LifeVantage Corp (LFVN) 2025 Q4 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by. Welcome to today's conference call to discuss LifeVantage's fourth quarter of fiscal 2025 results.

女士們、先生們，大家好。感謝您的支持。歡迎參加今天的電話會議，討論 LifeVantage 2025 財年第四季的業績。

(Operator Instructions)

（操作員指示）

Hosting today's conference will be Reed Anderson with ICR. As a reminder, today's conference is being recorded. And I would now like to turn the conference over to Mr. Anderson. Please go ahead.

今天的會議由 ICR 的 Reed Anderson 主持。提醒一下，今天的會議正在錄製中。現在我想將會議交給安德森先生。請繼續。

Thank you. Good afternoon, and welcome to LifeVantage Corporation's conference call to discuss results for the fourth quarter of fiscal 2025. On the call today from LifeVantage with prepared remarks are Steven Fife, President and Chief Executive Officer; and Carl Aure, Chief Financial Officer. By now, everyone should have access to the earnings release, which went out this afternoon at approximately 4:05 PM Eastern Time.

謝謝。下午好，歡迎參加 LifeVantage Corporation 電話會議，討論 2025 財年第四季的業績。LifeVantage 總裁兼執行長 Steven Fife 和財務長 Carl Aure 今天出席了電話會議並發表了準備好的演講。現在，每個人都應該可以看到收益報告，該報告於今天下午東部時間大約 4:05 發布。

If you have not received the release, it is available on the Investor Relations portion of LifeVantage's website at www.lifevantage.com. This call is being webcast, and a replay will be available on the company's website as well.

如果您尚未收到該新聞稿，請造訪 LifeVantage 網站 www.lifevantage.com 的「投資者關係」板塊查看。本次電話會議將進行網路直播，重播也將在公司網站上提供。

Before we begin, we would 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.

在我們開始之前，我們想提醒大家，我們準備好的評論包含前瞻性陳述，管理層可能會針對您的問題做出額外的前瞻性陳述。

These statements do not guarantee future performance, and therefore, undue reliance should not be placed upon them. These statements are based on current expectations of the company's management and involve inherent risks and uncertainties, including those identified in the Risk Factors section of LifeVantage's most recently filed Forms 10-K and 10-Q.

這些聲明並不保證未來的表現，因此，不應過度依賴它們。這些聲明是基於公司管理層目前的預期，涉及固有風險和不確定性，包括 LifeVantage 最近提交的 10-K 和 10-Q 表格中「風險因素」部分中確定的風險和不確定性。

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 into 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.

請注意，在今天的電話會議中，我們將討論非公認會計準則財務指標，包括調整後的結果。管理階層認為，這些財務指標有助於更全面地分析和提高 LifeVantage 持續經營績效的透明度，尤其是在比較各個期間的基本經營績效時。我們在今天的發布中加入了這些非公認會計準則指標的對帳。

This call also contains time-sensitive information that is accurate only as of the date of this live broadcast, September 4, 2025. LifeVantage assumes no obligation to update any forward-looking projection that may be made in today's release or call.

本次通話也包含時間敏感訊息，且僅截至本次直播之日（2025 年 9 月 4 日）準確。LifeVantage 不承擔更新今天發布或電話會議中可能做出的任何前瞻性預測的義務。

Now I will turn the call over to Steven Fife, the President and Chief Executive Officer of LifeVantage.

現在我將把電話轉給 LifeVantage 總裁兼執行長 Steven Fife。

Thanks, Reed, and good afternoon, everyone. Thank you for joining us today. We are pleased with our fourth quarter results, including continued growth and improving margins. Revenues increased approximately 13% year over year to $55.1 million, driven largely by our MindBody GLP-1 system. Profitability also remained strong, and we delivered 40 basis points of gross margin expansion versus the prior year period.

謝謝，里德，大家下午好。感謝您今天加入我們。我們對第四季度的業績感到滿意，包括持續的成長和利潤率的提高。營收年增約 13% 至 5,510 萬美元，主要得益於我們的 MindBody GLP-1 系統。獲利能力也保持強勁，與去年同期相比，我們的毛利率擴大了 40 個基點。

Adjusted EBITDA of $4.8 million was flat versus last year's fourth quarter. While revenues in the Americas region were up a solid 14%, another exciting development was our international business returning to growth for the first time in 12 quarters.

調整後的 EBITDA 為 480 萬美元，與去年第四季持平。雖然美洲地區的收入穩定成長了 14%，但另一個令人興奮的發展是我們的國際業務 12 個季度以來首次恢復成長。

For the quarter, revenues in our Asia Pacific and Europe regions increased by 8%. The rollout of MindBody to Japan, Australia, Europe, and Thailand beginning mid-March was the key driver for higher international sales and momentum continues to build. Active account metrics reflected the positive trends we are seeing across our business.

