LifeVantage Announces Financial Results for the Third Quarter of Fiscal 2026

SALT LAKE CITY, May 06, 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 third fiscal quarter ended March 31, 2026.

Third Quarter Fiscal 2026 Summary*:

• Revenue was $43.7 million, a decrease of 25.2% from the prior year period;
• Revenue in the Americas decreased 28.9%, and revenue in Asia/Pacific & Europe decreased 7.7%;
• Net income per diluted share was $0.11, versus $0.26 per diluted share a year ago;
• Adjusted earnings per diluted share was $0.12, compared to $0.26 a year ago; and
• Adjusted EBITDA was $3.2 million compared to $6.4 million a year ago.
  
  

_{* All comparisons are on a year over year basis and compare the third quarter of fiscal 2026 to the third quarter of fiscal 2025, unless otherwise noted.}

"Third quarter results were softer than we anticipated as lower sales of our MindBody GLP-1 System^® were only partially offset by the addition of LoveBiome," said Michael Beindorff, Interim CEO of LifeVantage. "Despite top-line headwinds, we remained focused on managing expenses and allocating capital, enabling us to continue repurchasing shares while maintaining a strong balance sheet and cash position. That said, we are not satisfied with our performance and are laser focused on making the changes necessary to improve results going forward. With our science-backed approach to nutrigenomics, diversified product portfolio, passionate consultant community, and strong financial foundation, LifeVantage is in a compelling position in the rapidly expanding health and wellness market with significant growth potential ahead, and we intend to realize that potential."

Third Quarter Fiscal 2026 Results

For the third quarter ended March 31, 2026, the Company reported revenue of $43.7 million, a 25.2% decrease compared to revenue of $58.4 million in the third quarter of fiscal 2025. Revenue in the Americas region for the third quarter of fiscal 2026 decreased 28.9% primarily due to declines in sales of the MindBody GLP-1 System^®, partially offset by sales of LoveBiome, which the Company acquired in October 2025. Revenue in the Asia/Pacific & Europe region decreased 7.7%; on a constant currency basis, revenue in the Asia/Pacific & Europe region decreased approximately 8.9%.

Gross profit for the third quarter of fiscal 2026 was $34.5 million, or 79.0% of revenue, compared to $47.3 million, or 81.0% of revenue, for the same period 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 increases in shipping and warehouse related expenses. Adjusted for the allowance for inventory obsolescence, non-GAAP gross profit was $34.7 million, or 79.4% of revenue.

Commissions and incentives expense for the third quarter of fiscal 2026 was $19.0 million, or 43.5% of revenue, compared to $26.2 million, or 44.8% 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 mix of customers and independent consultants in our overall Active Accounts.

Selling, general and administrative (SG&A) expense for the third quarter of fiscal 2026 was $13.9 million, or 31.7% of revenue, compared to $17.1 million, or 29.2% of revenue, for the same period in fiscal 2025. The increase in SG&A expenses as a percentage of revenue was primarily due to the overall decrease in sales volume.

Operating income for the third quarter of fiscal 2026 was $1.7 million compared to $4.1 million for the third quarter of fiscal 2025. Adjusted non-GAAP operating income for the third quarter of fiscal 2026 was $1.8 million compared to adjusted non-GAAP operating income of $4.1 million for the third quarter of fiscal 2025.

Net income for the third quarter of fiscal 2026 was $1.4 million, or $0.11 per diluted share, compared to $3.5 million, or $0.26 per diluted share for the third quarter of fiscal 2025. Adjusted non-GAAP net income for the third quarter of fiscal 2026 was $1.5 million, or $0.12 per diluted share, compared to adjusted non-GAAP income of $3.5 million, or $0.26 per diluted share, for the third quarter of fiscal 2025.

Adjusted EBITDA was $3.2 million for the third quarter of fiscal 2026, versus $6.4 million for the comparable period in fiscal 2025.

Balance Sheet & Liquidity

The Company generated $5.5 million of cash from operations during the first nine months of fiscal 2026 compared to $10.8 million in the same period in fiscal 2025. The Company's cash and cash equivalents at March 31, 2026 were $12.5 million, compared to $20.2 million at June 30, 2025, and there was no debt outstanding.

Share Repurchase

During the first nine months of fiscal 2026, the Company repurchased approximately 250,000 of its common shares for an aggregate price of approximately $1.6 million. As of March 31st, there was $59.0 million remaining under the $60 million share repurchase program approved by the Company's Board of Directors in January.

Dividend Announcement

Today the Company announced the declaration of a cash dividend of $0.05 per common share, an 11.1% increase from the previous quarterly dividend of $0.045 per common share. The dividend will be paid on June 15, 2026 to all stockholders of record at the close of business on June 1, 2026.

