LifeVantage Corporation announced its financial results for the fiscal first quarter of 2024, ending September 30, 2023. Included in the report was revenue of $51.4 million, a 0.8% decrease from the same period in the prior year. Total active accounts dipped by 10.5% year-over-year, reflecting a 7.5% decline in the Americas and a 17.0% decline in Asia/Pacific & Europe.
Net income per diluted shares remained unchanged from the prior year’s period at $0.05, while adjusted EBITDA increased 41.4% to $4 million.
“We are very pleased with our first quarter results, which further demonstrate the effectiveness of LV360 in driving growth and profitability,” said Steve Fife, LifeVantage President and Chief Executive Officer. “Revenue in the U.S. was up 6.5%, reflecting continued strength in key products, including a 40% year-over-year increase in sales of TrueScience Liquid Collagen. Adjusted EBITDA increased by 41% to $4 million and our Adjusted EBITDA margin improved by 230 basis points versus a year earlier. Our passionate base of independent consultants continues to lean into the LV360 toolset, including the Evolve compensation plan and the Rewards Circle loyalty program, to grow their businesses by leveraging the power of LifeVantage’s unique position around activating wellness. Innovation should continue to provide a significant tailwind to our business as we recently introduced TrueScience TrueRenew Daily Firming Complex and are launching TrueScience Liquid Collagen in Mexico, the Philippines, and Canada in the second fiscal quarter. We remain confident in the direction and trajectory of our business and steadfast in our commitment to driving shareholder value.”
Cash and cash equivalents at the end of the quarter totaled $18.4 million, down from $21.6 million on June 30, 2023, with no outstanding debt.
Fiscal 2024 guidance now includes revenue between $216-$226 million with an adjusted EBITDA in the range of $16-$18 million.