Full Press Release Details
Nu Skin Enterprises Reports First Quarter Revenue at High End of Guidance
PROVO, Utah - May 8, 2025 - Nu Skin Enterprises Inc.
(NYSE: NUS) today announced first quarter revenue at the high end of its guidance range.
Q1 2025 vs. Prior-year Quarter
| Revenue | $364.5 million; (12.7)% (3.0)% FX impact or $(12.3) million | ||
| Earnings Per Share (EPS) | $2.14 or $0.23 excluding Mavely gain and other charges compared to $(0.01) or $0.09 excluding restructuring charges | ||
| Customers | 776,712; (11)% | ||
| Paid Affiliates | 131,518; (15)% | ||
| Sales Leaders | 31,036; (20)% |
"We are pleased to achieve revenue at the high end of our guidance range and exceed our adjusted earnings forecast to start out the year," said Ryan Napierski, Nu Skin
president and CEO. "We drove year-over-year growth in Latin America and our Rhyz manufacturing segment, but we continue to experience consumer caution in premium beauty due to concerns such as inflation and tariffs in many parts of the world. Through
2025, we remain focused on building on our recent product launches and preparing for the preview of our Prysm iO intelligent wellness device in the back half of the year. This palm-sized device provides real-time insights into a customer's health,
informing recommendations for product subscriptions and increasing customer satisfaction and loyalty. We are also laying the groundwork for expansion into India with a market pre-opening in Q4 and formal launch in mid-2026 and prioritizing our
efforts to continue improving margins across the board."
Q1 2025 Year-over-year Operating Results
| Revenue | $364.5 million compared to $417.3 million (3.0)% FX impact or $(12.3) million | ||
| Gross Margin | 67.8% compared to 70.5% Nu Skin business was 76.7% compared to 76.9% | ||
| Selling Expenses | 32.5% compared to 36.8% Nu Skin business was 38.7% compared to 41.7% | ||
| G&A Expenses | 31.1% or 28.9% excluding certain charges compared to 29.9% | ||
| Restructuring and Impairment Expenses | $25.1 million impairment compared to $7.3 million restructuring charges | ||
| Operating Margin | (2.7)% or 6.4% excluding impairment and other charges compared to 2.1% or 3.8% excluding restructuring charges | ||
| Interest Expense | $3.3 million compared to $7.3 million | ||
| Gain on Sale of Business | $176.2 million gain on sale of Mavely | ||
| Other Expense | $28.4 million compared to $0.4 million Reflects $28.1 million unrealized loss on investment | ||
| Income Tax Rate | 20.1% or 41.9% excluding Mavely gain and other charges compared to 148.4% or 48.5% excluding restructuring charges | ||
| EPS | $2.14 or $0.23 excluding Mavely gain and other charges compared to $(0.01) or $0.09 excluding restructuring charges |
| Dividend Payments | $3.0 million | ||
| Stock Repurchases | $5.0 million $157.4 million remaining in authorization |
Q2 and Full-year 2025 Outlook
| Q2 2025 Revenue | $355 to $390 million; (19)% to (11)% or (17)% to (9)% excluding Mavely 2024 revenue Approximately (3) to (2)% FX impact | ||
| Q2 2025 EPS | $ 0.20 to $0.30 | ||
| 2025 Revenue | $1.48 to $1.62 billion; (15)% to (6)% or (11)% to (3)% excluding Mavely 2024 revenue Approximately (3)% FX impact | ||
| 2025 EPS | $2.80 to $3.20 or $0.90 to $1.30 excluding Mavely gain and other charges |
"In addition to delivering on revenue and adjusted earnings, we saw encouraging improvement in core Nu Skin operating margin, driven by ongoing cost
efficiency initiatives across every segment," said James D. Thomas, chief financial officer. "We also made meaningful progress in strengthening our balance sheet by reducing outstanding debt by $155 million, achieving our lowest debt level in more
than 10 years. In addition, we returned $8 million to shareholders - $3 million in the form of dividends and $5 million via share repurchases. While macroeconomic uncertainty around trade tensions and tariffs continues to impact visibility, we are
maintaining our adjusted annual guidance as we closely monitor developments throughout the remainder of 2025. For the second quarter, we project revenue between $355 million and $390 million, with earnings per share in the range of $0.20 to $0.30."
The Nu Skin Enterprises management team will host a conference call with the investment community today at 5 p.m. (ET). Those wishing to access the
webcast, as well as the financial information presented during the call, can visit the Investor Relations page on the company's website at ir.nuskin.com. A replay of the webcast will be available on the same page through May 22, 2025.