本季度，我們亞太和歐洲地區的營收成長了 8%。MindBody 從 3 月中旬開始在日本、澳洲、歐洲和泰國推出，這是國際銷售額成長的主要推動力，並且勢頭持續增強。活躍帳戶指標反映了我們在整個業務中看到的正面趨勢。

In the Americas, total active accounts were up 6% versus last year with increases in both consultants and customers. In Asia Pacific and Europe, total active accounts were down versus last year, but increased 3% on a sequential basis as the MindBody rollout led to growth in customers.

在美洲，活躍帳戶總數比去年增加了 6%，顧問和客戶數量均增加。在亞太地區和歐洲，總活躍帳戶數較去年同期有所下降，但由於 MindBody 的推出帶動客戶數量增長，總活躍帳戶數環比增長 3%。

Average revenue per consultant was up 4% in the Americas and 14% in Asia Pacific and Europe, further demonstrating the early success of MindBody internationally. Accentuating the incredible year we have had is yesterday's announcement that we have entered into a definitive agreement to acquire the critical assets of LoveBiome, a pioneer direct selling company with a growing global sales presence and strong product philosophy. This strategic partnership enables both consulting groups the opportunity for accelerated growth by cross-selling products while LifeVantage realizes operational leverage.

美洲每位顧問的平均收入成長了 4%，亞太地區和歐洲每位顧問的平均收入成長了 14%，進一步證明了 MindBody 在國際上取得的早期成功。我們昨天宣布已達成最終協議，收購 LoveBiome 的關鍵資產，這進一步凸顯了我們度過的令人難以置信的一年。 LoveBiome 是一家先鋒直銷公司，其全球銷售業務不斷成長，產品理念強大。這項策略性合作關係使兩個顧問集團都有機會透過交叉銷售產品來加速成長，同時 LifeVantage 也實現了營運槓桿。

Two things primarily attracted us to this incredible company. First, LoveBiome has established itself as a leader in the emerging microbiome health sector, focusing on the critical connection between gut health and overall wellness.

吸引我們加入這家令人難以置信的公司的主要原因有兩個。首先，LoveBiome 已成為新興微生物組健康領域的領導者，專注於腸道健康與整體健康之間的關鍵連結。

The company's innovative P84 product, which launched earlier this year, takes the guesswork out of gut health by regulating, repairing, and restoring the gut and microbiome through activation, recognizing that comprehensive gut health is fundamental to health across multiple body systems.

該公司今年稍早推出的創新產品 P84 透過活化來調節、修復和恢復腸道和微生物群，從而消除了對腸道健康的猜測，並認識到全面的腸道健康對於多個身體系統的健康至關重要。

The global gut health supplement market is projected to grow from $14.4 billion in 2025 to $32.4 billion by 2035, registering a robust CAGR of 8.4%, making it an attractive category for LifeVantage. P84 also aligns perfectly with our differentiation of activating optimal health processes throughout the body.

全球腸道健康補充品市場預計將從 2025 年的 144 億美元成長到 2035 年的 324 億美元，複合年增長率高達 8.4%，這對 LifeVantage 來說是一個頗具吸引力的類別。P84 也與我們活化整個身體的最佳健康過程的區分完全一致。

We feel strongly that LoveBiome's expertise in microbiome science complements LifeVantage's existing portfolio of scientifically validated activators, including our flagship Protandim Nrf2 Synergizer, customer favorite TrueScience Collagen, and our newest innovation, the MindBody GLP-1 system.

我們強烈感覺到，LoveBiome 在微生物組科學方面的專業知識可以補充 LifeVantage 現有的經過科學驗證的激活劑產品組合，包括我們的旗艦產品 Protandim Nrf2 Synergizer、客戶最喜歡的 TrueScience 膠原蛋白以及我們最新的創新產品 MindBody GLP-1 系統。

And second, both LoveBiome and LifeVantage believe strongly in the direct sales industry and the empowerment it provides to consultants around the world. The partnership we are entering into accelerates the call to global entrepreneurs to [Love Life] with the very best compensation plan, products and community while also accelerating the ability for both companies to scale their growth meaningfully and sustainably.

其次，LoveBiome 和 LifeVantage 都堅信直銷產業及其為全球顧問提供的授權。我們即將達成的合作關係將加速號召全球企業家以最佳的薪酬計劃、產品和社區來“熱愛生活”，同時也將加速兩家公司實現有意義且可持續的增長的能力。

By empowering LoveBiome and LifeVantage consultants through our industry-leading evolve compensation plan with compelling products that address a number of health concerns, we're able to activate wellness, both financially and physically to a broader base of consumers.

