Nature's Sunshine Products, Inc.NASDAQ: NATR

Nature's Sunshine Reports Strong Third Quarter 2025 Results

Net Sales up 12% to $128.3 Million, GAAP EPS up 30% to $0.30
Adjusted EBITDA up 42% to $15.2 Million
Raised Full-Year Outlook

LEHI, Utah, Nov. 06, 2025 (GLOBE NEWSWIRE) -- Nature’s Sunshine Products, Inc. (Nasdaq: NATR) ("Nature’s Sunshine"), a leading manufacturer of high-quality herbal and nutritional supplements, reported financial results for the third quarter ended September 30, 2025.

Third Quarter 2025 Financial Summary vs. Same Year-Ago Quarter

  • Net sales were up 12% to $128.3 million compared to $114.6 million (up 10% in constant currency).

  • Gross profit margin increased 200 basis points to 73.3% compared to 71.3%.

  • GAAP net income attributable to common shareholders was $5.3 million, or $0.30 per diluted common share, compared to $4.3 million, or $0.23 per diluted common share.

  • Adjusted EBITDA was up 42% to $15.2 million compared to $10.7 million.

Management Commentary

“The momentum in our business continued to accelerate in the third quarter, with record net sales of $128 million and adjusted EBITDA of $15 million, representing year-over-year growth of 12% and 42%, respectively,” said Shane Jones, CFO of Nature’s Sunshine. “Our strategic investments in North America Digital continue to pay off, as a surge in new customers, coupled with strong retention, yielded a 52% year-over-year increase in Digital sales. We also continue to see exceptional results in Asia-Pacific, driven by 30%+ growth in both Japan and China during the quarter.”

“Finally, we also saw strong benefit from our cost saving initiatives as gross margin increased 200 basis points to 73.3% during the quarter, its highest level in 15 quarters. We’re very pleased with the progress we’re making across the business and remain confident in our ability to deliver sustainable profitability and create long-term value for shareholders. I am excited to be working alongside our new CEO, Ken Romanzi, who brings the right experience to take this brand to the next level.”

Commenting on his recent appointment, Romanzi said: “I’m thrilled to join Nature’s Sunshine at such an exciting time. With strong fundamentals, a focused strategy, and an energized team, we’re well-positioned to build on our momentum and deliver continued growth and value creation as we close out the year.”

Third Quarter 2025 Financial Results

Net Sales by Operating Segment(Amounts in Thousands)

Three Months Ended September 30,

2025

2024

Percent
Change

Impact of
Currency
Exchange

Percent
Change
Excluding
Impact of
Currency

Asia

$

64,725

$

55,293

17.1

%

$

1,213

14.9

%

Europe

22,107

19,615

12.7

528

10.0

North America

36,224

33,631

7.7

(22

)

7.8

Latin America and Other

5,283

6,076

(13.1

)

14

(13.3

)

$

128,339

$

114,615

12.0

%

$

1,733

10.5

%


Net sales in the third quarter increased 12% to $128.3 million compared to $114.6 million in the same year-ago quarter. Excluding the impact from foreign exchange rates, net sales in the third quarter of 2025 increased 10% compared to the year-ago quarter.

Gross profit margin in the third quarter increased to 73.3% compared to 71.3% in the year-ago quarter. The increase was driven by cost savings initiatives, market mix and favorable foreign exchange.

Volume incentives as a percentage of net sales were 30.7% compared to 31.0% in the year-ago quarter. The decrease was primarily due to timing of promotional incentives and changes in product pricing and market mix.

Selling, general and administrative expenses ("SG&A") in the third quarter were $45.7 million compared to $41.0 million in the year‐ago quarter. The increase was primarily related to the timing of compensation costs, incremental investment in digital marketing and consultant events as well as other non-recurring expenses. As a percentage of net sales, SG&A expenses were 35.6% for the third quarter of 2025 compared to 35.7% in the year-ago quarter.

Operating income in the third quarter increased to $9.0 million, or 7.0% of net sales, compared to $5.3 million, or 4.6% of net sales, in the year-ago quarter.

