LifeVantage Corporation announced its financial results for the second fiscal quarter of 2024, reporting $51.6 million in revenue, a 3.8% decrease from the previous year. Gross profit during the period equaled 78.6% of revenue at $40.6 million, compared to 78.1% and $41.9 million in Q2 2023. The company attributed this gross profit margin improvement to price increases, higher shipping revenues, a shift in product mix, raw material and manufacturing cost changes, and expenses surrounding shipping and warehouse fulfillment.
During the first six months of fiscal 2024, the company generated $6.5 million in cash from operations, a significant increase from $0.4 million in the same period of fiscal 2023. The company ended 2023 with cash and cash equivalents of $17.3 million with no debt outstanding.
Fiscal 2024 revenue guidance is now expected to reside between $207 million-$213 million, a decrease from previous guidance of $216 million-$226 million, with an adjusted EBITDA between $16 million and $18 million.
“We delivered significant year-over-year improvement in profitability during the second quarter as our LV360 initiatives continued to gain traction,” said Steve Fife, Life Vantage President and Chief Executive Officer. “Adjusted EBITDA increased 289% to $3.1 million and our Adjusted EBITDA margin improved by 450 basis points to 6%, reflecting ongoing efforts to strengthen our core business and drive Consultant productivity. Sales of our TrueScience® Liquid Collagen product continued to be very strong, growing over 30% in the second quarter, driven by double-digit gains in the Americas region and strong momentum from launches in several international markets. Our recent annual Global Kickoff meeting saw high levels of engagement from our consultants around the ‘Rise ERA’ theme focused on the three fundamental keys to success: Enrolling, Retaining and (Rank) Advancing. In addition, the next phase of our LV360 transformation plan is commencing in February with the rollout of the Evolve compensation plan and Rewards Circle loyalty program to Mexico, Canada and Europe. Our latest results further demonstrate the effectiveness of LV360 to improve performance and drive value for stockholders.”