透過我們行業領先的不斷發展的薪酬計劃，為 LoveBiome 和 LifeVantage 顧問提供解決一系列健康問題的引人注目的產品，我們能夠從經濟和身體兩個方面為更廣泛的消費者帶來健康。

I commend LoveBiome's Founder and CEO, Kelly Olsen, and his team for continuously championing the direct sales industry while innovating in a growing wellness category. The timing of this strategic acquisition is also a testament to the transformational work the entire LifeVantage team has been delivering in the past three years.

我讚揚 LoveBiome 的創始人兼執行長凱利奧爾森和他的團隊，他們在不斷創新不斷增長的健康類別的同時，不斷倡導直銷行業。此次策略收購的時機也證明了整個 LifeVantage 團隊在過去三年中所做的轉型工作。

The success of LifeVantage's LV360 initiatives, which were previously discussed, laid the foundation that now allows for investments into the core business. It's truly an industry-first partnership that scales our path to growth this fiscal year and beyond.

先前討論過的 LifeVantage LV360 計劃的成功為現在投資核心業務奠定了基礎。這確實是業界首創的合作關係，將擴大我們本財年及以後的成長之路。

Under the terms of the definitive agreement, all critical operating assets essential to the success of LoveBiome members transitioning to LifeVantage consultants as well as the assets surrounding the microbiome health business will transfer to LifeVantage.

根據最終協議的條款，LoveBiome 會員成功過渡到 LifeVantage 顧問所需的所有關鍵營運資產以及圍繞微生物組健康業務的資產都將轉移到 LifeVantage。

The transaction structure includes the retention of key LoveBiome personnel with Founder and CEO, Kelly Olsen, and other team members joining LifeVantage to ensure continuity of operations and leverage their expertise in the direct selling channel.

交易結構包括保留 LoveBiome 的關鍵人員，創始人兼首席執行官凱利奧爾森 (Kelly Olsen) 和其他團隊成員加入 LifeVantage，以確保運營的連續性並利用他們在直銷渠道的專業知識。

We are expected to close the transaction by mid-October upon satisfactory and customary closing conditions and regulatory requirements and plan to be fully integrated by the end of fiscal Q2 2026. Following this strategic transaction, we anticipate our US Momentum Academy being held in Dallas on October 23 to 25 to be a historic event. This will be the first time the two active communities will come together in person for training, incentive, and product announcements.

我們預計將在滿足令人滿意的慣例成交條件和監管要求後於 10 月中旬完成交易，併計劃在 2026 財年第二季末實現全面整合。繼此次戰略交易之後，我們預計 10 月 23 日至 25 日在達拉斯舉行的美國動量學院將成為歷史性事件。這將是兩個活躍社區首次面對面聚集在一起進行培訓、激勵和產品發布。

We'll also be announcing the evolution of our Summer in the Fast Lane campaign. If you remember, we kicked off quarterly campaigns at our Activate virtual event in July to help consultants at every rank build their business by qualifying for new incentives and growing Activation nation.

我們還將宣布「夏季快車道」活動的進展。如果您還記得，我們​​在 7 月份的 Activate 虛擬活動中啟動了季度活動，旨在幫助各個級別的顧問透過獲得新的激勵措施和發展 Activate 國家來建立自己的業務。

We're excited to introduce LoveBiome consultants to the drive era using this quarterly incentive push. Nothing replaces the energy and momentum that comes from meeting in person, and we anticipate a sellout event.

我們很高興透過這一季度激勵措施向 LoveBiome 顧問介紹驅動時代。沒有什麼可以取代親自見面所帶來的能量和動力，我們預計活動門票將會售罄。

Similar events will be held in several countries throughout the world in October to accelerate a seamless integration of the two companies. Not only are we committed to growing our consultant base through the strategic acquisition and our product and compensation differentiation, but we are also committed to delivering the experience modern fast-paced consumers demand in today's market.

類似的活動將於10月份在全球多個國家舉行，以加速兩家公司的無縫整合。我們不僅致力於透過策略性收購和產品及薪酬差異化來擴大我們的顧問基礎，而且我們還致力於提供當今市場上現代快節奏消費者所需的體驗。

I'm excited to announce that we've entered into an agreement with Shopify that will further modernize our technology and marketing stack to meet the increasing demand consumers have throughout the entire customer journey.

我很高興地宣布，我們已與 Shopify 達成協議，這將進一步使我們的技術和行銷堆疊現代化，以滿足消費者在整個客戶旅程中日益增長的需求。

And we've partnered with the very best, most reputable, highest converting e-commerce platform on the market to do so. Simply stated, our Shopify partnership enables significant growth potential for both LifeVantage and our consultants.

為此，我們與市場上最優秀、最有信譽、轉換率最高的電子商務平台合作。簡而言之，我們與 Shopify 的合作為 LifeVantage 和我們的顧問帶來了巨大的成長潛力。

Shopify delivers increased conversions and brand advocacy through seamless channel experiences, deeper personalization and data insights, and greater consumer confidence with things like payment security, checkout reliability, and order tracking.

