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About FitLife Brands Inc (FTLF)
FitLife Brands Inc is a leading developer and marketer of proprietary nutritional supplements and wellness products tailored to health-conscious consumers. Headquartered in Omaha, Nebraska, the company operates across a diverse portfolio of 13 brands, including NDS, PMD, Siren Labs, Core Active, Metis Nutrition, Isatori, and Biogenetic Laboratories. With a product catalog exceeding 250 items, FitLife offers a comprehensive range of solutions, including sports nutrition products, weight management supplements, energy and sports drinks, and meal replacement products. These products cater to individuals seeking to improve their physical performance, achieve weight loss goals, or enhance overall health and wellness.
Business Model and Revenue Streams
FitLife Brands generates revenue primarily through the sale of its proprietary products. The company's distribution strategy is multi-faceted, encompassing direct-to-consumer online sales, partnerships with domestic and international GNC® franchise locations, and a network of over 16,000 additional retail outlets. Online sales represent a significant and growing portion of its revenue, reflecting the broader consumer shift toward e-commerce. The company also leverages wholesale partnerships to distribute its products through brick-and-mortar retail channels, although it has adapted to declining foot traffic in physical stores by emphasizing online growth.
Product Innovation and Market Differentiation
FitLife Brands distinguishes itself through its commitment to constant innovation and the development of advanced nutritional solutions. Unlike competitors who react to market trends, FitLife proactively tracks leading research and breakthroughs in health and fitness to anticipate consumer needs. This forward-thinking approach ensures that the company remains at the forefront of the nutritional supplement industry, delivering next-generation products that empower consumers to achieve their goals at any stage of life.
Industry Context and Competitive Landscape
Operating within the health and wellness industry, FitLife Brands addresses the growing global demand for nutritional supplements driven by increasing health awareness, fitness trends, and aging populations. The company's proprietary formulations and expansive product range position it competitively against other major players in the market. Challenges in the industry include intense competition, regulatory scrutiny, and the need to adapt to evolving consumer preferences. FitLife mitigates these risks through its diversified brand portfolio, robust distribution network, and focus on high-margin online sales.
Distribution Channels and Geographic Reach
FitLife's products are available through a combination of online platforms, domestic retail locations, and international markets. Its strategic partnerships with GNC® franchise locations provide a strong retail presence, while its e-commerce operations cater to the growing preference for online shopping. The company has also expanded its reach through recent acquisitions, enhancing its product offerings and geographic footprint.
Commitment to Quality and Trust
FitLife Brands emphasizes quality and trustworthiness in its operations. By developing proprietary products backed by scientific research and adhering to stringent quality standards, the company ensures that its offerings meet the expectations of health-conscious consumers. This commitment to excellence reinforces its reputation as a reliable provider of health and wellness solutions.
Conclusion
FitLife Brands Inc is a dynamic player in the nutritional supplement industry, combining innovation, a diversified product portfolio, and a robust distribution network to meet the needs of health-conscious consumers. Its adaptability to market trends and commitment to quality position it as a trusted provider in the competitive health and wellness market.
FitLife Brands announced the acquisition of Mimi’s Rock Corp, approved by over 99.9% of shareholders at a special meeting. This transformative acquisition will double FitLife's size with minimal leverage and no dilution to shareholders. The acquisition will proceed under a plan of arrangement in accordance with the Ontario Business Corporations Act. Closing is anticipated by February 28, 2023, pending regulatory approvals. This strategic move is aimed at expanding FitLife's market presence and enhancing its product offerings in the growing nutritional supplements sector.
FitLife Brands, Inc. (OTCPK: FTLF) announced its definitive agreement to acquire all common shares of Mimi's Rock Corp. (TSXV: MIMI, OTCQB: MIMNF) for approximately CDN $27.2 million ($20.3 million USD). The transaction, expected to close in February 2023, will significantly increase annual revenue to over $60 million and projected adjusted EBITDA to exceed $12 million. This all-cash deal, unanimously approved by both boards, involves no shareholder dilution. FitLife plans to use cash reserves and a bank loan for the acquisition, maintaining minimal leverage post-closing.
