LifeVantage Corp (LFVN) 2026 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to today's conference call to discuss LifeVantage Corp first quarter of fiscal 2026 results.

女士們、先生們，午安。感謝您的耐心等待。歡迎參加今天的電話會議，我們將討論 LifeVantage Corp 2026 財年第一季的業績。

(Operator Instructions)

（操作說明）

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

今天會議的主持人是 ICR 的 Reed Anderson。提醒各位，今天的會議正在錄影。現在，我謹將會議交給安德森先生。

Thank you. Good afternoon and welcome to LifeVantage Corporation's conference call to discuss results for the first quarter of fiscal 2026. On the call today from LifeVantage with prepared remarks are Steve Fife, President and Chief Executive Officer, and Carl Aure, Chief Financial Officer.

謝謝。下午好，歡迎參加 LifeVantage 公司 2026 財年第一季業績電話會議。今天出席電話會議並發表演講的 LifeVantage 總裁兼執行長 Steve Fife 和財務長 Carl Aure 出席了會議。

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's website at www.lifevanage.com. This call is being webcast, and a replay will be available on the company's website as well. 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. 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 Life Manage's most recently filed forms 10K and 10Q.

現在所有人都應該可以查看財報了，財報今天下午大約在美國東部時間下午 4:05 發布。如果您尚未收到新聞稿，可在LifeVantage公司網站www.lifevanage.com的投資者關係頁面查看。本次電話會議將進行網路直播，錄音回放也將在公司網站上提供。在開始之前，我們想提醒大家，我們準備的發言稿包含前瞻性陳述，管理階層可能會在回答大家的問題時做出額外的前瞻性陳述。這些聲明並不保證未來的業績，因此不應過度依賴這些聲明。這些聲明是基於公司管理層目前的預期，並涉及固有的風險和不確定性，包括 Life Manage 最近提交的 10K 和 10Q 表格中風險因素部分所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.

請注意，在今天的電話會議中，我們將討論非GAAP財務指標，包括調整後的績效。

Management believes these financial measures can facilitate a more complete analysis and greater transparency until life manages 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, November 4, 2025. LifeVantage assumes no obligation to update any forward-looking projection that may be made in today's release or call. Now I will turn the call over to Steve Fife, the President and Chief Executive Officer of LifeVantage.

管理層認為，這些財務指標有助於更全面地分析和提高透明度，從而更好地管理持續的經營業績，尤其是在比較不同時期的基本經營業績時。我們在今天的新聞稿中附上了這些非GAAP指標的調節表。此次通話還包含以下內容。時效性訊息，僅在本次直播當天（2025年11月4日）有效。LifeVantage不承擔更新今天新聞稿或電話會議中可能作出的任何前瞻性預測的義務。現在我將把電話交給 LifeVantage 的總裁兼執行長 Steve Fife。

Thanks for reading. Good afternoon, everyone.

感謝閱讀。大家下午好。

Thank you for joining us today. Before we dive into our Q1 results, I want to take a moment to reflect on what has truly been transformational this quarter for Life vantage. We successfully closed a strategic acquisition that positions us at the forefront of a rapidly growing wellness market. We've brought together two passionate consultant communities, and we've continued to execute on our product differentiation of activating the body through nutrigenomic innovation.

感謝您今天蒞臨。在我們深入探討第一季業績之前，我想花點時間回顧一下本季對 Life vantage 而言真正具有變革意義的事情。我們成功完成了一項策略性收購，這使我們處於快速成長的健康市場的前沿。我們匯集了兩個充滿熱情的顧問群體，並繼續推進我們的產品差異化策略，即透過營養基因組學創新激活身體機能。

Looking at our Q1 2026 results, net revenue of $47.6 million was up fractionally from a year ago, reflecting a modest increase in the number of consultants and similar growth rates in both the Americas as well as Asia Pacific and Europe.

從我們 2026 年第一季的業績來看，淨收入為 4,760 萬美元，比去年同期略有成長，反映出顧問人數略有增加，美洲、亞太地區和歐洲的成長率也相近。

Adjusted to EBITDA of $3.9 million was down 500,000 versus last year due to lower contribution margin partially offset by lower SG&A.

