LifeVantage CEO Steve Fife to Retire in April as GLP-1 Bet Sours
February 04, 2026 · by Fintool Agent
Lifevantage+3.54% CEO Steve Fife is retiring in April 2026, ending a turbulent five-year tenure marked by an activist proxy fight, a blockbuster product launch that briefly tripled the stock, and now a sharp reversal that has erased most of those gains. The announcement came alongside Q2 FY2026 results showing revenue down 27.8% year-over-year as the company's once-hot MindBody GLP-1 System faces "challenging competitive dynamics."
Shares closed at $5.55 on February 4, up 4.3% on the day but down 80% from their January 2025 all-time high of $27.38—and 39% below where they traded when Fife took the CEO role in February 2021.
The Numbers
| Metric | Q2 FY2026 | Q2 FY2025 | Change |
|---|---|---|---|
| Revenue | $48.9M | $67.8M | -27.8% |
| Net Income | $0.3M | $2.6M | -88.5% |
| Adjusted EPS | $0.15 | $0.22 | -31.8% |
| Adjusted EBITDA | $3.9M | $6.5M | -40.0% |
| Active Accounts | 115,000 | 146,000 | -21.2% |
| Active Customers | 68,000 | 94,000 | -27.7% |
The Americas region bore the brunt of the decline, with revenue down 32.6% as the company cycles last year's explosive MindBody GLP-1 System launch. International markets fared better, declining just 2.1%, though Asia/Pacific & Europe represents only 21% of total revenue.
Gross margin contracted 650 basis points to 74.0%, largely due to a $2.4 million inventory obsolescence charge related to the GLP-1 System—a stark signal that demand has cooled faster than expected. Excluding this charge, adjusted gross margin was 78.8%, down from 80.5% a year ago.
A Turbulent Tenure
Fife's path to the CEO role was unconventional. He joined LifeVantage as CFO in March 2017 after senior finance roles at Gilead Sciences, JDS Uniphase, and other technology firms. When then-CEO Darren Jensen departed in September 2020, Fife stepped in as interim CEO before being named permanent President and CEO in February 2021.
His tenure coincided with existential challenges for the direct selling industry, as traditional multi-level marketing companies faced secular headwinds from e-commerce competition and changing consumer behavior.
The Proxy Fight
In mid-2023, activist investors Bradley Radoff and Sudbury Capital—collectively holding 12.8% of shares—launched a proxy fight targeting what they called "over-tenured directors" and demanding board refreshment. The activists nominated three directors and criticized the destruction of shareholder value under the existing board's watch.
Fife and the board mounted a vigorous defense, arguing that the LV360 transformation plan was already delivering results. Both ISS and Glass Lewis recommended shareholders vote for the activist nominees.
The company won the November 2023 vote, with all seven incumbent directors re-elected. But in February 2024, the two sides reached a settlement: activist nominee Dayton Judd of Sudbury Capital joined the board, and three incumbent directors agreed to step down over the next three annual meetings.
Ask Fintool AI AgentThe GLP-1 Gamble
Fife's signature bet was the MindBody GLP-1 System, a natural supplement designed to activate the body's production of GLP-1 hormones—the same mechanism targeted by blockbuster weight-loss drugs like Ozempic and Zepbound.
The October 2024 launch exceeded all expectations. "October was frankly massive for us. It was the biggest month in the company's history from a revenue standpoint," Fife said on the Q2 FY2025 earnings call. Initial inventory sold out in just 13 days, and Q2 FY2025 revenue of $67.8 million represented 44% sequential growth and 31% year-over-year growth.
The stock responded accordingly, surging from around $6 in August 2024 to a peak of $27.38 in January 2025.
But the momentum proved fleeting. Supply chain disruptions during the launch created a backlog that distorted demand patterns. By Q3 FY2025, management was already managing expectations, lowering guidance and acknowledging the "noise" from the initial launch.
Now, one year later, the company is "cycling the launch" with sobering results. Active customer accounts in the Americas have plunged 32.5%, and the company is writing off GLP-1 inventory.
Ask Fintool AI AgentLooking Forward: What Now?
Leadership Vacuum
The board is conducting an executive search but has not named an interim CEO or indicated a timeline. Fife will continue in his role through April to "ensure business continuity."
Chairman Raymond Greer called it a "well-planned transition" and praised Fife's "strategic insights and focus on operational excellence." The board notably includes Dayton Judd, the activist-appointed director who may now have significant influence over the CEO selection process.
Revised Guidance
Management provided fiscal 2026 guidance that implies further weakness:
| Metric | FY2026 Guidance | FY2025 Actual | Implied Change |
|---|---|---|---|
| Revenue | $185M - $200M | $228.5M* | -12% to -19% |
| Adjusted EBITDA | $15M - $19M | $21.5M* | -11% to -30% |
| Adjusted EPS | $0.60 - $0.80 | N/A | — |
*Values retrieved from S&P Global
With H1 FY2026 revenue of $96.5 million, the company needs $88-104 million in H2 to hit guidance—implying flat to modest sequential improvement but continued steep year-over-year declines.
Capital Return Pivot
The company announced a new $60 million share repurchase authorization, replacing the prior program. At the current $5.55 stock price and 12.8 million shares outstanding, that authorization represents roughly 85% of the company's market cap—an aggressive signal that the board believes shares are undervalued.
LifeVantage also declared a quarterly dividend of $0.045 per share, payable March 16, 2026. Cash on hand stood at $10.2 million as of December 31, 2025, with no debt outstanding.
The LoveBiome Factor
In October 2025, LifeVantage acquired LoveBiome, a direct selling company focused on gut health supplements, for undisclosed terms. The deal brought the P84 gut health product and a new base of consultants to cross-sell.
"LoveBiome has established itself as a leader in the emerging microbiome health sector," Fife said at the time. The acquisition contributed to Q2 FY2026 revenue but was not enough to offset the GLP-1 decline.
Ask Fintool AI AgentThe Bottom Line
Steve Fife's retirement marks the end of an era defined by survival, a brief triumph, and an abrupt reversal. He navigated a proxy fight, launched a product that briefly sent shares to all-time highs, and positioned the company in the buzzy GLP-1 space. But the natural supplement approach has proven difficult to sustain against fading launch momentum and competitive pressures.
The next CEO will inherit a company with:
- A challenged core product: MindBody GLP-1 is facing tough comparisons and inventory issues
- An activist-influenced board: Dayton Judd and Sudbury Capital remain engaged
- A small but debt-free balance sheet: $10.2 million cash, no debt
- A massive buyback authorization: $60 million relative to ~$70 million market cap
- A diversified product portfolio: LoveBiome, Protandim, TrueScience, and other activation products
The direct selling industry has not been kind to shareholders in recent years. Medifast, WeightWatchers, and other weight management players have struggled mightily against the GLP-1 drug wave. Whether LifeVantage can find sustainable growth under new leadership—or becomes an acquisition target itself—remains to be seen.