LifeVantage Corporation reported its financial results for the three months ended September 30, 2024, revealing a decline in revenue and a notable increase in profitability compared to the same period in the previous year. Total revenue for the quarter was $47.2 million, down from $51.4 million in 2023, reflecting a decrease of $4.2 million. This decline was attributed to reduced sales in key markets, particularly in the United States and Japan, where revenues fell to $35.3 million and $6.0 million, respectively. The Asia/Pacific & Europe region also experienced a significant drop, with revenue decreasing by 19.7% to $10.3 million.
Despite the revenue decline, LifeVantage achieved a gross profit of $37.7 million, down from $41.2 million in the prior year, resulting in a gross profit margin of 79.9%. Operating expenses decreased to $35.2 million from $40.4 million, leading to an operating income of $2.6 million, a substantial increase from $749,000 in the same quarter of 2023. Net income for the period was $1.8 million, compared to $629,000 in the previous year, with net income per share rising to $0.15 from $0.05.
The company’s cash and cash equivalents decreased to $14.6 million as of September 30, 2024, down from $16.9 million at the end of June 2024. Total current assets increased slightly to $38.8 million, while total assets rose to $61.5 million. Stockholders' equity improved to $27.7 million, up from $26.0 million in the previous quarter.
LifeVantage's operational metrics showed a decline in active independent consultants, which fell by 9.6% to 47,000, and active customers decreased by 10.6% to 76,000. The company also reported a net cash used by operating activities of $0.6 million, a significant drop from the $4.8 million provided in the same quarter of 2023.
Strategically, LifeVantage entered into a Loan Agreement with Bank of America for a revolving line of credit of up to $5.0 million, secured by the company’s assets. The company has not drawn on this facility as of the reporting date. Additionally, the company repurchased 0.1 million shares of common stock for $1.1 million during the quarter, with $19.3 million remaining under its share repurchase program. The Board declared a quarterly cash dividend of $0.04 per share, totaling $0.5 million, a decrease from $5.5 million in the same period last year.
About Lifevantage Corp
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