PART I ITEM 1 — BUSINESS LifeVantage Corporation is a nutrigenomics company developing and selling scientifically validated dietary supplements, weight management, skin/hair care, and nootropic products through a direct sales model, with FY2025 highlights including the MindBody GLP-1 System launch and loyalty program growth - LifeVantage Corporation specializes in nutrigenomics, offering scientifically validated products and a direct sales opportunity to independent consultants25 - The company's product lines include Protandim (dietary supplements), LifeVantage (various supplements including MindBody GLP-1 System), PhysIQ (weight management), TrueScience (skin/hair care, liquid collagen), Petandim (pet supplement), and AXIO (nootropic energy drinks)26 - LifeVantage transitioned from a traditional retail model to a direct sales model in October 2008, expanding its global reach and product offerings26 - LifeVantage Corporation focuses on nutrigenomics, developing and selling advanced nutrigenomic activators, dietary supplements, weight management products, pre- and pro-biotics, skin and hair care products, and nootropics2526 - The company operates a direct sales model, providing products to customers and a commission-based sales opportunity to independent consultants across the United States, Mexico, Japan, Australia, Hong Kong, Canada, Thailand, the United Kingdom, the Netherlands, Germany, Taiwan, Austria, Spain, Ireland, Belgium, New Zealand, and Singapore25 - In fiscal year 2025, LifeVantage launched the patent-pending MindBody GLP-1 System, designed to support wellness and weight loss by activating the body's natural GLP-1 hormone production, and expanded its Rewards Circle loyalty program to more markets273032 Overview LifeVantage Corporation specializes in nutrigenomics, offering scientifically validated products and a direct sales opportunity to independent consultants - LifeVantage Corporation specializes in nutrigenomics, offering scientifically validated products and a direct sales opportunity to independent consultants25 - The company's product lines include Protandim (dietary supplements), LifeVantage (various supplements including MindBody GLP-1 System), PhysIQ (weight management), TrueScience (skin/hair care, liquid collagen), Petandim (pet supplement), and AXIO (nootropic energy drinks)26 - LifeVantage transitioned from a traditional retail model to a direct sales model in October 2008, expanding its global reach and product offerings26 Fiscal Year 2025 Highlights LifeVantage launched the patent-pending MindBody GLP-1 System in fiscal year 2025 and expanded its Rewards Circle customer loyalty program - Launched the patent-pending MindBody GLP-1 System (MB Core and MB Enhance) in fiscal year 2025, designed to support GLP-1 hormone production for weight management and wellness2730 - Expanded the Rewards Circle customer loyalty program to Canada, Europe, and Mexico in February 2024, and to independent consultant subscription purchases in the US, Australia, and New Zealand in August 202432 - Continued to develop and enhance the LifeVantage app, providing independent consultants with tools and communications to simplify business activities and improve prospecting29 Our Competitive Advantages LifeVantage leverages a rewarding sales compensation plan, a focus on nutrigenomics with scientifically validated products, and technology-enabled training to attract and retain independent consultants - The company's sales compensation plan is designed to be financially rewarding, with some elements paid daily, weekly, or monthly to attract and retain new independent consultants33 - LifeVantage differentiates itself through its focus on nutrigenomics and scientifically validated activation products, including the Protandim line and the new MindBody GLP-1 System34 - Technology-enabled training and resources, such as the LifeVantage app, aim to enhance independent consultant productivity and sales success, with future plans for AI and machine learning guidance35 Scientific Background Aging involves complex genetic and cellular changes, with the Nrf2 pathway crucial for antioxidant defense and GLP-1 regulating metabolic health - Aging is a complex process involving genetic, molecular, biochemical, and cellular changes, with theories including oxidative stress, mitochondrial dysfunction, and sirtuin decline36 - The Nrf2 cellular signaling pathway is crucial for upregulating endogenous antioxidants, which are the body's primary defense against oxidative stress, and its activity decreases with age41 - GLP-1 is a naturally occurring hormone that regulates blood glucose, appetite, and satiety, influencing metabolic health and the gut-brain axis. A holistic approach to GLP-1 enhancement involves direct activation, gut microbiome optimization, increasing receptors, and reducing DPP-4 enzyme activity535457 Research and Development R&D focuses on creating scientifically validated nutrigenomic products that activate gene/cell pathways for specific benefits and exploring product synergies - R&D efforts focus on creating and supporting scientifically validated nutrigenomic products that activate or support gene/cell pathways for specific benefits, providing real results, and exploring product synergies5860 - The company aims to build on its foundation of activation and nutrigenomics with products that are essential and enjoyable for everyday life58 Product Overview LifeVantage offers Protandim Nrf2 Synergizer for oxidative stress, the MindBody GLP-1 System for weight management, and TrueScience Liquid Collagen for skin health - Protandim Nrf2 Synergizer reduces oxidative stress by activating Nrf2 to increase endogenous antioxidant enzymes, with patents expiring in March 2025, but new patent applications filed for synergistic combinations61 - The LifeVantage MindBody GLP-1 System is a patent-pending dietary supplement duo (MB Core and MB Enhance) scientifically shown to increase GLP-1 and balance the gut-brain axis for weight management64 - TrueScience Liquid Collagen activates, replenishes, and maintains collagen, showing synergistic effects with Protandim Nrf2 Synergizer to support skin firmness and elasticity69 Product Stacking LifeVantage bundles multiple products into "stacks" to achieve specific health results, leveraging nutrigenomics for healthy cellular aging - LifeVantage bundles multiple products into 'stacks' to achieve specific health results, leveraging nutrigenomics for healthy aging at the cellular level73 - In fiscal year 2025, new stacks were introduced, including the Kickstart Bundle and Healthy Weight Stack (featuring MindBody GLP-1 System and Protandim Nrf2 Synergizer), which showed 'activation synergies' in vitro74 Distribution of Products Products are distributed through a direct selling model, enabling independent consultants to educate customers and provide personalized service - Products are distributed through a direct selling model, enabling independent consultants to educate customers and provide personalized service75 Product Return Policy LifeVantage offers a product guarantee, allowing returns of opened and unopened products within 30 days for a full refund, with specific conditions for independent consultant returns - LifeVantage offers a product guarantee, allowing returns of opened and unopened products within 30 days for a full refund, with specific conditions for independent consultant returns76 Accounts Independent consultants are independent contractors who sell products and build sales networks, earning commissions on product sales, not recruitment - Independent consultants are independent contractors who sell products and build sales networks, earning commissions on product sales, not recruitment7879 Active Independent Consultants and Customers (as of June 30) | Category | 2025 | 2024 | Change from Prior Year | Percent Change | | :----------------------------- | :----- | :----- | :--------------------- | :------------- | | Active Independent Consultants | 51,000 | 49,000 | 2,000 | 4.1 % | | Active Customers | 81,000 | 79,000 | 2,000 | 2.5 % | | Total Active Accounts | 132,000 | 128,000 | 4,000 | 3.1 % | - The Evolve Compensation Plan was optimized and rolled out to various markets in fiscal years 2023-2025, designed to be competitive and reward product sales to customers8182 Sales of Our Products Orders are accepted through the company website and independent consultant 'Referral Sites,' with products
LifeVantage(LFVN) - 2025 Q4 - Annual Report