SALT LAKE CITY, Aug. 27, 2026 (GLOBE NEWSWIRE) -- LifeVantage Corporation (Nasdaq: LFVN), a leading health and wellness company with products designed to activate optimal health processes at the cellular level, today reported financial results for its fourth fiscal quarter ended June 30, 2026.
Fourth Quarter Fiscal 2026 Summary*:
- Revenue was $42.4 million, a decrease of 23.1% from the prior year period;
- Revenue in the Americas decreased 24.8%, and revenue in Asia/Pacific & Europe decreased 16.9%;
- Net income per diluted share was $0.10, versus $0.15 per diluted share a year ago;
- Adjusted earnings per diluted share was $0.11, compared to $0.17 a year ago; and
- Adjusted EBITDA was $2.7 million compared to $4.8 million a year ago.
* All comparisons are on a year over year basis and compare the fourth quarter of fiscal 2026 to the fourth quarter of fiscal 2025, unless otherwise noted.
Fiscal Year 2026 Summary*:
- Revenue was $182.6 million, a decrease of 20.1% from the prior year period;
- Revenue in the Americas decreased 23.2%, and revenue in Asia/Pacific & Europe decreased 6.9%;
- Net income per diluted share was $0.40, versus $0.75 per diluted share a year ago;
- Adjusted earnings per diluted share was $0.56, compared to $0.82 a year ago; and
- Adjusted EBITDA was $13.7 million compared to $22.1 million a year ago.
* All comparisons are fiscal year 2026 to fiscal year 2025.
"It's a privilege to lead LifeVantage at this stage of its journey and my conviction about this Company is stronger today than when I accepted the role," said Terrence Moorehead, President and Chief Executive Officer. "With a differentiated, science-backed platform, strong gross margins and a debt-free balance sheet, our foundation is strong and I believe we have a real competitive advantage. Our early focus will be on strengthening the LifeVantage brand, building a more relevant consumer proposition, and driving operational excellence. Despite the challenges reflected in our recent results, I'm optimistic about what lies ahead. We intend to move forward with a real sense of urgency and look forward to sharing more about our strategy as our work progresses."
Fourth Quarter Fiscal 2026 Results
For the fourth quarter ended June 30, 2026, the Company reported revenue of $42.4 million, a 23.1% decrease compared to revenue of $55.1 million in the fourth quarter of fiscal 2025. Revenue in the Americas region decreased 24.8% and revenue in the Asia/Pacific & Europe region decreased 16.9%. These decreases were primarily due to due to downward pressure in the number of orders from our active account base and lower average order size, reflecting impacts from the broader macro-economic environment, as well lower sales of our MindBody GLP-1 System cycling the higher comparable fourth quarter of fiscal 2025, partially offset by sales of LoveBiome, which we acquired in October 2025.
Gross profit for the fourth quarter of fiscal 2026 was $33.0 million, or 78.0% of revenue, compared to $44.0 million, or 79.9% of revenue, for the same period in fiscal 2025. The decrease in gross profit as a percentage of revenue was primarily due to a shift in product mix, inventory obsolescence expenses, and increases in shipping related expenses.
Commissions and incentives expense for the fourth quarter of fiscal 2026 was $17.5 million, or 41.3% of revenue, compared to $23.2 million, or 42.1% of revenue, for the same period in fiscal 2025. The decrease in commissions and incentives expenses as a percentage of revenue compared to the prior year period is primarily due to the timing and magnitude of promotional and incentive programs and changes to the sales mix between customers and independent consultants.
Selling, general and administrative (SG&A) expense for the fourth quarter of fiscal 2026 was $13.9 million, or 32.7% of revenue, compared to $18.7 million, or 33.9% of revenue, for the same period in fiscal 2025. The decrease in SG&A expenses as a percentage of revenue was primarily due to decreases in variable employee compensation expenses and lower event related expenses.
Operating income for the fourth quarter of fiscal 2026 was $1.7 million compared to $2.1 million for the same period in fiscal 2025. Adjusted non-GAAP operating income for the fourth quarter of fiscal 2026 was $1.8 million compared to adjusted non-GAAP operating income of $2.5 million for the same period in fiscal 2025.
