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FitLife Brands, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a 15% increase in revenue to $15,977,000 for the third quarter of 2024, compared to $13,902,000 for the same period in 2023. This increase is attributed to the acquisition of MusclePharm assets.
Cost of goods sold rose by 9% to $8,976,000, resulting in a gross profit of $7,001,000, up from $5,696,000 in the previous year. Gross margin improved to 43.8% from 41.0%.
Advertising and marketing expenses decreased by 14% to $1,093,000, while selling, general, and administrative expenses increased to $2,645,000 due to higher personnel costs and professional fees.
Net income for the quarter was $2,126,000, up from $1,696,000 in the previous year, primarily due to the acquisition of MusclePharm and higher gross profit from MRC and Legacy FitLife.
For the nine months ended September 30, 2024, revenue increased by 26% to $49,456,000, with a gross profit of $21,868,000 compared to $16,069,000 in the previous year.
The company reported a net income of $6,914,000 for the nine-month period, compared to $3,816,000 in 2023. The increase is attributed to acquisitions and improved gross margins.
FitLife Brands completed the acquisition of Mimi's Rock Corp in February 2023 and MusclePharm assets in October 2023, which have contributed to the revenue and profit growth.
The company had positive working capital of $6,044,000 as of September 30, 2024, up from $4,356,000 at the end of 2023, supported by cash flow from operations.
FitLife Brands operates primarily in the U.S. but has expanded its exposure to foreign markets through recent acquisitions, impacting its financial results with currency fluctuations.
The company continues to focus on expanding its brand portfolio and optimizing its advertising and marketing strategies to drive revenue growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the FitLife Brands Inc quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.