LifeVantage Corporation announced its financial results for the third fiscal quarter of 2024, reporting revenue of $48.2 million, a 10.2% decrease from the previous year’s period. Adjusted earnings per diluted share was $0.13, up from $0.08 a year ago, with an adjusted EBITDA of $5.1 million.
Revenue in the Americas dipped 5.9% while revenue in the company’s Asia/Pacific and Europe markets declined 22.4%. Operating income was $1.9 million, up from $1.6 million last year.
“We were very pleased with our improved profitability in the third quarter reflecting continued progress with our LV360 strategic transformation,” said Steve Fife, President and Chief Executive Officer of Life Vantage. “Adjusted EBITDA was up 55% to $5.1 million for the quarter and our Adjusted EBITDA margin increased by 440 basis points to 10.5%, reaching double-digits for the first time in 10 quarters. Productivity gains have helped drive operating margins as well as mitigate top-line headwinds and revenue per Consultant continued to trend upward, rising 6% in the third quarter despite cycling a 15% gain a year earlier. Recent Momentum Academy events have been well attended and we continue to see high levels of engagement along with very positive responses to our latest products and innovation. While the operating environment remains challenging, particularly on the top line, we continue to execute well against our strategic priorities and remain confident in our ability to drive long-term value for stockholders as our LV360 transformation plan continues to gain traction.”
The company ended the quarter with cash and cash equivalents of $17.4 million, down from $21.6 million at the end of June 2023, with no debt outstanding.
