LifeVantage Announces Revenue of $59 Million for Q2 of Fiscal 2021
LifeVantage announced its financial results for the second fiscal quarter ending December 31, 2020.
The report detailed revenue of $59 million, an increase of 7.6% sequentially, and a 3.6% decrease compared to the second quarter of fiscal 2020. Adjusted EBITDA was consistent sequentially and increased 12.6% to $6.7 million compared to the year prior.
“We are proud to report continued earnings momentum with 31.6% adjusted operating income and 12.6% adjusted EBITDA growth while we saw modest declines in revenue of 3.6% compared to the prior year period, the highest quarterly revenue in the company’s history and 7.6% sequential revenue growth over the first quarter of fiscal 2021,” said LifeVantage Chief Executive Officer and Chief Financial Officer, Steve Fife. “We saw positive momentum from our virtual convention held in October which reached an estimated 20,000 participants in 18 countries. At the convention we launched limited time expanded Axio flavor offerings, featuring 6 new flavors and a new digital tool called ITT, aimed at standardizing the education and training of new customers and distributors. We saw strong adoption of the ITT system and a successful response to promotions launched in the quarter driving enrollments.”
The company maintained a strong balance sheet with $19.7 million in cash and no debt incurred. Total active accounts for the company increased 1.2% sequentially to 174,000, but declined 4.4% when compared to the prior year period.
“As we look to the second half of fiscal 2021, we are excited for the initiatives we have in place, including the timely addition of new products to our portfolio in Q3 and Q4, innovative digital tools to aid our Distributors in customer retention, and the expansion of our virtual training platforms to develop the leadership of our Distributor base,” Fife says. “We remain on track to meet our 2021 expectations and are confident in our business model as we continue to execute alongside the current pandemic. We are proud of the LifeVantage team and are focused on driving growth while delivering shareholder value.”
Additional highlights for this period include the repurchase of 365,000 or $4 million of common shares and the appointment of Steven R. Fife as President and CEO and member of the Board of Directors.