ライフバンテージ (LFVN) 2026年度第4四半期決算説明会：売上高23.1%減、2027年度業績予想は見送り

主要ポイント

• 2026年度第4四半期の純売上高は、受注件数の減少、平均客単価の低下、および前年同期の好実績に対する「MindBody GLP-1」システムの販売減により、前年同期比23.1%減の4,240万ドルとなり、前四半期比でも3.1%減少しました。
• GAAP基準の純利益は130万ドル（希薄化後1株当たり0.10ドル）に減少しました。調整後純利益は140万ドル（希薄化後1株当たり0.11ドル）となりました。
• 調整後EBITDAは前年同期の480万ドル（売上高比率8.7%）から270万ドル（同6.5%）に減少しました。
• サブスクリプション売上高は四半期売上高の75%超を維持し、顧客維持指標は前年同期比で改善しました。
• ライフバンテージ（LifeVantage）の2026年度末時点の現金同等物は1,490万ドルで、無有利子負債となりました。通期の営業キャッシュフローは1,020万ドルでした。
• 同社はCEO交代に伴い、2027年度の公式ガイダンスを開示しませんでした。経営陣は2027年度第1・第2四半期について厳しい前年同期比が続くと予想しており、現在策定中の戦略によって第3・第4四半期にモメンタムが改善することを期待しています。

主要財務データ

会計年度末時点で、ライフバンテージの現金同等物は1,490万ドル（前年末は2,020万ドル）で、無有利子負債を維持しました。2026年度の営業キャッシュフローは1,020万ドル（2025年度は1,190万ドル）でした。設備投資は、Shopifyとの統合を含むITインフラ投資を中心に、前年度の140万ドルから360万ドルへ増加しました。

ライフバンテージは2026年度中、ラブ・バイオーム（Love Biome）の買収に370万ドルを使用しました。また、200万ドルで約33万6,000株の自社株買いを実施しました（第4四半期の約45万9,000ドルでの8万5,700株を含む）。同社は2026年9月1日時点の株主に対し、同年9月15日に支払われる1株当たり0.05ドルの四半期配当を発表しました。

事業および業績の動向

売上高への圧力は、アクティブ口座からの注文数減少と平均注文規模の低下を反映したものです。経営陣によると、高価格帯製品であるMindBodyの売上が好調だった2025年度第4四半期に対して減少したことが、平均客単価に影響したとしています。他のカテゴリーでも平均客単価の緩やかな低下が見られました。

2025年10月に買収したラブ・バイオームが売上減少を一部相殺しました。また経営陣は、ロイヤルカスタマーの購入は継続しているものの、一部顧客で1ヶ月間サブスクリプションを一時停止した後に再開する動きが見られたと述べました。

新CEOのテレンス・ムーアヘッド氏は、最初の優先事項としてライフバンテージ・ブランドの強化、より魅力的な消費者向け提案の創出、およびオペレーションの実行力と収益性の向上の3点を挙げました。計画中の施策には、ウェブサイトとカスタマーエクスペリエンスの刷新、販売組織向けデジタルツールの拡充、製品の科学的根拠と価値のより明確な伝達が含まれます。

海外展開は引き続き機会であるものの、経営陣はより広範な地域展開を検討する前に、北米や一部の重要海外市場を含む既存市場での浸透度深化を優先する計画です。

経営陣の見通し（ガイダンス）

ライフバンテージは、最近のCEO交代と現在進行中の戦略的見直しの影響により、2027年度の公式ガイダンスを提示しませんでした。

経営陣は、2027年度第1・第2四半期は前年同期比で厳しい比較に直面すると説明しました。現在策定中のブランド、消費者、デジタル戦略が第3・第4四半期に傾向を改善し始めると期待していますが、これは予測ではなく目標として位置づけられています。

Shopifyプロジェクトの残りの段階を完了させるため、2027年度の設備投資額は約300万〜350万ドルとなる見込みです。完了後、年間の設備投資は過去の水準である200万〜250万ドルへ戻ると期待されています。

リスクと注視すべき分野

• マクロ経済と物価上昇の圧力が注文頻度と平均注文規模に影響を与えていること。
• MindBodyの売上が前年の好実績に対する反動に直面し、売上高や注文価値の押し下げ要因となっていること。
• プロダクトミックス、在庫陳腐化、配送および倉庫コストの増加が売上総利益率を圧迫したこと。
• 売上高が前年同期比・前四半期比でともに減少し、経営陣は2027年度前半まで厳しい比較が続くと見込んでいること。
• 成長戦略が未だ策定中であり、経営陣は測定可能な財務目標や2027年度の公式ガイダンスをまだ開示していないこと。