經過調整後，EBITDA 為 390 萬美元，比去年減少了 50 萬美元，因為貢獻毛利下降，但銷售、管理及行政費用下降部分抵銷了這一降幅。

Given its strategic importance, let me now turn to the Love biome acquisition we closed on October 1st.

鑑於其戰略重要性，現在讓我談談我們在 10 月 1 日完成的 Love biome 收購案。

This transaction represents far more than just additional products in our portfolio. It's about positioning life vantage squarely within one of the fastest growing segments in wellness, gut microbiome health.

這次交易的意義遠不止於我們產品組合中新增了產品。其核心在於將生活優勢精準定位在健康領域成長最快的細分市場之一——腸道微生物群健康之中。

The health supplement market is projected to grow from $14.4 billion in 2025 to $32.4 billion in 2035, and Lovebiome's flagship P84 product aligns perfectly with our approach to product, using carefully selected blends of naturally derived ingredients that activate optimal health processes, ensuring your body is making.

預計保健品市場將從 2025 年的 144 億美元增長到 2035 年的 324 億美元，而 Lovebiome 的旗艦產品 P84 與我們的產品理念完美契合，它採用精心挑選的天然成分混合物，激活最佳健康過程，確保您的身體能夠產生最佳效果。

And things it needs for health.

以及它健康所需的物質。

The innovative product that's right alongside our existing portfolio of scientifically validated activators, including our Flagship Pro tandem NRF 2 synergizer, customer favorite True Science collagen, and our breakthrough mind-body GLP-1 system.

這款創新產品與我們現有的經科學驗證的活化劑產品組合併駕齊驅，其中包括我們的旗艦產品 Pro 雙效 NRF 2 增效劑、深受顧客喜愛的 True Science 膠原蛋白以及我們突破性的身心 GLP-1 系統。

But what makes this partnership truly special is our shared commitment to the direct selling industry and the empowerment it provides to consultants around the world.

但真正讓這種合作關係變得特別的是我們對直銷業的共同承諾，以及它為世界各地的顧問提供的力量。

By bringing Lobi consultants into our industry leading the evolved compensation plan with compelling products that address a broad spectrum of health concerns, we're able to activate wellness both financially and physically to a much broader base of consumers.

透過將 Lobi 顧問引入我們行業，引領不斷發展的薪酬計劃，並提供能夠解決各種健康問題的引人注目的產品，我們能夠從經濟和身體兩方面促進更廣泛消費者的健康。

The integration of Lovebiome is essentially complete, with systems and website cutover happening this past weekend. We've successfully onboarded personnel, including founder Kelly Olsen and his leadership team, and we're seeing positive early indicators from the consultant community integration.

Lovebiome 的整合工作已基本完成，系統和網站的切換已於上週末完成。我們已經成功完成了人員入職，包括創始人 Kelly Olsen 和他的領導團隊，並且從顧問社區的融入中看到了積極的早期跡象。

Consultant product cross-selling training has kicked off and is expected to ramp during the quarter.

顧問產品交叉銷售培訓已經啟動，預計將在本季逐步加強。

From a financial perspective, we're on track to achieve the operational synergies we outlined at the time of the acquisition announcement. The integration of our technology platforms, supply chain operations, and consultant support system is progressing smoothly, and we expect to realize the full benefits of these synergies as we move through fiscal 2026.

從財務角度來看，我們正朝著在收購公告發佈時概述的營運協同效應穩步前進。我們的技術平台、供應鏈營運和顧問支援系統的整合正在順利進行，我們預計在 2026 財年將充分發揮這些綜效帶來的好處。

Looking beyond this fiscal year, we remain confident in our ability to drive improved operating leverage as we scale our combined operations and realize the full benefits of our strategic investment in technology, product development, and market expansion.

展望本財年之後，我們仍然有信心透過擴大合併後的營運規模，並充分發揮我們在技術、產品開發和市場擴張方面的策略性投資效益，從而提高營運槓桿。

The timing of this acquisition couldn't have been better. It allowed us to showcase this exciting partnership at our US Momentum Academy event, which was held in Dallas on October 24th and 25th. This was truly a historic event, the first time our two active communities came together in person for training along with incentive and product announcements.

