LifeVantage Corporation today reported financial results for its first quarter ended September 30, 2015.
First Quarter Fiscal 2016 Highlights:
Revenue was flat at $45.4 million when compared sequentially to $45.3 million for the fourth fiscal quarter of 2015;
Revenue in the Americas increased 3.0% and revenue in Asia/Pacific decreased 8.2% on a sequential basis;
Adjusted EBITDA increased 43% to $4.5 million, compared to $3.1 million in the fourth fiscal quarter of 2015;
Net income was $1.1 million which includes approximately $1.1 million of pretax executive transition costs;
Ended the quarter with $13.7 million in cash and reduced long-term debt by $3.1 million to $18.5 million;
Executed on strategic growth plan including launch of a new product and announced plan for expansion into the European Union.
“Our first quarter results were in-line with our expectations and reflect stability in our revenue