LifeVantage Names Steven Fife Chief Executive as Quarterly Revenue Hits 59 Million

LifeVantage Corporation reported revenue of 59.0 million dollars for the second fiscal quarter ended December 31, 2020. That was up 7.6 percent from the prior quarter and down 3.6 percent from a year earlier. The same announcement named Steven R. Fife president and chief executive, effective immediately, and added him to the board.

Fife had been interim chief executive since September 2020 and chief financial officer since 2017. The company said it has started a search for a new chief financial officer and that Fife will keep the finance role until a successor is in place.

Diluted earnings were 0.26 dollars a share, up 52.9 percent from the prior quarter and down 13.3 percent from a year earlier. Adjusted earnings were 0.25 dollars a share. Adjusted EBITDA rose 12.6 percent to 6.7 million dollars. Active accounts rose 1.2 percent from the prior quarter to 174,000 and were down 4.4 percent from a year earlier. Americas revenue fell 5.4 percent year over year, while Asia, the Pacific, and Europe rose 1.0 percent. The company bought back about 365,000 shares for 4.0 million dollars and ended the quarter with 19.7 million dollars in cash and no debt.

Fife tied the sequential revenue gain to a virtual convention in October, new Axio flavors, and a digital training tool. Guidance for fiscal 2021 now puts revenue at the low end of a prior range of about 240 million to 251 million dollars, with adjusted EBITDA of 25 million to 27 million dollars and adjusted earnings of 0.87 to 0.91 dollars a share.