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FitLife Brands, Inc. is dedicated to improving the lives of health-minded consumers by providing innovative and proprietary nutritional supplements. The company markets products under various brand names and offers a range of sports nutrition, energy, meal replacement, and weight loss products. FitLife Brands focuses on constant innovation, staying ahead of trends, and developing cutting-edge solutions for their customers.
FitLife Brands reported a 3.2% increase in total revenue for 2022, reaching $28.8 million, despite a significant decline in fourth-quarter wholesale revenue by 39.1%.Online sales surged 23.2%, contributing 28% of total revenue. Gross profit fell 3.8% to $12.0 million, while net income declined 18.1% to $4.4 million, primarily due to non-recurring items. The company ended the year with no debt and $13.3 million in cash and has initiated a share repurchase program. Following its acquisition of Mimi's Rock, FitLife anticipates operational cost reductions and revenue growth in 2023, with projected revenue between $10.4 million and $11.0 million for Q1.
FitLife Brands has successfully completed the acquisition of Mimi’s Rock Corp., effectively doubling its size while avoiding shareholder dilution. The acquisition, finalized on February 28, 2023, was executed through a statutory plan of arrangement, with funding sourced from cash reserves and a new $12.5 million term loan. CEO Dayton Judd expressed optimism regarding the integration of Mimi’s Rock’s team and brands to enhance growth and profitability. FitLife markets over 130 dietary supplements across various retail channels, focusing on health and wellness.