Shopify 透過無縫的管道體驗、更深入的個人化和數據洞察以及更高的消費者信心（例如支付安全、結帳可靠性和訂單追蹤）來實現更高的轉換率和品牌宣傳。

For our internal team, it also means greater efficiency, faster innovation, and quicker scaling of future integrations. This project is just getting underway with the team wrapping up initial discovery sessions and milestones last week, leading to a full project and rollout plan.

對於我們的內部團隊來說，這也意味著更高的效率、更快的創新以及更快的未來整合擴展。這個專案剛開始，團隊上週完成了初步的發現會議和里程碑，並制定了完整的專案和推廣計劃。

We will continue to update you as we progress towards go-live, but are excited about completing this early stage and what this project in partnership with Shopify means for LifeVantage.

隨著上線工作的進展，我們將繼續向您通報最新進展，但我們對完成這一早期階段以及與 Shopify 合作的這個專案對 LifeVantage 意味著什麼感到非常興奮。

In summary, fourth quarter results were strong, and our business continues to have a lot of momentum powered by innovation. We've built a powerful dynamic ecosystem focused on holistic wellness, along with a proven model that provides multiple avenues for entrepreneurial success.

總而言之，第四季度業績表現強勁，我們的業務繼續在創新的推動下保持強勁發展勢頭。我們建立了一個專注於整體健康的強大動態生態系統，以及一個為創業成功提供多種途徑的成熟模型。

Our team is highly engaged with an ambitious vision for the future, and we are well positioned for continued growth and margin expansion. The successful global rollout of our MindBody system and this announced partnership with LoveBiome, combined with our strengthened operational foundation and improving profitability metrics gives us confidence in our ability to deliver sustainable long-term value to our stakeholders.

我們的團隊高度致力於實現未來的宏偉願景，並且我們已做好持續成長和利潤擴大的準備。我們的 MindBody 系統在全球的成功推出以及與 LoveBiome 宣布的合作夥伴關係，加上我們加強的營運基礎和不斷提高的獲利指標，使我們有信心為利益相關者提供可持續的長期價值。

Now, let me turn the call over to Carl to review our fourth quarter financial results in detail. Carl?

現在，讓我將電話轉給卡爾，詳細回顧我們第四季的財務表現。卡爾？

Thank you, Steve, 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. You can refer to the GAAP to non-GAAP reconciliations in today's press release for additional details.

謝謝你，史蒂夫，大家下午好。讓我向您介紹一下我們第四季的財務表現。請注意，我將討論我們的非公認會計準則調整結果。您可以參考今天的新聞稿中的 GAAP 與非 GAAP 對帳以了解更多詳細資訊。

Fourth quarter revenue was $55.1 million, up 12.6% on a year-over-year basis. Foreign currency impacted revenue by $0.5 million in the fourth quarter. Excluding the impact of foreign currency fluctuations, fourth quarter revenue was up approximately 11.6% compared to the prior year period.

第四季營收為5,510萬美元，較去年同期成長12.6%。第四季度，外幣影響營收 50 萬美元。排除外匯波動的影響，第四季營收較去年同期成長約11.6%。

Revenue in the Americas region increased 14.1% to $43.5 million in the fourth quarter, continuing to benefit from the success of our MindBody GLP-1 system. Growth was driven by a 9.7% increase in active independent consultants, along with a 4% increase in total average revenue per consultant. Total active accounts, which includes consultants and customers, increased 6.4% in the Americas during the fourth quarter.

美洲地區的收入在第四季度增長了 14.1%，達到 4,350 萬美元，這繼續受益於我們 MindBody GLP-1 系統的成功。成長的動力來自於活躍獨立顧問數量增加 9.7% 以及每位顧問的平均總收入增加 4%。第四季度，美洲地區包括顧問和客戶在內的活躍帳戶總數增加了 6.4%。

Revenue in our Asia Pacific and Europe region increased 7.6% to $11.6 million in the quarter, reflecting the positive impact of our international MindBody rollout that began in March. The year-over-year growth in Asia Pacific and Europe reflected a 13.9% increase in total average revenue per consultant.

本季度，我們亞太和歐洲地區的收入成長了 7.6%，達到 1,160 萬美元，這反映了我們 3 月開始的國際 MindBody 推廣的正面影響。亞太地區和歐洲地區的年成長率反映出每位顧問的平均總收入成長了 13.9%。

We are excited to see a return to growth in this region with revenue up both year over year and sequentially from the third quarter. Gross margin was 79.9% for the fourth quarter compared to 79.5% in the prior year period. This improvement was primarily driven by lower shipping costs, favorable product mix, including strong sales of MindBody as well as lower inventory obsolescence.

