LifeVantage Experiences Income of $52.2 Million in Q2 Fiscal 2022

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LifeVantage Company launched its monetary outcomes for the second quarter of fiscal 2022, asserting an 11.6% lower in income from the prior 12 months and a 1.9% lower sequentially. Income for the quarter, which totaled $52.2 million, mirrored a 17.1% lower within the Americas that was offset by a 2.1% enhance within the Asia/Pacific and Europe markets. Complete lively accounts declined by 6.3% to 163,000, however on a sequential foundation, complete lively accounts had been solely fractionally decrease. 

Gross revenue for the quarter was $42.5 million, down from $48.8 million throughout the identical quarter final 12 months. The corporate attributes this decline to “elevated stock obsolescence prices, increased delivery bills and blend shifts associated to product and geography.” 

Promoting, common and administrative (SGA) expense for the quarter was $17.4 million, up from $16.2 million within the earlier 12 months’s quarter. The corporate posted an working loss for the quarter of $0.4 million in comparison with an working revenue of $5.4 million in 2021. 

Adjusted EBITDA was $1.9 million, a big lower from $6.7 million throughout the identical quarter of 2021, and earnings per diluted share had been $0.01. 

The corporate’s steadiness sheet stays sturdy, with $20.2 million in money and no debt. 

“The second quarter proved to be more difficult than we anticipated as COVID components brought about our early momentum to stall by limiting in-person exercise,” stated Steve Fife, Chief Government Officer of LifeVantage. “We additionally encountered surprising, however associated, delays with our latest Philippines launch that pushed the preliminary income ramp into January. Whereas we’re disenchanted that income and earnings outcomes didn’t meet our expectations, we nonetheless made significant progress on a number of initiatives to place the corporate for its subsequent stage of progress. Most notable was the latest appointment of two new executives, a Chief Advertising Officer and a Chief Digital Officer, successfully finishing our senior management staff and offering LifeVantage with further depth in the important thing areas needed to rework our enterprise and speed up progress. Regardless of tempering our fiscal 2022 outlook to replicate latest outcomes, the corporate’s monetary place stays sturdy and I’m assured in our capacity to drive long-term worth for all stakeholders.”