アナリスト質疑応答の要点

売上高の安定化に関する質問に対し、経営陣は注文数の減少と平均注文金額の低下により、第4四半期の売上高が第3四半期を約150万ドル下回ったと回答しました。同社は2027年度の最初の2四半期で厳しい比較を予想しており、新戦略の導入に伴い年度後半にモメンタムを生み出すことを目指しています。

価格圧力について、ムーアヘッド氏は単なる値下げではなく価値提案を強化する意向を示しました。戦略は、製品ベネフィットのより効果的な伝達と消費者との関連性向上に重点を置きます。

経営陣はデジタル機能の強化を極めて重要な優先事項と位置づけました。計画されている投資には、ウェブサイトのアップグレード、顧客アクセスポイントの改善、販売機能のマーケティング効率化を支援するデジタルツールが含まれます。

海外成長について、ムーアヘッド氏はライフバンテージの浸透度が北米および海外市場の双方で依然として低いと述べました。短期的な取り組みは、直ちに多くの新国へ拡大するのではなく、アンカー市場を中心としたハブ＆スポートモデルを通じて選定された既存市場での浸透を深めることです。

業績説明会トランスクリプト全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Thank you. Good day, ladies and gentlemen. Thank you for standing by. Welcome to DataAge's conference call to discuss LifeVantage's fourth quarter and fiscal year 2026 results. At this time, all participants are in a listen-only mode. Following the formal remarks, we'll conduct a question and answer session. will be provided at that time for you to queue up. Hosting today's conference will be Reed Anderson with ICR. As a reminder, today's conference is being recorded and I.

Reed Anderson

I would now like to turn the conference over to Mr. Anderson. Please go ahead, sir. Thank you and good afternoon, everyone, and welcome to LifeVantage Corporation's conference call to discuss results for the fourth quarter and full fiscal year 2026. the call today from LifeVantage are Terrence Moorhead, President and Chief Executive Officer, and Carl Alray, Chief Financial Officer. By now, everyone should have access to the earnings release, which went out this afternoon at approximately 4.05 p.m. Eastern Time. If you have not received the release, it is available on the investor relations portion of LifeVantage site at www.lifevantage.com. This call is being webcast and a replay will be available on the company's website as well. Before we begin, we'd like to remind everyone that our prepared remarks contain forward-looking statements, and management may make additional forward-looking statements in response to your questions. These statements do not guarantee future performance, and therefore undue reliance should not be placed upon them.

Thank you. statements are based on current expectations of the company's management, involve inherent risks and uncertainties, including those identified in the risk factor section of life advantages most recently filed, forms 10-K and 10-Q. Please note that during today's call, we will discuss non-GAAP financial measures, including results on an adjusted basis. Management believes these financial measures can facilitate a more complete analysis and greater transparency to LifeVantage's ongoing results of operations, particularly when comparing underlying operating results from period to period. We've included a reconciliation of these non-GAAP measures with today's release. This call also contains time-sensitive information. that is accurate only as of the date of this live broadcast, August 27th, 2026. LifeVantage assumes no obligation to update any forward-looking projections that may be made in today's release or call. Now I will turn the call over to Terrence Moorhead, President and Chief Executive Officer of LifeVantage.

Terrence Moorehead

Thank you, Reid, and good afternoon, everyone. Before we begin, I want to take a moment to thank Michael Beindorf for his stewardship of the business and recognize our leadership team for their support during this transition. Michael stepped in to take on the leadership role, and on behalf of the board of directors, I want to thank him for his leadership. With that, I'd like to say that it's truly a privilege to join you today as Chief Executive Officer of LifeVantage. Since joining the company, I've been immersed in the business, meeting employees, talking with our sales organization and customers, reviewing processes, evaluating capabilities, and assessing our position in the market. It's only been a few weeks, but my conviction about this company is stronger today than when I accepted the role. What attracted me to LifeVantage was the company's differentiated science, solid balance sheet and economics, and significant untapped potential.

Specifically, I believe the company's differentiated science is a critical linchpin to our future success. LifeVantage occupies a unique position in the health and wellness industry, focused on delivering a scientifically grounded platform that helps activate the body's natural biological processes. There are a lot of supplement companies on the market, but there aren't a lot of companies like LifeVantage whose products actually help our bodies do what they're naturally built to do instead of just supplementing our diets. That's a meaningful and powerful distinction, and I believe it gives LifeVantage a real competitive advantage that we intend to leverage. As I look at LifeVantage through a more consumer-focused lens, I see an opportunity for us to build a larger, stronger, more relevant brand. We have compelling science, differentiated products, strong margins, and are targeting a passionate group of consumers that are looking for new ways to improve their health every single day. Those are important building blocks that can create substantial value when paired with focused brand building, disciplined execution, and and a consumer-centric growth strategy.