我們很高興看到該地區恢復成長，收入同比增長，並且與第三季度相比有所增長。第四季毛利率為 79.9%，去年同期為 79.5%。這項改善主要得益於較低的運輸成本、有利的產品組合（包括 MindBody 的強勁銷售）以及較低的庫存過時率。

Commissions and incentive expense as a percentage of revenue was 42.1% in the fourth quarter compared to 44.9% in the prior year period, reflecting lower incentive-related expenses and the positive impact from changes in sales mix.

第四季佣金和獎勵費用佔收入的百分比為 42.1%，而去年同期為 44.9%，這反映了與獎勵相關的費用降低以及銷售組合變化的正面影響。

Non-GAAP adjusted SG&A expense was $18.3 million in the fourth quarter compared with $13.7 million in the prior year period. The increase was primarily due to higher variable employee compensation-related expenses and expenses associated with our global convention and increased marketing investments.

第四季非公認會計準則調整後的銷售、一般及行政費用為 1,830 萬美元，去年同期為 1,370 萬美元。成長的主要原因是與員工薪酬相關的可變費用以及與我們的全球會議相關的費用增加以及行銷投資增加。

Adjusted non-GAAP operating income was $2.5 million in the fourth quarter compared with $3.2 million in the prior year period. Adjusted non-GAAP net income was $2.3 million or $0.17 per fully diluted share in the fourth quarter compared to $1.8 million or $0.14 per share in the prior year period.

第四季調整後非公認會計準則營業收入為 250 萬美元，去年同期為 320 萬美元。第四季調整後非 GAAP 淨收入為 230 萬美元或每股 0.17 美元，去年同期為 180 萬美元或每股 0.14 美元。

We recorded income tax expense of $400,000 in the fourth quarter compared to income tax expense of $1.4 million in the prior year period. Our overall effective income tax rate for fiscal 2025 was approximately 20%.

我們第四季的所得稅費用為 40 萬美元，而去年同期的所得稅費用為 140 萬美元。我們 2025 財年的整體有效所得稅率約為 20%。

Adjusted EBITDA for the fourth quarter was $4.8 million or 8.7% of revenues compared to $4.8 million and 9.8% in the same period a year ago. Adjusted EBITDA in the fourth quarter of fiscal 2025 was impacted by the timing of our annual global convention, which was held in April. Please note that all of the adjustments from GAAP to non-GAAP I discussed today are reconciled in our earnings press release issued this afternoon.

第四季調整後 EBITDA 為 480 萬美元，佔營收的 8.7%，去年同期為 480 萬美元，佔營收的 9.8%。2025 財年第四季的調整後 EBITDA 受到我們 4 月舉行的年度全球大會時間的影響。請注意，我今天討論的所有從 GAAP 到非 GAAP 的調整均已在我們今天下午發布的收益新聞稿中進行了協調。

Our financial position remains strong with $20.2 million of cash and no debt at the end of the fiscal year compared to $16.9 million a year ago. We also maintain access to a $5 million revolving line of credit. Capital expenditures totaled $200,000 in the fourth quarter and $1.4 million for the full year.

我們的財務狀況依然強勁，本財年末現金為 2,020 萬美元，且無債務，而去年同期為 1,690 萬美元。我們也保留 500 萬美元的循環信用額度。第四季資本支出總計 20 萬美元，全年資本支出總計 140 萬美元。

Turning to capital allocation. We repurchased approximately 160,000 shares during the fourth quarter at an average price of $12.74 per share for an aggregate purchase price of $2 million. As of June 30, 2025, there is still $17.3 million remaining under our existing share repurchase authorization.

轉向資本配置。我們在第四季以平均每股 12.74 美元的價格回購了約 16 萬股，總購買價為 200 萬美元。截至 2025 年 6 月 30 日，我們現有的股票回購授權仍剩餘 1,730 萬美元。

On August 28, we also announced a quarterly cash dividend of $0.045 per share of common stock or approximately $600,000 in the aggregate. This dividend will be paid on September 16, 2025, to stockholders of record as of September 8, 2025.

8 月 28 日，我們也宣布了每股普通股 0.045 美元的季度現金股息，總計約 60 萬美元。該股將於 2025 年 9 月 16 日支付給截至 2025 年 9 月 8 日登記在冊的股東。

Since the beginning of fiscal 2024, we have returned approximately $18.6 million in total value to our stockholders through stock repurchases and dividends. We will continue to focus on our balanced capital allocation strategy in order to drive value for our stockholders.

