LifeVantage Corporation recently reported financial results for its second quarter and six months ended December 31, 2014.
Second Quarter Fiscal 2015 Highlights:
Revenue was $48 million compared to $52 million in the prior year period;
Revenue, excluding Japan, increased by 1.6% compared to the prior year period;
Operating income was $3.1 million, compared to $5.2 million in the prior year period;
Repurchased $4.6 million or 3.5 million shares; and
Opened corporate office in Hong Kong.
Dave S. Manovich, Executive Vice Chairman of LifeVantage stated, “We do not believe the overall second quarter results reflect the strength of our distribution network or our expanded, scientifically-validated product line. In order to improve upon these results and return to meaningful top line growth and reignite growth and enthusiasm in our Company we recently implemented executive changes within our management team.”
“During the second quarter, we achieved growth in several markets, including our core Americas market, but this was offset by lower sales primarily in Japan. We are disappointed that pressures in the Japan market continue to impact our overall performance and know we can do better in this market as proven by previous results. We are intensely focused on identifying and implementing corrective actions designed to stabilize our efforts in Japan