segment, which has faced challenges, leading to management exiting unprofitable markets.
About FITLIFE BRANDS, INC.
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