In its third fiscal quarter financial report, LifeVantage announced a slight decrease of 3% in revenue from the same period in 2021, totaling $50 million. Total active accounts also declined 6.5%. While the Asia, Pacific and Europe markets saw account growth of 4.3%, a 10.7% decline in the Americas offset the upward trend overall.
Adjusted EBITDA for the company was $3.4 million, down 29.2% from the prior year’s period, and adjusted earnings per diluted share were $0.12, down from $0.20 one year ago.
“Activity levels improved in the third quarter but remained challenged,” said Steve Fife, LifeVantage Chief Executive Officer. “We are encouraged by recent trends and continue to expect that our ongoing efforts to transform our business will lead to accelerating sales and earnings growth in the future. Based on our strong balance sheet and positive long-term outlook, we have initiated a quarterly dividend of $0.03, underscoring our confidence in our business model to deliver strong results and increase shareholder value. I’m pleased with our early progress on key initiatives aimed at strengthening the alignment between product development and marketing as well as the evolution of our digital strategy. We are advancing our customer-focused narrative with sharper messaging and proprietary digital tools, improving experiences across the lifecycle of engagement and helping drive stronger outcomes for all stakeholders.”
Operating income for the third quarter of fiscal 2022 was $1.8 million, down from $2.1 million last year. The company’s operations generated $5.2 million of cash during the first nine months of fiscal 2022, compared to $7.9 million last year.
Fiscal 2022 revenue guidance is now expected to be within the range of $204 million to $207 million, a decrease from previously announced guidance, and adjusted EBITDA for fiscal 2022 is now expected in the range of $15 million. The company’s balance sheet included cash and cash equivalents of $17.8 million, down from $23.2 million on June 30, 2021, with no outstanding debt.