這次收購的時機再好不過了。這讓我們得以在 10 月 24 日和 25 日於達拉斯舉行的美國 Momentum Academy 活動中展示這一令人興奮的合作關係。這真是一次歷史性的盛會，是我們兩個活躍的社區首次齊聚一堂，進行培訓，並發布激勵措施和產品資訊。

The energy in Dallas was absolutely electric. We had nearly 2000 registered, making it one of our largest momentum academy events ever. The integration of our consultant communities exceeded our expectations, with Love by consultants embracing our Drive era quarterly incentive campaign and our comprehensive training programs.

達拉斯的氣氛簡直太棒了。我們有近 2000 人註冊，這使它成為我們有史以來最大的 Momentum Academy 活動之一。顧問社群的整合超出了我們的預期，顧問們積極參與了我們「Drive era」季度激勵活動和全面的培訓計畫。

This year's event centered around the theme Love life and Drive, which served as both a nod to the companies coming together and inspiration to consultants to take the driver's seat in their business with purpose, speed, and unstoppable momentum.

今年的活動以「熱愛生活，勇往直前」為主題，既是對各公司齊聚一堂的致敬，也是對諮詢顧問們在各自的事業中掌控方向盤、目標明確、行動迅速、勢不可擋的激勵。

Nothing replaces the energy and momentum that comes from meeting in person, and our time in Dallas emphatically proved that point.

沒有什麼能取代面對面交流所帶來的活力和動力，我們在達拉斯的經歷充分證明了這一點。

Attendees are also trained on healthy edge, a groundbreaking combination that pairs the original proven technology of pro tandem NRF 2 synergizer with the emerging science of P84. Individually, each product delivers powerful benefits by supporting cellular health and system communication.

與會者還將接受健康邊緣的培訓，這是一種突破性的組合，它將原始的成熟技術與新興的 P84 科學相結合。每款產品單獨來看都能透過支持細胞健康和系統通訊而帶來強大的益處。

Together they form a peak performance wellness system that provides foundational health throughout the entire body, helping you feel ready to take on life's daily challenges.

它們共同構成了一個巔峰表現健康系統，為全身提供基礎健康，幫助您做好準備迎接生活中的日常挑戰。

Consultants at the event got a first look at results of a recently completed in vitro study on P84 which demonstrated the activation of 14 natural peptides found in the gut responsible for regulating, repairing, and restoring this vital organ. While most other gut health products merely supplement with pro, pre and postbiotics. The testing proved the activation differentiator of this comprehensive product.

參加這項活動的顧問們首次看到了最近完成的關於 P84 的體外研究結果，該研究表明 P84 可以激活腸道中發現的 14 種天然肽，這些肽負責調節、修復和恢復這一重要器官。而其他大多數腸道健康產品只是補充益生菌、益生元和益生元。測試證明了這款綜合產品的活化差異化優勢。

We will be providing more details of these exciting results in the coming weeks during the full P84 and Healthy Edge product launch.

我們將在接下來的幾週內，在 P84 和 Healthy Edge 產品全面發布期間，提供這些令人興奮的結果的更多細節。

Next, let me update you on the Shopify partnership we announced last quarter, as this is a key focus as we continue to invest in modernizing our technology infrastructure to meet the demands of today's fast-paced consumers. This quarter, the team made great progress with the design, content, and development aspects of our new e-commerce platform as we work towards a pilot this fiscal year and later our full rollout.

接下來，讓我向大家介紹一下我們上個季度宣布的與 Shopify 的合作關係，因為這是我們持續投資現代化技術基礎設施以滿足當今快節奏消費者需求的一個重點。本季度，團隊在新電子商務平台的設計、內容和開發方面取得了巨大進展，我們正努力在本財年進行試點，並在之後全面推廣。

This partnership with the most reputable, highest converting e-commerce platform on the market will deliver significant growth potential for both Life Vantage and our consultants. Shopify enables increased conversion and brand advocacy through seamless channel experiences, deeper personalization and data insights, and greater consumer confidence through enhanced payment security, checkout reliability, and order tracking.

