LifeVantage Corporation released its financial results for the first fiscal quarter of 2022, ending September 30, 2021. Revenue reached $53.2 million, down 2.9% over the same quarter last year and 2.8% sequentially. Adjusted earnings per diluted share were down 8% ($0.23) and adjusted EBITDA was down 13.7% ($5.8 million).
Active accounts also dipped during this quarter to 164,000 (-4.7%). While there was significant growth in the Asia Pacific and Europe region of 8.9%, it was offset by the 9.4% decline in the Americas. Sequentially, all active accounts diminished by 3.5%.
“We continue to make progress on our initiatives around leveraging the strength of our core products and unique business model,” said Steve Fife, Chief Executive Officer of LifeVantage. “Momentum across our distributors is building and we saw an acceleration in activity in recent weeks, coming out of our annual convention which had over 1,500 people attend in person and we estimate over 10,000 people participated virtually. Development of digital tools and resources remains a key area of focus, which should fuel future account growth while also driving productivity gains for distributors. First quarter results were largely in line with our expectations and our ability to deliver high rates of profitability despite the persistence of top-line headwinds stemming from limited in-person activity is a testament to the Company’s strong financial model. Accordingly, LifeVantage remains well positioned for significant long-term growth as consumers globally continue to seek high-quality, proven solutions for optimizing their health and wellness.”
Net income for the first fiscal quarter of 2022 was up from the previous year’s quarter to $3.3 million, or $0.25 per diluted share, and the company continues to hold a strong balance sheet with $19.9 million in cash and cash equivalents with no debt.
Full-year forecasts for the company’s fiscal 2022 financial expectations include revenue in the range of $225 million to $235 million and an adjusted EBITDA of $22 million to $24 million, with adjusted earnings per share in the range of $0.83 to $0.87 (assuming a full year tax rate of approximately 26%).