Lifevantage Corp is engaged in the identification, research, development, and distribution of nutraceutical dietary supplements and skincare products. It offers products such as Protandim, a scientifically-validated dietary supplement; LifeVantage TrueScience, an anti-aging skincare product; Axio energy drink mixes; and PhysIQ, a weight management system, as well as Canine Health, a companion pet supplement formulated to combat oxidative stress in dogs. Geographically, its products are sold in the regions of the United States, Japan, Hong Kong, Australia, Canada, Philippines, Mexico, Thailand, the United Kingdom, and the Netherlands.
Q4 Fiscal 2024 Performance
For the fourth fiscal quarter ended June 30, 2024, Lifevantage Corp (LFVN, Financial) reported:
- Revenue of $48.9 million, a decrease of 9.8% from the prior year period, missing the analyst estimate of $50.95 million.
- Net income per diluted share of $0.10, compared to $0.15 per diluted share a year ago.
- Adjusted earnings per diluted share of $0.14, compared to $0.17 a year ago, missing the analyst estimate of $0.21.
- Adjusted EBITDA of $4.8 million, flat compared to a year ago.
Fiscal Year 2024 Performance
For the fiscal year ended June 30, 2024, Lifevantage Corp (LFVN, Financial) reported:
- Revenue of $200.2 million, a decrease of 6.2% from the prior year, missing the annual estimate of $202.19 million.
- Net income per diluted share of $0.23, compared to $0.20 in fiscal 2023.
- Adjusted earnings per diluted share of $0.59, compared to $0.24 in fiscal 2023, beating the annual estimate of $0.55.
- Adjusted EBITDA increased 44.7% to $17.0 million.
- Repurchased 1.0 million shares for $6.4 million.
- Strong balance sheet with $16.9 million of cash and no debt.
Key Financial Metrics
| Metric | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Revenue | $48.9M | $54.2M | $200.2M | $213.4M |
| Net Income per Diluted Share | $0.10 | $0.15 | $0.23 | $0.20 |
| Adjusted EPS | $0.14 | $0.17 | $0.59 | $0.24 |
| Adjusted EBITDA | $4.8M | $4.8M | $17.0M | $11.7M |
Analysis and Commentary
Lifevantage Corp (LFVN, Financial) faced significant challenges in Q4 and FY 2024, primarily due to a decrease in revenue across its key markets. The revenue decline of 9.8% in Q4 and 6.2% for the full fiscal year was attributed to negative impacts from foreign currency fluctuations and decreased sales in both the Americas and Asia/Pacific & Europe regions.
Despite these challenges, the company managed to improve its profitability metrics. Adjusted earnings per share and adjusted EBITDA showed positive growth, indicating effective cost management and operational efficiency. The company's strong balance sheet, with $16.9 million in cash and no debt, further underscores its financial stability.
"Our focus on operational excellence enabled us to again deliver higher year-over-year profitability despite top-line headwinds due to challenging macro conditions," said Steve Fife, President and Chief Executive Officer of LifeVantage.
Conclusion
Lifevantage Corp (LFVN, Financial) demonstrated resilience in a challenging fiscal year, managing to improve profitability metrics despite a decline in revenue. The company's strategic focus on operational efficiency and cost management has positioned it well for future growth. Investors and stakeholders will be keenly watching the upcoming U.S. launch of the new weight management system in October, which could potentially drive future revenue growth.
Explore the complete 8-K earnings release (here) from Lifevantage Corp for further details.