與市場上信譽最高、轉換率最高的電子商務平台建立合作關係，將為 Life Vantage 和我們的顧問帶來巨大的成長潛力。Shopify 透過無縫的管道體驗、更深入的個人化和數據洞察，以及透過增強支付安全性、結帳可靠性和訂單跟踪，提高轉換率和品牌擁護度，並增強消費者信心。

As we look ahead to the remainder of fiscal '26, I'm optimistic about our positioning and growth trajectory. The successful integration of Love Biome has expanded our addressable market while strengthening our consultant base with passionate, experienced entrepreneurs who share our commitment to activating optimal health.

展望 2026 財年剩餘時間，我對我們的市場定位和成長軌跡持樂觀態度。Love Biome 的成功整合擴大了我們的目標市場，同時增強了我們的顧問團隊，這些充滿熱情、經驗豐富的企業家與我們一樣，致力於激活最佳健康狀態。

We're not just adding products or consultants, we're creating a comprehensive wellness ecosystem.

我們不僅僅是在增加產品或顧問，我們正在創造一個全面的健康生態系統。

That addresses multiple aspects of human health, including physical and financial, from cellular health with pro tandem to metabolic wellness with mind body to gut health with 84 to beauty and longevity with true science, we're uniquely positioned to serve the evolving needs of health conscious consumers worldwide.

從細胞健康（透過 Pro Tandem）到代謝健康（透過 Mind Body），再到腸道健康（透過 84），以及美麗和長壽（透過真正的科學），我們致力於解決人類健康的多個方面，包括身體和財務健康。我們擁有獨特的優勢，能夠滿足全球注重健康的消費者不斷變化的需求。

And with our industry leading evolved compensation plan. Comprehensive training and recognition programs and vibrant community were uniquely positioned to serve the unique needs of entrepreneurs worldwide as well.

以及我們業界領先的先進薪酬方案。完善的培訓和認可計劃以及充滿活力的社區，使其能夠獨特地滿足全球企業家的獨特需求。

The direct sales industry continues to evolve, and companies that combine innovative products, compelling compensation, modern technology. An authentic community will be the winners. I believe Li vantage, enhanced by our love by own partnership is perfectly positioned to lead in this new era. With that, let me turn the call over to Carl for a detailed review of our financial results and outlook. Carl.

直銷產業不斷發展，結合創新產品、優厚薪資和現代科技的公司層出不窮。真正具有凝聚力的社群終將獲勝。我相信，憑藉著我們彼此間的愛與合作，李氏集團已做好充分準備，引領新時代。接下來，我將把電話交給卡爾，讓他詳細回顧我們的財務表現和展望。卡爾。

Thank you, Steve, and good afternoon, everyone. Let me walk you through our first 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。讓我帶您了解我們第一季的財務表現。請注意，我將討論我們的非GAAP調整後績效。有關更多詳細信息，請參閱今天新聞稿中的 GAAP 與非 GAAP 調整表。

For the first quarter of fiscal 2026, we delivered net revenue of $47.6 million, which was up 0.7% compared to $47.2 million in the first quarter of fiscal 2025. The slight increase in net revenue reflected increased sales of our MB GLP-1 system offset by lower sales of pro tandem and True Science product line, as well as decrease in total active accounts. While net revenues in our primary geographic. Were both up slightly in the first quarter. We did experience higher growth in Japan, driven by the launch of the Mind Body GOP-1 system beginning in March. For the quarter, revenues in Japan increased 2.6% on a constant currency basis.

2026 財年第一季度，我們實現了 4,760 萬美元的淨收入，比 2025 財年第一季的 4,720 萬美元成長了 0.7%。淨收入略有成長，反映出 MB GLP-1 系統的銷售額增加，但被 Pro Tandem 和 True Science 產品線的銷售額下降以及活躍帳戶總數減少所抵消。雖然我們主要地理區域的淨收入。第一節比賽我們兩隊都略微領先。我們在日本實現了更高的成長，這主要得益於3月份推出的Mind Body GOP-1系統。本季度，日本市場的營收以固定匯率計算成長了2.6%。

Our gross margin for the quarter was 79.5%, down 40 basis points compared to the prior year period, primarily due to increases in shipping and warehouse-related expenses.