Other income, net, in the third quarter of 2025 was $0.7 million compared to $2.6 million in the third quarter of 2024. Other income, net, primarily consisted of foreign exchange gains in Asia and Europe, partially offset by foreign exchange losses in Latin America and North America that resulted from net changes in foreign currencies. The provision for income taxes was $4.1 million in the third quarter of 2025 compared to $3.3 million for the year-ago quarter.

GAAP net income attributable to common shareholders increased to $5.3 million, or $0.30 per diluted common share, compared to $4.3 million, or $0.23 per diluted common share, in the third quarter of 2024. Net income attributable to NSP China decreased to $1.0 million, or $0.06 per diluted common share, for the third quarter of 2025, compared to $1.5 million, or $0.08 per diluted common share, for the third quarter of 2024.

Adjusted EBITDA in the third quarter increased 42% to $15.2 million compared to $10.7 million in the year-ago quarter. The increase was driven primarily by the increase in net sales. Adjusted EBITDA, which is a non-GAAP financial measure, is defined here as net income from continuing operations before taxes, depreciation, amortization, and other income (loss) adjusted to exclude share-based compensation expense and certain noted adjustments. A reconciliation of net income to adjusted EBITDA is provided in the attached financial tables.

Balance Sheet and Cash Flow

Net cash provided by operating activities was $25.4 million for the nine months ended September 30, 2025, compared to $13.1 million in the prior year period. Capital expenditures during the nine months ended September 30, 2025, totaled $4.1 million compared to $8.8 million in the comparable period of 2024. During the nine months ended September 30, 2025, the Company repurchased 1,129,000 shares at a total cost of $14.4 million or $12.73 per share. As of September 30, 2025, the Company had cash and cash equivalents of $95.6 million and zero debt.

Outlook

Nature's Sunshine is raising its full year outlook, expecting 2025 net sales to range between $476 - $480 million ($460 - $475 million prior) and adjusted EBITDA to range between $47 - $49 million ($41 - $45 million prior).

Conference Call

The Company will hold a conference call today at 5:00 p.m. Eastern time to discuss its third quarter of 2025 results.

Date: Thursday, November 6, 2025
Time: 5:00 p.m. Eastern time (3:00 p.m. Mountain time)
Toll-free dial-in number: 1-800-717-1738
International dial-in number: 1-646-307-1865
Conference ID: 34830

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Group at 1-949-574-3860.

The conference call will be broadcast live and available for replay here and via the Events section of the Nature’s Sunshine website here.

A replay of the conference call will be available after 8:00 p.m. Eastern time on the same day through Thursday, November 20, 2025.

Toll-free replay number: 1-844-512-2921
International replay number: 1-412-317-6671
Replay ID: 1134830

About Nature’s Sunshine Products

Nature’s Sunshine Products (Nasdaq: NATR), a leading natural health and wellness company, markets and distributes nutritional and personal care products in more than 40 countries. Nature’s Sunshine manufactures most of its products through its own state-of-the-art facilities to ensure its products continue to set the standard for the highest quality, safety, and efficacy on the market today. Additional information about the company can be obtained at its website, www.naturessunshine.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements regarding the Company’s future business expectations, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may include, but are not limited to, statements relating to our objectives, plans, strategies and financial results, including expected improvements in gross profit and gross margin. All statements (other than statements of historical fact) that address activities, events or developments that we intend, expect, project, believe or anticipate will or may occur in the future are forward-looking statements. These statements are often characterized by terminology such as “believe,” “hope,” “may,” “anticipate,” “should,” “intend,” “plan,” “will,” “expect,” “estimate,” “project,” “positioned,” “strategy” and similar expressions, and are based on assumptions and assessments made in light of our experience and perception of historical trends, current conditions, expected future developments and other factors we believe to be appropriate. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, including the following:

  • extensive government regulations to which the Company’s products, business practices and manufacturing activities are subject, including, but not limited to, trade restrictions and export controls;

  • registration of products for sale in foreign markets, or difficulty or increased cost of importing products into foreign markets;

  • legal challenges to the Company’s direct selling program or to the classification of its independent consultants;

  • laws and regulations regarding direct selling may prohibit or restrict our ability to sell our products in some markets or require us to make changes to our business model in some markets;

