Tue, May 14, 4:52 PM (73 days ago)
Mannatech, Inc. reported a 13.8% decline in consolidated net sales for Q1 2024, totaling $29.4 million compared to $34.1 million in Q1 2023. The decrease was primarily driven by a 19% drop in the Asia/Pacific region and unfavorable foreign exchange impacts. Gross profit fell by 13.5% to $23.1 million, with a slight increase in gross margin to 78.6%. Operating expenses decreased by 14.3% due to cost reductions, resulting in income from operations of $0.8 million, up from $0.7 million. Net income nearly doubled to $1.2 million, or $0.63 per diluted share. Cash and cash equivalents rose to $7.9 million, and working capital increased to $2.1 million. The company secured $3.6 million in unsecured promissory notes for working capital and other needs. Future liquidity looks stable, but the company remains cautious about potential economic and market risks.