LifeVantage Q1 Revenue Down 2.7% To 51.8 Million

LifeVantage Corporation (Nasdaq: LFVN) today reported financial results for its first fiscal quarter ended September 30, 2022.

First Quarter Fiscal 2023 Summary*:

• Revenue of $51.8 million, a decrease of 2.7% from the prior year period. Excluding the negative impact of foreign currency fluctuations, first quarter revenue was up approximately 2.3%;
• Revenue in the Americas decreased 0.2%.
• Revenue in the United States increased 1.1%.
• Revenue in Asia/Pacific & Europe decreased 8.2%. Excluding the negative impact of foreign currency fluctuations, first quarter revenue in Asia/Pacific & Europe increased approximately 7.4%;
• Total active accounts declined 6.7% from the prior year period to 153,000, reflecting a decline of 7.8% in the Americas and a 4.1% decline in Asia/Pacific & Europe;
• Net income per diluted share were $0.05, versus $0.25 per diluted share a year ago;
• Adjusted earnings per diluted share were $0.06, versus $0.23 a year ago;
• Adjusted EBITDA of $2.8 million, compared to $5.8 million a year ago; and
• Strong balance sheet with $17.6 million of cash and no debt.

* All comparisons are on a year over year basis and compare the first quarter of fiscal 2023 to the first quarter of fiscal 2022, unless otherwise noted.

“Results in the first quarter demonstrated continued momentum across our strategic initiatives around innovation and engagement,”

said Steve Fife, President and Chief Executive Officer of LifeVantage.

“The number of active independent distributors was up 1.6% on a year-over-year basis driven by an 18% increase in Asia/Pacific & Europe and revenue versus the prior year period was up 2.3% on a constant currency basis. Sales of the new Collagen product we launched in June far exceeded our initial expectations and the recent expansion of our flagship product Protandim NAD to Japan, Australia and New Zealand should help to propel growth in these key markets.

At our global convention in October, energy levels remained very high and sharper messaging around our core focus on optimizing health and evolving possibilities continues to resonate well with distributors. Profitability is also poised to improve as we recently implemented a price increase that will serve to alleviate margin pressures stemming from inflationary factors.

While the macroeconomic environment remains challenging, we are off to a solid start in fiscal 2023, making steady progress on transforming LifeVantage into a more dynamic, customer-centric organization that delivers consistent, sustainable growth and increases value for shareholders.”