  • liabilities and obligations arising from improper activity by the Company’s independent consultants;

  • product liability claims;

  • impact of anti-bribery laws, including the U.S. Foreign Corrupt Practices Act;

  • the Company’s ability to attract and retain independent consultants;

  • the loss of one or more key independent consultants who have a significant sales network;

  • the effect of fluctuating foreign exchange rates;

  • failure of the Company’s independent consultants to comply with advertising laws;

  • changes to the Company’s independent consultants' compensation plans;

  • geopolitical issues and conflicts, including changes to U.S. trade policy resulting in new or additional tariffs;

  • negative consequences resulting from difficult economic conditions, including the availability of liquidity or the willingness of the Company’s customers to purchase products;

  • risks associated with the manufacturing of the Company’s products;

  • supply chain disruptions, manufacturing interruptions or delays, or the failure to accurately forecast customer demand;

  • failure to timely and effectively obtain shipments of products from our suppliers and contract manufacturers and deliver products to our independent consultants and customers;

  • world-wide slowdowns and delays related to supply chain, ingredient shortages and logistical challenges;

  • uncertainties relating to the application of transfer pricing, duties, value-added taxes, and other tax regulations, and changes thereto;

  • changes in tax laws, treaties or regulations, or their interpretation;

  • failure to maintain an effective system of internal controls over financial reporting;

  • cybersecurity threats and exposure to data loss;

  • the storage, processing, and use of data, some of which contain personal information, are subject to complex and evolving privacy and data protection laws and regulations;

  • reliance on information technology infrastructure; and

  • the sufficiency of trademarks and other intellectual property rights.

These and other risks and uncertainties that could cause actual results to differ from predicted results are more fully detailed under the caption “Risk Factors” in our reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports filed on Form 10-Q.

All forward-looking statements speak only as of the date of this press release and are expressly qualified in their entirety by the cautionary statements included in or incorporated by reference into this press release. Except as is required by law, the Company expressly disclaims any obligation to publicly release any revisions to forward-looking statements to reflect events after the date of this press release.

Non-GAAP Financial Measures

We have included information which has not been prepared in accordance with generally accepted accounting principles (GAAP), such as information concerning non-GAAP net income, adjusted EBITDA and net sales excluding the impact of foreign currency exchange fluctuations.

We believe that these non-GAAP measures provide investors with greater transparency to evaluate operational activities and financial results and facilitate consistent comparisons to the historical operating performance of prior periods. We utilize these non-GAAP measures of non-GAAP net income and adjusted EBITDA in the evaluation of our operations and believe that these measures are useful indicators of our operating performance and ability to fund our business. These non-GAAP financial measures should not be considered as an alternative to, or more meaningful than, U.S. GAAP net income (loss) as an indicator of our operating performance.

Other companies may use the same or similarly named measures, but exclude different items, which may not provide investors with a comparable view of Nature’s Sunshine Products’ performance in relation to other companies. We have included a reconciliation of net income, the most comparable GAAP measure, to adjusted EBITDA. We have also included a reconciliation of GAAP net income to non-GAAP net income and non-GAAP adjusted EPS, in the attached financial tables.

Net sales in local currency removes, from net sales in U.S. dollars, the impact of changes in exchange rates between the U.S. dollar and the functional currencies of our foreign subsidiaries. This is accomplished by translating the current period's net sales into U.S. dollars using the same foreign currency exchange rates that were used to translate the net sales for the previous comparable period.

We believe presenting the impact of foreign currency fluctuations is useful to investors because it allows a more meaningful comparison of net sales of our foreign operations from period to period. Net sales excluding the impact of foreign currency fluctuations should not be considered in isolation or as an alternative to net sales in U.S. dollar measures that reflect current period exchange rates, or to other financial measures calculated and presented in accordance with U.S. GAAP.

With respect to our adjusted EBITDA outlook for the full year 2025, a quantitative reconciliation to the corresponding GAAP information cannot be provided without unreasonable effort because of the inherent difficulty of accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such reconciliation that have not yet occurred, are out of our control, or cannot be reasonably predicted, including but not limited to warrant liabilities and stock based compensation. For the same reasons, we are unable to assess the probable significance of the unavailable information, which could have a material impact on our future GAAP financial results.

