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FitLife Brands (NASDAQ: FTLF) reported a strong Q1 2024 with a 54% YoY increase in total revenue to $16.5 million. Online sales surged by 116% to $10.8 million, composing 65% of total revenue. Gross margin improved to 44.0%, up from 41.1% last year. Net income rose sharply to $2.2 million from $0.2 million. Basic and diluted EPS were $0.47 and $0.43, respectively. Adjusted EBITDA also grew by 62% to $3.6 million. The company ended the quarter with $16.5 million in outstanding term loans and $3.3 million in cash, equating to a net debt of $13.2 million. Despite facing challenges in wholesale revenue and lower-than-expected online growth for legacy FitLife, the company remains optimistic about its future product launches and growth opportunities.
FitLife Brands, Inc. announced its participation at the Sidoti Virtual Investor Conference and provided an operational update, including financial data for the first quarter of 2024. The Company anticipates a significant increase in net revenue and adjusted EBITDA compared to the same period in 2023. FitLife also disclosed its outstanding debt and cash position as of March 31, 2024. Additionally, the Company will hold an investor conference call on May 14, 2024.