FitLife Brands reported a 24% increase in total revenue for Q3 2022, reaching $8.3 million, driven by a 28% increase in online sales. Gross profit rose 10% to $3.2 million, although gross margin decreased to 39.0% due to higher product costs. Net income for the quarter was $1.2 million, up from $1.1 million year-over-year. Adjusted EBITDA increased to $1.9 million. For the nine-month period, total revenue rose 13% to $23.4 million but net income fell 5% to $4.0 million.
FitLife Brands (OTC PINK: FTLF) announced preliminary financial results for Q2 2022, forecasting revenues of $7.9-8.1 million with a gross profit of $3.6-3.7 million. The company reported a net income of $1.4-1.5 million and adjusted EBITDA of $1.9-2.0 million, ending the quarter with no debt and $12.3 million in cash. Notably, online revenue has accelerated, growing 42% year-over-year in early August. Additionally, Jakob York has been appointed as the new CFO, succeeding Susan Kinnaman.
FitLife Brands announced preliminary financial results for Q1 2022, with total revenue expected between $7.0-$7.3 million. Online sales are projected at $1.9-$2.0 million. Anticipated gross profit ranges from $3.0-$3.3 million, and net income is estimated at $1.0-$1.3 million. The company reported $11.1 million in cash and no debt. However, $250,000 of supplier rebates will shift to Q2, impacting gross margins. Additionally, product suppressions on Amazon led to an estimated loss of $150,000-$200,000 in revenue.
FitLife Brands has announced preliminary financial results for the fiscal year ending December 31, 2021. Total revenue is projected to be between $27.7-27.9 million, with gross profit expected at $12.3-12.5 million and net income between $5.2-5.4 million. Adjusted EBITDA is anticipated to be $6.6-6.8 million, and cash balance is reported at $9.9 million. The company also filed a Form 12b-25 with the SEC due to delays in filing its Annual Report, which is under investigation for revenue recognition issues, potentially impacting past financial statements.
On December 14, 2021, FitLife Brands announced a 4-for-1 forward stock split, which took effect on December 8, 2021. Prior to the split, there were 1,125,690 shares outstanding, increasing to 4,502,760 shares post-split. The stock symbol temporarily changed from FTLF to FTLFD and will revert after 20 trading days. This move aims to enhance liquidity and assist in meeting the 300 unrestricted round lot shareholders requirement for Nasdaq listing. The change does not affect ownership percentages.
FitLife Brands reported a 3% decrease in total revenue for Q3 2021, totaling $6.7 million, attributed to prior high wholesale purchases by GNC. However, online revenue surged by 40% to $1.7 million, accounting for 25% of total revenue. Gross profit rose 3% to $2.9 million, with a gross margin increase to 43.9%. Despite a dip in net income to $1.1 million from $1.6 million, year-to-date figures showed an impressive 33% revenue increase. The company ended the quarter debt-free with $8.6 million in cash.
FitLife Brands reported remarkable second quarter results for 2021, with total revenue hitting $8.1 million, a 197% increase compared to the same period in 2020. Direct-to-consumer online sales rose 52%, now comprising 21% of total revenue. Gross profit soared 170% to $3.6 million, although gross margin decreased to 43.7%. The Company achieved net income of $1.5 million against a loss of $0.1 million last year. Adjusted EBITDA grew to $2.0 million. FitLife ended the quarter with $8.4 million in cash and no debt.
FitLife Brands reported its Q1 2021 results, showing total revenue of $6.2 million, remaining flat year-over-year. Online sales surged by 89.2% to $1.6 million, making up 26% of total revenue, up from 14% last year. Gross profit rose 12.4% to $3.1 million, with gross margin improving to 50%. Net income increased 17.9% to $1.7 million, with earnings per share at $1.56 (basic) and $1.43 (diluted). The company ended the quarter with $6.6 million in cash and no debt, despite challenges in the global supply chain.
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