Net income for the fourth quarter of fiscal 2026 was $1.3 million, or $0.10 per diluted share, compared to $2.0 million, or $0.15 per diluted share for the same period in fiscal 2025. Adjusted non-GAAP net income for the fourth quarter of fiscal 2026 was $1.4 million, or $0.11 per diluted share, compared to adjusted non-GAAP income of $2.3 million, or $0.17 per diluted share, in the same period of fiscal 2025.
Adjusted EBITDA was $2.7 million for the fourth quarter of fiscal 2026, versus $4.8 million for the comparable period in fiscal 2025.
Full Year Fiscal 2026 Results
For the fiscal year ended June 30, 2026, the Company reported revenue of $182.6 million, a 20.1% decrease compared to revenue of $228.5 million in fiscal 2025. Revenue in the Americas region decreased 23.2% and revenue in the Asia/Pacific & Europe region decreased 6.9%. These decreases were primarily due to declines in sales of the MindBody GLP-1 System®, declines in the number of orders from our active account base, and average order size. These declines were partially offset by sales of LoveBiome, which the Company acquired in October 2025.
Gross profit for fiscal 2026 was $141.6 million, or 77.6% of revenue, compared to $183.7 million, or 80.4% of revenue in fiscal 2025. The decrease in gross profit as a percentage of revenue was primarily due to an allowance for inventory obsolescence related to the MindBody GLP-1 System®, along with a shift in product mix. Adjusted for the allowance for inventory obsolescence, non-GAAP gross profit for fiscal 2026 was $144.1 million, or 78.9% of revenue.
Commissions and incentives expense for fiscal 2026 was $77.1 million, or 42.2% of revenue, compared to $102.3 million, or 44.7% of revenue in fiscal 2025. The decrease in commissions and incentives expenses as a percentage of revenue compared to the prior year is primarily due to changes in the sales mix between our independent consultants and customers along with the timing and magnitude of promotional and incentive programs.
Selling, general and administrative (SG&A) expense for fiscal 2026 was $58.4 million, or 32.0% of revenue, compared to $69.2 million, or 30.3% of revenue in fiscal 2025. The increase in SG&A expenses as a percentage of revenue was primarily due to an overall decrease in sales during the year partially offset by decreases in the variable portion of employee related compensation expenses.
Operating income for fiscal 2026 was $6.1 million compared to $12.2 million in fiscal 2025. Adjusted non-GAAP operating income for fiscal 2026 was $8.6 million compared to adjusted non-GAAP operating income of $13.3 million in fiscal 2025.
Net income for fiscal 2026 was $5.1 million, or $0.40 per diluted share, compared to $9.8 million, or $0.75 per diluted share in fiscal 2025. Adjusted non-GAAP net income for fiscal 2026 was $7.2 million, or $0.56 per diluted share, compared to adjusted non-GAAP income of $10.6 million, or $0.82 per diluted share in fiscal 2025.
Adjusted EBITDA was $13.7 million in fiscal 2026 versus $22.1 million in fiscal 2025.
Balance Sheet & Liquidity
The Company generated $10.2 million of cash from operations during fiscal 2026 compared to $11.9 million in fiscal 2025. The Company's cash and cash equivalents at June 30, 2026 were $14.9 million, compared to $20.2 million at June 30, 2025, and there was no debt outstanding.
Share Repurchase
During fiscal 2026, the Company repurchased approximately 336,000 of its common shares for an aggregate price of approximately $2.0 million. As of June 30th, there was $58.5 million remaining under the $60 million share repurchase program approved by the Company’s Board of Directors in January.
Fiscal 2027 Guidance
Due to the recent transition in the Chief Executive Officer role, the Company is not issuing formal guidance for fiscal 2027 at this time.
