Part I. Financial Information [Item 1. Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements for Q1 2024, including balance sheets, income, comprehensive income, equity, and cash flow statements with notes Condensed Consolidated Balance Sheet Highlights (Unaudited) | Account | March 31, 2024 (in thousands) | December 31, 2023 (in thousands) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $77,773 | $82,373 | | Total current assets | $160,156 | $165,817 | | **Total assets** | **$247,267** | **$249,773** | | **Liabilities & Equity** | | | | Total current liabilities | $68,881 | $76,753 | | **Total liabilities** | **$87,560** | **$90,233** | | **Total shareholders' equity** | **$159,707** | **$159,540** | Condensed Consolidated Statements of Income (Unaudited) | Account | Three Months Ended March 31, 2024 (in thousands) | Three Months Ended March 31, 2023 (in thousands) | | :--- | :--- | :--- | | Net sales | $110,993 | $108,634 | | Gross profit | $78,978 | $76,942 | | Operating income | $4,624 | $172 | | Net income attributable to common shareholders | $2,321 | $860 | | Diluted earnings per share | $0.12 | $0.04 | Condensed Consolidated Statements of Cash Flows Highlights (Unaudited) | Cash Flow Activity | Three Months Ended March 31, 2024 (in thousands) | Three Months Ended March 31, 2023 (in thousands) | | :--- | :--- | :--- | | Net cash provided by operating activities | $2,190 | $9,325 | | Net cash used in investing activities | ($3,689) | ($2,325) | | Net cash provided by (used in) financing activities | $107 | ($1,156) | | Net decrease in cash and cash equivalents | ($4,600) | $5,688 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=20&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2024 financial results, noting a 2.2% increase in net sales to **$111.0 million** and a significant rise in operating income to **$4.6 million**, while addressing ongoing geopolitical and inflationary challenges - Consolidated net sales increased **2.2%** (**3.8%** in local currencies) in Q1 2024 compared to Q1 2023[88](index=88&type=chunk) - Operating income surged to **$4.6 million** from **$172,000** in the prior-year period, driven by lower SG&A expenses[93](index=93&type=chunk) - The conflict in Eastern Europe continues to impact the business, though net sales in the region were stable at **$14.7 million** for the quarter[84](index=84&type=chunk)[85](index=85&type=chunk) - Global inflationary pressures continue to affect costs for raw materials, labor, production, and transportation[87](index=87&type=chunk) [Results of Operations](index=22&type=section&id=2.1%20Results%20of%20Operations) Q1 2024 net sales increased to **$111.0 million**, driven by growth in North America and Europe, with improved gross profit margin and reduced SG&A expenses due to a prior-year non-recurring loss Consolidated Operating Results (in thousands) | | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | Change % | | :--- | :--- | :--- | :--- | | Net sales | $110,993 | $108,634 | 2.2% | | Gross profit | $78,978 | $76,942 | 2.6% | | Operating income | $4,624 | $172 | 2,588.4% | | Net income | $2,490 | $1,253 | 98.7% | Net Sales by Operating Segment (in thousands) | Segment | Q1 2024 Net Sales | Q1 2023 Net Sales | % Change | % Change (Local Currency) | | :--- | :--- | :--- | :--- | :--- | | Asia | $46,220 | $46,345 | (0.3)% | 5.2% | | Europe | $22,296 | $21,405 | 4.2% | 1.9% | | North America | $36,525 | $34,648 | 5.4% | 5.4% | | Latin America and Other | $5,952 | $6,236 | (4.6)% | (8.0)% | - SG&A expenses decreased by **$2.9 million**, driven primarily by a non-recurring loss in Japan in the prior year, partially offset by investments in digital growth[108](index=108&type=chunk) - The effective tax rate for Q1 2024 was **46.5%**, a significant increase from **25.7%** in Q1 2023, primarily due to the tax treatment of foreign operations and foreign losses that do not provide a future tax benefit[60](index=60&type=chunk)[61](index=61&type=chunk)[63](index=63&type=chunk) [Liquidity and Capital Resources](index=26&type=section&id=2.2%20Liquidity%20and%20Capital%20Resources) As of March 31, 2024, the company maintains strong liquidity with **$91.3 million** in working capital and **$77.8 million** in cash, despite a decrease in operating cash flow and share repurchases - Working capital was **$91.3 million** at March 31, 2024, up from **$89.1 million** at year-end 2023. Cash and cash equivalents totaled **$77.8 