Business
Nature's Sunshine Reports Strong Fourth Quarter and Full Year 2023 Financial Results
- Fourth Quarter GAAP Net Income More Than Triples to $9 Million, Adjusted EBITDA up 21% to $9.7 Million - LEHI, Utah, March 12, 2024 (GLOBE NEWSWIRE) --
About this update from Nature's Sunshine Products, Inc.
[{"type":"text","content":"- Fourth Quarter GAAP Net Income More Than Triples to $9 Million, Adjusted EBITDA up 21% to $9.7 Million - LEHI, Utah, March 12, 2024 (GLOBE NEWSWIRE) -- Nature’s Sunshine Products, Inc. (Nasdaq: NATR) (“Nature’s Sunshine” and/or the “Company”), a leading natural health and wellness company of premium-quality herbal and nutritional products, reported financial results for the fourth quarter and full year ended December 31, 2023. Fourth Quarter 2023 Financial Highlights vs. Same Year-Ago Quarter Net sales were up 6.0% to $108.9 million compared to $102.7 million (up 5.6% in constant currency).GAAP net income attributable to common shareholders up significantly to $9.0 million, or $0.46 per diluted share, compared to $2.0 million, or $0.10 per diluted share.Adjusted EBITDA up 21% to $9.7 million compared to $8.0 million. Full Year 2023 Financial Highlights vs. 2022 Net sales were up 5.5% to $445.3 million compared to $421.9 million (up 7.3% in constant currency).Gross margin increased 110 basis points to 72.1% compared to 71.0%.GAAP net income attributable to common shareholders up significantly to $15.1 million, or $0.77 per diluted share, compared to a net loss of $0.4 million, or $(0.02) per diluted share.Adjusted EBITDA up 26% to $40.4 million compared to $32.0 million. Management Commentary “The positive momentum in our business continued in the fourth quarter as sales increased 6.0%, with double-digit sales growth in North America and a more than tripling of our net income to $9 million,” said CEO Terrence Moorehead. “In 2023, we made excellent progress against our gross margin initiatives and expect to meet or exceed our $10 million in savings goal in 2024. In fact, the combination of this work, along with our continued above-market sales growth fueled a 21% increase in fourth quarter adjusted EBITDA, which came in at $9.7 million. “We enter 2024 as a stronger organization that is executing at a high level against our sales and cost optimization initiatives, while continuing to drive incremental operating cash flow. As we move forward, we will look to build on our momentum by leveraging our high-quality products, our omnichannel customer growth engine, and our strong balance sheet to continue to drive sustainable profitable growth and expand shareholder value.” Fourth Quarter 2023 Financial Results Net Sales by Operating Se...