Business
Nature's Sunshine Reports Strong Second Quarter 2023 Results
Net Sales up 12% to $116.5 Million (up 14% in Constant Currency) LEHI, Utah, Aug. 09, 2023 (GLOBE NEWSWIRE) -- Nature’s Sunshine Products, Inc. (Nasdaq: NATR)
About this update from Nature's Sunshine Products, Inc.
[{"type":"text","content":"Net Sales up 12% to $116.5 Million (up 14% in Constant Currency)\nLEHI, Utah, Aug. 09, 2023 (GLOBE NEWSWIRE) -- Nature’s Sunshine Products, Inc. (Nasdaq: NATR) (Nature’s Sunshine), a leading natural health and wellness company of high-quality herbal and nutritional products, reported financial results for the second quarter ended June 30, 2023. Second Quarter 2023 Financial Summary vs. Same Year-Ago Quarter Net sales were up 12% to $116.5 million compared to $104.2 million (up 14% in constant currency).Gross margin increased 90 basis points to 72.6% compared to 71.7%.GAAP net income attributable to common shareholders up significantly to $2.4 million, or $0.12 per diluted common share, compared to $0.5 million, or $0.03 per diluted common share.Adjusted EBITDA up 26% to $11.3 million compared to $9.0 million. Management Commentary “The momentum established in the beginning of the year strengthened in the second quarter as we delivered our second-best sales quarter in our history with net sales of $117 million, or $119 million on a constant currency basis - up 14% versus the prior year,” said CEO Terrence Moorehead. “We continued to experience sequential sales growth in nearly all our markets as our strategic initiatives gained momentum. Strong sales growth and improved gross margin helped drive a 26% increase in adjusted EBITDA to $11 million for the quarter. Leading this growth was strength in Asia/Pacific, followed by further stabilization in Central and Eastern Europe, and a return to growth in North America supported by our digital investments and improved field activation. “Our second quarter results are indicative of the strong underlying fundamentals of our business that allowed us to drive results in the face of challenging external headwinds. As we move forward, we will continue to focus on driving customer growth and creating a more resilient business supported by our strong balance sheet and our global team of experts on the ground.” Second Quarter 2023 Financial Results Net Sales by Operating Segment (Amounts in Thousands) Three Months EndedJune 30, 2023 Three Months EndedJune 30, 2022 PercentChange Impact ofCurrencyExchange PercentChangeExcludingImpact ofCurrencyAsia$54,875 $47,382 15.8% $(2,806) 21.7%Europe 21,236 17,099 24.2 223 22.9 North America 34,658 34,082 1.7 (136) 2.1 Latin America and Other 5,779 5,598 3.2...