Fiscal Year 2026 Guidance

The Company anticipates fiscal 2026 revenue, adjusted EBITDA, and adjusted earnings per share to be close to the lower end of our previously issued guidance range. The Company expects a full year tax rate of approximately 18% to 20%. This guidance reflects the current trends in the business and the Company's strategic initiatives, including international expansion and new product launches. The Company's guidance for adjusted non-GAAP EBITDA and adjusted non-GAAP earnings per diluted share excludes any non-operating or non-recurring expenses that may materialize during fiscal 2026.

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 Wednesday, May 20, 2026, by dialing (844) 512-2921 from the U.S. and entering confirmation code 13759699, or (412) 317-6671 from international locations, and entering confirmation code 13759699.

There will also be a simultaneous, live webcast available on the Investor Relations section of the Company's web site at https://lifevantage.gcs-web.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

reed.anderson@icrinc.com

LIFEVANTAGE CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited)
		March 31, 2026				June 30, 2025
(In thousands, except per share data)
ASSETS
Current assets
Cash and cash equivalents		$	12,483			$	20,201
Accounts receivable			2,420				3,294
Income tax receivable			2,200				635
Inventory, net			18,382				20,669
Prepaid expenses and other			3,829				6,095
Total current assets			39,314				50,894
Property and equipment, net			6,850				6,207
Right-of-use assets			6,908				8,041
Intangible assets, net			3,187				245
Goodwill			472				—
Deferred income tax asset			4,805				5,970
Other long-term assets			591				601
TOTAL ASSETS		$	62,127			$	71,958
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable		$	5,147			$	4,600
Commissions payable			5,948				7,237
Lease liabilities			1,885				1,867
Other accrued expenses			7,121				13,513
Total current liabilities			20,101				27,217
Long-term lease liabilities			8,321				9,811
Other long-term liabilities			366				289
Total liabilities			28,788				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 12,609 and 12,429 issued and outstanding as of March 31, 2026 and June 30, 2025, respectively			1				1
Additional paid-in capital			138,726				139,962
Accumulated deficit			(103,656	)			(104,147	)
Accumulated other comprehensive loss			(1,732	)			(1,175	)
Total stockholders' equity			33,339				34,641
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		$	62,127			$	71,958

LIFEVANTAGE CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
		Three Months Ended March 31,								Nine Months Ended March 31,
		2026				2025				2026				2025
(In thousands, except per share data)
Revenue, net		$	43,716			$	58,440			$	140,209			$	173,416
Cost of sales			9,172				11,113				31,639				33,799
Gross profit			34,544				47,327				108,570				139,617
Operating expenses:
Commissions and incentives			19,001				26,208				59,591				79,038
Selling, general and administrative			13,865				17,066				44,546				50,528
Total operating expenses			32,866				43,274				104,137				129,566
Operating income			1,678				4,053				4,433				10,051
Other income (expense):
Interest income, net			24				131				131				320
Other expense, net			(46	)			(4	)			(194	)			(524	)
Total other income (expense)			(22	)			127				(63	)			(204	)
Income before income taxes			1,656				4,180				4,370				9,847
Income tax expense			(294	)			(710	)			(577	)			(2,001	)
Net income		$	1,362			$	3,470			$	3,793			$	7,846
Net income per share:
Basic		$	0.11			$	0.28			$	0.30			$	0.64
Diluted		$	0.11			$	0.26			$	0.30			$	0.60
Weighted-average shares outstanding:
Basic			12,625				12,350				12,555				12,227
Diluted			12,660				13,300				12,757				12,985

LIFEVANTAGE CORPORATION AND SUBSIDIARIES Revenue by Region (Unaudited)
		Three Months Ended March 31,																Nine Months Ended March 31,
		2026								2025								2026								2025
Americas		$	34,268				78.4	%		$	48,201				82.5	%		$	110,006				78.5	%		$	142,246				82.0	%
Asia/Pacific & Europe			9,448				21.6	%			10,239				17.5	%			30,203				21.5	%			31,170				18.0	%
Total		$	43,716				100.0	%		$	58,440				100.0	%		$	140,209				100.0	%		$	173,416				100.0	%

