MusclePharm Announces Preliminary Fourth Quarter and Full Year 2021 Revenue and Begins Fiscal 2022 with Strong First Quarter Guidance
Reports Preliminary Full Year 2021 Revenue in the range of $49-50 Million
Company Expects Record First Quarter 2022 Revenue in Range of $13 to $15 Million
Company Expects to Report Actual Full Year 2022 Results on March 31, 2022
LAS VEGAS, March 11, 2022 (GLOBE NEWSWIRE) -- MusclePharm Corporation (“MusclePharm” or the “Company”) (OTCMKTS: MSLP), a global provider of leading sports nutrition and lifestyle branded nutritional supplements, today reported preliminary fourth quarter and full year 2021 revenue and first quarter 2022 revenue guidance.
Fourth Quarter 2021 and First Quarter 2022 Preliminary Revenue Results
Preliminary revenue for the fourth quarter 2021 will be approximately $9-10 million. A portion of revenue shifted from the fourth quarter 2021 to the first quarter of 2022 due to temporary industry wide supply chain and logistical delays. The Company generated preliminary revenue for the full year of 2021 of $49-50 million and is well positioned to achieve revenue in the range of $13-$15 million revenue for the first quarter due to the following achievements:
Successful Introduction of Reformulated New 100% Whey and Combat Protein Powder delivering improved taste and mixability to our consumers
Expansion of Distribution Channel for energy drinks with Amazon.com; Offering Three Flavors of MP Combat Energy Drinks to its 200 Million Prime Members
January 2022 Rollout of Reformulated MP Combat Protein Powder to Costco US in a newly sized recyclable 6.2lb tub
National Partnership with Alliance Sales & Marketing to strategically expand our MP Energy Drink line
Mr. Ryan Drexler, the Chairman of the Board of Directors and Chief Executive Officer, stated, “We are extremely well positioned for growth in 2022 due to many factors validated by our strong first quarter performance. Throughout 2021 our entire team worked extremely hard to position our company for long term growth by improving our infrastructure, expanding our management team, leveraging our brands for the energy drink category, reformulating select existing offerings and dramatically expanding our distribution channels with leading omni channel retailers.
In addition, we have partnered with Alliance Sales and Marketing to leverage the strength of our MP beverage team to build out sales and distribution across the country of our energy drink lines, MP Combat Energy and FitMiss Energy. Alliance has a reputation as one of the best sales and marketing brokers in the business and will use their close, trusted relationships with both national and regional retailers to accelerate the growth and adoption of our brands.”
About MusclePharm Corporation
MusclePharm is a scientifically-driven, performance lifestyle company that develops, manufactures, markets and distributes branded sports nutrition products and functional energy beverages. Since our incorporation in 2006, we have developed a comprehensive product portfolio, which has fueled the widespread recognition of our brands, MusclePharm and FitMiss. Today, these brands are sold in more than 100 countries globally, supported by our diversified and industry-leading distribution partners. We believe our strong international presence has allowed us to attract a larger and more engaged social media audience than our competitive peers. Our global reach to a large and engaged customer base enables us to achieve The MusclePharm Promise of helping professional athletes and everyday active individuals reach their maximum potential with the most scientifically advanced, safe and nutritious sports supplementation products possible.
Forward-Looking Statements
This communication contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, relating to our business and financial outlook, which are based on our current beliefs, assumptions, expectations, estimates, forecasts and projections. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “projects,” “intends,” “predicts,” “potential,” or “continue” or other comparable terminology. Such forward-looking statements only speak as of the date of this press release and the Company assumes no obligation to update the information included in this press release. Statements made in this press release that are forward-looking in nature may involve risks and uncertainties. Accordingly, readers are cautioned that any such forward-looking statements are not guarantees and are subject to certain risks, uncertainties and assumptions that are difficult to predict, including, without limitation, risks relating to consumer spending that may decline or that U.S. and global macroeconomic conditions may worsen resulting in reduced demand for the Company’s products, risks relating to changes in consumer preferences away from the Company’s offerings, risks relating to the effectiveness and efficiency of the Company’s advertising campaigns and marketing expenditures, including existing brands and the launch of new brands, which may not result in increased revenue or generate sufficient levels of brand name and program awareness, risks if the Company becomes subject to health or advertising related claims from its customers, competitors or governmental and regulatory bodies, and risks relating to increased competition from other nutrition providers. As a result of these various risks, our actual outcomes and results may differ materially from those expressed in these forward-looking statements.
This list of risks, uncertainties and other factors is not complete. We discuss some of these matters more fully, as well as certain risk factors that could affect our business, financial condition, results of operations, and prospects, in reports we file from time-to-time with the Securities Exchange Commission, which are available to readers at www.sec.gov. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. Unless otherwise required by law, the Company also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the results of any revisions to the forward-looking statements made in this press release.
Contact:
John Mills, Managing Partner
ICR, Inc.
646-277-1254
John.Mills@icrinc.com