Investor Relations:

Gateway Group, Inc.
Cody Slach
1-949-574-3860
NATR@gateway-grp.com

NATURE’S SUNSHINE PRODUCTS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Amounts in thousands, except per share information)
(Unaudited)

Three Months Ended
September 30,

Nine Months Ended
September 30,

2025

2024

2025

2024

Net sales

$

128,339

$

114,615

$

356,337

$

336,159

Cost of sales

34,290

32,856

98,392

96,535

Gross profit

94,049

81,759

257,945

239,624

Operating expenses:

Volume incentives

39,348

35,521

108,552

103,784

Selling, general and administrative

45,726

40,954

129,972

120,295

Operating income

8,975

5,284

19,421

15,545

Other income:

Interest and other income (loss), net

51

(13

)

524

462

Interest expense

(26

)

(26

)

(71

)

(141

)

Foreign exchange gains, net

672

2,654

4,451

1,111

697

2,615

4,904

1,432

Income before provision for income taxes

9,672

7,899

24,325

16,977

Provision for income taxes

4,137

3,253

8,387

8,353

Net income

5,535

4,646

15,938

8,624

Net income attributable to noncontrolling interests

201

299

524

607

Net income attributable to common shareholders

$

5,334

$

4,347

$

15,414

$

8,017

Basic and diluted net income per common share:

Basic earnings per share attributable to common shareholders

$

0.30

$

0.23

$

0.85

$

0.43

Diluted earnings per share attributable to common shareholders

$

0.30

$

0.23

$

0.83

$

0.42

Weighted average basic common shares outstanding

17,638

18,512

18,174

18,661

Weighted average diluted common shares outstanding

18,034

18,890

18,563

19,115

NATURE’S SUNSHINE PRODUCTS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
(Unaudited)

September 30,
2025

December 31,
2024

Assets

Current assets:

Cash and cash equivalents

$

95,554

$

84,700

Accounts receivable, net of allowance for doubtful accounts of $66 and $97, respectively

15,114

9,477

Inventories

67,335

59,443

Prepaid expenses and other

8,081

6,959

Total current assets

186,084

160,579

Property, plant and equipment, net

33,972

39,585

Operating lease right-of-use assets

12,963

12,799

Restricted investment securities - trading

1,107

915

Deferred income tax assets

20,360

17,644

Other assets

10,319

9,333

Total assets

$

264,805

$

240,855

Liabilities and Shareholders’ Equity

Current liabilities:

Accounts payable

$

7,119

$

8,912

Accrued volume incentives and service fees

25,387

20,563

Accrued liabilities

31,407

25,399

Deferred revenue

7,536

2,774

Income taxes payable

7,599

4,117

Current portion of operating lease liabilities

4,601

3,927

Total current liabilities

83,649

65,692

Liability related to unrecognized tax benefits

444

628

Long-term portion of operating lease liabilities

9,687

10,277

Deferred compensation payable

1,107

915

Deferred income tax liabilities

1,075

1,007

Other liabilities

2,139

1,345

Total liabilities

98,101

79,864

Commitments and contingencies

Shareholders’ equity:

Common stock, no par value, 50,000 shares authorized, 17,560 and 18,483 shares issued and outstanding, respectively

103,553

114,577

Retained earnings

72,821

57,407

Noncontrolling interest

6,202

5,678

Accumulated other comprehensive loss

(15,872

)

(16,671

)

Total shareholders’ equity

166,704

160,991

Total liabilities and shareholders’ equity

$

264,805

$

240,855

NATURE’S SUNSHINE PRODUCTS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
(Unaudited)

Nine Months Ended September 30,

2025

2024

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income

$

15,938

$

8,624

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

10,538

10,195

Non-cash lease expense

3,792

4,386

Share-based compensation expense

4,223

3,580

Loss on sale of property, plant and equipment

—

1,330

Deferred income taxes

(2,104

)

26

Purchase of trading investment securities

(94

)

(126

)