自 2024 財年開始，我們已透過股票回購和股利向股東返還了總計約 1,860 萬美元。我們將繼續專注於平衡的資本配置策略，以為股東創造價值。

Turning to our outlook for fiscal 2026. We expect our full year revenue will be in the range of $225 million to $240 million. We expect adjusted non-GAAP EBITDA in the range of $23 million to $26 million and adjusted non-GAAP earnings per share in the range of $1 to $1.15 per share.

談談我們對 2026 財年的展望。我們預計全年收入將在 2.25 億美元至 2.4 億美元之間。我們預計調整後非公認會計準則 EBITDA 在 2,300 萬美元至 2,600 萬美元之間，調整後非公認會計準則每股收益在 1 美元至 1.15 美元之間。

We anticipate revenue in the second half of fiscal 2026 will be higher than the first half of fiscal 2026 due to the seasonality associated with our MindBody product line and the impact of the LoveBiome acquisition. Overall, we are pleased with the continued improvement in our profitability metrics and remain committed to improving our adjusted EBITDA margins to reach our long-term target.

我們預計 2026 財年下半年的營收將高於 2026 財年上半年，這歸因於我們 MindBody 產品線的季節性以及收購 LoveBiome 的影響。總體而言，我們對獲利指標的持續改善感到滿意，並將繼續致力於提高調整後的 EBITDA 利潤率，以實現我們的長期目標。

And with that, let me turn the call back over to the operator for questions. Operator?

說完這些，請允許我將電話轉回給接線生以便回答問題。操作員？

(Operator Instructions)

（操作員指示）

Doug Lane, Water Tower Research.

道格·萊恩（Doug Lane），水塔研究公司。

Before we get to the acquisition, which sounds very interesting, I just wanted to go over the fourth quarter and the demand trends there, where $55 million was at the low end of the range and $3 million or so below the midpoint. So where did you -- I don't want to say softness, but where did the disconnect come from the $55 million versus the $58 million at the middle of the range?

在我們討論收購之前，這聽起來非常有趣，我只想回顧一下第四季度和那裡的需求趨勢，其中 5500 萬美元處於範圍的低端，比中點低 300 萬美元左右。那麼你從哪裡看出——我不想說軟弱，但 5500 萬美元與中間值 5800 萬美元之間的差距從何而來？

Yes. Thanks, Doug, for the question. Yes. So I think -- yes, in Q4, you're right, things came in a little bit softer than what we anticipated. And it was really primarily, I think, in the US side. I think we started to experience some softness around or the seasonality impact of MB here in the fourth quarter. As you saw in the rest of the numbers, international was still pretty strong, but I think it was just a little bit of continued softness there in the US trailing at the end of Q4.

是的。謝謝道格提出這個問題。是的。所以我認為——是的，在第四季度，你是對的，情況比我們預期的要差一些。我認為，這主要發生在美國方面。我認為我們在第四季度開始感受到一些疲軟或 MB 的季節性影響。正如您在其他數據中看到的那樣，國際市場仍然相當強勁，但我認為，在第四季末，美國市場只是略微持續疲軟。

Got it. Got it. Okay. Now on the outlook, looking, I guess, again, using midpoint of the ranges here, Carl, we're looking for maybe low single-digit growth in fiscal 2026. And how much of that is going to come from LoveBiome versus organic?

知道了。知道了。好的。現在就前景而言，我想，再次使用這裡範圍的中點，卡爾，我們預計 2026 財年可能會出現低個位數增長。其中有多少是來自 LoveBiome 而不是有機物？

Yes. We haven't completely figured that piece out yet, Doug. I mean the transaction is looking to close sometime during the second quarter with integration intended to be towards sometime by the end of the second quarter. And there's obviously uncertainties associated with that all comes together.

是的。我們還沒有完全弄清楚這一點，道格。我的意思是，交易預計將在第二季的某個時候完成，整合預計將在第二季末的某個時候完成。顯然，這一切都伴隨著不確定性。

So I'd say when you're looking at that guidance range that we put out, there is a modest amount of revenue associated with that transaction. So I would say, overall, it's a combination of some organic growth from the current baseline or run rate where we are from Q4 with a moderate amount of anticipated LoveBiome revenue.

因此我想說，當你查看我們提出的指導範圍時，你會發現該交易與少量收入有關。所以我想說，總的來說，這是我們從第四季度開始的當前基線或運行率的一些有機增長與預期的 LoveBiome 收入的適度結合。

And LoveBiome, obviously, is a private company. It's a direct seller out in (inaudible). I haven't really seen any data from independent sources on LoveBiome. Can you disclose anything with regards to what its sales are or how many consultants it has and what it's really going to bring to LifeVantage here?

顯然，LoveBiome 是一家私人公司。這是一家直銷商（聽不清楚）。我還沒有真正看到任何來自 LoveBiome 獨立來源的數據。您能否透露一下它的銷售額或顧問數量，以及它能為 LifeVantage 帶來什麼？

Yes, probably not. As far as any of the current revenue information or the consultants, I mean, I think some of that information will be available at a later point. But at this point in time, there's probably not much that we can discuss on at least with those revenue metrics and the related drivers to their business.