Conference Call Information
The Company will hold an investor conference call today at 2:30 p.m. MST (4:30 p.m. EST). Investors interested in participating in the live call can dial (877) 704-4453 from the U.S. or international callers can dial (201) 389-0920. A telephone replay will be available approximately two hours after the call concludes and will be available through Thursday, September 17, 2026, by dialing (844) 512-2921 from the U.S. and entering confirmation code 13761673, or (412) 317-6671 from international locations, and entering confirmation code 13761673.
There will also be a simultaneous, live webcast available on the Investor Relations section of the Company's web site at https://investor.lifevantage.com/events-and-presentations. The webcast will be archived for approximately 30 days.
About LifeVantage Corporation
LifeVantage Corporation (Nasdaq: LFVN), the Activation company, is a pioneer in nutrigenomics—the study of how nutrition and naturally occurring compounds can unlock your genes and the health coded within. Our products work with your unique biology and help your body make what it needs for health. The line of scientifically validated activators includes the flagship Protandim® family of products, TrueScience® Liquid Collagen, the MindBody GLP-1 System®, the newest comprehensive gut activator from LoveBiome P84, the Activation-supporting nutrients such as Omega, D3+, and the Rise AM & Reset PM System®, as well as AXIO® nootropic and hydration energy drink mixes, the full TrueScience® line of skin and hair care products, and Petandim®, a pet supplement formulated to combat oxidative stress in dogs. Our independent Consultants sell our products to Customers and share the business opportunity with entrepreneurs seeking to begin their own business. LifeVantage was founded in 2003 and is headquartered in Lehi, Utah. For more information, visit www.lifevantage.com.
Cautionary Note Regarding Forward Looking Statements
This document contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words and expressions reflecting optimism, satisfaction or disappointment with current prospects, as well as words such as "believe," "will," "hopes," "intends," "estimates," "expects," "projects," "plans," "anticipates," "look forward to," "goal," “may be,” and variations thereof, identify forward-looking statements, but their absence does not mean that a statement is not forward-looking. The declaration and/or payment of a dividend during any quarter provides no assurance as to future dividends, and the timing and amount of future dividends, if any, could vary significantly in comparison both to past dividends and to current expectations. Examples of forward-looking statements include, but are not limited to, expected financial performance, including revenue margins, statements we make regarding executing against and the benefits of our key initiatives, future growth, including geographic and product expansion, and expected dividend payments in future quarters. Such forward-looking statements are not guarantees of performance and the Company's actual results could differ materially from those contained in such statements. These forward-looking statements are based on the Company's current expectations and beliefs concerning future events affecting the Company and involve known and unknown risks and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein. These risks and uncertainties include, among others, further deterioration to the global economic and operating environments, as well as those discussed in greater detail in the Company's Annual Report on Form 10-K and the Company's Quarterly Report on Form 10-Q under the caption "Risk Factors," and in other documents filed by the Company from time to time with the Securities and Exchange Commission (the “SEC”). The Company cautions investors not to place undue reliance on the forward-looking statements contained in this document. All forward-looking statements are based on information currently available to the Company on the date hereof, and the Company undertakes no obligation to revise or update these forward-looking statements to reflect events or circumstances after the date of this document, except as required by law.
About Non-GAAP Financial Measures
We define Non-GAAP EBITDA as earnings before interest expense, income taxes, depreciation and amortization and Non-GAAP Adjusted EBITDA as earnings before interest expense, income taxes, depreciation and amortization, stock compensation expense, other income, net, and certain other adjustments. Non-GAAP EBITDA and Non-GAAP Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. We define Non-GAAP Net Income as GAAP net income less certain tax adjusted non-recurring one-time expenses incurred during the period and Non-GAAP Earnings per Share as Non-GAAP Net Income divided by weighted-average shares outstanding.
We are presenting Non-GAAP EBITDA, Non-GAAP Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP Earnings Per Share because management believes that they provide additional ways to view our operations when considered with both our GAAP results and the reconciliation to net income, which we believe provides a more complete understanding of our business than could be obtained absent this disclosure. Non-GAAP EBITDA, Non-GAAP Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP Earnings Per Share are presented solely as supplemental disclosure because: (i) we believe these measures are a useful tool for investors to assess the operating performance of the business without the effect of these items; (ii) we believe that investors will find this data useful in assessing shareholder value; and (iii) we use Non-GAAP EBITDA, Non-GAAP Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP Earnings Per Share internally as benchmarks to evaluate our operating performance or compare our performance to that of our competitors. The use of Non-GAAP EBITDA, Non-GAAP Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP Earnings per Share has limitations and you should not consider these measures in isolation from or as an alternative to the relevant GAAP measure of net income prepared in accordance with GAAP, or as a measure of profitability or liquidity.
