September 11, 2017
LifeVantage Revenue Down 3.4% in 2017; Company Expands into Germany
Sandy, Utah-based LifeVantage Corp. announced financial results for its fourth quarter and full year ended June 30, 2017.
“We finished fiscal 2017 on a strong note, posting 12.5 percent sequential revenue growth compared to the third quarter,” said LifeVantage President and CEO Darren Jensen. “I am excited about the progress we have and are making against each of our key focus areas. We are in a transformational period where we are building the assets to transform our business model into a technology-powered solution for both distributors and consumers with enhanced tools, product solutions and business development activities. As fiscal 2018 progresses, we will be rolling out a series of initiatives that support each of our key focus areas, investing in technologies that set us apart from our peers and investing in our distribution network. We are laying the groundwork for both near-term growth and long-term success in a new economy with consumers that are more engaged and empowered than ever to leverage the LifeVantage offerings.”
For the fourth fiscal quarter ended June 30, 2017, the company reported revenue of $50.6 million, a decrease of 4.5 percent as compared to $53.0 million in the comparable period in fiscal 2016. Revenue in the Americas for the fourth quarter decreased 2.0 percent compared to the fourth quarter of fiscal 2016. Revenue in the Asia-Pacific and Europe region decreased 11.9 percent compared to the fourth quarter of fiscal 2016. However, revenue in Japan increased by 6.7 percent compared to the fourth quarter of fiscal 2016. Revenue for the fourth fiscal quarter ended June 30, 2017, was negatively impacted $0.4 million, or 0.7 percent, by foreign currency fluctuations associated with revenue generated in several international markets when compared to the fourth quarter of fiscal 2016.
For the fiscal year ended June 30, 2017, the company reported net revenue of $199.5 million, a decrease of 3.4 percent compared to $206.5 million for fiscal 2016. In fiscal 2017, revenue in the Americas decreased 4.7 percent, while revenue in Asia-Pacific and Europe increased 0.8 percent. Revenue for fiscal 2017 was positively impacted $2.4 million, or 1.2 percent, by foreign currency fluctuations, which is related primarily to the Asia-Pacific and Europe region.
The company also announced that it further expanded into Europe on Sept. 1 by opening for business in Germany, the fourth-largest direct selling market globally. Products available include Protandim® Nrf2 Synergizer and the complete TrueScience® Anti-Aging Skin Care Regimen.
“Germany is one of the world’s largest economies and the fourth-largest direct selling market globally,” said Senior Vice President of International Courtland Pearson. “It is a very important market for us with respect to the success of our global expansion efforts.”
In addition to Germany, LifeVantage products are available to customers in the United States, United Kingdom, Australia, Canada, Mexico, Japan, Hong Kong, Netherlands and Thailand.