WEB NEWS Research
FitLife Brands, Inc. (Nasdaq: FTLF) ($34.88, $3 million market cap) reported its financial results for the third quarter of 2024:
Q3 sales of $16.0 million vs $14.0 million in the prior year
Q3 EPS of $0.43 vs $0.35 in the prior year
“I am pleased with the Company’s continued strong performance. At MRC, the Dr. Tobias brand—which represents just over 90% of the MRC business—continued to grow despite significant year-over-year reductions in advertising and marketing spend. And although revenue for MRC’s skin care brands has declined significantly due to our decision to exit unprofitable markets and raise prices in others, the brands are substantially more profitable. The MRC brands’ collective contribution of approximately $9.4 million over the last twelve months compares very favorably to the $17.1 million acquisition price the Company paid for MRC.
“For the past couple of years following the COVID pandemic, we have experienced declining sales of our products through brick-and-mortar retailers, primarily due to store closures and declining foot traffic. For the first eight months of 2024, the year-over-year percentage declines in retail sales of FitLife products were in the low double digits. We are encouraged that the rate of decline has improved sequentially in each month over the past four months, with year-over-year declines now in the single digits. Also, as a reminder, the profit impact of wholesale declines for our Legacy FitLife brands are largely offset by the continued growth in high-margin online sales of those products.
With regard to MusclePharm, we are encouraged by the recent wins we have had for the MusclePharm Combat Sport bars and the new MusclePharm Pro Series, and we remain engaged with a number of other prospective customers as we seek to continue to grow the brand.
...The Company continues to evaluate potential M&A opportunities with a specific focus on accretive, non-dilutive transactions.”
FitLife Brands is a manufacturer of innovative and proprietary nutritional supplements for health conscious consumers
Research
FitLife Brands, Inc. (Nasdaq: FTLF) ($32.00, $147.1 million market cap) reported its financial results for the second quarter of 2024:
Q2 sales of $16.9 million vs $14.7 million in the prior year
Q2 EPS of $0.53 vs $0.40 in the prior year
“Overall, I am pleased with the strong performance of our brands, which would not be possible without the continued dedication of each FitLife team member. The Company’s balance sheet is strong, with net debt now representing approximately only 0.9x adjusted EBITDA. Although no transaction is imminent, the Company is currently electing to build cash as it continues to evaluate M&A opportunities. As of August 13, 2024, the Company’s cash balance was $4.4 million.”
FitLife Brands, Inc. provides nutritional supplements for health-conscious consumers in the United States and internationally.
Research
FitLife Brands, Inc. (Nasdaq: FTLF) ($30.47, $140.1 million market cap) reported its financial results for the first quarter of 2024:
Q1 sales of $16.5 million vs $5.4 million in the prior year
Q1 EPS of $0.43 vs $0.34 in the prior year
Reduced long term debt by $3.6 million. Company continues to plan to pay down debt which should benefit earnings per share.
It is worth noting that while the company increased revenue by 3x, operating expenses only increased by 5%, showing the operating leverage of the business model.
“The Company is off to a solid start in 2024 and there are many bright spots in our business. At MRC, I am encouraged that the Dr. Tobias brand—which represents approximately 90% of the MRC business—returned to growth during the quarter despite advertising spend that was 39% lower than in the first quarter of 2023. And although the skin care brands continue to struggle on the top line, they are more profitable now than they were at the time of the acquisition. In total, MRC is significantly more profitable than when we made the acquisition.
“Our legacy FitLife brands continue to face headwinds in the wholesale channel due to declining foot traffic at our brick-and-mortar retail partners. Although the declines were partially offset by growth in the legacy FitLife online business, the online growth rate we experienced during the first quarter was lower than anticipated. We are encouraged, though, that the growth rate for legacy FitLife online sales was much stronger during April with a 13% year-over-year increase.