My initial impression is that the opportunity in front of us is about unlocking the company's potential by reimagining key aspects of the business. We have an opportunity to revitalize our positioning, reframe how consumers think about our brand, strengthen product storylines, and create a greater understanding of the value of our products. Coming out of the blocks, our early focus will be centered around three priorities. First, strengthening the LifeVantage brand. We have valuable science and differentiated products, but I believe we can do a much better job of communicating our story in a more clear, compelling, and consumer-friendly way. Consumers gravitate towards brands they trust and understand. Building that connection consistently and at scale will be a major focus. Our second priority focuses on building a more relevant consumer proposition.

Here, our goal is to arm our sales force with more powerful tools, dramatically improve the consumer experience, and create a larger base of loyal consumers who incorporate LifeVantage in their lives on a daily basis. Our third and final priority will focus on improving operational excellence and profitability. One of the things that immediately stood out to me about LifeVantage were the economics of the business, particularly the gross margins that have historically approached 80% and could create strong opportunities. The challenge will be to effectively translate those economics into sustainable growth and improved shareholder value. Now, I want to be thoughtful about expectations. It's still early in my tenure, so we're not going to be providing any formal guidance at this time. Over the next several months, we'll continue to assess the business and work closely with our leadership team to develop a comprehensive growth strategy supported by clear priorities, measurable objectives, and accountability throughout the organization.

What I can tell you today is that I accepted this role because I believe this company has far greater potential than its current scale reflects. I believe in the potential of our brand. I believe in the quality of our products. And I believe in the people behind this business. We have meaningful work ahead of us, but I'm confident that we have what it takes to create long-term value for our sales force, our employees, and our shareholders. I look forward to sharing more about our plans as the work progresses. And with that, I'd like to turn the call over to our Chief Financial Officer, Carl Oury, so he can walk you through our financial results in more detail.

Carl?.

Unknown Speaker

Thank you, Terrence, and good afternoon, everyone. Let me walk you through our fourth quarter financial results. Please note that I will be discussing our non-GAAP adjusted results where applicable. You can refer to the GAAP to non-GAAP reconciliations in today's press release for additional details. FOR THE FOURTH QUARTER OF FISCAL 2026, WE DELIVERED NET REVENUE OF 42.4 MILLION, WHICH WAS DOWN 23.1% COMPARED TO 55.1 MILLION IN THE FOURTH QUARTER OF FISCAL 2025. The decrease was primarily driven by downward pressure in the number of orders from our active account base and lower average order size, reflecting impacts from the broader macroeconomic environment, as well as lower sales of our mind-body GLP-1 system cycling the higher comparable fourth quarter of fiscal 2025 and partially offset by sales of Love Biome, which we acquired in October of 2025. Fourth quarter revenue was down 3.1% sequentially from the third quarter of fiscal 2026.

Revenue in the Americas region decreased 24.8% to $32.7 million, and revenue in the Asia-Pacific and Europe region decreased 16.9% to $9.7 million. Subscription-based revenue remains strong, representing more than 75% of our total revenue in the fourth quarter of fiscal 2026, and our customer retention metrics improved year over year. We will continue to look for opportunities to improve our retention metrics for our most loyal customers. As Terrence mentioned earlier, we will also look to strengthen the LifeVantage brand and refine our consumer proposition to expand appeal to new consumers. This will be an area of focus for us as we move forward into fiscal 2027. Our gross profit percentage for the fourth quarter was 78% compared to 79.9% in the prior year period, reflecting a shift in product mix, higher inventory obsolescence expenses, and increases in shipping and related warehouse expenses. Commission's incentive expense was 41.3% of revenue compared to 42.1% a year ago, reflecting the timing and magnitude of our promotional incentive programs and changes to the sales mix between customers and independent consultants.

Selling general and administrative expenses were 32.7% of revenue compared to 33.9% in the prior year period. adjusted non-GAAP SG&A was 32.3% of revenue compared to 33.3% in the prior year period, reflecting decreases in variable employee compensation expenses and lower event-related expense. Gap operating income was $1.7 million compared to $2.1 million in the prior year period. Adjusted non-gap operating income was $1.8 million compared to $2.5 million a year ago. Gap net income was 1.3 million or 10 cents per diluted share compared to 2 million or 15 cents per diluted share in the fourth quarter of fiscal 2025. Adjusted non-gap net income was 1.4 million or 11 cents per diluted share compared to 2.3 million and 17 cents in the prior year period. We recorded income tax expense of just over $400,000 in the fourth quarter of fiscal 2026. Our overall effective tax rate for fiscal 2026 was approximately 16.4%.