million**[121](index=121&type=chunk) Net Consolidated Cash Flows (in thousands) | Activity | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Operating activities | $2,190 | $9,325 | | Investing activities | ($3,689) | ($2,325) | | Financing activities | $107 | ($1,156) | - During Q1 2024, the company repurchased **105,000 shares** of common stock for **$1.8 million**. The remaining authorization under the share repurchase program is **$15.8 million**[125](index=125&type=chunk) [Critical Accounting Policies and Estimates](index=26&type=section&id=2.3%20Critical%20Accounting%20Policies%20and%20Estimates) Management identifies critical accounting policies requiring significant estimates, including revenue recognition, inventory valuation, incentive trip accruals, contingencies, and income taxes - Key critical accounting policies and estimates include Revenue Recognition, Inventories (valued at lower of cost and net realizable value), Incentive Trip Accrual, Contingencies, and Income Taxes[131](index=131&type=chunk)[132](index=132&type=chunk)[133](index=133&type=chunk)[134](index=134&type=chunk)[135](index=135&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=28&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company is exposed to market risks from foreign currency and interest rate fluctuations, along with social, political, and economic conditions in its international operations, with no material changes from prior disclosures - The company's financial results are affected by fluctuations in currency exchange rates, interest rates, and other uncertainties inherent in its international business[139](index=139&type=chunk) [Controls and Procedures](index=28&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective as of March 31, 2024, successfully remediating a material weakness related to a fraudulent wire transfer scheme at its Japanese subsidiary through enhanced approvals and centralized cash management - Based on an evaluation, the CEO and CFO concluded that the company's disclosure controls and procedures were effective as of March 31, 2024[141](index=141&type=chunk) - The material weakness related to fraudulent wire transfers at Synergy Japan, identified in February 2023, has been remediated as of March 31, 2024[143](index=143&type=chunk)[145](index=145&type=chunk) - Remediation efforts included enhancing wire transfer approval design, improving controls within online banking platforms, and increasing centralization of cash management review[147](index=147&type=chunk) Part II. Other Information [Legal Proceedings](index=30&type=section&id=Item%201.%20Legal%20Proceedings) The company reported no legal proceedings during the quarter - None[149](index=149&type=chunk) [Risk Factors](index=30&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's risk factors were reported since the 2023 Annual Report on Form 10-K filing - There have been no material changes to the company's risk factors since the filing of the 2023 Annual Report on Form 10-K[150](index=150&type=chunk) [Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities](index=30&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities,%20Use%20of%20Proceeds,%20and%20Issuer%20Purchases%20of%20Equity%20Securities) This section details the company's Q1 2024 share repurchase activity, including **105,000 shares** bought for approximately **$1.8 million** Issuer Purchases of Equity Securities (Q1 2024) | Period | Total Shares Purchased (in thousands) | Average Price Paid Per Share | Maximum Dollar Value Remaining (in thousands) | | :--- | :--- | :--- | :--- | | Jan 2024 | 15 | $17.22 | | | Feb 2024 | 55 | $17.70 | | | Mar 2024 | 35 | $17.63 | | | **Total** | **105** | | **$15,759** | [Other Information](index=30&type=section&id=Item%205.%20Other%20Information) No directors or executive officers adopted, modified, or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the quarter ended March 23, 2024 - No directors or executive officers adopted, modified, or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the quarter[154](index=154&type=chunk) [Exhibits](index=31&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the 10-Q report, including certifications from the CEO, CFO, and Chief Accounting Officer, along with Inline XBRL financial data files - The filing includes certifications from the CEO, CFO, and Chief Accounting Officer (Exhibits 31.1, 31.2, 31.3, 32.1, 32.2, 32.3) and Inline XBRL documents (Exhibit 101 series)[155](index=155&type=chunk)

