Filed by Bowne Pure Compliance
 

 
 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 12, 2007

LifeVantage Corporation
(Exact name of registrant as specified in its charter)

         
Colorado   000-30489   90-0224471
(State or other Jurisdiction of Incorporation)   (Commission File Number)   (IRS Employer Identification No.)
     
6400 South Fiddler’s Green Circle, Suite 1970, Englewood, CO
  80111
(Address of Principal Executive Offices)   (Zip Code)

Registrant’s telephone number, including area code: (720) 488-1711

 
Not Applicable
(Former name or former address if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 
 

 

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Item 2.02 Results of Operations and Financial Condition

On October 12, 2007, LifeVantage Corporation issued a press release entitled “LifeVantage Corporation Announces Q4 and FY 2007 Financial and Operating Results.” The press release is attached as Exhibit 99.1 hereto.

Item 7.01 Regulation FD Disclosure

On October 12, 2007, LifeVantage Corporation issued a press release entitled “LifeVantage Corporation Announces Q4 and FY 2007 Financial and Operating Results.” The press release is attached as Exhibit 99.1 hereto.

Item 9.01 Financial Statements and Exhibits  

99.1 Press release, dated October 12, 2007, entitled “LifeVantage Corporation Announces Q4 and FY 2007 Financial and Operating Results.”

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: October 12, 2007

LIFEVANTAGE CORPORATION

By: /s/ Bradford K. Amman                                    
Bradford K. Amman
Secretary and Treasurer

 

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EXHIBIT INDEX

99.1 Press release, dated October 12, 2007, entitled “LifeVantage Corporation Announces Q4 and FY 2007 Financial and Operating Results.”

 

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Filed by Bowne Pure Compliance
 

Exhibit 99.1
(LIFEVANTAGE LOGO)
     
FOR IMMEDIATE RELEASE
  NEWS
October 12, 2007
  OTCBB: LFVN
LIFEVANTAGE CORPORATION ANNOUNCES
Q4 AND FY 2007 FINANCIAL AND OPERATING RESULTS
GREENWOOD VILLAGE, Colorado — LifeVantage Corporation (OTCBB: LFVN), maker of Protandim®, today announced results for its year ended June 30, 2007. The Company recorded net revenues of $5.1 million and a net loss of $(3.7) million, or $(0.17) per share, for its year ended June 30, 2007. For its year ended June 30, 2006, the Company reported net revenues of $7.2 million and a net loss of $(2.7) million, or $(0.12) per share.
For its fourth fiscal quarter 2007, the Company recorded net revenues of $0.8 million and a net loss of $(0.5) million, or $(0.02) per share. For its fourth fiscal quarter 2006, the Company reported net revenues of $1.1 million and a net loss of $(1.6) million, or $(0.07) per share.
During fiscal year 2007, the Company focused on further developing the science supporting Protandim®, expanding its distribution relationships and reducing expenses in response to a decline in direct sales. While the Company has managed to reduce cash burn significantly, the Company is continually striving to improve sales in a cost effective way.
During fiscal 2007, the Company reported progress on more than 20 human clinical and laboratory studies involving Protandim® taking place at universities and hospitals in six countries. Almost all of the studies were initiated as a result of the published, peer-reviewed human clinical trial conducted by Protandim® developers, Dr. Joe McCord and his colleagues, which demonstrated that Protandim® increased the blood levels of at least two important antioxidant enzymes while significantly decreasing oxidative stress. On July 10, 2007 the Protandim® formulation was granted a U.S. Patent.
On the distribution front, the Company renewed its relationship with its largest customer GNC and Protandim® became available through CVS/pharmacy, Vitamin Shoppe, Vitamin Cottage, Seattle Super Supplements, Akin’s and Chamberlin’s and Drugstore.com.
While sales for the year were disappointing, the Company responded with a significant reduction in operating expenses as a result of selective cost cutting measures. These costs for the fourth quarter of 2007 declined 50% from previous quarters and the Company believes the reduction in cash burn will enable it to position itself in an approximate break even cash flow status during fiscal year 2008.

