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Second Quarter Net Revenue Increased 111% Over Prior Year Period to $53.4 Million
Second Quarter Operating Cash Flow Grew 16% Over Prior Year Period to $5.4 Million
Company Reiterates Full Year Fiscal 2013 Revenue Guidance
SALT LAKE CITY, Feb. 7, 2013 (GLOBE NEWSWIRE) -- LifeVantage Corporation (Nasdaq:LFVN), a company dedicated to helping people achieve healthy living through a combination of a compelling business opportunity and scientifically validated products, including its patented dietary supplement Protandim
®, the Nrf2 Synergizer
®, today reported financial results for the fiscal 2013 second quarter and the six months ended December 31, 2012.
Fiscal 2013 Second Quarter Highlights Compared to the Same Period Last Year Include:
Net revenue increased 111% to $53.4 million;
Operating cash flow grew 16% to $5.4 million;
Operating income was $487 thousand which included $5.9 million of expenses related to the voluntary product recall we announced in December;
Non-GAAP adjusted operating income was $6.4 million excluding one-time product recall related costs; and
As of December 31, 2012, cash and cash equivalents grew to $28.5 million.
Douglas C. Robinson, President and Chief Executive Officer of LifeVantage, stated, "Our second quarter results reflect strong year-over-year improvements in revenue and cash flow, underscoring the operational improvements implemented over the past year. We believe the majority of the costs associated with the voluntary recall are reflected in our second quarter results. We now have put in place even more stringent measures to further enhance our commitment to product safety. We also are experiencing continued growth in our distributor and preferred customer base and believe that our swift and transparent action toward the voluntary recall enabled us to build upon our reputational capital."
Mr. Robinson continued, "We enter the third quarter with an expanded product line after the introduction of Canine Health, and an expanded geographic presence with the entry into Hong Kong. The introduction of our Canine Health product increased our product portfolio to three scientifically formulated products. This particular product is the only pet supplement specifically formulated to reduce oxidative stress through Nrf2 activation in dogs. Our expansion into Hong Kong is part of our global plan to grow our market presence in countries where the scientifically backed healthy living message resonates. We are now officially conducting business in Hong Kong by enrolling Independent Distributors. Our recently appointed President and Managing Director of Asia Pacific, David Toda, will oversee the day-to-day operations in Hong Kong."