Business
FitLife Brands Announces Third Quarter 2022 Results
Omaha, Nov. 10, 2022 (GLOBE NEWSWIRE) -- FitLife Brands Announces Third Quarter 2022 Results OMAHA, NE – November 10, 2022 -- FitLife Brands, Inc. (“FitLife”
About this update from Fitlife Brands, Inc.
[{"type":"text","content":"Omaha, Nov. 10, 2022 (GLOBE NEWSWIRE) -- FitLife Brands Announces Third Quarter 2022 Results OMAHA, NE – November 10, 2022 -- FitLife Brands, Inc. (“FitLife” or the “Company”) (OTC: FTLF), an international provider of innovative and proprietary nutritional supplements for health-conscious consumers marketed under the brand names NDS Nutrition, PMD, SirenLabs, Nutrology, CoreActive, Metis Nutrition, iSatori, Energize, and BioGenetic Laboratories, today announced results for the three and nine months ended September 30, 2022. Highlights for the third quarter ended September 30, 2022 include: Total revenue increased 24% to $8.3 million.Online revenue increased 28% to $2.2 million and accounted for 26% of total revenue.Wholesale revenue increased 23% to $6.1 million and accounted for 74% of total revenue.Gross profit increased 10% to $3.2 million.The Company generated net income of $1.2 million compared to $1.1 million during the same quarter last year.Adjusted EBITDA increased to $1.9 million compared to $1.7 million during the third quarter of 2021.The Company generated $2.6 million of cash in the third quarter of 2022, resulting in a quarter-end cash balance of $14.9 million. For the third quarter ended September 30, 2022, total revenue was $8.3 million compared to $6.7 million in the same quarter last year, an increase of 24%. The increase reflects increased demand from both wholesale and online channels. Management expects the Company’s wholesale revenue trends to remain lumpy based on the ordering patterns of our customers. As a result, we encourage investors to evaluate revenue trends for the wholesale channel over periods of two or more quarters. Growth in consumer purchases of the Company’s products in the wholesale channel, which tends to be a more stable indicator of demand, was positive during the third quarter, and remains positive thus far in the fourth quarter. After growing approximately 21% year-over-year during the first and second quarters of 2022, online revenue increased 28% during the third quarter. Online revenue growth has remained strong thus far during the fourth quarter, with a 31% growth rate during the month of October. Gross profit for the three months ended September 30, 2022 increased 10% to $3.4 million. Gross margin decreased to 39.0% compared to 43.9% during the same period last year. The reduction...