LEHI, Utah, April 24, 2024 /PRNewswire/ -- Nature's Sunshine Products (Nasdaq: NATR), a leading natural health and wellness company of premium-quality herbal and nutritional products, today released its 2023 Comprehensive Impact Report. The report showcases Nature's Sunshine's advancements over the past 12 months, demonstrating its ongoing commitment to sustainability across sourcing, supply chain, and manufacturing and its investment in its people and processes. The report illustrates how the implementatio ...

LEHI, Utah, April 23, 2024 (GLOBE NEWSWIRE) -- Nature’s Sunshine Products, Inc. (Nasdaq: NATR) (Nature’s Sunshine), a leading natural health and wellness company of premium-quality herbal and nutritional products, will conduct a conference call on Tuesday, May 7, 2024, at 5:00 p.m. Eastern time (3:00 p.m. Mountain time) to discuss its financial results for the first quarter ended March 31, 2024. The company will report its financial results in a press release prior to the conference call. Nature’s Sunshine ...

Nature's Sunshine Products, Inc. (NASDAQ:NATR) Q4 2023 Results Conference Call March 12, 2024 5:00 PM ET Company Participants Nate Brower - General Counsel Terrence Moorehead - CEO Shane Jones - CFO Conference Call Participants Linda Bolton-Weiser - D.A. Davidson Operator Good afternoon, everyone. And thank you for participating in today's conference call to discuss Nature's Sunshine Financial Results for the Fourth Quarter and Full Year ended December 31, 2023. Joining us today are Nature's Sunshine's CEO, ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________________________ FORM 10-K ☒ Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2023 OR ☐ Transition report under Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to . Commission file number 001-34483 NATURE'S SUNSHINE PRODUCTS, INC. (Address of principal executive offices and zip code) (801) 341-790 ...

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 – 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 Quar ...

Financial Performance - Nature's Sunshine Products' Q3 2023 net sales increased by 6.4% to $111.2 million, compared to $104.5 million in Q3 2022[8,40] - Excluding the impact of currency exchange, net sales increased by 7.1%[8,40] - Adjusted EBITDA increased by 50% to $10.3 million in Q3 2023, compared to $6.8 million in Q3 2022[40] - Net income attributable to common shareholders was $2.8 million in Q3 2023, a significant increase of $2.7 million compared to $0.1 million in Q3 2022[40] Segment Performance - Asia net sales increased by 9.1% to $52.218 million in Q3 2023[8] - Excluding the impact of currency exchange, Asia net sales increased by 12.4%[8] - North America net sales increased by 10.4% to $34.792 million in Q3 2023[8] - Europe net sales decreased by 2.9% to $18.769 million in Q3 2023[8] - Latin America and Other net sales decreased by 6.4% to $5.423 million in Q3 2023[8] Balance Sheet - As of September 30, 2023, cash and cash equivalents totaled $76.0 million, compared to $60.0 million as of December 31, 2022[17,28] - Debt decreased to $0.2 million as of September 30, 2023, compared to $1.2 million as of December 31, 2022[7,17] - Total assets were $239.9 million as of September 30, 2023, compared to $229.8 million as of December 31, 2022[17] Capital Allocation - The company repurchased $2.2 million in shares at an average cost of $12.35 per share in the first nine months of 2023[10] - $21.8 million remained in the share repurchase program as of September 30, 2023[10]

Start Time: 17:00 End Time: 17:25 January 1, 0000 ET Q3 2023 Earnings Conference Call November 07, 2023, 17:00 PM ET Company Participants Terrence Moorehead - CEO Shane Jones - CFO Nathan Brower - General Counsel Conference Call Participants Linda Bolton-Weiser - D.A. Davidson Operator Good afternoon, everyone, and thank you for participating in today's conference call to discuss Nature's Sunshine's Financial Results for the Third Quarter Ended September 30, 2023. Joining us today are Nature's Sunshine's CE ...