Adjusted EBITDA in the fourth quarter was $2.7 million, or 6.5% of revenue, compared to $4.8 million, or 8.7% of revenue in the same period a year ago. Our financial position remains strong, with $14.9 million of cash and no debt at the end of fiscal 2026, compared to $20.2 million of cash a year ago. We generated 10.2 million of cash from operations during fiscal 2026 compared to 11.9 million in the prior year period. We also maintain access to a $5 million revolving line of credit. Capital expenditures total $3.6 million in fiscal 2026 compared to $1.4 million in 2025, reflecting our continued investment in technology infrastructure, including the Shopify integration. We also utilized $3.7 million in cash during fiscal 2026 for the Love Biome transaction. Turning to capital allocation, we repurchased 85,700 shares in the fourth quarter for an aggregate purchase price of approximately 459,000.

During fiscal 2026, we repurchased approximately 336,000 shares for an aggregate purchase price of $2 million. As of June 30th, there was $58.5 million remaining under the new $60 million share repurchase authorization approved by our board of directors in January. We also recently announced a quarterly cash dividend of $0.05 per share of common stock that will be paid on September 15, 2026 to shareholders of record as of September 1, 2026. We remain committed to our balanced capital allocation strategy in order to maximize shareholder value. Given the recent transition in our Chief Executive Officer role, we are not issuing formal guidance for fiscal 2027 on today's call. And with that, let me turn the call back over to Terrence.

Terrence Moorehead

Before we open the call for questions, I'd like to leave you with some final thoughts. First, despite the challenges reflected in our recent results, I'm very optimistic about the future of LifeVantage. The more I learn about the company, the more convinced I am that we have a unique opportunity and significant white space ahead. Second, because we have a strong financial foundation driven by our debt-free balance sheet, a healthy cash position, and a disciplined approach to capital allocation, we have the flexibility to invest in growth while continuing to return capital to shareholders. Third and finally, we're going to move forward with a sense of urgency. Over the coming months, we'll be working as a team to develop a clear strategic roadmap, establish measurable goals, and align our organization around execution. In closing, I'm very excited about the future and the potential that lies ahead.

Now, our focus is on building the brand, accelerating consumer relevance, and executing with discipline so we can fully realize that potential.

Operator

With that, let's open the line for questions. Thank you. We'll now be conducting a question and answer session. If you'd like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up the handstand before pressing the star keys. One moment please while we poll for questions.

Thank you. Our first question is from Ryan Myers with Lake Street Capital.

質疑応答

Ryan Meyers

Hey guys, thanks for taking my questions. Terrence, congrats on the new role. We're just thinking about the revenue side of the business. You know, we saw another sequential decline here in the fourth quarter. Can you maybe just talk about the monthly trends throughout the quarter and maybe what you've seen so far in July and August and understand that you're not giving back? But have we seen sort of a stabilization? Have trends improved a little bit? Just any commentary there would be helpful.

Unknown Speaker

I'm going to let Carl handle that one. Yes, happy to take that, Ryan. Yes, as you mentioned, sequentially we were down just about $1.5 million or so from Q3 into Q4. You know, some of that we've mentioned, we've talked about some of the challenges we face just with declining orders, number of orders that are out there, as well as just we're seeing a little bit of a decline in just the average order size between Q3 and Q4. we look forward, we're not giving guidance obviously for fiscal 2027, but as you know, looking back at the comparables, we still have a couple of difficult comparables in Q1 and Q2 of our fiscal year next year, and so those will certainly be challenging, but I think as we start to work through the strategies that Terrence and the team are working on here. When we get to our fiscal Q3 into Q4, that's really where we anticipate that we hopefully can turn the trend line and really start to see a little bit of momentum associated with those strategies that we're working on and look to be putting in place at the first part of the year.

Ryan Meyers

Okay, got it. And then thinking about the fewer orders and the lower average order size that you had mentioned, did these come specifically from MindBody? Did they come from the broader portfolio, just as we sort of attribute some of these software KPIs? Was it portfolio?.

Unknown Speaker

I can tell you as a whole, there's certain areas that are down. Yes, no, I can talk to some of that. I mean, MindBody definitely has an impact since MindBody was a higher priced product. So there is certainly some impact from shift away from mind-body on the average order size. But we also are seeing just some decline in the overall average order size in some of the other categories, not significantly so. know, and I think also what we're seeing is we're still, you know, our base of loyal customers. We're seeing that base continue to purchase, but, you know, possibly we're seeing, you know, possibly they're pausing a subscription for a month and then picking it up the next month. And so some of that or all of those things are impacting those metrics at the end of the day.

