Synergy Chc Corp ( (SNYR) ) has released its Q4 earnings. Here is a breakdown of the information Synergy Chc Corp presented to its investors.
Synergy CHC Corp., a provider of consumer health care and lifestyle products, specializes in brain health and weight management supplements. The company recently announced its financial results for the fourth quarter and full year 2024, marking its eighth consecutive quarter of profitability. Despite a challenging year with a revenue decline due to a rebranding initiative, Synergy managed to maintain profitability and reduce its outstanding debt. Key highlights include the successful rebranding of FOCUSfactor, expanded distribution with major retailers, and the completion of an initial public offering.
In the fourth quarter of 2024, Synergy reported a revenue of $10.3 million, a decrease from $13.2 million in the same period of the previous year. The gross margin also declined to 63.3% from 82.3%, primarily due to the rebranding and de-inventorying of FOCUSfactor. For the full year, revenue was $34.8 million, down from $42.8 million in 2023, while net income dropped to $2.1 million from $6.3 million. Despite these declines, the company achieved a significant improvement in adjusted EBITDA, which increased by 21% to $7.4 million for the year.
Strategically, Synergy expanded its partnerships with BJ’s Wholesale Club and Publix, enhancing its distribution network. The company also launched new products under its Flat Tummy brand, targeting the growing demand for GLP-1 support products. Additionally, the appointment of Jaime Fickett as the permanent Chief Financial Officer was announced, reinforcing the company’s leadership team.
Looking ahead, Synergy CHC Corp. remains focused on returning to top and bottom-line growth in 2025. The company is optimistic about the opportunities in the consumer health care market and is committed to creating long-term value for its shareholders.