Executive Summary

Q4 FY2025 revenue was $55.1M (+12.6% YoY), GAAP diluted EPS $0.15 and adjusted EPS $0.17; gross margin expanded 40 bps YoY to 79.9% .
Against S&P Global consensus, revenue missed ($57.9M* vs $55.1M) and EPS missed ($0.195* vs $0.17*), driven by U.S. softness from MindBody seasonality in late Q4, while international returned to growth .
FY2026 guidance introduced: revenue $225–$240M, adjusted EBITDA $23–$26M, adjusted EPS $1.00–$1.15; tax rate ~24%–26% .
Catalysts: definitive agreement to acquire LoveBiome (microbiome-focused direct seller) and a Shopify partnership to modernize e-commerce—both aimed at accelerating growth and conversion .

What Went Well and What Went Wrong

What Went Well

International returned to growth for the first time in ~12 quarters; Asia/Pacific & Europe revenue +7.6% YoY (constant currency +1.6%), supported by the MindBody rollout to Japan, Australia, Europe, and Thailand beginning mid-March .
Gross margin expanded to 79.9% (+40 bps YoY), driven by favorable mix (MindBody), lower shipping costs, and reduced inventory obsolescence .
Strong balance sheet and capital returns: $20.2M cash, no debt, $17.3M remaining under repurchase authorization; quarterly dividend declared at $0.045 per share .
Quote: “Our international business returned to growth for the first time in nearly three years... demonstrates the global appeal of our activation-focused wellness solutions.” — Steve Fife, CEO .

What Went Wrong

Quarter landed at the low end of range; revenue below the midpoint largely due to late-quarter U.S. softness tied to MindBody seasonality (Americas still +14.1% YoY) .
Adjusted operating income and adjusted EBITDA were flat to down YoY: adjusted operating income $2.5M vs $3.2M prior year; adjusted EBITDA $4.8M vs $4.8M, with convention and variable comp costs lifting SG&A .
SG&A rose to 33.9% of revenue (adjusted 33.3%), reflecting global convention and higher variable employee compensation; commissions still elevated at 42.1% (though down from 44.9% YoY) .

Financial Results

Metric	Q2 2025	Q3 2025	Q4 2025
Revenue ($USD Millions)	$67.762	$58.440	$55.114
Diluted EPS (GAAP) ($)	$0.19	$0.26	$0.15
Adjusted EPS ($)	$0.22	$0.26	$0.17
Gross Margin (%)	80.5%	81.0%	79.9%
Commissions & Incentives (% Revenue)	48.0%	44.8%	42.1%
SG&A (% Revenue)	27.5% (Adj 26.7%)	29.2% (Adj 29.1%)	33.9% (Adj 33.3%)
Operating Income ($USD Millions)	$3.428	$4.053	$2.148
Adjusted Operating Income ($USD Millions)	$3.9	$4.1	$2.5
Adjusted EBITDA ($USD Millions)	$6.474	$6.427	$4.783

Segment Breakdown

Region Revenue ($USD Millions)	Q2 2025	Q3 2025	Q4 2025
Americas	$57.154 (84%)	$48.201 (82%)	$43.477 (79%)
Asia/Pacific & Europe	$10.608 (16%)	$10.239 (18%)	$11.637 (21%)
Total	$67.762 (100%)	$58.440 (100%)	$55.114 (100%)

KPIs (Active Accounts at Period-End)

KPI (Unaudited)	Q2 2025 (Dec 31)	Q3 2025 (Mar 31)	Q4 2025 (Jun 30)
Active Independent Consultants – Americas	35,000 (67%)	35,000 (67%)	34,000 (67%)
Active Independent Consultants – APAC & Europe	17,000 (33%)	17,000 (33%)	17,000 (33%)
Total Active Independent Consultants	52,000	52,000	51,000
Active Customers – Americas	80,000 (85%)	74,000 (84%)	66,000 (81%)
Active Customers – APAC & Europe	14,000 (15%)	14,000 (16%)	15,000 (19%)
Total Active Customers	94,000	88,000	81,000
Total Active Accounts – Americas	115,000 (79%)	109,000 (78%)	100,000 (76%)
Total Active Accounts – APAC & Europe	31,000 (21%)	31,000 (22%)	32,000 (24%)
Total Active Accounts	146,000	140,000	132,000

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue ($USD Millions)	FY2025	$235–$245M (raised in Q2)	$228–$235M (reiterated in Q3)	Lowered range vs Q2 guide
Adjusted EBITDA ($USD Millions)	FY2025	$21–$24	$21–$24	Maintained
Adjusted EPS ($)	FY2025	$0.72–$0.88	$0.72–$0.88	Maintained
Tax Rate (%)	FY2025	~22%–24%	~22%–24%	Maintained
Revenue ($USD Millions)	FY2026	N/A	$225–$240	New guidance
Adjusted EBITDA ($USD Millions)	FY2026	N/A	$23–$26	New guidance
Adjusted EPS ($)	FY2026	N/A	$1.00–$1.15	New guidance
Tax Rate (%)	FY2026	N/A	~24%–26%	New guidance
Dividend per Share ($)	Q4 FY2025	$0.045 declared	$0.045 declared (paid Sep 16, 2025)	Maintained quarterly dividend

