Nature’s Sunshine Products, Inc. announced its financial results for the second quarter of 2023, stating a 12% increase in net sales compared to the same quarter last year, reaching $116.5 million. Adjusted EBITDA was also up to $11.3 million, compared to $9 million in the same period of 2022.
Asia was the company’s leading operating segment, with $54.8 million in net sales during the quarter, a 15.8% increase over the prior year’s quarter. Total operating income in the second quarter was $7 million, or 6% of net sales, an increase from last year’s $5.8 million and 5.5% of net sales.
“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 Terrence Moorehead, Nature’s Sunshine CEO. “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.”
The company expects full year 2023 net sales to now range between $440-$455 million with an adjusted EBITDA between $34-$38 million.
