LifeVantage announced a 7.5% boost in revenue year over year, reaching $53.7 million. The Americas region was particularly strong, with an 18.2% increase in revenue, including a 19.5% increase in the United States. Asia Pacific and Europe revenues were down 14.2% with a 16.3% decline in active accounts.
Net income per diluted share was $0.08, compared to $0.12 in the year ago period, with an adjusted EBITDA of $3.3 million, compared to $3.4 million in last year’s quarter. Cash generated was down from $5.2 million to $3.1 million during the first nine months of fiscal 2023.
“Third quarter results demonstrate significant early progress of our LV360 strategic transformation initiatives, including our new Evolve compensation plan,” said Steve Fife, LifeVantage President and Chief Executive Officer. “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.”
The company ended the quarter with $19.5 million in cash and cash equivalents and no debt. Fiscal year 2023 guidance now includes revenue ranging between $209 million to $212 million with an adjusted EBITDA of $11 million to $13 million.