“In addition, I am excited about a number of new products that we will be introducing this year across several of our brands. Of note, we recently re-launched the MusclePharm Combat Sport protein bar in April 2024. We believe the MusclePharm brand is our most significant organic growth opportunity. Both online and wholesale revenue for MusclePharm ramped up throughout the quarter, and we hope to continue the momentum. Overall, our first quarter results demonstrate that we are continuing to execute our goal of profitably growing revenue and paying down debt.”
FTLF is a manufacturer and marketer nutritional supplements for health conscious consumers in the United States and internationally
Research
FitLife Brands, Inc. (Nasdaq: FTLF) ($22.0, $109 million market cap),
Financial Highlights:
Sales and Earnings Highlights:
Total Revenue: Increased by 67% to $13.9 million, primarily due to an increase in revenue from its recently acquired business, Mimi’s Rock Corp.
Net Income: Grew by 39% to $1.7 million.
Earnings per Share: Basic EPS up by 41% to $0.38
Diluted EPS up by 46% to $0.35.
Other Financial Highlights:
Adjusted EBITDA: Rose by 36% to $2.5 million.
Online Revenue: Constituted 68% of total revenue, a significant increase from the previous year.
Gross Margin: Improved to 41.0% from 39.0%??.
Operational Highlights:
MRC Integration: Achieved cost reductions and improved profitability at Mimi’s Rock Corp (recent acquisition), with significant cuts in advertising expenses, but still leading to increased profitability.
Legacy FitLife: Encountered a 19% decline in revenue, with a strategy to explore new international opportunities and improve online performance??.
MusclePharm Acquisition: Closed the acquisition and initiated the re-launch of successful products, with expectations for online revenue to exceed $5 million in 2024 ??.
Management Commentary:
Dayton Judd, FitLife’s Chairman and CEO, commented, “Although the third and fourth quarters of each year are traditionally the slowest for the Company, I am pleased with our overall performance. While recent legacy FitLife performance has not met expectations, the weakness has been largely offset by strong financial performance at MRC. Going forward, I am optimistic that legacy FitLife performance will improve, and I am excited about the continued improvements at MRC as well as the potential of the MusclePharm brand to create additional stockholder value.”
Research
Fitlife Brands Inc (OTC:FTLF) ($17.97; $79.8M market cap), a manufacturer and marketer nutritional supplements for health conscious consumers in the United States and internationally, announced Q2 2023 results:
Sales of $14.8 million vs $7.8 million in the prior year
Non-GAAP EPS of $0.46 vs EPS of $0.33 in the prior year
“I am pleased with the Company’s performance. In particular, the integration of MRC has been encouraging and we are quickly achieving the anticipated benefits of the acquisition. With regard to the Legacy FitLife business, although wholesale traffic is down, we remain encouraged by the continued growth of our online business. And given the success of our acquisition strategy thus far, we continue to pursue other possible transactions that we believe will be materially accretive to our shareholders.”
Research
Fitlife Brands Inc (OTC:FTLF) ($17.00; $76.4M market cap), a manufacturer and marketer nutritional supplements for health conscious consumers in the United States and internationally, announced Q1 2023 results:
Sales of $10.7 million vs $7.2 million in the prior year
Non-GAAP EPS of $0.31 vs EPS of $0.26 in the prior year
“I am excited about the future potential for the FitLife and MRC businesses. The combined business performed well during the first quarter, and we are making great progress on a number of initiatives to drive improvement in revenue and gross margins as well as reductions in SG&A and the effective tax rate. Presently, although wholesale traffic is somewhat challenged, we continue to see strong growth in our online business.”
Research
Fitlife Brands Inc (OTC:FTLF) ($19.00; $86.3M market cap), manufactures and markets nutritional supplements for health conscious consumers in the United States and internationally announced it has completed the acquisition of Mimi’s Rock Corp.
“Transformative acquisition will double the size of FitLife with minimal leverage and no dilution to shareholders”
“We are excited to welcome Mimi’s Rock to the FitLife family. We look forward to working closely with the talented team at Mimi’s Rock to help drive further growth and profitability for their brands.”
