LifeVantage President and CEO Steve Fife announced “Rise ERA” as the company’s theme for 2024, encouraging attendees to rise above by imagining future possibilities and focusing on the basics to get there. 

“The launch of LV360 in 2023 helped to catalyze the foundational elements of our strategic transformation, laying the groundwork for long-term success,” Fife said. “This year is our year to ‘Rise’ from that foundation by focusing on the three fundamental keys to consultant success: Enrolling, Retaining, and (Rank) Advancing. It’s our ‘Rise ERA’–this calendar year will be the year we complete our international LV360 rollout and drive growth by simplifying everything to deliver on these three behaviors.” 

The new Rise ERA incentive unveiled available lifestyle and business prizes that increase in value as different “tracks” are achieved, which the company hopes will enhance goal setting and incremental behaviors. In addition, the company announced a February launch for LV360 Phase 2 in Mexico, Canada and Europe. 

“As LifeVantage begins our Rise ERA, we invite all consultants to embrace the focus and seize the opportunities that 2024 holds,” Fife said. “The corporate team is excited for everything in the works and confident that the focus on enrolling, retaining and advancing will deliver a year of growth and achievement.” 

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Net income per diluted shares remained unchanged from the prior year’s period at $0.05, while adjusted EBITDA increased 41.4% to $4 million. 

“We are very pleased with our first quarter results, which further demonstrate the effectiveness of LV360 in driving growth and profitability,” said Steve Fife, LifeVantage President and Chief Executive Officer. “Revenue in the U.S. was up 6.5%, reflecting continued strength in key products, including a 40% year-over-year increase in sales of TrueScience Liquid Collagen. Adjusted EBITDA increased by 41% to $4 million and our Adjusted EBITDA margin improved by 230 basis points versus a year earlier. Our passionate base of independent consultants continues to lean into the LV360 toolset, including the Evolve compensation plan and the Rewards Circle loyalty program, to grow their businesses by leveraging the power of LifeVantage’s unique position around activating wellness. Innovation should continue to provide a significant tailwind to our business as we recently introduced TrueScience TrueRenew Daily Firming Complex and are launching TrueScience Liquid Collagen in Mexico, the Philippines, and Canada in the second fiscal quarter. We remain confident in the direction and trajectory of our business and steadfast in our commitment to driving shareholder value.”    

Cash and cash equivalents at the end of the quarter totaled $18.4 million, down from $21.6 million on June 30, 2023, with no outstanding debt.  

Fiscal 2024 guidance now includes revenue between $216-$226 million with an adjusted EBITDA in the range of $16-$18 million. 

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“Our Global Convention is always an inspiring time for the entire LifeVantage family,” said Steve Fife, LifeVantage President and CEO. “The partnership we have between the corporate office and our Consultants is second to none and our Global Convention always solidifies that relationship. It’s exciting to come together and go ‘all in’ on what we know will drive our business forward.” 

The company also debuted the next phase of its strategic transformation LV360. The new Evolve Compensation Plan will now include a Fast Track Reset Incentive to invite consultants to focus on the future, 90-days at a time, and enjoy bonuses typically only available to new consultants. 

“Earlier this year we began the roll-out of our LV360 transformation initiative, which also includes a new customer loyalty program, Rewards Circle, business tool enhancements, and the launches of new, innovative, scientifically backed products, among others,” Fife said. “We knew the evolution would be popular, but we never anticipated the wild success and energy surrounding this company transformation. It is palpable. We are moving into 2024 with unmatched advancements and a team whose momentum and determination appears unstoppable.” 

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Total active accounts saw a decline of 8.3% in the quarter to 143,000, with majority of that decline happening in the Asia/Pacific and Europe region. Adjusted EBITDA was $4.8 million, compared to $1.7 million in the previous year. 

For the full fiscal year 2023, revenue reached $213.4 million, a 3.4% increase over 2022, with an adjusted EBITDA of $11.7 million, down from $12.8 million in fiscal 2022. The United States proved to be one of the company’s strongest markets, with revenue increasing 13.4%, while the Asia/Pacific and Europe region saw a 14.7% decrease in revenue. 

“We had another strong quarter as the key strategic initiatives that underlie our LV360 transformation continue to gain traction and drive momentum across our business,” said Steve Fife, Life Vantage President and Chief Executive Officer. “Revenue exceeded guidance, profitability showed significant improvement and we again delivered high-teens growth in the U.S., reflecting the ongoing strength of new product offerings, including TrueScience® Liquid Collagen. Consultant engagement remains high driven by our Evolve compensation plan coupled with the benefits of Rewards Circle, our unique customer loyalty program, which are helping to amplify our brand messaging around Activating Wellness. Entering fiscal 2024, we are in a position of considerable strength with $21 million of cash, no debt, and profitability expected to show material improvement as we continue to grow the top line and execute on the core principles of LV360. The $0.40 per share special dividend we announced today along with the recent resumption of stock repurchase activity reflects our confidence in the future and underscores our long-standing commitment to enhancing shareholder value.” 

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This invitation follows LifeVantage’s unveiling of its new Evolve Compensation Plan, a strategic component of the LV360 initiative, which includes a new customer loyalty program, Rewards Circle, business tool enhancements and the rollout of new products. 

“The entire LifeVantage team has worked incredibly hard over the past eighteen months to make LV360 a reality,” Fife said. “This invitation to showcase our achievements before a global audience by ringing the closing bell at Nasdaq further validates the direction we are headed. This revolutionary transformation, designed with the opportunity, growth, and success of our consultants in mind, has been well-received and is setting the new standard for the direct sales industry.” 