是的，可能不是。至於任何當前的收入資訊或顧問，我的意思是，我認為其中一些資訊將在稍後提供。但目前，我們可能沒有太多可以討論的，至少在這些收入指標和相關業務驅動因素方面。

How old a business is it? It's still a pretty young business, right? So it can't be that big.

這家企業成立多久了？這還是相當年輕的企業，對嗎？所以它不可能那麼大。

Yes. They started in about 2022, so about three years. And I can tell you, the US is their biggest market, followed by Taiwan, and then they have a reasonable presence in Europe and then a smattering in other countries throughout the world. So they have a large footprint, some overlap with LifeVantage, which I think is a really good thing.

是的。他們大約在 2022 年開始，所以大約三年。我可以告訴你，美國是他們最大的市場，其次是台灣，然後他們在歐洲也有相當的份額，然後在世界其他國家也有少量份額。因此，他們的業務範圍很廣，與 LifeVantage 有一些重疊，我認為這是一件非常好的事情。

The product that they've developed, they've been very singularly focused on the gut microbiome and have several products, but most recently announced in March the launch of a product that they refer to as P84. And it has really kind of changed the trajectory of the company and has energized their consultant base, their customer base -- and as we've looked over the past, we've distinguished ourselves, I think, as a company of activation and our products, most recently with MindBody and prior to that, Collagen and then originally with Protandim Nrf2, all critical activation products for our health and well-being.

他們開發的產品非常專注於腸道微生物群，並且有幾種產品，但最近在 3 月宣布推出一款名為 P84 的產品。它確實改變了公司的發展軌跡，並激發了他們的顧問基礎和客戶基礎——回顧過去，我認為，我們作為一家以激活和產品聞名的公司，最近推出了 MindBody，在此之前推出了膠原蛋白，最初推出了 Protandim Nrf2，所有這些激活產品都對我們的健康和福祉至關重要。

And we have -- we had identified the microbiome space as a real opportunity for LifeVantage. And in fact, 12, 18 months ago, when we were kind of dual pathing our GLP-1 product and a microbiome, a gut product. And obviously, we decided to go down the path of GLP-1, which we're thrilled with.

我們已經將微生物組領域視為 LifeVantage 的真正機會。事實上，12 到 18 個月前，我們就已經開始雙管齊下地生產 GLP-1 產品和微生物組以及腸道產品。顯然，我們決定走 GLP-1 的道路，我們對此感到非常興奮。

But based on our research and analysis of the market, we knew it was a growing market. In the press release that went out yesterday, we quoted a research analyst that talked about the current market of $14 billion growing to $32 billion by 2035. So it's a dynamic growing market. One that I think is, well, at the center of health literally in our bodies, but also one that plays into our activation story.

但根據我們對市場的研究和分析，我們知道這是一個正在成長的市場。在昨天發布的新聞稿中，我們引用了一位研究分析師的話，他表示，目前的市場規模為 140 億美元，到 2035 年將成長到 320 億美元。所以這是一個充滿活力的成長市場。我認為，它確實是我們身體健康的核心，同時也在我們的激活故事中發揮作用。

And as we met with Kelly Olsen, one of the co-founders and CEO of the company and started to understand their science, their product, their vision of this industry, it aligned so clearly and so quickly with LifeVantage that it almost became a no-brainer to pursue this partnership.

當我們與該公司聯合創始人兼首席執行官之一凱利·奧爾森 (Kelly Olsen) 會面，開始了解他們的科學、產品和對這個行業的願景時，我們與 LifeVantage 的合作如此清晰、如此迅速，以至於建立這種合作關係幾乎成了不假思索的事情。

And it was just announced yesterday. We had a town hall meeting of LifeVantage and LoveBiome consultants on last night. We maxed out our Zoom capabilities. And so there's a lot of benefits, not just from P84 and LoveBiome's products, but our ability to cross-sell one another's products and obviously, the operational leverage that we'll get through combining the two entities.

這是昨天才剛宣布的。昨晚我們召開了 LifeVantage 和 LoveBiome 顧問的市政廳會議。我們最大限度地發揮了 Zoom 的功能。因此有許多好處，不僅是來自 P84 和 LoveBiome 的產品，還有我們交叉銷售彼此產品的能力，顯然還有透過合併兩個實體我們將獲得的營運槓桿。

We've been learning a lot about gut health through your MindBody launch over the last year.

在過去的一年裡，我們透過您推出的 MindBody 了解了許多有關腸道健康的知識。

That's exactly right.

