LifeVantage Corporation announced its financial results for the fourth fiscal quarter ending June 30, 2023. Included in the report was revenue of $54.2 million, a 6.4% increase over the same quarter in 2022, and a net income per diluted share of $0.15, up from a loss of $0.11 in 2022.
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.”
