LifeVantage Company reported first quarter fiscal 2023 income of $51.8 million, a 2.7% lower from the identical quarter final 12 months. Complete energetic accounts have been down 6.7%, which the corporate says displays a 7.8% decline within the Americas and a 4.1% decline within the Asia/Pacific and Europe markets.
Gross revenue through the quarter was $41.8 million, or 80.8% of income, a marginal decline from 82.3% of income for a similar interval in fiscal 2022. The corporate attributes this lower to elevated transport prices, inflation and shifts in its geographic and product gross sales combine.
Adjusted EBITDA was $2.8 million, in comparison with $5.8 million for a similar interval final 12 months.
“Leads to the primary quarter demonstrated continued momentum throughout our strategic initiatives round innovation and engagement,” mentioned Steve Fife, President and Chief Government Officer of LifeVantage. “The variety of energetic impartial distributors was up 1.6% on a year-over-year foundation pushed by an 18% enhance in Asia/Pacific & Europe and income versus the prior 12 months interval was up 2.3% on a relentless foreign money foundation. Gross sales of the brand new Collagen product we launched in June far exceeded our preliminary expectations and the latest enlargement of our flagship product Protandim NAD to Japan, Australia and New Zealand ought to assist to propel development in these key markets. At our world conference in October, power ranges remained very excessive and sharper messaging round our core deal with optimizing well being and evolving potentialities continues to resonate effectively with distributors. Profitability can also be poised to enhance as we lately carried out a worth enhance that can serve to alleviate margin pressures stemming from inflationary elements. Whereas the macroeconomic setting stays difficult, we’re off to a stable begin in fiscal 2023, making regular progress on remodeling LifeVantage right into a extra dynamic, customer-centric group that delivers constant, sustainable development and will increase worth for shareholders.”
The corporate ended the quarter with a robust steadiness sheet of $17.6 million of money and no debt.