本季毛利率為 79.5%，較上年同期下降 40 個基點，主要原因是運輸和倉儲相關費用增加。

Commissions and incentive expense as a percentage of revenue was 43.5% in the first quarter compared to 43% in the per year period. The increase was due to changes in sales mix along with the timing and magnitude of our various promotional and incentive programs. Non-GAAP adjusted SG&A expense was $14.6 million in the first quarter compared with $14.7 million in the prior year period.

第一季佣金和激勵支出佔收入的 43.5%，去年同期為 43%。成長是由於銷售組合的變化以及我們各種促銷和激勵計劃的時間和力度的變化所致。第一季非GAAP調整後的銷售、一般及行政費用為1,460萬美元，而上年同期為1,470萬美元。

Adjusted non-GAAP operating income was $2.5 million in the first quarter compared with $2.7 million in the prior year period.

第一季經調整的非GAAP營業收入為250萬美元，而去年同期為270萬美元。

Adjusted non-GAAP net income was $2.3 million or $0.18 per fully diluted share in the first quarter compared to $1.9 million or $0.15 per share in the prior year period.

第一季調整後的非GAAP淨收入為230萬美元，即每股完全攤薄收益0.18美元，而上年同期為190萬美元，即每股收益0.15美元。

We recorded income tax expense of just under $100,000 in the first quarter compared to income tax expense of approximately $800,000 in the prior year period. Our overall effective tax rate for the quarter was approximately 4%. The decrease in our effective tax rate for the first quarter was due to the positive impact of discrete items recorded in the quarter.

第一季度，我們錄得的所得稅費用略低於 10 萬美元，而去年同期所得稅費用約為 80 萬美元。本季整體實際稅率約為 4%。第一季實際稅率下降是由於本季記錄的特定項目產生了積極影響。

We anticipate our full year fiscal 2026 effective tax rate to be approximately 25%.

我們預計 2026 財年全年實際稅率約為 25%。

Adjusted EBITDA for the first quarter was $3.9 million, or 8.2% of revenues compared to $4.4 million and 9.4% in the same period a year ago, primarily reflecting lower gross margins and higher commission and incentive related expenses.

第一季調整後 EBITDA 為 390 萬美元，佔營收的 8.2%，而去年同期為 440 萬美元，佔營收的 9.4%，主要反映出毛利率下降以及佣金和激勵相關費用增加。

Please note that all of the adjustments from GAAP to non-GAAP that I discussed today are reconciled in our earnings press release issued this afternoon.

請注意，我今天討論的所有從 GAAP 到非 GAAP 的調整都已在我們今天下午發布的盈利新聞稿中進行了核對。

Our financial position remains strong, with $13.1 million of cash and no debt at the end of the first quarter compared to $14.6 million a year ago. We also maintain access to a $5 million dollar revolving line of credit.

我們的財務狀況依然強勁，截至第一季末，我們擁有 1,310 萬美元現金且無債務，去年同期為 1,460 萬美元。我們還擁有 500 萬美元的循環信貸額度。

Capital expenditures totaled $400,000 in the first quarter compared to $300,000 in the prior year period.

第一季資本支出總額為 40 萬美元，而去年同期為 30 萬美元。

Turning to capital allocation, we repurchased 44,000 shares during the first quarter at an average of $13 per share for an aggregate purchase price of $600,000. As of September 30, 2025, there is still $16.7 million remaining under our existing share repurchase authorization.

談到資本配置，我們在第一季以每股 13 美元的平均價格回購了 44,000 股股票，總購買價格為 600,000 美元。截至 2025 年 9 月 30 日，我們現有的股票回購授權中仍有 1,670 萬美元剩餘。

Today we also announced a quarterly cash dividend of 4.$0.05 per share of common stock, or approximately $600,000 in the aggregate. This dividend will be paid on December 15, 2025 to stockholders of record as of December 1st, 2025.

今天我們也宣布派發季度現金股息，每股普通股 4.005 美元，總計約 60 萬美元。該股將於 2025 年 12 月 15 日支付給截至 2025 年 12 月 1 日登記在冊的股東。

Since the beginning of fiscal 2024, we have returned approximately $19.8 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 財年開始以來，我們透過股票回購和分紅，已向股東返還了約 1,980 萬美元的總價值。我們將繼續專注於均衡的資本配置策略，以創造股東價值。

Turning to our outlook for fiscal 2026, we continue to expect our full year revenue will be in the range of $225 million to $240 million which includes expected revenue contribution from the Lovebium transaction.

