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FitLife Brands Inc (FTLF+3.25%). has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a revenue increase of 22% to $64.5 million for the year, up from $52.7 million in the previous year. This growth is attributed primarily to the acquisitions of Mimi's Rock Corp (MRC) and MusclePharm assets, which contributed significantly to the revenue.
Cost of goods sold increased by 16% to $36.4 million, resulting in a gross profit of $28.1 million, a 31% increase from the prior year. The gross margin improved to 43.6%, up from 40.7% in 2023.
Operating expenses were reported at $15.0 million, an 8% increase from the previous year, primarily due to higher selling, general and administrative expenses and increased advertising and marketing expenditures.
Net income for the year was $9.0 million, a 70% increase from $5.3 million in 2023. The increase in net income was driven by higher revenues and gross profit, along with a reduction in merger and acquisition-related expenses.
The company reported cash provided by operating activities of $9.6 million, compared to $4.2 million in the prior year. Cash used in investing activities was $10, primarily for property and equipment purchases, while cash used in financing activities was $7.0 million, largely due to repayments on term loans.
As of December 31, 2024, FitLife Brands had $4.5 million in cash and cash equivalents and $13.1 million in outstanding term loans. The company also extended its $3.5 million line of credit to April 30, 2026.
FitLife Brands' acquisition of MRC in February 2023 and MusclePharm assets in October 2023 were highlighted as key developments, with the MRC acquisition valued at $17.1 million and the MusclePharm acquisition at approximately $18.5 million.
The company continues to focus on expanding its market presence through its various brands and increasing online sales, which accounted for 67% of total revenue in 2024.
FitLife Brands did not repurchase any shares under its share repurchase program during the year, with $5.0 million remaining available for future repurchases.
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 annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.