MusclePharm is Brightest Brown Crayon in the Box | FitLife Brands 2024 Q1 Update

Is there a hidden meaning behind FitLife Brands calling MusclePharm “our most significant organic growth opportunity”? For those unaware, the supplement brands that are within the FitLife Brands portfolio are now categorized in four segments…NDS Products (which are a collection of brands mostly sold in the GNC franchise system), iSatori Products (which are a collection of brands sold through a diversified retail mix), Mimi’s Rock Corporation Products (which are a collection of brands mostly sold on Amazon), and then MusclePharm Products (which was acquired on October 10, 2023). In total, the FitLife Brands portfolio is sold through more than 20,000 retail locations globally. In the first quarter of 2024, FitLife Brands Inc. (NASDAQ: FTLF) had revenues of $16.5 million…which was up 54% YoY. On face value that obviously looks impressive, but you had both the Mimi’s Rock and MusclePharm acquisitions that happened in 2023 and greatly impacted the comparable growth percentage. If you look at the revenue from a QoQ perspective, FitLife Brands revenues increased around 24%. While there's strategic initiatives going on at legacy FitLife Brands and Mimi's Rock, the most intriguing segment within FitLife Brands is also currently its smallest...MusclePharm. In the first quarter of 2024, MusclePharm segment revenue was $2.1 million. And if you were wondering about YoY comparatives, let’s just say the Eric Hilman run MusclePharm bankrupt version outsold this current version. But that’s probably an apples-to-oranges comparison because Eric Hillman was focused on survival by any means necessary, and FitLife Brands is attempting to make strategic business decisions that support and optimize long-term growth. Despite that, MusclePharm revenue on Amazon is growing MoM, with platform subscriber growth continuing to be strong. And what might be helping that of late is the return of MusclePharm Combat protein bars that were relaunched in April. But I’m fearing that FitLife Brands might be getting excited about early indicators of sales performance, getting overly-confident, and might be getting caught up in the last (and biggest) part of that old MusclePharm sales playbook. And CEO Dayton Judd even had to take jabs last quarter's comments I made about “launching more and more products” before then in the same breath going mentioning FitLife Brands was exploring the product format “no-no zone” I talked about with RTD beverages...whether that's an energy drink or protein shake. But I'll breakdown all the strategic elements within the recent FitLife Brands announcement...including how it impacts projected margins and how that relates to FitLife Brands future supplement industry M&A strategy overall.


I AM NOT A FINANCIAL ANALYST OR ADVISOR AND NOTHING IN THIS VIDEO SHOULD BE USED TO MAKE INVESTING DECISIONS. I AM JUST SHARING MY OPINIONS ON A VALUED PART OF THE CPG ECOSYSTEM THAT I AM PASSIONATE ABOUT. IF INACCURACIES WERE SAID IT WAS AN HONEST MISTAKE AND NOT MALICIOUS OR TO GIVE NEGATIVE INTENT.

FitLife Brands Investor Relations - https://fitlifebrands.com/pages/investors-relations

#musclepharm #supplements #protein


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About Joshua Schall of J. Schall Consulting:
Joshua is consumer packaged goods (CPG) Strategist and Entrepreneur that focuses on the product categories of value-added (or functional) food, beverage, beauty, and nutritional supplements. He was an early advocate for digital grocery optimization and is an expert at the entrepreneurial ideation to consumerization cycle. Recently, he has shifted that decade of knowledge into early-stage investments, board membership, and public speaking engagements. His YouTube channel is a walk through his daily life and a peek into his business musings. Enjoy a look into his life through the lens!

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