展望 2026 財年，我們仍預期全年營收將在 2.25 億至 2.4 億美元之間，其中包括 Lovebium 交易帶來的預期營收貢獻。

We are also reiterating our profitability guidance and 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.

我們也重申了獲利能力預期，預計調整後的非GAAP EBITDA將在2,300萬美元至2,600萬美元之間，調整後的非GAAP每股盈餘將在1美元至1.15美元之間。

We continue to anticipate revenue in the second half of fiscal 2026 will be will be higher than the first half due to the seasonality associated with our mind-body product line and the impact of the L biome acquisition.

我們繼續預計，由於身心產品線的季節性因素以及收購 L biome 的影響，2026 財年下半年的收入將高於上半年。

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.

總體而言，我們對獲利能力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.

那麼，現在我將把電話轉回給接線生，回答大家的問題。操作員。

Thank you, sir.

謝謝您，先生。

(Operator Instructions)

（操作說明）

Doug Lane, Water Tower Research.

道格·萊恩，水塔研究公司。

Yes, hi, good afternoon, everybody. Before we get to LoveBiome, can you give us a feel? I know you don't put out quarterly guidance, you put out annual guidance, but can you give us just, some sort of feel on how you thought the September quarter came in versus your original expectations?

是的，大家好，下午好。在介紹 LoveBiome 之前，您能先為我們描述一下它的感覺嗎？我知道你們不發布季度業績指引，而是發布年度業績指引，但您能否大致談談您對9月份季度業績與最初預期相比如何的看法？

Yeah, Doug, this is Steve, Q1 is historically our low quarter.

是的，道格，我是史蒂夫，第一季歷來是我們業績最差的季度。

We have a lot of our consultant base that, isn't as active during the summer months, and we saw that trend continue this quarter. We also, when I look back to our prior year comparison.

我們的顧問團隊中有很多成員在夏季月份不太活躍，我們發現這一趨勢在本季度仍在繼續。當我回顧上一年的比較數據時，我們也有同樣的感受。

We had in September a year ago, a fairly strong ramp up to our launch of Mind Body that occurred in the middle of October and had a separate incentive, a 20% off a year ago, and a ramp up to that. So, it was on a year over year comparison. It's probably a tough comparison to begin with. But again, kind of seasonally low in general for us over all the years. So, a little softer than maybe than what we thought but not alarming at all.

一年前的 9 月，我們為 Mind Body 的推出做了相當充分的準備，該產品於 10 月中旬正式上線，當時還有一個單獨的激勵措施，即一年前享受 20% 的折扣，並為此做了鋪墊。所以，這是與前一年相比的結果。這本身可能就是一個很難比較的話題。但總的來說，就我們這些年而言，這算是季節性的低谷。所以，可能比我們預想的要溫和一些，但完全不必擔心。

Okay, that makes sense. And this year I guess you announced LoveBiome right in the 3rd month, September. Was there any impact to your business? Was did that did that have any impact on your business, between September 3rd and October 1st?

嗯，這說得通。今年你們好像在9月份，也就是第三個月，宣布了LoveBiome計畫。對您的業務有影響嗎？9月3日至10月1日期間，這是否對您的業務產生了任何影響？

No, there was, there was zero revenue contribution from LoveBiome, we didn't close the transaction until October 1st, so there was zero revenue impact from the LoveBiome Group. If anything, I would say that our consultant base of the LifeVantage consultant base may have, kind of taken their foot off the gas a little bit. To wait and see the anticipation and to understand what all of that meant. So possibly some, just kind of a pause with some of the LifeVantage consultants, but no contribution from the LoveBiome revenue growth group.