Active Accounts (Unaudited)
		As of March 31,																Change from Prior				Percent
		2026								2025								Year				Change
Active Independent Consultants
Americas			30,000				66.7	%			35,000				67.3	%			(5,000	)			(14.3	)%
Asia/Pacific & Europe			15,000				33.3	%			17,000				32.7	%			(2,000	)			(11.8	)%
Total Active Independent Consultants			45,000				100.0	%			52,000				100.0	%			(7,000	)			(13.5	)%
Active Customers
Americas			51,000				79.7	%			74,000				84.1	%			(23,000	)			(31.1	)%
Asia/Pacific & Europe			13,000				20.3	%			14,000				15.9	%			(1,000	)			(7.1	)%
Total Active Customers			64,000				100.0	%			88,000				100.0	%			(24,000	)			(27.3	)%
Active Accounts
Americas			81,000				74.3	%			109,000				77.9	%			(28,000	)			(25.7	)%
Asia/Pacific & Europe			28,000				25.7	%			31,000				22.1	%			(3,000	)			(9.7	)%
Total Active Accounts			109,000				100.0	%			140,000				100.0	%			(31,000	)			(22.1	)%
(1) Active Independent Consultants have purchased product in the prior three months for retail or personal consumption. (2) Active Customers have purchased product in the prior three months for personal consumption only. (3) Total Active Accounts is the sum of Active Independent Consultant accounts and Active Customer accounts.

LIFEVANTAGE CORPORATION AND SUBSIDIARIES Reconciliation of GAAP Net Income to Non-GAAP EBITDA and Non-GAAP Adjusted EBITDA (Unaudited)
		Three Months Ended March 31,								Nine Months Ended March 31,
		2026				2025				2026				2025
(In thousands)
GAAP Net Income		$	1,362			$	3,470			$	3,793			$	7,846
Interest income, net			(24	)			(131	)			(131	)			(320	)
Provision for income taxes			294				710				577				2,001
Depreciation and amortization			714				802				2,076				2,406
Non-GAAP EBITDA			2,346				4,851				6,315				11,933
Adjustments:
Stock compensation expense			704				1,522				2,083				4,160
Other expense, net			46				4				194				524
Other adjustments(1)			85				51				2,390				713
Total adjustments			835				1,577				4,667				5,397
Non-GAAP Adjusted EBITDA		$	3,181			$	6,428			$	10,982			$	17,330
(1) Other adjustments breakout:
MB System allowance for inventory obsolescence			183				—				2,551				—
LoveBiome acquisition costs			—				—				201				—
Change in fair value of earnout			(100	)			—				(400	)			—
Key management severance expenses			—				—				—				188
Executive team recruiting and transition expenses			—				51				—				525
Other nonrecurring expenses, net of credits			2				—				38				—
Total adjustments		$	85			$	51			$	2,390			$	713

LIFEVANTAGE CORPORATION AND SUBSIDIARIES Reconciliation of GAAP Net Income to Non-GAAP Net Income and Non-GAAP Adjusted EPS (Unaudited)
		Three Months Ended March 31,								Nine Months Ended March 31,
		2026				2025				2026				2025
(In thousands, except per share data)
GAAP Net Income		$	1,362			$	3,470			$	3,793			$	7,846
Adjustments:
MB System allowance for inventory obsolescence			183				—				2,551				—
LoveBiome acquisition costs			—				—				201				—
Change in fair value of earnout			(100	)			—				(400	)			—
Key management severance expenses			—				—				—				188
Executive team recruiting and transition expenses			—				51				—				525
Other nonrecurring expenses, net of credits			2				—				38				—
Tax impact of adjustments(1)			100				(11	)			(430	)			(164	)
Total adjustments, net of tax			185				40				1,960				549
Non-GAAP Net income:		$	1,547			$	3,510			$	5,753			$	8,395
		March 31, 2026								June 30, 2025
		2026				2025				2026				2025
Diluted earnings per share, as reported		$	0.11			$	0.26			$	0.30			$	0.60
Total adjustments, net of tax			0.01				0.00				0.15				0.04
Diluted earnings per share, as adjusted(2)		$	0.12			$	0.26			$	0.45			$	0.65
(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.

Reconciliation of GAAP Gross Profit to Non-GAAP Gross Profit (Unaudited)
		Three Months Ended March 31,								Nine Months Ended March 31,
		2026				2025				2026				2025
(In thousands, except percentage data)
Revenue, net		$	43,716			$	58,440			$	140,209			$	173,416
Cost of sales			9,172				11,113				31,639				33,799
GAAP Gross profit			34,544				47,327				108,570				139,617
GAAP Gross profit percentage			79.0	%			81.0	%			77.4	%			80.5	%
Adjustments:
MindBody GLP-1 System™ allowance for inventory obsolescence			183				—				2,551				—
GAAP Gross profit			34,727				47,327				111,121				139,617
GAAP Gross profit percentage			79.4	%			81.0	%			79.3	%			80.5	%