FitLife Brands Achieves Record Performance in 2024 Financials

FitLife Brands Celebrates Strong Growth in 2024

FitLife Brands, Inc. (“FitLife”) (NASDAQ: FTLF), renowned for its innovative nutritional supplements and wellness products, recently unveiled impressive results for the fourth quarter and full year of 2024, marking a notable period of financial success.

Fourth Quarter Highlights

In the fourth quarter of 2024, FitLife Brands achieved total revenue of $15.0 million, which translates to a remarkable increase of 13% compared to the same quarter the previous year. This robust growth was primarily driven by a surge in online sales, which reached $10.1 million and contributed 67% of total revenue.

Additional key metrics included:

• Gross margin improved to 41.4%, up from 40.3% in the fourth quarter of 2023.
• Net income reached $2.1 million, a significant rise from $1.5 million year-over-year.
• Basic earnings per share climbed to $0.23, with diluted earnings per share at $0.21, compared to $0.16 and $0.15, respectively, in the prior year.
• Adjusted EBITDA for the quarter increased by 31% to $3.1 million.

Annual Performance Overview

For the full year ending December 31, 2024, FitLife reported total revenue of $64.5 million, marking a robust 22% increase compared to $52.7 million in 2023. Online sales for the year amounted to $43 million, up 29% year-over-year.

Additional highlights for the fiscal year include:

• Gross margin rose to 43.6%, compared to 40.7% the previous year.
• Net income surged to $9.0 million, representing a 70% increase over the prior year’s $5.3 million.
• Significant increases in per-share earnings: Basic earnings per share rose to $0.98, while diluted earnings per share increased to $0.91.
• Adjusted EBITDA reached $14.1 million, up from $10.2 million, illustrating a 39% year-over-year growth.

The Company concluded the year with a solid balance sheet, comprising $13.1 million in outstanding loans and $4.5 million in cash.

Strategic Brand Performance

An essential indicator of brand success for FitLife is the contribution margin, defined as gross profit minus advertising and marketing expenses. This measure reveals insightful data about brand effectiveness and growth.

The Legacy FitLife brand recorded challenges during the fourth quarter, with revenues declining by 13% compared to the prior year. Despite a robust overarching performance for the Company, retail dynamics in conventional stores have prompted careful reinvention strategies.

On the other hand, the newly acquired Mimi’s Rock Corp (“MRC”) boosted earnings with a slight decline in overall revenue. However, gross profits for MRC surged by 20%, supported by a prudent product mix strategy.

Market Adaptations and Innovations

The presence of MusclePharm within the FitLife portfolio has significantly influenced financial outcomes. The brand witnessed a powerful 14% sequential growth in revenue in the fourth quarter of 2024, despite a minor downturn in online sales due to typical seasonal fluctuations.

FitLife has actively invested in revitalizing the MusclePharm brand, which is being achieved through a comprehensive rebranding initiative. The reinterpretation of legacy products includes modern packaging, reflecting the ethos of contemporary consumers.

Additionally, the launch of the MusclePharm Pro Series, a premium sports nutrition line, is targeted at enhancing brand visibility and sales, particularly through prominent retail partnerships. These innovations are aimed at expanding product offerings and improving customer engagement.

Looking Ahead: Expectations for 2025

FitLife’s leadership expresses optimism for 2025, anticipating continued growth with double-digit revenue increases from both MusclePharm and Legacy FitLife sectors, alongside strategic adaptations for MRC.

The Company is aligning marketing strategies with current economic trends, focusing on promotions that resonate with its consumer base. Leadership aims for a more extensive footprint in the wellness sector through innovative products and collaborative retail experiences.

Dayton Judd, CEO of FitLife, confidently stated, “We are pleased with our growth trajectory in 2024, especially in critical financial metrics. We remain focused on effectively managing our operations while maximizing brand potential.”

Frequently Asked Questions

1. What were FitLife's total revenues for 2024?

FitLife Brands reported total revenues of $64.5 million for the full year of 2024.

2. How did online sales perform for FitLife in 2024?

Online sales reached $43 million, representing a 29% increase compared to the previous year.

3. What was the net income for FitLife Brands in 2024?

FitLife Brands reported a net income of $9.0 million in 2024, a significant increase from the prior year.

4. How did MusclePharm's revenue change in 2024?

MusclePharm revenue increased by 14% compared to the third quarter of 2024.

5. What strategies does FitLife have for 2025?

FitLife aims to continue its growth through innovative product launches and enhanced marketing strategies, particularly for its MusclePharm brand.

About The Author

Greetings, I'm 32-year-old author and financial specialist Evelyn Baker. My introduction into the financial industry started with an economics degree and continued with a wealth of experience in wealth management and financial consulting. My great passion over the years has been assisting people and companies in making wise, well-informed decisions to reach their financial objectives.

My goal with writing is to simplify difficult financial ideas into understandable, doable guidance. My goal in writing many books and articles is to make personal finance understandable to everyone, irrespective of their experience or background. I want to give readers the information they need to take charge of their financial futures, from investing and retirement planning to budgeting and saving.

Along with my writing, I lead webinars and workshops where I provide doable advice and methods for achieving financial success. To reach a larger audience, I also frequently contribute to financial blogs and publications. My method is always to offer doable, real-world guidance that can actually improve people's lives.

Aside from my job, I like to cook, travel, and experience other cultures. I work hard to apply my belief in the value of a balanced life to my financial counsel. My goal in working is to encourage and enable people to succeed financially so they may lead the best lives possible.

Contact Evelyn Baker privately here. Or send an email with ATTN: Evelyn Baker as the subject to contact@investorshangout.com.

About Investors Hangout

Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/

The content of this article is based on factual, publicly available information and does not represent legal, financial, or investment advice. Investors Hangout does not offer financial advice, and the author is not a licensed financial advisor. Consult a qualified advisor before making any financial or investment decisions based on this article. This article should not be considered advice to purchase, sell, or hold any securities or other investments. If any of the material provided here is inaccurate, please contact us for corrections.