Health products company LifeVantage Corp. (OTC: LFVN) has announced plans to reduce costs to focus on development and ongoing expansion into the network marketing distribution channel.
The San Diego-based company has reduced costs associated with legal activities, public relations, marketing and distributor support by realigning assignments, bringing certain functions in house and by working closely with top distributor leaders, LifeVantage said in a statement.
The company also expects to realize cost savings over the next two quarters by closing redundant office space, and consolidating warehouse facilities and related IT infrastructure. These actions will also result in decreased cost of goods through lower warehousing and shipping costs, LifeVantage added.
The company did not specify how much it would save or whether the reductions would affect jobs. As of June 30, LifeVantage employed approximately 55 employees, according to Bloomberg. Calls to the company were not immediately returned.
LifeVantage, which makes anti-aging supplement Protandim and TrueScience Anti-Aging Cream, recorded an annual net loss of $9.1 million and annual revenue of $4.1 million in its most recent fiscal year, which ended in June. The higher revenues and greater expenses were due to the company's expansion efforts.