不，LoveBiome 沒有帶來任何收入貢獻，我們直到 10 月 1 日才完成交易，因此 LoveBiome 集團對我們的收入沒有任何影響。如果有什麼改變的話，那就是 LifeVantage 的顧問團隊可能稍微放鬆了一些。等待並觀察大家的期待，然後去理解這一切意味著什麼。所以可能有一些 LifeVantage 顧問暫停了一段時間，但 LoveBiome 收入成長團隊沒有做出任何貢獻。

Okay, that's good color. So that actually the opposite of what happened last year. So, we'll buy.

好的，這個顏色不錯。所以，這其實與去年發生的情況正好相反。所以，我們會買。

Yeah, so they'll buy them close on October 1st, so you will benefit from a full quarter of their sales just mathematically before you even begin, the integration of their sales force and the, roll out of the of the Healthy edge stack. So, let me ask you this, and that, that'll help offset that tough comparison from last year, but I get that really we're looking at the second half here to really get the full benefit of LoveBiome becoming part of LifeVantage.

是的，所以他們會在 10 月 1 日左右收購他們，因此，即使你還沒有開始整合他們的銷售團隊並推出 Healthy edge 堆疊，你也能從他們四分之一的銷售額中受益（這僅僅是數學上的收益）。所以，我想問你這個問題，以及那個問題，這有助於抵消去年與去年相比的艱難局面，但我明白，我們真正關注的是下半年，才能真正充分受益於 LoveBiome 成為 LifeVantage 的一部分。

Yeah, that's exactly right, we, the transaction closed on October 1st, and for the entire month of October we were operating separately so their systems, their website, their comp plan was still in full effect. And similar for LifeVantage, what's really exciting and really, a great success for us is that over this last weekend, we took our systems down for a few days but converted all of LoveBiome onto LifeVantage.

是的，完全正確，我們，這筆交易於 10 月 1 日完成，整個 10 月份我們都是獨立運營的，所以他們的系統、網站和薪酬計劃仍然完全有效。LifeVantage 的情況也類似，真正令人興奮和巨大成功的是，在上個週末，我們關閉了系統幾天，但將 LoveBiome 的所有業務都遷移到了 LifeVantage 上。

Systems, both the transactional side, the e-commerce, the websites, the back offices, and all the tools that the consultants use, and the compensation plan. So effective November 1st, we have really, integrated all aspects of our business. And that was a huge effort for us to pull off so quickly and now you know that that integration piece is behind us and we can focus, more of our attentions on really optimizing now the combined consultant base and customer base of the two companies so, we've put in place a very robust. Training programs of, the cross-selling opportunities, clearly, we've got a full court press on training the former LoveBiome consultants on the evolved compensation plan and helping them understand how their businesses can benefit from that and. And the reception to both, sides I guess of this partnership has been tremendous. But, everyone's kind of drinking from that proverbial fire hose right now. And so the quicker we can get everyone trained and up to speed, and that's going to take a minute for that to really happen. But that's why we also and from the very beginning it felt like our second half of the year is going to be, larger than our first half weighted heavily to the second half because of that ramp up with LoveBiome, but also, reentering a season that our mind body product. Will come to the forefront with a lot of consumers as we enter, kind of the traditional weight loss season in the January time frame, and then there's a little bit of a resurgence in the April May time frame as people start looking closer to summer as well.

系統，包括交易系統、電子商務系統、網站、後台系統以及顧問使用的所有工具，還有薪酬方案。因此，自11月1日起，我們已真正實現了業務各個方面的整合。對我們來說，如此迅速地完成這項工作是一項巨大的努力，現在你知道，整合工作已經完成，我們可以將更多的注意力集中在真正優化兩家公司合併後的顧問團隊和客戶群上，因此，我們已經建立了一個非常強大的機制。培訓計劃、交叉銷售機會，顯然，我們正在全力以赴地培訓前 LoveBiome 顧問，讓他們了解改進後的薪酬計劃，並幫助他們了解他們的業務如何從中受益。我想，雙方對此次合作的反應都非常熱烈。但是，現在每個人都像是在用那根巨大的水管喝水一樣。所以，我們越快讓每個人都接受培訓並跟上進度越好，而這需要一些時間才能真正實現。但也因為如此，我們從一開始就感覺下半年的業績會比上半年更大，這主要是因為 LoveBiome 的快速發展，同時也因為我們的身心產品重新進入了銷售旺季。隨著一月份傳統減肥季的到來，減肥產品將受到許多消費者的關注；到了四五月份，隨著人們開始期待夏季的臨近，減肥產品又會出現一些復甦的跡象。

Mm, a lot of moving parts. Let's talk about the science a little bit. The P84 and RF2 stack, sort of a no-brainer, right, the two flagship products from each company. But what I think interests me is how deep you're going on gut health and what are the opportunities from a gut health standpoint with the LoveBiome science combined with the work that you've done on Mind Body.

