LifeVantage Corporation (Nasdaq:LFVN) today reported financial results for its third quarter and nine months ended March 31, 2015.
Third Quarter Fiscal 2015 Highlights:
- Revenue was $45 million compared to $55 million in the prior year period;
- Revenue in the Americas increased by 1% compared to the prior year period;
- Adjusted EBITDA was $3.3 million, compared to $5.7 million in the prior year period;
- Identified annual cost structure savings of approximately $4 million.
Dave S. Manovich, Executive Vice Chairman of LifeVantage stated, We are very pleased with our recently announced appointment of Darren Jensen as our next President and Chief Executive Officer. Throughout the transition to a new CEO, we have focused on taking the necessary steps to help us reignite top and bottom line growth. We have identified approximately $4 million in annual cost reductions. Approximately $1.3 million has already been implemented through headcount reductions and the remaining $2.7 million will be implemented in selling, general and administrative expense reductions over the course of fiscal 2016. Upon joining the company in mid-May, Mr. Jensen will have the flexibility to further shape, drive and articulate the Company’s strategic initiatives.”
Mr. Manovich continued, “While our year-to-date revenue in the Americas grew approximately 3% compared to the prior year, our Asia Pacific revenue declined 28%. We are not pleased with these current revenue trends and remain committed to improving the level of engagement with our strong distributor base and expanding awareness and understanding of our full product lineup.”
For the third fiscal quarter ended March 31, 2015, the Company reported revenue of $45.2 million, compared to $55.1 million for the same period in fiscal 2014. Revenue includes an increase of 1% in the Americas, and a decrease in the Asia/Pacific region of 45%. The year-over-year decline in the Asia/Pacific region is primarily due to Japan’s lower volume, negative foreign currency exchange and a benefit in the prior year period from customers accelerating purchasing in advance of announced price increases that went into effect on April 1, 2014.
For the nine months ended March 31, 2015, the Company reported net revenue of $145.0 million, compared to $157.9 million in the prior year period.
About LifeVantage Corporation
LifeVantage Corporation (Nasdaq:LFVN), is a science based network marketing company that is dedicated to visionary science that looks to transform health, wellness and anti-aging internally and externally at the cellular level. The company is the maker of Protandim®, the Nrf2 Synergizer® patented dietary supplement, the TrueScience™ Anti-Aging Skin Care Regimen, Canine Health, and the AXIO™ energy product line. LifeVantage was founded in 2003 and is headquartered in Salt Lake City, Utah.
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