LifeVantage Corp. is a science-based, natural products company dedicated to helping people reach their health and wellness goals through science-based solutions to oxidative stress. The company develops nutraceutical products, such as Protandim, which is a clinically proven supplement that provides benefits to people dealing with the challenges of healthy aging.
In February 2009, the company added an experienced 52 person network marketing team to its existing nine person corporate team. After LifeVantage launched into the network marketing sales channel, net revenues for the company’s 4th quarter showed a substantial 150% increase. The company is looking to build on this result and continued benefits of this new revenue model.
LifeVantage announced today that it has implemented cost reduction initiatives designed to reduce operating costs while increasing efficiency and productivity throughout the firm. Following the merger of the network marketing and corporate teams, the company instituted a comprehensive review to evaluate, merge and streamline job functions and responsibilities. As a result of this company-wide review, LifeVantage has phased-out or plans to phase out 18 positions by the end of this quarter. In addition, the company has also implemented reductions in overhead and operating expenses.
Expenses related to the addition of the new team, and the legal and marketing expenses necessary to re-launch LifeVantage and TrueScience, have now been recognized. This leaves LifeVantage poised to execute its growth plan with a more efficient corporate and operational structure. As LifeVantage CEO David W. Brown said, â€œWe believe the team we now have in place will continue to significantly impact our continued growth and expansion.â€