LifeVantage Sales Up 2.8% To $53.7 Million
LifeVantage Corporation (Nasdaq: LFVN) today reported financial results for its second fiscal quarter ended December 31, 2022.
Second Quarter Fiscal 2023 Summary*:
- Revenue of $53.7 million, an increase of 2.8% from the prior year period. Excluding the negative impact of foreign currency fluctuations, second quarter revenue was up approximately 7.4%;
- Revenue in the Americas increased 14.4% including a 15.4% increase in the United States. Revenue in Asia/Pacific & Europe decreased 20.2% and was down approximately 7.0% excluding the negative impact of foreign currency fluctuations;
- Total active accounts declined 8.6% from the prior year period to 149,000, reflecting a decline of 7.1% in the Americas and a 12.0% decline in Asia/Pacific & Europe;
- Net loss per diluted share were $0.08, versus net income of $0.01 per diluted share a year ago;
- Adjusted loss per diluted share were $0.07, versus adjusted earnings per diluted share of $0.05 a year ago;
- Adjusted EBITDA of $0.8 million, compared to $1.9 million a year ago; and
- Strong balance sheet with $17.4 million of cash and no debt.
“We reached a positive inflection point in the second quarter, delivering year-over-year revenue growth of 7.4% on a constant currency basis including a 15.4% increase in the U.S.,”
said Steve Fife, President and Chief Executive Officer of LifeVantage.
“Our latest results reflect strong execution against our key priorities along with the continuation of robust sales from our innovative Liquid Collagen product that launched in June.
LV360, the strategic transformation we recently announced, will help us build on this momentum by strengthening the alignment between Consultants and Customers with a new compensation plan and customer loyalty program that will go live on March 1st.
Coupled with our strong innovation pipeline, including three new products launching concurrently, along with our expanding international distribution across core products and markets, our LV360 strategy solidifies our leadership as an Activation company and positions us for growth and improved profitability.”
About LifeVantage Corporation
LifeVantage Corporation (Nasdaq: LFVN), the activation company, is a pioneer in nutrigenomics, the study of how nutrition and naturally occurring compounds affect human genes to support good health. The Company engages in the identification, research, development, formulation and sale of advanced nutrigenomic activators, dietary supplements, nootropics, pre- and pro-biotics, weight management, skin and hair care, bath & body, and targeted relief products.
The Company’s line of scientifically-validated dietary supplements includes its flagship Protandim® family of products, LifeVantage® Omega+™, ProBio™, IC Bright®, and Daily Wellness™ dietary supplements, TrueScience® is the Company’s line of skin, hair, bath & body, and targeted relief products.
The Company also markets and sells Petandim®, its companion pet supplement formulated to combat oxidative stress in dogs, Axio® its nootropic energy drink mixes, and PhysIQ™, its smart weight management system. LifeVantage was founded in 2003 and is headquartered in Lehi, Utah. For more information, visit www.lifevantage.com.
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