LifeVantage Corporation released its financial reports from the third quarter of fiscal 2021, ending March 31, 2021. The company’s revenue for the quarter decreased 8% from the prior year period, with a 12.6% decline sequentially, to $51.6 million. Total active accounts also decreased, down 4% from the previous year’s quarter to 168,000. Year-over-year, distributors declined 4.5% and customers decreased 3.7%.
Earnings per diluted share were up 9.1% over the prior year period, but down 53.8% sequentially, while adjusted earnings per diluted share were $0.20, up 53.8% from $0.13 in the prior year period. The company’s adjusted EBITDA was down 5.7% to $4.8 million compared to the prior year period and down 28.4% sequentially.
“While third quarter results did not meet our expectations, the strategies we’ve been implementing to drive improved operating performance are starting to have an impact, which we believe will drive favorable results over the next couple quarters,” said Steve Fife, Chief Executive Officer and Chief Financial Officer of LifeVantage. “Supply chain challenges related to COVID-19 were a factor in the third quarter, causing delays in new product launches due to raw material shortages. Despite a more challenging environment in the third quarter that resulted in an 8% decline in revenue, we still grew adjusted earnings per share by 54% to $0.20 per share compared to the prior year period. We’re very encouraged by our ongoing efforts to drive engagement and alignment across our field organization. Trends improved as the quarter progressed and recent activity by our top producers demonstrates their strong commitment to growth through a combined focus on both core competencies and new product offerings. We remain confident in our business model and strategic direction and are well positioned to drive long-term shareholder value.”
Net income for the quarter totaled $1.7 million. At quarter’s end, the company reported $19 million cash on hand and zero debt.