Sales Performance - Consolidated net sales for Q3 2023 were $111.2 million, a 6.4% increase from $104.5 million in Q3 2022, while net sales for the nine months ended September 30, 2023, were $336.4 million, up 5.4% from $319.2 million in the same period last year [103]. - Net sales in Asia for Q3 2023 reached $52.2 million, a 9.1% increase from $47.9 million in Q3 2022, and for the nine months, sales were $153.4 million, up 8.5% from $141.4 million [104]. - In North America, net sales for Q3 2023 were $34.8 million, a 10.4% increase from $31.5 million in Q3 2022, and for the nine months, sales were $104.1 million, up 2.5% from $101.6 million [110]. - In the Taiwan market, net sales increased by $2.1 million (15.8%) for Q3 2023 compared to Q3 2022, attributed to effective sales force execution [106]. - The China market saw a significant increase in net sales of $2.5 million (30.7%) for Q3 2023, driven by the expiration of COVID-19 restrictions and product promotions [108]. - Europe experienced a slight decrease in net sales for Q3 2023, totaling $18.8 million, down 2.9% from $19.3 million in Q3 2022, primarily due to reduced average order sizes [109]. - Latin America and Other markets reported net sales of $5.4 million for Q3 2023, a decrease of 6.4% from $5.8 million in Q3 2022, reflecting customer sensitivity to economic conditions [112]. - The company anticipates continued growth in net sales driven by product sales improvements in Asia and North America, despite challenges from foreign currency fluctuations and inflation [102]. Cost and Expenses - Cost of sales as a percentage of net sales decreased to 26.9% for Q3 2023 from 28.4% in Q3 2022, indicating improved contribution margin initiatives despite inflationary pressures [114]. - Volume incentives as a percentage of net sales were 30.7% for Q3 2023, down from 31.6% in Q3 2022, reflecting changes in promotional activity and sales mix [115]. - Selling, general and administrative expenses increased by $4.5 million to $41.3 million for the three months ended September 30, 2023, and by $12.9 million to $127.2 million for the nine months ended September 30, 2023, compared to the same periods in 2022 [117]. - Selling, general and administrative expenses represented 37.1% and 37.8% of net sales for the three and nine months ended September 30, 2023, respectively, compared to 35.2% and 35.8% for the same periods in 2022 [117]. Cash Flow and Financial Position - Operating activities provided cash of $31.6 million for the nine months ended September 30, 2023, compared to using cash of $2.9 million in the same period in 2022 [132]. - Investing activities used $9.2 million for the nine months ended September 30, 2023, compared to $4.7 million for the same period in 2022 [133]. - Financing activities used $3.4 million for the nine months ended September 30, 2023, compared to $15.3 million in cash for the same period in 2022 [134]. - The company had $76.0 million in cash as of September 30, 2023, with $66.7 million held in foreign markets [130]. Tax and Other Charges - The provision for income taxes was 35.9% for the three months ended September 30, 2023, compared to 92.7% for the same period in 2022 [119]. - A one-time pre-tax charge of $5.8 million was recorded for the nine months ended September 30, 2023, related to a criminal scheme directed at a wholly owned subsidiary [117]. - Other loss, net, for the three months ended September 30, 2023, was $0.9 million, an improvement from a loss of $2.3 million in the same period in 2022 [118]. Share Repurchase - The company repurchased 180,000 shares of common stock for $2.2 million during the nine months ended September 30, 2023 [134].

Nature's Sunshine Products, Inc. (NASDAQ:NATR) Q2 2023 Earnings Conference Call August 9, 2023 5:00 PM ET Company Participants Nathan Brower - General Counsel Terrence Moorehead - CEO Shane Jones - CFO Conference Call Participants Linda Bolton-Weiser - D.A. Davidson Operator Good afternoon, everyone, and thank you for participating in today's conference call to discuss Nature's Sunshine's Financial Results for the Second Quarter Ended June 30, 2023. Joining us today are Nature's Sunshine's CEO, Terrence Moo ...