About Nu Skin Enterprises Inc.
The Nu Skin Enterprises Inc. (NYSE: NUS) family of companies includes Nu Skin and Rhyz Inc. Nu Skin is an integrated beauty and wellness
company, powered by a dynamic affiliate opportunity platform, which operates in nearly 50 markets worldwide. Backed by 40 years of scientific research, the company's products help people look, feel and live their best with brands including Nu Skin
personal care, Pharmanex nutrition and ageLOC anti-aging, which includes an award-winning line of beauty device systems. Formed in 2018, Rhyz is a synergistic ecosystem of consumer, technology and manufacturing companies focused on
innovation within the beauty, wellness and lifestyle categories.
Important Information Regarding Forward-Looking Statements: This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that represent the
company's current expectations and beliefs. All statements other than statements of historical fact are "forward-looking statements" for purposes of federal and state securities laws and include, but are not limited to, statements of management's
expectations regarding the macro environment and the company's performance, growth and growth opportunities, shareholder value, product previews and launches, investments, initiatives, and new market expansion; projections regarding revenue,
expenses, margins, tax rates, earnings per share, foreign currency fluctuations, uses of cash, financial position and other financial items; statements of belief; and
statements of assumptions underlying any of the foregoing. In some cases, you can identify these statements by forward-looking words such as "believe," "expect," "anticipate," "accelerate," "project," "vision," "remain," "continue," "outlook,"
"guidance," "improve," "will," "would," "could," "may," "might," the negative of these words and other similar words.
The forward-looking statements and related assumptions involve risks and uncertainties that could cause actual results and outcomes to differ materially
from any forward-looking statements or views expressed herein. These risks and uncertainties include, but are not limited to, the following:
The company's financial performance and the forward-looking statements contained herein are further qualified by a detailed discussion of associated
risks set forth in the documents filed by the company with the Securities and Exchange Commission. The forward-looking statements set forth the company's beliefs as of the date that such information was first provided, and the company assumes no duty
to update the forward-looking statements contained in this release to reflect any change except as required by law.
Non-GAAP Financial Measures:
Constant-currency revenue change is a non-GAAP financial measure that removes the impact of fluctuations in foreign-currency exchange rates, thereby facilitating period-to-period comparisons of the company's performance. It is calculated by
translating the current period's revenue at the same average exchange rates in effect during the applicable prior-year period and then comparing that amount to the prior-year period's revenue. The company believes that constant-currency revenue
change is useful to investors, lenders and analysts because such information enables them to gauge the impact of foreign-currency fluctuations on the company's revenue from period to period.
Earnings per share, general & administrative expenses, operating margin and income tax rate, each excluding the gain from the Mavely sale,
restructuring charges, impairment charges, and/or other charges, as well as revenue growth rate excluding Mavely 2024 revenue, also are non-GAAP financial measures.
The company believes that these non-GAAP financial measures are useful to investors, lenders and analysts because removing the impact of these items
facilitates period-to-period comparisons of the company's performance. Please see the reconciliations of these items to our earnings per share, general & administrative expenses, operating margin, income tax rate and revenue growth rate
calculated under GAAP, below.