The tables set forth below present reconciliations of Non-GAAP EBITDA, Non-GAAP Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP Earnings per Share, which are non-GAAP financial measures to Net Income and Earnings per Share, our most directly comparable financial measures presented in accordance with GAAP.
Investor Relations Contacts:
Reed Anderson, ICR
(646) 277-1260
[email protected]
CONSOLIDATED BALANCE SHEETS
June 30, 2026 June 30, 2025 (In thousands, except per share data) ASSETS Current assets Cash and cash equivalents $14,920 $20,201 Accounts receivable 2,990 3,294 Income tax receivable 1,386 635 Inventory, net 16,167 20,669 Prepaid expenses and other 2,834 6,095 Total current assets 38,297 50,894 Property and equipment, net 7,310 6,207 Right-of-use assets 6,715 8,041 Intangible assets, net 3,058 245 Goodwill 465 0 Deferred income tax asset 5,629 5,970 Other long-term assets 637 601 TOTAL ASSETS $62,111 $71,958 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities Accounts payable $5,156 $4,600 Commissions payable 5,724 7,237 Lease liabilities 1,935 1,867 Other accrued expenses 7,412 13,513 Total current liabilities 20,227 27,217 Long-term lease liabilities 7,933 9,811 Other long-term liabilities 362 289 Total liabilities 28,522 37,317 Commitments and contingencies Stockholders’ equity Preferred stock — par value $0.0001 per share, 5,000 shares authorized, no shares issued or outstanding — — Common stock — par value $0.0001 per share, 40,000 shares authorized and 12,518 and 12,429 issued and outstanding as of June 30, 2026 and June 30, 2025, respectively 1 1 Additional paid-in capital 138,924 139,962 Accumulated deficit (103,462) (104,147)Accumulated other comprehensive loss (1,874) (1,175)Total stockholders’ equity 33,589 34,641 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $62,111 $71,958
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
June 30, (unaudited) Year Ended June 30, 2026 2025 2026 2025 (In thousands, except per share data) Revenue, net $42,377 $55,114 $182,586 $228,530 Cost of sales 9,334 11,065 40,973 44,864 Gross profit 33,043 44,049 141,613 183,666 Operating expenses: Commissions and incentives 17,503 23,222 77,094 102,260 Selling, general and administrative 13,874 18,679 58,419 69,207 Total operating expenses 31,377 41,901 135,513 171,467 Operating income 1,666 2,148 6,100 12,199 Other income (expense): Interest income, net 33 111 164 431 Other expense, net (3) 137 (198) (387)Total other income (expense) 30 248 (34) 44 Income before income taxes 1,696 2,396 6,066 12,243 Income tax expense (417) (437) (994) (2,438)Net income $1,279 $1,959 $5,072 $9,805 Net income per share: Basic $0.10 $0.16 $0.40 $0.80 Diluted $0.10 $0.15 $0.40 $0.75 Weighted-average shares outstanding: Basic 12,472 12,326 12,534 12,251 Diluted 12,558 13,128 12,702 12,987
Revenue by Region
Three Months Ended June 30, (unaudited) Year Ended June 30, 2026 2025 2026 2025 Americas $32,710 77.2% $43,477 78.9% $142,716 78.2% $185,723 81.3%Asia/Pacific & Europe 9,667 22.8% 11,637 21.1% 39,870 21.8% 42,807 18.7%Total $42,377 100.0% $55,114 100.0% $182,586 100.0% $228,530 100.0%
(unaudited)
