FitLife Brands, Inc. reported a significant increase in financial performance for the fiscal year ending December 31, 2024, with total revenue reaching $64.5 million, a 22% increase from $52.7 million in 2023. The company's net income also rose by 70% to $9.0 million, compared to $5.3 million in the previous year. This growth was primarily driven by the acquisitions of Mimi’s Rock Corp. (MRC) and MusclePharm, which contributed to higher revenue streams. MRC generated $29.0 million in revenue for 2024, while MusclePharm added $10.0 million, reflecting a balanced contribution from both acquisitions.
In terms of operational metrics, FitLife Brands experienced a decline in its Legacy FitLife revenue, which fell by 10% to $25.4 million, largely due to a 16% drop in wholesale revenue. The company noted that its online sales increased by 3%, indicating a shift in consumer purchasing behavior towards e-commerce. Approximately 67% of total revenue for 2024 was derived from online sales, up from 63% in 2023. The company also reported a gross margin improvement to 43.6%, up from 40.7% in the prior year, attributed to higher margins from MRC and the amortization of fair value step-up inventory.
Strategically, FitLife Brands has focused on expanding its product offerings and market presence. The company launched 23 new products in 2024, including 19 completely new items and four reformulations. The acquisitions of MRC and MusclePharm have also allowed FitLife to diversify its product portfolio and enhance its distribution capabilities, particularly through e-commerce platforms like Amazon. The company continues to work closely with GNC, its primary distribution partner, to increase product availability and sales.
FitLife Brands' workforce has remained stable, with 39 full-time employees as of December 31, 2024, compared to 37 in the previous year. The company has emphasized maintaining good employee relations while managing the integration of acquired businesses. Looking ahead, FitLife Brands anticipates continued growth driven by its strategic focus on e-commerce and product innovation, although it acknowledges potential challenges from market competition and changing consumer preferences.
The company remains cautious about future performance, citing risks associated with reliance on key customers, particularly GNC, and the competitive landscape of the nutritional supplement industry. FitLife Brands has expressed confidence in its ability to navigate these challenges, supported by its recent acquisitions and ongoing product development initiatives.
About FITLIFE BRANDS, INC.
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