On December 5, 2022 we highlighted that the company had entered into a definitive agreement with Mimi Rock.
Research
Fitlife Brands Inc (OTC:FTLF) ($16.00; $72.8M market cap), manufactures and markets nutritional supplements for health conscious consumers in the United States and internationally announced Q3 2022 results:
Sales of $8.3 million vs $6.7 million in the prior year
EPS of $0.24 vs EPS of $0.23 in the prior year
“Management expects the Company’s wholesale revenue trends to remain lumpy based on the ordering patterns of our customers. As a result, we encourage investors to evaluate revenue trends for the wholesale channel over periods of two or more quarters. Growth in consumer purchases of the Company’s products in the wholesale channel, which tends to be a more stable indicator of demand, was positive during the third quarter, and remains positive thus far in the fourth quarter.
Despite a somewhat challenging operating environment, I am encouraged by the continued growth in our wholesale and online businesses. We continue to actively pursue opportunities to deploy our strong and growing cash balance into accretive acquisitions.”
Research
Fitlife Brands Inc (OTC:FTLF) is a manufacturer and marketer of nutritional supplements for health conscious consumers in the United States and internationally. The company issued an 8K with its restated financials for the periods of 2019 through June 2021. It is nice to see the company is making good progress to become current with its financials and commitment not to go dark.
Summary below:
2019 - Previously reported sales of $19.5 mil restated to $19.1 mil with EPS of $2.41 restated to $2.33
2020 - Previously reported sales of $19.5 mil restated to $19.1 mil with EPS of $2.41 restated to $2.33
First half 2021 - Previously reported sales of $14.2 mil restated to $14.0 mil with EPS of $2.69 restated to $2.57
Management's comments on becoming current:
“Immediately preceding the filing of the 2020 Form 10-K/A and the 2021 Form 10-K, management currently intends to withdraw its Form 15 filed with the Securities and Exchange Commission, and thereafter file its quarterly reports on Form 10-Q for the first two quarters of 2022.”
Research
Fitlife Brands Inc (OTC:FTLF) ($50.00; $56.2M market cap), a manufacturer and marketer of nutritional supplements for health conscious consumers in the United States and internationally, announced the board of directors has authorized a forward stock split of 4 for 1 to begin on December 8, 2021.
You can see our prior coverage on FTLF here .
Research
Fitlife Brands Inc (OTC:FTLF) ($41.75; $45.7M market cap), manufactures and markets nutritional supplements for health conscious consumers in the United States and internationally announced Q2 2021 results:
Sales of $8.1 million vs $2.7 million in the prior year
EPS of $1.26 vs a loss of $0.09 in the prior year
“The second quarter of 2021 was one of the strongest quarters in the Company’s history. We continue to experience robust organic growth in both our wholesale and our online businesses. We have successfully integrated Nutrology into our operations, and we continue to look for opportunities to deploy our strong and growing cash balance into additional accretive acquisitions.”
You can see our prior coverage on FTLF here . The stock is now up ~202% since GeoInvesting research contributor, Avram Fisher, published his bullish thesis at a price of $13.80 in July 2016 and up over 600% since we published an RFT on the company in November 2018 at a price of $5.30.
Research
Fitlife Brands Inc (OTC:FTLF) ($38.0 prior close; $41.1M market cap), manufactures and markets nutritional supplements for health conscious consumers in the United States and internationally announced Q1 2021 results:
Sales of $6.2 million vs $6.2 million in the prior year
EPS of $1.56 vs $1.43 in the prior year
For the first quarter ended March 31, 2021, total revenue was approximately flat at $6.2 million. As previously mentioned, the Company believes that a portion of the wholesale revenue that historically would have been received during the first quarter shifted into the fourth quarter of 2020 . For the first quarter of 2021, online sales increased 89.2% to $1.6 million and accounted for approximately 26% of the Company’s total revenue compared to 14% during the first quarter of 2020.
