LifeVantage Company launched its monetary report for the second quarter of fiscal 2023, revealing a 2.8% income enhance over the prior yr, reaching $53.7 million. Gross revenue within the second quarter accounted for 78.1% of income, or $41.9 million, a slight dip from 81.5% final yr.
This total bump in income occurred regardless of an 8.6% decline in whole energetic accounts from final yr, with the most important decline (12%) going down within the Asia/Pacific and Europe areas. Income on this area was additionally down by 20.2%.
The corporate’s adjusted EBITDA was $0.8 million, in comparison with $1.9 million a yr in the past and web loss per diluted share was $0.08, in distinction to final yr’s web revenue of $0.01 per diluted share.
“We reached a constructive inflection level within the second quarter, delivering year-over-year income development of seven.4% on a continuing forex foundation together with a 15.4% enhance within the U.S.,” mentioned Steve Fife, LifeVantage President and Chief Govt Officer. “Our newest outcomes replicate sturdy execution towards our key priorities together with the continuation of strong gross sales from our revolutionary Liquid Collagen product that launched in June. LV360, the strategic transformation we just lately introduced, will assist us construct on this momentum by strengthening the alignment between consultants and prospects with a brand new compensation plan and buyer loyalty program that can go dwell on March 1st. Coupled with our sturdy innovation pipeline, together with three new merchandise launching concurrently, together with our increasing worldwide distribution throughout core merchandise and markets, our LV360 technique solidifies our management as an activation firm and positions us for development and improved profitability.”
The corporate rounded out the quarter with a robust steadiness sheet of $17.4 million in money and no debt.