Notes: Management also expects FY2026 revenue to skew to 2H vs 1H due to MindBody seasonality and LoveBiome integration timing .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q2 FY2025)	Previous Mentions (Q3 FY2025)	Current Period (Q4 FY2025)	Trend
MindBody GLP-1 demand & mix	U.S. launch drove record revenue; mix aided margins	Robust demand; gross margin +210 bps; expansion to many intl markets	Still strong; contributes to mix/margin; seasonality impacted U.S. late Q4	Stable to Moderating (seasonality)
International expansion	APAC/Europe down YoY	Intl rollout announced (MB System)	Intl returned to growth (+7.6% YoY), rollout to Japan/Australia/Europe/Thailand	Improving
Commissions & incentives	Elevated vs prior year (48% of revenue)	44.8% of revenue	42.1% of revenue (lower YoY)	Improving
SG&A discipline	SG&A 27.5% (adj 26.7%)	SG&A 29.2% (adj 29.1%)	SG&A 33.9% (adj 33.3%) due to convention and variable comp	Worsening
LoveBiome acquisition	N/A	N/A	Definitive agreement announced; microbiome category synergy (P84)	New positive
Technology stack modernization	N/A	N/A	Shopify partnership to improve conversion, personalization, reliability	New positive
Capital returns	Repurchase program in place	Dividend declared $0.045	$2.0M buyback in Q4; $0.045 dividend declared	Stable
Tax rate	Guide ~22–24%	Guide reiterated	FY2025 effective ~20%; FY2026 guide ~24–26%	Slightly up in FY2026 guide

Management Commentary

Strategy and momentum: “We’ve built a powerful, dynamic ecosystem focused on holistic wellness... well positioned for continued growth and margin expansion.” — Steve Fife .
International recovery: “International business returned to growth... rollout of MindBody to Japan, Australia, Europe, and Thailand... momentum continues to build.” — Steve Fife .
LoveBiome rationale: “Leader in the emerging microbiome health sector... P84 regulates, repairs, and restores the gut microbiome... aligns with our activation story.” — Steve Fife .
Shopify partnership: “Enables significant growth potential... increased conversions, personalization, payment security... greater efficiency, faster innovation.” — Steve Fife .
Financial discipline: “Adjusted EBITDA in Q4 impacted by timing of our annual global convention... financial position remains strong, with $20.2M of cash and no debt.” — Carl Aure .

Q&A Highlights

Quarter at low-end: Analyst noted revenue ~$3M below midpoint; management attributed miss to U.S. seasonality effects in Q4 while international was strong .
FY2026 growth drivers: Guidance implies low single-digit growth; management expects a modest LoveBiome contribution plus organic growth with H2>H1 weighting .
LoveBiome disclosure: Limited near-term visibility on LoveBiome revenue/consultant metrics; timeline to close mid-October and integrate by end of Q2 FY2026 .
Product synergy: Microbiome (P84) complements GLP-1 MindBody; expectation of synergistic benefits when used together .

Estimates Context

Metric	Q2 2025 Consensus*	Q2 2025 Actual	Beat/Miss	Q3 2025 Consensus*	Q3 2025 Actual	Beat/Miss	Q4 2025 Consensus*	Q4 2025 Actual	Beat/Miss
Revenue ($USD Millions)	67.405*	67.762	Beat	60.957*	58.440	Miss	57.931*	55.114	Miss
Primary EPS ($)	0.133*	0.22	Beat	0.145*	0.26	Beat	0.195*	0.17*	Miss

Values marked with an asterisk (*) were retrieved from S&P Global.

Interpretation: Q4 missed both revenue and EPS vs consensus, following two consecutive EPS beats (Q2, Q3). Street may adjust near-term EPS and revenue assumptions lower given U.S. seasonality commentary and SG&A headwinds.

Key Takeaways for Investors

Q4 showed continued YoY growth and margin resilience but landed below consensus as U.S. demand softened late in the quarter; watch U.S. seasonality cadence for MindBody into FY2026 .
International inflection is meaningful: APAC/Europe resumed growth, suggesting the MB System rollout is working and diversifying mix; this supports FY2026 guidance and 2H-weighted revenue expectations .
Operating leverage will depend on SG&A normalization after convention and careful incentive management; margins benefited from mix, shipping, and obsolescence, but higher variable comp pressured Q4 .
LoveBiome and Shopify are strategic—microbiome category adjacency and tech stack modernization can expand TAM and conversion rates; integration execution and cross-selling efficacy are the swing factors .
Balance sheet strength (cash, no debt, repurchase authorization) and recurring dividends provide flexibility for integration and marketing investments while supporting shareholder returns .
Near-term, expect Street to temper Q1–Q2 FY2026 forecasts given H2 weighting and acquisition timing; monitor updates on LoveBiome close, consultant migration, and Shopify go-live .
Actionable: Position around potential H2 FY2026 acceleration, track international MB momentum, watch SG&A trajectory post-convention, and assess microbiome growth contribution post-close.

Additional notes: We searched for an LFVN press release referencing the LoveBiome acquisition around September 2025 but did not find one in the dataset; details were provided on the earnings call .

Lifevantage Corp (LFVN)·Q4 2025 Earnings Summary