Dayton Judd, the Company’s Chairman and CEO, commented, “I am pleased that we continue to experience organic growth in both our wholesale and our online businesses. And as our online revenue becomes a larger portion of our business, we benefit from higher margins, as evidenced by the 50% gross margins we achieved during the first quarter.”
“Over the past several months, the global supply chain for nutritional supplement ingredients and packaging has become increasingly challenging. Production lead times for many of our products have increased from two months to as much as six months in some cases. In an effort to ensure our products stay in stock, we are placing orders much earlier than usual and carrying larger quantities of inventory. We will continue to adapt our operations as necessary to compete effectively in the current environment.”
Research
Fitlife Brands Inc (OTC:FTLF) ($32.00; $38.2M market cap), a company that manufactures and markets nutritional supplements for health conscious consumers in the United States and internationally, announced the acquisition of Nutrology, which caters to consumers who prioritize all-natural and plant-based nutritional supplements. It is an all cash transaction and expected to be immediately accretive to earnings. Financial details have not yet been disclosed.
Research
Fitlife Brands Inc (OTC:FTLF) ($24.04 prior close; $37.1M market cap), manufactures and markets nutritional supplements for health conscious consumers in the United States and internationally announced Q4 2020 results:
Sales of $5.9 million vs $3.7 million in the prior year
Non-GAAP EPS of $1.17 vs $0.04 in the prior year
“The Company’s performance continues to exceed expectations in both our wholesale and direct-to-consumer channels. As a result, the Company has been able to achieve strong revenue growth and profitability, and our balance sheet continues to strengthen, despite the effects of the COVID-19 pandemic and the bankruptcy of the Company’s largest customer during 2020. The Company continues to search for opportunities to deploy cash for prudent, immediately accretive acquisitions.”
FTLF's financial performance, along with other companies in the nutritional supplement and healthy lifestyle products industry has us excited to see Muscle Pharm Corp (NASDAQ:MSLP) 2020 Q4 financial results which are due out soon. You can read more about why we began covering MSLP here .
Research
Fitlife Brands Inc (OTC:FTLF) ($8.55; $7.9M market cap), manufactures and markets nutritional supplements for health conscious consumers in the United States and internationally announced Q4 2019 results:
Sales of $3.7 million vs $3.5 million in the prior year
EPS of $0.33 vs a loss of $0.28 in the prior year
“By all accounts, the Company’s performance during 2019 was solid. We have returned to growth in old channels and continued growth in new channels, all while reducing operating expenses and improving the balance sheet. That said, the current economic environment is expected to materially impact the Company’s brick and mortar wholesale customers. In light of the uncertainty and in order to preserve its financial flexibility, the Company elected to draw the full $2.5 million available under its line of credit.”
FTLF remains a small long position.
Research
Fitlife Brands Inc (OTC:FTLF) ($10.11; $10.2M market cap), manufactures and markets nutritional supplements for health conscious consumers in the United States and internationally, announced Q3 2019 results:
“I continue to be pleased with the Company’s performance. After many quarters of decline, the Company’s wholesale business returned to growth with GNC as well as with other wholesale partners. And we are excited about the launch of our liquid L-Carnitine product in 3,700 Walmart stores throughout the US. In addition, we continue to experience growth in online revenue, and recently launched new online-exclusive products during the fourth quarter.
Mr. Judd continued, “Going forward, we intend to focus on driving continued organic growth. In addition, given our improved performance and strong balance sheet, the Company intends to explore opportunities to grow through prudent acquisitions. And, the Company intends to continue to repurchase shares as long as they remain an attractive investment option.”
Comments & Business Outlook
John S. Wilson, CEO of Bond Laboratories Inc., added, “NDS is on pace in 2009 to significantly exceed prior year financial performance and anticipates strong revenue and profitability growth through 2010 driven by continued efforts to reduce costs, expand distribution capabilities, and develop market leading products.
Source: Business Wire (October 7, 2009 )
