LifeVantage Corporation released its financial report for the second quarter of fiscal 2023, revealing a 2.8% revenue increase over the prior year, reaching $53.7 million. Gross profit in the second quarter accounted for 78.1% of revenue, or $41.9 million, a slight dip from 81.5% last year.
This overall bump in revenue happened in spite of an 8.6% decline in total active accounts from last year, with the largest decline (12%) taking place in the Asia/Pacific and Europe regions. Revenue in this region was also down by 20.2%.
The company’s adjusted EBITDA was $0.8 million, compared to $1.9 million a year ago and net loss per diluted share was $0.08, in contrast to last year’s net income of $0.01 per diluted share.
“We reached a positive inflection point in the second quarter, delivering year-over-year revenue growth of 7.4% on a constant currency basis including a 15.4% increase in the U.S.,” said Steve Fife, LifeVantage President and Chief Executive Officer. “Our latest results reflect strong execution against our key priorities along with the continuation of robust sales from our innovative Liquid Collagen product that launched in June. LV360, the strategic transformation we recently announced, will help us build on this momentum by strengthening the alignment between consultants and customers with a new compensation plan and customer loyalty program that will go live on March 1st. Coupled with our strong innovation pipeline, including three new products launching concurrently, along with our expanding international distribution across core products and markets, our LV360 strategy solidifies our leadership as an activation company and positions us for growth and improved profitability.”
The company rounded out the quarter with a strong balance sheet of $17.4 million in cash and no debt.