完全正確。

And I believe that's your first foray into gut health. And it really is --

我相信這是您首次涉足腸道健康。確實如此--

We do have a probiotic and a prebiotic product that our consultants, our customers love. But we also see those products continuing and working very synergistically with P84. So from that standpoint, there's not any anticipated product cannibalization.

我們確實有一種益生菌和益生元產品，我們的顧問和客戶都很喜歡。但我們也看到這些產品繼續與 P84 協同工作。因此從這個角度來看，預計不會出現任何產品蠶食的情況。

Geographically, although we are in a number of the same company or countries, even in the US where LoveBiome's dominant footprint is more on the East Coast. And so it will actually complement the LifeVantage's footprint.

從地理位置來看，雖然我們位於同一家公司或多個國家，但即使在美國，LoveBiome 的主要業務也集中在東海岸。因此它實際上將補充 LifeVantage 的足跡。

And it's really -- as far as Kelly and I see it, it's a synergistic opportunity for us to really grow in a very sustainable way, good for both companies as we look at this rollout.

就凱利和我而言，這確實是一個協同機會，讓我們能夠以非常可持續的方式真正實現成長，從推出這款產品的角度來看，這對兩家公司都有好處。

So maybe just one last and then I'll move on. But could you give us a little -- I don't know much about LoveBiome. I haven't heard of it before the acquisition. And obviously, I don't know much about P84. Could you give us a little color on what P84, how that's marketed versus your MindBody and prebiotic and probiotics?

所以也許只剩下最後一個了，然後我就會繼續。但是您能否給我們一些資訊——我對 LoveBiome 了解不多。在收購之前我還沒聽過。顯然，我對 P84 了解不多。您能否向我們簡單介紹一下 P84 以及它與 MindBody、益生元和益生菌相比的行銷情況？

Yes. It is really, I'd say, a much more complete and comprehensive product focused on the microbiome. And there's a lot of ways companies and products address this. Most of them are through pre and probiotics, but it's not really getting to the microbiome itself. And so this product, we're already thinking of it as it will -- it does regulate, repair, and restore the gut microbiome, not just the gut, but the microbiome layer.

是的。我想說，它確實是一款更完整、更全面的關注微生物群的產品。公司和產品有很多方法可以解決這個問題。其中大多數是透過益生元和益生菌來實現的，但並沒有真正到達微生物群本身。因此，我們已經在考慮這款產品了——它確實可以調節、修復和恢復腸道微生物群，不僅是腸道，還有微生物群。

And the science is out there about the criticality of a healthy microbiome and its connection points with so many other organs, tissues in the body that having that healthy microbiome is critical to the support. And like you said, there is a direct correlation between our MindBody GLP-1 product, the research that we have done about that in terms of increasing the production of GLP-1 hormone by 200% that we know that our product is more effective when the gut is more healthy.

科學研究表明，健康的微生物群至關重要，它與身體中許多其他器官和組織的連接點有關，因此擁有健康的微生物群對於支持至關重要。正如您所說，我們的 MindBody GLP-1 產品與我們對此進行的研究有直接關聯，即 GLP-1 激素的產量可增加 200%，我們知道，當腸道更健康時，我們的產品會更有效。

And so I think this, again, ties into that GLP-1 story really well, does not conflict at all that ties in. And I believe when we get to our future studies, we're going to see a synergistic benefit of those two products taking them tandem.

所以我認為這與 GLP-1 的故事很好地聯繫在一起，沒有任何衝突。我相信，當我們在未來的研究中，我們將看到這兩種產品協同作用的效益。

Well, I have been reading a lot about the microbiome recently. It's certainly become a topic of interest and seems like a very exciting acquisition.

嗯，我最近讀了很多關於微生物組的文章。這無疑已成為人們感興趣的話題，而且似乎是一次非常令人興奮的收購。

There are no additional questions in queue. I'll now turn the call back to Steve Fife for closing remarks.

隊列中沒有其他問題。現在我將把電話轉回給史蒂夫菲夫，請他作最後發言。

Well, thank you, everyone, for joining us today. As we conclude, I just want to extend my appreciation to our committed employees, our outstanding independent consultants, stockholders, and our faithful customer base.

好吧，謝謝大家今天加入我們。最後，我只想向我們敬業的員工、傑出的獨立顧問、股東和忠實的客戶群表示感謝。

And I also want to welcome Kelly Olsen and the entire LoveBiome team of consultants and customers that may be joining on the call for the first time. We're happy to have you and look forward to building a great success story together. Thank you, everyone.

我還要歡迎凱利·奧爾森 (Kelly Olsen) 和整個 LoveBiome 團隊的顧問和客戶，他們可能是第一次參加電話會議。我們很高興您能加入我們，並期待共同創造偉大的成功故事。謝謝大家。

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

今天的會議到此結束。現在您可以斷開線路。感謝您的參與。