I think there's a fair amount of price pressure that.

Terrence Moorehead

our consumers under right now, just given what's happening in the economy. And so a couple of our strategies going forward will be looking at how we can strengthen our value proposition, not necessarily by dropping prices, but adding credence to the voice that we have when we're talking about about our products in order to attract new customers into the business. Okay. Got it. Well, thank you for taking my question.

Operator

Yes, thank you. Thanks, Ryan. Thanks, Ryan. Thank you. Our next question is from Linda Wiser with Water Tower Research.

Unknown Speaker

Hello. Hi, Terrence. Nice to be speaking with you again. Yes, hey, Linda. Good to hear you. So, my advantage in terms of the percentage of revenue that's outside of the Americas, it's really small, you know, relative to other direct selling companies. It seems to me that there could be an opportunity to expand the business a lot more outside the Americas. Is that kind of one of your first impressions? And if so, like, how would you prioritize that versus just kind of the things you want to do to the core business as it is now? Thanks. Okay.

Terrence Moorehead

Yes, I think you're right, Linda. I think clearly international is an opportunity. One of the things that attracted me to LifeVantage is that we're under-penetrated in all of our markets, not just internationally. So I think we have tremendous growth potential here in North America, but also internationally. So we will be moving forward to drive penetration in our kind of existing international markets. I don't know if we're going to expand our footprint further. you know, kind of immediately. I think we're best suited to drive penetration in a couple of anchor markets and then kind of branch out from there, almost in a kind of a hub and spoke type of approach.

But again, just given the scale of our business in North America, we want to take advantage of that. We want to leverage that, focus on on building out that team because we're still, like, we still have a lot of opportunity. And that would be kind of across categories and across, you know, kind of regions within the U.S.

Unknown Speaker

Okay. And then, Terrance, I know when you were at your previous company, you really leaned into driving e-commerce sales and and you really developed that business in the US in particular. Is that something that you see as an opportunity here too? And what are your thoughts?.

Terrence Moorehead

along those lines, thanks. I think that the opportunities at LifeVantage really focus on, certainly focus on, upgrading capabilities, building out digital capabilities, specifically building out our digital network. We'll see kind of where we take that, but first and foremost, I think we're going to kind of upgrade and update the consumer kind of access points. And so we have a fairly major kind of program to upgrade our website, upgrade our consumer experience. But then we're also going to kind of pair with that, upgrading the tools that we give to our sales force so that they can more effectively go to market in a much more effective and powerful manner with some digital tools in their hands and digital assets in their hands as well. So I definitely believe that digital is going to be a key strategy for us. We'll see how that unfolds. I think a big piece of the strategy also has to focus on being a much more consumer-centric company, being much more relevant to consumers so that we can be more effective on all fronts to improve and increase demand. That's how I'm looking at it right now.

Again, I'm still early days, so we need to see what our capabilities are and how we can move forward and how we can make sure that we have this kind of a very much integrated approach to our go-to-market strategy. So I hope that answers your question.

Unknown Speaker

Yes, thank you. Thank you. That's very helpful. And then my last question just has to do with, you know, The conversation so far has mentioned upgrades of IT, etc. So I'm just curious about any kind of very rough outlook about capital spending. It's a small percentage of revenue for the company, but it looks like it picked up a little bit in FY26. a year of increased spending in dollar terms, or just what do you think is going to be kind of the needed capital in that area? Thanks.

Unknown Speaker

You want to take that one? Yes, certainly. Yes, I can take that, Linda. And yes, you're right. Over the year over year increase over in the CapEx area, that was really all Shopify related and upgrading our e-commerce platform. We've made a lot of progress on that Shopify project to date. We're not done yet. We still have, you know, a little ways to go, but I would anticipate the total capex spend for FY27 to be slightly less than that number. And I think in total, we were around 3.7 million or so in fiscal 2026. I would anticipate it's more in the $3 to $3.5 million range as we close out the final stages of Shopify.

And once we're through that, then we're back down to normal capex spend, you know, back to the historical levels of the $2 to $2.5 million. Thank you, that's very helpful. Thanks very much.

Operator

Thanks. Thank you. This concludes our question and answer session. I'll now turn it back to Mr. Moorhead for any closing remarks.

Terrence Moorehead

Okay, well, thank you, everybody, for joining us today and for your continuous support. I look forward to talking to you again next quarter.

Operator

then take care. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

This live transcript is auto-generated without human intervention or review.

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