Denver, CO –March 1, 2016– MusclePharm Corporation (OTCQB: MSLP) (“MusclePharm” or the “Company”), a scientifically-driven, performance lifestyle sports nutrition company, today announced selected preliminary financial results for the fourth quarter ended December 31, 2015.
Selected Preliminary Financial and Operating Highlights for Fourth Quarter 2015
Net revenue of approximately $41 million, an increase of approximately $7 million compared to $34 million for the third quarter 2015, or 21% increase sequentially quarter-over-quarter and an increase of approximately $8 million compared to $32.7 million for the fourth quarter 2014, or 26% increase year-over-year.
Gross margin increased to approximately 35% an increase of approximately 4 percentage points compared to 31% for the third quarter 2015, and an increase of approximately 12 percentage points compared to 23% for the fourth quarter 2014.
Supply chain improvement: fill rates increased to approximately 85%, compared to 55%, sequentially quarter-over-quarter.
"We are pleased with the results of our business in the fourth quarter and the positive momentum we have built in revenue, gross margins, and supply chain improvements." said Ryan Drexler, MusclePharm's chairman. "I am pleased to see improved stability in the business, as we continue to build a sustainable and profitable business. We are building strong relationships with our key partners, in both the supply chain as well as our retailers that we believe are making the business stronger and healthier. We remain committed to acting in the best interest of our shareholders and maximizing shareholder value."
Executed a $10 million financing with Prestige Capital on January 11, 2016 to address liquidity concerns.
Launched MusclePharm Combat 100% Whey™ in December 2015, an ultra-premium blend containing 100% whey protein developed to support lean muscle maintenance and nutrient replenishment, fueling muscle recovery and performance.
Announced exploration of selling subsidiary Biozone Laboratories.