The following table sets forth revenue for the three-month periods ended March 31, 2025, and 2024 for each of our reportable segments (U.S. dollars in thousands):
| Three Months Ended March 31, | Constant-Currency | |||||||||||||||
| 2025 | 2024 | Change | Change | |||||||||||||
| Nu Skin | ||||||||||||||||
| Americas | $ | 69,058 | $ | 75,031 | (8.0 | )% | (1.3 | )% | ||||||||
| Southeast Asia/Pacific | 52,172 | 60,065 | (13.1 | )% | (12.0 | )% | ||||||||||
| Mainland China | 47,775 | 61,067 | (21.8 | )% | (20.6 | )% | ||||||||||
| Japan | 42,765 | 44,236 | (3.3 | )% | (0.8 | )% | ||||||||||
| Europe & Africa | 33,021 | 42,273 | (21.9 | )% | (19.5 | )% | ||||||||||
| South Korea | 32,515 | 40,963 | (20.6 | )% | (13.3 | )% | ||||||||||
| Hong Kong/Taiwan | 28,447 | 30,466 | (6.6 | )% | (4.0 | )% | ||||||||||
| Other | 529 | 672 | ( 21.3 | )% | (21.3 | )% | ||||||||||
| Total Nu Skin | 306,282 | 354,773 | (13.7 | )% | (10.2 | )% | ||||||||||
| Rhyz | ||||||||||||||||
| Manufacturing | 55,290 | 50,302 | 9.9 | % | 9.9 | % | ||||||||||
| Rhyz other | 2,918 | 12,231 | (76.1 | )% | (76.1 | )% | ||||||||||
| Total Rhyz | 58,208 | 62,533 | (6.9 | )% | (6.9 | )% | ||||||||||
| Total | $ | 364,490 | $ | 417,306 | (12.7 | )% | (9.7 | )% |
The following table provides information concerning the number of Customers, Paid Affiliates and Sales Leaders in our core Nu Skin business for the three-month periods
ended March 31, 2025, and 2024:
| Three Months Ended March 31, | ||||||||||||
| 2025 | 2024 | Change | ||||||||||
| Customers | ||||||||||||
| Americas | 227,514 | 199,399 | 14 | % | ||||||||
| Southeast Asia/Pacific | 74,584 | 93,411 | (20 | )% | ||||||||
| Mainland China | 122,474 | 162,239 | (25 | )% | ||||||||
| Japan | 107,742 | 108,808 | (1 | )% | ||||||||
| Europe & Africa | 130,154 | 163,481 | (20 | )% | ||||||||
| South Korea | 71,721 | 100,230 | (28 | )% | ||||||||
| Hong Kong/Taiwan | 42,523 | 47,693 | (11 | )% | ||||||||
| Total Customers | 776,712 | 875,261 | (11 | )% | ||||||||
| Paid Affiliates | ||||||||||||
| Americas | 26,936 | 29,081 | (7 | )% | ||||||||
| Southeast Asia/Pacific | 22,296 | 29,778 | (25 | )% | ||||||||
| Mainland China | 19,859 | 24,405 | (19 | )% | ||||||||
| Japan | 21,073 | 21,679 | (3 | )% | ||||||||
| Europe & Africa | 15,184 | 18,313 | (17 | )% | ||||||||
| South Korea | 16,548 | 20,594 | (20 | )% | ||||||||
| Hong Kong/Taiwan | 9,622 | 10,321 | (7 | )% | ||||||||
| Total Paid Affiliates | 131,518 | 154,171 | (15 | )% | ||||||||
| Sales Leaders | ||||||||||||
| Americas | 6,174 | 6,616 | (7 | )% | ||||||||
| Southeast Asia/Pacific | 4,542 | 5,570 | (18 | )% | ||||||||
| Mainland China | 6,214 | 9,600 | (35 | )% | ||||||||
| Japan | 6,210 | 6,385 | (3 | )% | ||||||||
| Europe & Africa | 2,839 | 3,715 | (24 | )% | ||||||||
| South Korea | 2,850 | 4,122 | (31 | )% | ||||||||
| Hong Kong/Taiwan | 2,207 | 2,601 | (15 | )% | ||||||||
| Total Sales Leaders | 31,036 | 38,609 | (20 | )% |
NU SKIN ENTERPRISES, INC.
Consolidated Statements of Income (Unaudited)
(U.S. dollars in thousands, except per share amounts)
| Three Months Ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| Revenue | $ | 364,490 | $ | 417,306 | ||||
| Cost of sales | 117,529 | 123,242 | ||||||
| Gross profit | 246,961 | 294,064 | ||||||
| Operating expenses: | ||||||||
| Selling expenses | 118,546 | 153,542 | ||||||
| General and administrative expenses | 113,204 | 124,566 | ||||||
| Restructuring and impairment expenses | 25,114 | 7,134 | ||||||
| Total operating expenses | 256,864 | 285,242 | ||||||
| Operating income (loss) | (9,903 | ) | 8,822 | |||||
| Interest expense | 3,283 | 7,325 | ||||||
| Gain on sale of business | 176,162 | - | ||||||
| Other expense, net | (28,375 | ) | (396 | ) | ||||
| Income before provision for income taxes | 134,601 | 1,101 | ||||||
| Provision for income taxes | 27,086 | 1,634 | ||||||
| Net income (loss) | $ | 107,515 | $ | (533 | ) | |||
| Net income (loss) per share: | ||||||||
| Basic | $ | 2.16 | $ | (0.01 | ) | |||
| Diluted | $ | 2.14 | $ | (0.01 | ) | |||
| Weighted-average common shares outstanding (000s): | ||||||||
| Basic | 49,764 | 49,538 | ||||||
| Diluted | 50,328 | 49,538 |
NU SKIN ENTERPRISES, INC.