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Net income per diluted share was $0.08, compared to $0.12 in the year ago period, with an adjusted EBITDA of $3.3 million, compared to $3.4 million in last year’s quarter. Cash generated was down from $5.2 million to $3.1 million during the first nine months of fiscal 2023. 

“Third quarter results demonstrate significant early progress of our LV360 strategic transformation initiatives, including our new Evolve compensation plan,” said Steve Fife, LifeVantage President and Chief Executive Officer. “Accelerating revenue growth was the most notable improvement of the quarter as we continued to see strong results from key products, led by TrueScience Liquid Collagen, which has been in the U.S. market since June 2022 and just launched this quarter in Australia, New Zealand, and Japan. On a constant currency basis, our third quarter revenue increased 10.4% including an 18.2% increase in the Americas. Evolve has been well received and is just starting to gain traction with our highly engaged base of consultants in the markets where it has launched. We remain confident in the trajectory of our business and are in in a strong position to deliver meaningful improvement in growth and profitability over the next several years.” 

The company ended the quarter with $19.5 million in cash and cash equivalents and no debt. Fiscal year 2023 guidance now includes revenue ranging between $209 million to $212 million with an adjusted EBITDA of $11 million to $13 million. 

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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. 

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During its Rock the Rhythm event that was simulcast to over 10,000 people, LifeVantage Corporation announced Evolve, a new consultant compensation plan and customer loyalty program that the company describes as “a modern approach to the evolving direct sales industry.” 

“We call this strategic transformation ‘LV360’ because we looked at not just one aspect of our consultant and customer experience, but every touchpoint in our model,” said Steve Fife, President and Chief Executive Officer of LifeVantage. “We have been laying the groundwork for this shift over the past year with updates to things like our incentive program as well as product differentiation and positioning. Each element of this groundbreaking transformation was designed in response to evolving consumer trends, while also supporting growth opportunities and multiple paths to earned success for our consultants, previously known as our distributors. It’s truly an undertaking that is the first of its kind in this industry.” 

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Gross profit during the quarter was $41.8 million, or 80.8% of revenue, a marginal decline from 82.3% of revenue for the same period in fiscal 2022. The company attributes this decrease to elevated shipping costs, inflation and shifts in its geographic and product sales mix. 

Adjusted EBITDA was $2.8 million, compared to $5.8 million for the same period last year. 

“Results in the first quarter demonstrated continued momentum across our strategic initiatives around innovation and engagement,” said Steve Fife, President and Chief Executive Officer of LifeVantage. “The number of active independent distributors was up 1.6% on a year-over-year basis driven by an 18% increase in Asia/Pacific & Europe and revenue versus the prior year period was up 2.3% on a constant currency basis. Sales of the new Collagen product we launched in June far exceeded our initial expectations and the recent expansion of our flagship product Protandim NAD to Japan, Australia and New Zealand should help to propel growth in these key markets. At our global convention in October, energy levels remained very high and sharper messaging around our core focus on optimizing health and evolving possibilities continues to resonate well with distributors. Profitability is also poised to improve as we recently implemented a price increase that will serve to alleviate margin pressures stemming from inflationary factors. While the macroeconomic environment remains challenging, we are off to a solid start in fiscal 2023, making steady progress on transforming LifeVantage into a more dynamic, customer-centric organization that delivers consistent, sustainable growth and increases value for shareholders.” 

The company ended the quarter with a strong balance sheet of $17.6 million of cash and no debt.

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The driving force behind the study was a collaboration with the Utah Direct Selling Coalition (UDSC), an entity founded through collaborative support of Cloe Nixon and Troy Keller at Dorsey and Whitney LLP and direct selling companies 4Life, ASEA, doTERRA, LifeVantage, Nature’s Sunshine, NewAge, Nu Skin, Modere, USANA Health Sciences, Younique, Young Living and Zyia Active. The resulting third-party analysis of the channel’s economic impact on local economies is expected to become a model for other states densely populated by direct selling companies.  

“I speak for all Utah Direct Selling Coalition members by saying that we’ve always known our channel contributes meaningfully to Utah’s economy—but none of us anticipated the depth and breadth of our impact on the state,” said Calvin Jolley, 4Life Vice President of Corporate Communications. “Among more than 150 combined direct sellers and ecosystem service suppliers, we account for more than one-third of Utah’s total international exports, and more than 70% of Utah’s non-gold exports. Our businesses provide more than 38,000 jobs. We employ a more diverse workforce than other industries and bring people in from around the country and world. All this says nothing about our entrepreneurial opportunities or philanthropic commitments. The Kem C. Gardner Policy Institute Economic Analysis provides us with an indispensable tool to engage and educate policymakers. And as a collective? The UDSC framework is a model that every state with more than one direct selling company should adopt.” 

Key findings in the paper indicate just how vast Utah’s direct selling footprint is, hosting 157 companies who are responsible for 38,238 jobs, or 1.8% of the state’s employment. Direct selling jobs were also found to pay higher than average wages, ranking 18.4% higher than other industries within the state.  

The ten direct selling companies surveyed by Pace’s team reported $10.3 billion in sales in 2020 and were responsible for $6.3 billion in international exports in 2020, or 35.6% of Utah’s total international exports and 71.7% of Utah’s non-gold commodity exports. 

Direct selling’s presence in Utah also catalyzes tourism. From 2015 to 2019, it is estimated that out-of-state visitors attending direct selling conventions spent $41.6 million annually. 

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