Proceeds from sale of trading investment securities

14

95

Realized and unrealized gains on investments

(112

)

(113

)

Foreign exchange gains

(4,451

)

(1,111

)

Changes in assets and liabilities:

Accounts receivable

(5,254

)

(2,563

)

Inventories

(6,428

)

4,392

Prepaid expenses and other current assets

(1,323

)

(3,588

)

Other assets

(465

)

(444

)

Accounts payable

(2,401

)

838

Accrued volume incentives and service fees

4,165

(876

)

Accrued liabilities

5,412

(7,759

)

Deferred revenue

4,615

(46

)

Lease liabilities

(3,883

)

(4,492

)

Income taxes payable

2,814

180

Liability related to unrecognized tax benefits

235

442

Deferred compensation payable

192

144

Net cash provided by operating activities

25,423

13,114

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchases of property, plant and equipment

(4,143

)

(8,776

)

Net cash used in investing activities

(4,143

)

(8,776

)

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from revolving credit facility

1,823

40,172

Principal payments of revolving credit facility

(1,823

)

(40,172

)

Payments related to tax withholding for net-share settled equity awards

(872

)

(893

)

Repurchase of common stock

(14,376

)

(8,436

)

Net cash used in financing activities

(15,248

)

(9,329

)

Effect of exchange rates on cash and cash equivalents

4,822

1,322

Net increase (decrease) in cash and cash equivalents

10,854

(3,669

)

Cash and cash equivalents at the beginning of the period

84,700

82,373

Cash and cash equivalents at the end of the period

$

95,554

$

78,704

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:

Cash paid for income taxes, net of refunds

$

7,699

$

9,782

Cash paid for interest

71

141

NATURE’S SUNSHINE PRODUCTS, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA
(Amounts in thousands)
(Unaudited)

Three Months Ended
September 30,

Nine Months Ended
September 30,

2025

2024

2025

2024

Net income

$

5,535

$

4,646

$

15,938

$

8,624

Adjustments:

Depreciation and amortization

3,539

3,536

10,538

10,195

Share-based compensation expense

1,285

950

4,223

3,580

Other income, net*

(697

)

(2,615

)

(4,904

)

(1,432

)

Provision for income taxes

4,137

3,253

8,387

8,353

Other adjustments (1)

1,386

957

3,239

957

Adjusted EBITDA

$

15,185

$

10,727

$

37,421

$

30,277

(1) Other adjustments

Other non-recurring expenses

$

1,386

$

957

$

3,239

$

957

Total adjustments

$

1,386

$

957

$

3,239

$

957


* Other (income) loss, net is primarily comprised of foreign exchange (gains) losses, interest income, and interest expense.

NATURE’S SUNSHINE PRODUCTS, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP NET INCOME TO
NON-GAAP NET INCOME and NON-GAAP ADJUSTED EPS
(Amounts in thousands)
(Unaudited)

Three Months Ended
September 30,

Nine Months Ended
September 30,

2025

2024

2025

2024

Net income

$

5,535

$

4,646

$

15,938

$

8,624

Adjustments:

Other non-recurring expenses

1,386

957

3,239

957

Tax impact of adjustments

(347

)

(155

)

(810

)

(155

)

Total adjustments

1,039

802

2,429

802

Non-GAAP net income

$

6,574

$

5,448

$

18,367

$

9,426

Reported income attributable to common shareholders

$

5,334

$

4,347

$

15,414

$

8,017

Total adjustments

1,039

802

2,429

802

Non-GAAP net income attributable to common shareholders

$

6,373

$

5,149

$

17,843

$

8,819

Basic income per share, as reported

$

0.30

$

0.23

$

0.85

$

0.43

Total adjustments, net of tax

0.06

0.04

0.13

0.04

Basic income per share, as adjusted

$

0.36

$

0.27

$

0.98

$

0.47

Diluted income per share, as reported

$

0.30

$

0.23

$

0.83

$

0.42

Total adjustments, net of tax

0.06

0.04

0.13

0.04

Diluted income per share, as adjusted

$

0.36

$

0.27

$

0.96

$

0.46

Earlier from Nature's Sunshine Products

All Nature's Sunshine Products news releases