Consolidated Balance Sheets (Unaudited)
(U.S. dollars in thousands)
| March 31, 2025 | December 31, 2024 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 203,770 | $ | 186,883 | ||||
| Current investments | 9,781 | 11,111 | ||||||
| Accounts receivable, net | 56,576 | 50,784 | ||||||
| Inventories, net | 188,776 | 190,242 | ||||||
| Prepaid expenses and other | 65,954 | 72,643 | ||||||
| Current assets held for sale | - | 26,936 | ||||||
| Total current assets | 524,857 | 538,599 | ||||||
| Property and equipment, net | 380,067 | 379,595 | ||||||
| Operating lease right-of-use assets | 79,389 | 72,605 | ||||||
| Goodwill | 83,625 | 83,625 | ||||||
| Other intangible assets, net | 47,554 | 74,278 | ||||||
| Other assets | 275,919 | 298,008 | ||||||
| Long-term assets held for sale | - | 22,204 | ||||||
| Total assets | $ | 1,391,411 | $ | 1,468,914 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 33,590 | $ | 34,880 | ||||
| Accrued expenses | 206,710 | 217,808 | ||||||
| Current portion of long-term debt | 20,000 | 30,000 | ||||||
| Current liabilities held for sale | - | 13,919 | ||||||
| Total current liabilities | 260,300 | 296,607 | ||||||
| Operating lease liabilities | 61,949 | 58,439 | ||||||
| Long-term debt | 218,757 | 363,613 | ||||||
| Other liabilities | 96,436 | 97,475 | ||||||
| Long-term liabilities held for sale | - | 1,325 | ||||||
| Total liabilities | 637,442 | 817,459 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders' equity: | ||||||||
| Class A common stock - 500 million shares authorized, $0.001 par value, 90.6 million shares issued | 91 | 91 | ||||||
| Additional paid-in capital | 623,477 | 627,787 | ||||||
| Treasury stock, at cost - 41.2 million and 40.8 million shares | (1,562,211 | ) | (1,563,614 | ) | ||||
| Accumulated other comprehensive loss | (123,850 | ) | (124,758 | ) | ||||
| Retained earnings | 1,8416,462 | 1,711,949 | ||||||
| Total stockholders' equity | 753,969 | 651,455 | ||||||
| Total liabilities and stockholders' equity | $ | 1,391,411 | $ | 1,468,914 |
NU SKIN ENTERPRISES, INC.
Reconciliation of General and Administrative Expenses Excluding Certain Charges to GAAP General and Administrative Expenses
(in thousands, except for per share amounts)
| Three months ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| General and administrative expenses | $ | 113,204 | $ | 124,566 | ||||
| Impact of other charges (1) | (7,966 | ) | - | |||||
| Adjusted general and administrative expenses | $ | 105,238 | $ | 124,566 | ||||
| General and administrative expenses as a percentage of revenue | 31.1 | % | 29.9 | % | ||||
| General and administrative expenses as a percentage of revenue, excluding certain charges | 28.9 | % | 29.9 | % | ||||
| Revenue | $ | 364,490 | $ | 417,306 |
(1) Other charges for the first quarter of 2025 consist of expenses incurred in connection with the Mavely sale, including $2.7 million of transaction
bonuses for certain employees and $5.2 million of equity compensation as a result of the vesting of the Mavely profits interest units.
NU SKIN ENTERPRISES, INC.
Reconciliation of Operating Margin Excluding Certain Charges to GAAP Operating Margin
(in thousands, except for per share amounts)
| Three months ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| Operating Income (loss) | $ | (9,903 | ) | $ | 8,822 | |||
| Impact of other charges (1) | 7,966 | - | ||||||
| Impact of restructuring and impairment | 25,114 | 7,134 | ||||||
| Adjusted operating income | $ | 23,177 | $ | 15,956 | ||||
| Operating margin | (2.7 | )% | 2.1 | % | ||||
| Operating margin, excluding certain charges | 6.4 | % | 3.8 | % | ||||
| Revenue | $ | 364,490 | $ | 417,306 |
NU SKIN ENTERPRISES, INC.
