LifeVantage Q4 Revenue Up 6.4 % To $54.2 Million

LifeVantage Corporation (Nasdaq: LFVN) a leading health and wellness company with products designed to activate optimal health processes, today reported financial results for its fourth quarter and full fiscal year ended June 30, 2023.

Fourth Quarter Fiscal 2023 Summary*:

• Revenue of $54.2 million, an increase of 6.4% from the prior year period. Excluding the negative impact of foreign currency fluctuations, fourth quarter revenue was up approximately 7.8%;
• Revenue in the Americas increased 17.9% including an 18.6% increase in the United States.
• Revenue in Asia/Pacific & Europe decreased 16.0% and was down approximately 3.9% excluding the negative impact of foreign currency fluctuations;
• Total active accounts declined 8.3% from the prior period to 143,000, reflecting a 3.8% decline in the Americas and a 18.0% decline in Asia/Pacific & Europe;
• Net income per diluted share were $0.15, versus loss of $0.11 a year ago;
• Adjusted earnings per diluted share were $0.17, compared to $0.01 a year ago; and
• Adjusted EBITDA of $4.8 million, compared to $1.7 million a year ago.

* All comparisons are on a year over year basis and compare the fourth quarter of fiscal 2023 to the fourth quarter of fiscal 2022, unless otherwise noted.

Fiscal Year 2023 Summary**:

• Revenue increased 3.4% to $213.4 million. Excluding the negative impact of foreign currency fluctuations, fiscal year 2022 revenue was up approximately 7.0%;
  Revenue in the Americas Increased 12.3%, including a 13.4% increase in the United States. Revenue in Asia/Pacific & Europe decreased 14.7% and was down approximately 4.0% excluding the negative impact of foreign currency fluctuations;
  Earnings per diluted share were $0.20, compared to $0.24 in fiscal 2022;
  Adjusted earnings per diluted share were $0.24, compared to $0.41 in fiscal 2022;
  Adjusted EBITDA of $11.7 million compared to $12.8 million in fiscal 2022;
  Repurchased 0.2 million shares for $0.8 million; and
  Strong balance sheet with $21.6 million of cash and no debt.

**All growth rates compare fiscal 2023 to fiscal 2022.

“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, President and Chief Executive Officer of Life Vantage.

“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.”

About LifeVantage Corporation

LifeVantage Corporation (Nasdaq: LFVN), the activation company, is a pioneer in nutrigenomics, the study of how nutrition and naturally occurring compounds affect human genes to support good health. The Company engages in the identification, research, development, formulation and sale of advanced nutrigenomic activators, dietary supplements, nootropics, pre- and pro-biotics, weight management, skin and hair care, bath & body, and targeted relief products.

The Company’s line of scientifically-validated dietary supplements includes its flagship Protandim^® family of products, LifeVantage^® Omega+, ProBio, IC Bright^®, Daily Wellness, Rise AM, Reset PM, and D3+ dietary supplements, the TrueScience^® line of skin, hair, bath & body, and targeted relief products.

The Company also markets and sells Petandim^®, its companion pet supplement formulated to combat oxidative stress in dogs, Axio^® its nootropic energy drink mixes, and PhysIQ, its smart weight management system. LifeVantage was founded in 2003 and is headquartered in Lehi, Utah. For more information, visit www.lifevantage.com.