LifeVantage Appoints Dayton Judd to the Board of Directors

Enters into Cooperation Agreement with the Radoff-Sudbury Group

SALT LAKE CITY, Feb. 15, 2024 (GLOBE NEWSWIRE) -- LifeVantage Corporation (Nasdaq:LFVN) a leading health and wellness company with products designed to activate optimal health processes at the cellular level, today announced the appointment of Dayton Judd to the Company’s Board of Directors (the “Board”), effective immediately, in an expansion of the Board. The Company has had discussions with Bradley L. Radoff and Sudbury Capital Fund, LP (collectively with certain of their affiliates, the “Radoff-Sudbury Group”), which owns approximately 12.6% of the Company’s outstanding stock, since the Company’s fiscal year 2024 annual meeting of shareholders held on November 6, 2023. During these discussions, the Company and the Radoff-Sudbury Group worked together to create a framework for long-term collaboration between the parties. The appointment of Dayton Judd to the Board is in connection with a Cooperation Agreement entered into between the Company and the Radoff-Sudbury Group.

Steve Fife, LifeVantage’s President and Chief Executive Officer, commented, “We welcome Dayton to the Board and believe his insights and perspective will benefit the Company and its shareholders. The LV360 initiatives are driving improving profitability and we remain on track to return Adjusted EBITDA margins back to double-digit levels. Coupled with our strong balance sheet, we expect to continue returning a meaningful portion of excess free cash flow to shareholders through dividends and share repurchases.”  

“I’m thrilled to join the Board and look forward to working closely with my fellow directors and the management team as we continue focusing on driving value for all shareholders,” said Dayton Judd. “With its unique assortment of high-quality, innovative products and a powerful business model, LifeVantage is well positioned for growth, improved profitability and higher returns on capital.”

“Dayton is an accomplished executive with a strong track record in, and deep understanding of, the health and wellness industry,” said Ray Greer, Chairman. “The combination of his financial and industry expertise is a great addition to the Board. We appreciate our engagement with the Radoff-Sudbury Group and are mutually aligned on the pathway to maximizing value for all shareholders.”

The Radoff-Sudbury Group has agreed to abide by certain customary standstill, voting commitment and other provisions in connection with the Cooperation Agreement. The full agreement between the Company and the Radoff-Sudbury Group will be filed on a Form 8-K with the U.S. Securities and Exchange Commission (“SEC”).