嗯，有很多活動部件。我們來稍微談談科學方面的內容。P84 和 RF2 協定棧，這幾乎是理所當然的選擇，對吧，它們分別是兩家公司的旗艦產品。但我感興趣的是，你們對腸道健康的研究有多深入，以及從腸道健康的角度來看，LoveBiome 科學與你們在身心健康方面所做的工作相結合，有哪些機會。

Yeah, well, it fits in, from the very, first conversations that that we had with LoveBiome, the question that we asked ourselves and had to answer was how does this fit into our activation, philosophy from a product standpoint and we started to do testing on P84 and we were fortunate that Right before our Dallas Momentum Academy just a few weeks ago, we announced results from an in vitro test of P84 where, I mentioned that we identified 14 peptides in our body that are responsible for Regulating, repairing and restoring overall gut health that were activated. So, our body's ability to produce is so far superior to anything that we can supplement with it.

是的，這很契合。從我們與 LoveBiome 的第一次對話開始，我們就一直在問自己，必須回答的問題是，從產品角度來看，它如何融入我們的活化理念。我們開始對 P84 進行測試，幸運的是，就在幾週前達拉斯 Momentum Academy 舉辦之前，我們公佈了 P84 的體外測試結果。我提到過，我們在測試中發現了 14 種體內負責調節、修復和恢復整體腸道健康的勝肽被活化。所以，我們身體本身的合成能力遠優於任何外源性補充劑。

And you know that in vitro test showed that across these 14 peptides it increased the production of those peptides and so, we're thrilled with that and adding another activator in a market that, it's projected to grow from $14 billion to $35 billion over the next 10 years. So, we see a huge, massive white space for us to operate in with a product that fits into our product strategy as well as, when you couple that with the power of pro tandem NRF2 and we've got studies underway right now that we will hopefully be announcing here in a couple of months. Around that power of the synergistic benefits of taking pro tandem and P84 together in what we've now positioned and what we call our healthy edge stack.

體外試驗表明，這 14 種勝肽的產量均有所增加，因此我們對此感到非常興奮，並希望在這個預計未來 10 年內將從 140 億美元增長到 350 億美元的市場中增加另一種活化劑。因此，我們看到了一個巨大的空白市場，我們可以開發一款符合我們產品策略的產品，再加上 Pro Tandem NRF2 的強大功能，我們目前正在進行相關研究，希望幾個月後能在這裡宣布結果。圍繞著將 Pro Tandem 和 P84 一起服用所產生的協同效應，我們將其定位為我們現在稱之為健康優勢堆疊的產品。

Okay, that's helpful. Thanks, Steve.

好的，這很有幫助。謝謝你，史蒂夫。

Thanks Doug.

謝謝你，道格。

Thank you.

謝謝。

There are no additional questions in the queue, so I'll turn the call back over to Steve Fife for closing remarks. Please go ahead, so.

隊列中沒有其他問題了，所以我將把電話轉回給史蒂夫費夫做總結發言。請繼續。

Yeah, thanks, operator, and 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 and stockholders, and all of our faithful customer base, and I look forward to updating you next quarter, with your further clarity and outcomes of our results. Thanks a lot.

是的，謝謝接線員，也謝謝今天所有收看節目的朋友們。最後，我要感謝我們敬業的員工、傑出的獨立顧問和股東，以及我們所有忠實的客戶，並期待在下個季度向大家匯報，屆時將為大家提供更清晰的業績和結果。多謝。

Thank you.

謝謝。

Ladies and gentlemen, that then concludes today's conference.

女士們、先生們，今天的會議到此結束。

Thank you for joining us. You may now disconnect your lines.

感謝您的參與。現在您可以斷開線路了。