 

 


 

On September, 26, 2007, the Company closed an offering of convertible debentures which resulted in cash proceeds of approximately $956,000. This provides the Company with the cash resources to launch new cost-effective targeted marketing initiatives and support expanded scientific studies.
About Protandim®
Protandim® is a patented dietary supplement that increases the body’s natural antioxidant protection by inducing two protective enzymes, superoxide dismustase (SOD) and catalase (CAT). These naturally occurring enzymes simply become overwhelmed by free radicals as we get older. Oxidative stress (cell damage caused by free radicals) occurs as a person ages, when subjected to environmental stresses or as an associated factor in certain illnesses. TBARS are laboratory markers for oxidative stress in the body. New data from a scientific study in men and women show that after 30 days of taking Protandim®, the level of circulating TBARS decreased an average of 40 percent, with this decrease shown to be maintained at 120 days. Protandim® strengthens a person’s defenses against oxidative stress by increasing the body’s natural antioxidant enzymes. For more information, please visit the Protandim® product web site at www.protandim.com.
About LifeVantage Corporation
LifeVantage Corporation markets Protandim®. LifeVantage Corporation is committed to helping people achieve health and wellness for life. For more information, please visit the Company’s web site at www.lifevantage.com.
Except for historical information contained herein, this document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and applicable common law. The Company uses the words “anticipate,” “believe,” “could,” “should,” “estimate,” “expect,” “intend,” “may,” “predict,” “project,” “target” and similar terms and phrases, including references to assumptions, to identify forward-looking statements. These forward-looking statements are based on the Company’s expectations and beliefs concerning future events affecting the Company and involve known and unknown risks and uncertainties that may cause the Company’s actual results or outcomes to be materially different from those anticipated and discussed herein. These factors are difficult to accurately predict and may be beyond the control of the Company. The following factors are among those that may cause actual results to differ materially from our forward-looking statements: the Company’s limited cash flow and the rapid development of technology, lack of liquidity for the Company’s common stock, working capital shortages and the length of time for scientific advances to reach the market (if they ever reach the market). These and other additional risk factors and uncertainties are discussed in greater detail in the company’s Annual Report on Form 10-KSB and other documents filed with the Securities and Exchange Commission. Forward-looking statements made by the Company in this news release or elsewhere speak only as of the date made. New uncertainties and risks come up from time to time, and it is impossible for the Company to predict these events or how they may affect the Company. The Company has no duty to, and does not intend to, update or revise the forward-looking statements in this news release after the date it is issued. In light of these risks and uncertainties, investors should keep in mind that the results, events or developments disclosed in any forward-looking statement made in this news release may not occur.
# # #

 

 


 

CONTACTS:
     
LifeVantage Corporation
   
Bradford K. Amman
  Phone: 720-488-1711
 
  Fax: 303-565-8700

 

 


 

LIFEVANTAGE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
For the fiscal years and quarters ended June 30, 2007 and June 30, 2006
                                 
    Fourth Quarter ended     Fourth Quarter ended              
    June 30, 2007     June 30, 2006     Fiscal year ended     Fiscal year ended  
    (Unaudited)     (Unaudited)     June 30, 2007     June 30, 2006  
Revenues
                               
Sales, net
  $ 843,470     $ 1,098,852     $ 5,050,988     $ 7,165,819  
Cost of Sales
    184,548       235,641       1,022,792       1,491,332  
 
                       
Gross profit
    658,922       863,221       4,028,196       5,674,487  
 
                               
Operating expenses:
                               
Marketing and customer service
    385,686       1,587,680       2,991,302       4,259,711  
General and administrative
    764,776       827,376       4,448,236       4,169,647  
Research and development
    49,907       65,887       245,561       114,163  
 
                       
Total operating expenses
    1,200,369       2,480,943       7,685,099       8,543,521  
 
                               
Operating (loss)
    (541,447 )     (1,617,732 )     (3,656,903 )     (2,869,034 )
 
                               
Net other income and (expense)
    15,416       44,873       (36,675 )     134,533  
 
                               
 
                       
Net (loss)
  $ (526,031 )   $ (1,572,859 )   $ (3,693,578 )   $ (2,734,501 )
 
                       
 
                               
Loss per share, basic and diluted
                  $ (0.17 )   $ (0.12 )
 
                           
 
                               
Weighted average shares outstanding, basic and diluted
                    22,268,034       22,117,992  
 
                           

 

 


 

LIFEVANTAGE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
As of June 30, 2007 and June 30, 2006
                 
    June 30, 2007     June 30, 2006  
          (Restated)  
ASSETS
               
Current Assets
  $ 1,153,830     $ 4,414,215  
Property and equipment
    108,915       245,000  
Intangible assets
    2,311,110       2,162,042  
Deposits
    340,440       316,621  
 
           
TOTAL ASSETS
    3,914,295       7,137,878  
 
           
 
               
LIABILITIES AND STOCKHOLDERS’ EQUITY
               
Current Liabilities
               
Accounts payable
    148,699       613,833  
Accrued expenses and other
    233,112       401,290  
Deferred revenue
    818,250       1,144,950  
 
           
Total Current Liabilities
    1,200,061       2,160,073  
Capital lease-long term portion
    846       3,146  
Stockholders’ equity
    2,713,388       4,974,659  
 
           
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
  $ 3,914,295     $ 7,137,878