LifeVantage Corporation (Nasdaq: LFVN) today reported financial results for its first quarter ended September 30, 2020.
First Quarter Fiscal 2021 Highlights*:
- Revenue of $54.8 million, a decline of 2.5% from the prior year period, largely reflecting the lack of an Elite Academy event not replicated during the first quarter of fiscal 2021;
- Revenue in the Americas decreased 3.7% and revenue in Asia/Pacific & Europe increased 0.7%;
- Total active accounts decreased 3.9% sequentially to 172,000, while declining 5.0% compared to the prior year period. The sequential decline included a 6.8% decline in distributors and a 1.9% decline in customers. Compared to the prior year period, distributors grew 4.6% and customers declined 10.3%;
- Earnings per diluted share were $0.17, up 41.7% over the prior year period;
- Adjusted earnings per diluted share were up 92.3% to $0.25, compared to $0.13 in the prior year period;
- Adjusted EBITDA increased 42.5% compared to the prior year period to $6.7 million;
- Repurchased 136,000, or $2.0 million, of common shares; and
- Strong balance sheet with $18.0 million of cash and no debt.
* All comparisons are on a year over year basis and compare the third quarter of fiscal 2020 to the third quarter of fiscal 2019, unless otherwise noted.
“We continue to generate strong year over year growth in active distributors both in the U.S. and internationally, while revenue growth was negatively impacted by the timing of our Elite Academy events as last year’s Q1 event was not replicated this year. However, we continue to drive strong adjusted EBITDA growth and nearly doubled adjusted EPS on a year over year basis,”
stated LifeVantage Interim Chief Executive Officer and Chief Financial Officer, Steve Fife.
“We completed a highly successful virtual convention early in the second quarter of fiscal 2021, launching 6 new flavors of our Axio product line and delivering incremental training and standardized selling tools and systems to our field.
We continue to develop additional tools, product videos and messaging to support our distributors social media and standard selling practices. Furthering our growth efforts, we successfully launched our operations in Singapore and expanded our NFR offerings into Malaysia during the first quarter, continuing our expansion across Asia.
LifeVantage continues to have a significant international growth opportunity that we believe will remain a core driver of sustainable long-term growth. Additionally, our financial position is one of significant strength, ending the first quarter with $18 million in cash and no debt.
We believe we have the resources, the products and the team to drive significant growth in the future and deliver incremental shareholder value. “
About LifeVantage Corporation
LifeVantage Corporation (Nasdaq: LFVN) is a pioneer in Nutrigenomics – a new science dedicated to biohacking the human aging code. The Company engages in the identification, research, development and distribution of advanced nutraceutical dietary supplements and skin and hair care products, including its Protandim® product line, LifeVantage® Omega+ and ProBio dietary supplements, the TrueScience® line of Nrf2 infused skin care and hair care products, Petandim® for Dogs, Axio® smart energy drink mixes, and the PhysIQ™ weight management system. LifeVantage was founded in 2003 and is headquartered in Salt Lake City, Utah. For more information, visit www.lifevantage.com.
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