Reconciliation of Effective Tax Rate Excluding Impact of Mavely Gain and Certain Charges to GAAP Effective Tax Rate
(in thousands, except for per share amounts)
| Three months ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| Provision for income taxes | $ | 27,086 | $ | 1,634 | ||||
| Impact of other charges (1) on provision for income taxes | 725 | - | ||||||
| Impact of restructuring and impairment on provision for income taxes | 5,433 | 2,356 | ||||||
| Impact of gain on Mavely sale on provision for income taxes | (31,104 | ) | ||||||
| Impact of unrealized investment loss on provision for income taxes | 6,074 | - | ||||||
| Provision for income taxes, excluding impact of Mavely gain and certain charges | $ | 8,214 | $ | 3,990 | ||||
| Income before provision for income taxes | 134,601 | 1,101 | ||||||
| Impact of other charges (1) | 7,966 | - | ||||||
| Impact of restructuring and impairment expense: | 25,114 | 7,134 | ||||||
| Impact of gain on Mavely sale | (176,162 | ) | - | |||||
| Impact of unrealized investment loss | 28,077 | - | ||||||
| Income before provision for income taxes, excluding impact of certain charges | $ | 19,596 | $ | 8,235 | ||||
| Effective tax rate | 20.1 | % | 148.4 | % | ||||
| Effective tax rate, excluding impact of certain charges | 41.9 | % | 48.5 | % |
NU SKIN ENTERPRISES, INC.
Reconciliation of Earnings Per Share Excluding Impact of Mavely Gain and Certain Charges to GAAP Earnings Per Share
(in thousands, except for per share amounts)
| Three months ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| Net income (loss) | $ | 107,515 | $ | (533 | ) | |||
| Impact of other charges | ||||||||
| Other charges (1) | 7,966 | - | ||||||
| Tax impact | (725 | ) | - | |||||
| Impact of restructuring and impairment expense: | ||||||||
| Restructuring and impairment | 25,114 | 7,134 | ||||||
| Tax impact | (5,433 | ) | (2,356 | ) | ||||
| Impact of gain on Mavely sale | ||||||||
| Gain on Mavely sale | (176,162 | ) | - | |||||
| Tax impact | 31,104 | - | ||||||
| Impact of unrealized investment loss | ||||||||
| Unrealized investment loss | 28,077 | - | ||||||
| Tax impact | (6,074 | ) | - | |||||
| Adjusted net income | $ | 11,382 | $ | 4,245 | ||||
| Diluted earnings per share | $ | 2.14 | $ | (0.01 | ) | |||
| Diluted earnings per share, excluding restructuring impact | $ | 0.23 | $ | 0.09 | ||||
| Weighted-average common shares outstanding (000) | 50,328 | 49,538 |
NU SKIN ENTERPRISES, INC.
Reconciliation of Earnings Per Share Excluding Impact of Restructuring to GAAP Earnings
| Year ended December 31, 2025 | ||||||||
| Low end | High end | |||||||
| Earnings Per Share | $ | 2.80 | $ | 3.20 | ||||
| Impact of other charges | ||||||||
| Other charges (1) | 0.16 | 0.16 | ||||||
| Tax impact | (0.01 | ) | (0.01 | ) | ||||
| Impact of restructuring and impairment expense: | ||||||||
| Restructuring and impairment | 0.50 | 0.50 | ||||||
| Tax impact | (0.11 | ) | (0.11 | ) | ||||
| Impact of gain on Mavely sale | ||||||||
| Gain on Mavely sale | (3.50 | ) | (3.50 | ) | ||||
| Tax impact | 0.62 | 0.62 | ||||||
| Impact of unrealized investment loss | ||||||||
| Unrealized investment loss | 0.56 | 0.56 | ||||||
| Tax impact | (0.12 | ) | (0.12 | ) | ||||
| Adjusted EPS | $ | 0.90 | $ | 1.30 |
NU SKIN ENTERPRISES, INC.
Reconciliation of Revenue Growth Rates Excluding Mavely to GAAP Revenue Growth Rates
| Three months ended June 30, 2025 | Year ended December 31, 2025 | |||||||||||||||
| Low end | High end | Low end | High end | |||||||||||||
| 2024 Revenue | $ | 439,081 | $ | 439,081 | $ | 1,732,084 | $ | 1,732,084 | ||||||||
| Less: Mavely 2024 Revenue | 12,007 | 12,007 | 69,620 | 69,620 | ||||||||||||
| Adjusted 2024 Revenue | $ | 427,074 | $ | 427,074 | $ | 1,662,464 | $ | 1,662,464 | ||||||||
| Revenue Growth Rate | (19 | )% | (11 | )% | (15 | )% | (6 | )% | ||||||||
| Revenue Growth Rate, excluding Mavely | (17 | )% | (9 | )% | (11 | )% | (3 | )% | ||||||||
| 2025 Forecasted Revenue | $ | 355,000 | $ | 390,000 | $ | 1,480,000 | $ | 1,620,000 |
Media: media@nuskin.com, (801) 345-6397
Investors: investorrelations@nuskin.com, (801) 345-3577