LifeVantage Corporation announced its financial results for the fourth quarter and full fiscal year that ended June 30, 2022, including fourth quarter revenue of $50.9 million, a 7% decrease from the same period last year. When not accounting for foreign currency fluctuations, this dip was only 3%.
The Asia/Pacific and Europe markets actually saw a 0.7% increase in revenue during the quarter, while the Americas declined by 10.5%. Total active accounts declined 10.9% in the Americas and 2% in the Asia/Pacific and Europe markets during this time. Adjusted EBITDA during the quarter was also down to $1.7 million, compared to $6.6 million last year.
For the full fiscal 2022-year, revenue was down 6.3% to $206.4 million with adjusted EBITDA of $12.8 million, down from $24.8 million last year.
“Fourth quarter results were in line with our expectations and we are very pleased with early progress on key initiatives around innovation and driving engagement across our base of customers and independent distributors,” said Steve Fife, LifeVantage President and Chief Executive Officer. “Revenue was up 2% sequentially to $51 million despite $1.3 million of negative FX impact and we delivered 100 basis points of sequential improvement in gross margin. We are seeing a strong response to our new collagen product, which launched in June in conjunction with Activate 2022, our recent distributor meeting in Salt Lake City. Momentum also continues to build in our Asia/Pacific and Europe region, where revenue increased 4% sequentially compared to the third quarter aided by an 8% increase in active independent distributors, in part reflecting a strong response to our recent Philippines launch. Entering fiscal 2023, our team is highly energized and we are well positioned to continue our customer-centric transformation by leveraging our powerful innovation platform as well as optimizing marketing through expanded adoption and capability enhancements to our proprietary digital tools.”
The company ended the year with a strong balance sheet of $20.2 million in cash and cash equivalents with no outstanding debt.