As of June 30, 2026 2025 Change from Prior Year Percent Change Active Independent Consultants Americas 28,000 65.1% 34,000 63.3% (6,000) (17.6)%Asia/Pacific & Europe 15,000 34.9% 17,000 36.7% (2,000) (11.8)%Total Active Independent Consultants 43,000 100.0% 51,000 100.0% (8,000) (15.7)% Active Customers Americas 48,000 78.7% 66,000 79.7% (18,000) (27.3)%Asia/Pacific & Europe 13,000 21.3% 15,000 20.3% (2,000) (13.3)%Total Active Customers 61,000 100.0% 81,000 100.0% (20,000) (24.7)% Active Accounts Americas 76,000 73.1% 100,000 73.4% (24,000) (24.0)%Asia/Pacific & Europe 28,000 26.9% 32,000 26.6% (4,000) (12.5)%Total Active Accounts 104,000 100.0% 132,000 100.0% (28,000) (21.2)%
Reconciliation of GAAP Net Income to Non-GAAP EBITDA and Non-GAAP Adjusted EBITDA:
(unaudited)
Three Months Ended June 30, Year Ended June 30, 2026 2025 2026 2025 (In thousands) GAAP Net Income $1,279 $1,959 $5,072 $9,805 Interest income, net (33) (111) (164) (431)Provision for income taxes 417 437 994 2,438 Depreciation and amortization 697 750 2,773 3,156 Non-GAAP EBITDA 2,360 3,035 8,675 14,968 Adjustments: Stock compensation expense 263 1,542 2,346 5,702 Other expense (income), net 3 (137) 198 387 Other adjustments(1) 123 343 2,513 1,054 Total adjustments 389 1,748 5,057 7,143 Non-GAAP Adjusted EBITDA $2,749 $4,783 $13,732 $22,111 (1) Other adjustments breakout: MB System allowance for inventory obsolescence (56) — 2,495 — LoveBiome acquisition costs — — 201 — Change in fair value of earnout — — (400) — Executive and non-recurring severance expenses, net 41 57 41 244 Executive team recruiting and transition expenses — 38 — 562 Other nonrecurring expenses, net of credits 138 248 176 248 Total adjustments $123 $343 $2,513 $1,054
Reconciliation of GAAP Net Income to Non-GAAP Net Income and Non-GAAP Adjusted EPS:
(unaudited)
Three Months Ended June 30, Year Ended June 30, 2026 2025 2026 2025 (In thousands, except per share data) GAAP Net Income $1,279 $1,959 $5,072 $9,805 Adjustments: MB System allowance for inventory obsolescence (56) — 2,495 — LoveBiome acquisition costs — — 201 — Change in fair value of earnout — — (400) — Key management severance expenses 41 57 41 244 Executive team recruiting and transition expenses — 38 — 562 Other nonrecurring expenses, net of credits 138 248 176 248 Tax impact of adjustments(1) 18 (46) (412) (210)Total adjustments, net of tax 141 297 2,101 844 Non-GAAP Net income: $1,420 $2,256 $7,173 $10,649 June 30, 2026 June 30, 2025 2026 2025 2026 2025 Diluted earnings per share, as reported $0.10 $0.15 $0.40 $0.75 Total adjustments, net of tax 0.01 0.02 0.17 0.06 Diluted earnings per share, as adjusted(2) $0.11 $0.17 $0.56 $0.82 (1) Tax impact is based on the estimated annual tax rate for the years ended June 30, 2026 and 2025, respectively. (2) May not add due to rounding.
(Unaudited)
Three Months Ended June 30, Year Ended June 30, 2026 2025 2026 2025 (In thousands, except percentage data) Revenue, net $42,377 $55,114 $182,586 $228,530 Cost of sales 9,334 11,065 40,973 44,864 GAAP Gross profit 33,043 44,049 141,613 183,666 GAAP Gross profit percentage 78.0% 79.9% 77.6% 80.4% Adjustments: MindBody GLP-1 System™ allowance for inventory obsolescence (56) — 2,495 — GAAP Gross profit 32,987 44,049 144,108 183,666 GAAP Gross profit percentage 77.8% 79.9% 78.9% 80.4%