Shawshank, VA 5/18/2011 (PennyPayDay) -- LifeVantage Corporation (OTC:LFVN), the maker of science-based solutions to oxidative stress, yesterday, reported, in a press release, financial results for the third quarter and first nine months of fiscal 2011 ended March 31, 2011.For the third quarter of fiscal 2011, the Company reported record net revenue of $10.0 million compared to $2.7 million for the same period last year, an increase of 270% from the prior year period. On a sequential basis, net revenue increased 35% from the $7.5 million reported for the second fiscal quarter ended December 31, 2010.
Gross Profit for the third fiscal quarter ended March 31, 2011 increased to $8.4 million compared to $2.3 million for the same period last year, delivering a slight improvement in gross margin to approximately 84%.
Operating Expenses for the third fiscal quarter of 2011 were $7.6 million compared to $3.6 million for the same period last year and on a sequential basis increased 33% from $5.7 million in the second of fiscal quarter 2011. The increase on a sequential basis is due primarily to increased sales commissions which are a direct result of the Company's increased revenue, and to greater investment in personnel.
Operating Income improved to $792,000 for the third fiscal quarter of 2011 compared to a loss of $1.3 million in the same period last year. The third quarter fiscal 2011 operating income of $792,000 represents the third consecutive quarter of achieving operating income.
"We are extremely pleased with our record revenue and operating income for the fiscal third quarter. Our efforts to enhance our business model and the growing awareness of our patented, scientifically proven products enabled us to report the third consecutive quarter of increasing operating income," commented Douglas C. Robinson, Chief Executive Officer of LifeVantage. "Our continued strong financial performance gives us the confidence to remain optimistic about our outlook for the remainder of fiscal 2011. As a result, we are increasing our full year revenue guidance. We will continue to focus on driving our top line growth by expanding awareness of the benefits of our products, managing the controllable aspects of our business and improving the overall financial health of our company."
The Company ended the third quarter of fiscal 2011 with a stronger balance sheet. Its cash, cash equivalents and investments available for sale improved to $4.4 million.
The Company is raising its revenue and operating income guidance for the full fiscal year ending June 30, 2011. The Company now expects to achieve revenue for the full fiscal year ending June 30, 2011 in a range of $37 million to $39 million, operating income in a range of $2.5 - $3 million and operating profit of approximately 8%, compared to the previous estimate of approximately $29 million in revenue, operating income of $1.25 million with 5% operating profit.
LifeVantage is a science-based, nutraceutical company dedicated to helping people reach their health and wellness goals while creating business opportunities. Founded in 2003 and based in San Diego, CA, LifeVantage currently offers two anti-aging and wellness products: Protandim, a dietary supplement that combats oxidative stress, and LifeVantage TrueScience Anti-Aging Cream, a scientifically-based skin care product.
For more information, visit www.LifeVantage.com.
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