LifeVantage Corporation today reported financial results for its fourth quarter and full fiscal year ended June 30, 2022.
Fourth Quarter Fiscal 2022 Summary*:
Revenue of $50.9 million, a decrease of 7.0% from the prior year period. Excluding the negative impact of foreign currency fluctuations, fourth quarter revenue was down approximately 3%;
- Revenue in Asia/Pacific & Europe increased 0.7%
- Revenue in the Americas decreased 10.5%.
- Excluding the negative impact of foreign currency fluctuations, fourth quarter revenue in Asia/Pacific & Europe increased approximately 12.8%;
- Total active accounts declined 8.2% from the prior period to 156,000, reflecting a 10.9% decline in the Americas and a 2.0% decline in Asia/Pacific & Europe;
- Loss per diluted share were $0.11, versus earnings per diluted share of $0.35 a year ago;
- Adjusted earnings per diluted share were $0.01, compared to $0.31 a year ago;
- Adjusted EBITDA of $1.7 million, compared to $6.6 million a year ago; and
- Repurchased 103,391 shares.
*All comparisons are on a year over year basis and compare the fourth quarter of fiscal 2022 to the fourth quarter of fiscal 2021, unless otherwise noted.
Fiscal Year 2022 Summary**:
- Revenue decreased 6.3% to $206.4 million.
- Excluding the negative impact of foreign currency fluctuations, fiscal year 2022 revenue was down approximately 4.2%;
- Revenue in Asia/Pacific & Europe increased 3.8% and revenue in the Americas decreased 10.6%.
- Excluding the negative impact of foreign currency fluctuations, fiscal year 2022 revenue in Asia/Pacific & Europe increased approximately 10.3%;
- Earnings per diluted share were $0.24, compared to $0.90 in fiscal 2021;
- Adjusted earnings per diluted share were $0.41, compared to $1.00 in fiscal 2021;
- Adjusted EBITDA of $12.8 million compared to $24.8 million in fiscal 2021;
- Repurchased 1.3 million shares for $8.8 million; and
Strong balance sheet with $20.2 million of cash and no debt.
**All growth rates compare fiscal 2022 to fiscal 2021.
“Fourth quarter results were in line with our expectations and we are very pleased with early progress on key initiatives around innovation and driving engagement across our base of customers and independent distributors,”
said Steve Fife, President and Chief Executive Officer of LifeVantage.
“Revenue was up 2% sequentially to $51 million despite $1.3 million of negative FX impact and we delivered 100 basis points of sequential improvement in gross margin.
We are seeing a strong response to our new Collagen product, which launched in June in conjunction with Activate 2022, our recent distributor meeting in Salt Lake City.
Momentum also continues to build in our Asia/Pacific & Europe region, where revenue increased 4% sequentially compared to the third quarter aided by an 8% increase in active independent distributors, in part reflecting a strong response to our recent Philippines launch.
Entering fiscal 2023, our team is highly energized and we are well positioned to continue our customer-centric transformation by leveraging our powerful innovation platform as well as optimizing marketing through expanded adoption and capability enhancements to our proprietary digital tools.”
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