LifeVantage Q3 Fiscal 2023 – Revenue Up 7.5% to $53.7 million
LifeVantage Corporation (Nasdaq: LFVN) recently reported financial results for its third fiscal quarter ended March 31, 2023.
Third Quarter Fiscal 2023 Summary*:
- Revenue of $53.7 million, an increase of 7.5% from the prior year period. Excluding the negative impact of foreign currency fluctuations, third quarter revenue was up approximately 10.4%;
- Revenue in the Americas increased 18.2% including a 19.5% increase in the United States. Revenue in Asia/Pacific & Europe decreased 14.2% and was down approximately 5.1% excluding the negative impact of foreign currency fluctuations;
- Total active accounts declined 5.1% from the prior year period to 149,000, reflecting flat accounts in the Americas and a 16.3% decline in Asia/Pacific & Europe;
- Net income per diluted share were $0.08, versus $0.09 per diluted share a year ago;
- Adjusted earnings per diluted share were $0.08, versus $0.12 a year ago;
- Adjusted EBITDA of $3.3 million, compared to $3.4 million a year ago; and
- Strong balance sheet with $19.5 million of cash and no debt.
* All comparisons are on a year over year basis and compare the third quarter of fiscal 2023 to the third quarter of fiscal 2022, unless otherwise noted.
“Third quarter results demonstrate significant early progress of our LV360 strategic transformation initiatives, including our new Evolve compensation plan,”
said Steve Fife, President and Chief Executive Officer of Life Vantage.
“Accelerating revenue growth was the most notable improvement of the quarter as we continued to see strong results from key products, led by TrueScience® Liquid Collagen, which has been in the U.S. market since June 2022 and just launched this quarter in Australia, New Zealand, and Japan.
On a constant currency basis, our third quarter revenue increased 10.4% including an 18.2% increase in the Americas.
Evolve has been well received and is just starting to gain traction with our highly engaged base of Consultants in the markets where it has launched.
We remain confident in the trajectory of our business and are in in a strong position to deliver meaningful improvement in growth and profitability over the next several years.”
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®, Daily Wellness , Rise AM, Reset PM, and D3+ dietary supplements, the TrueScience® 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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