Nature’s Sunshine Products, Inc. (Nasdaq: NATR) (Nature’s
Sunshine), a leading natural health and wellness company of
high-quality herbal and nutritional products, reported financial
results for the first quarter ended March 31, 2023.
First Quarter
2023 Financial Summary vs. Same Year-Ago
Quarter
- Net sales were $108.6 million compared to $110.5 million (up 2%
in constant currency).
- GAAP net income was $1.3 million, or $0.04 per diluted common
share, compared to a loss of $(2.7) million, or $(0.15) per diluted
common share.
- Adjusted EBITDA was $9.1 million compared to $8.2 million.
Management Commentary
“We started the year on a strong note, with reported first
quarter net sales of $109 million, or $113 million when excluding
the impact of foreign exchange, up 2.4% versus prior year and
adjusted EBITDA was $9.1 million, up 12%,” said Chief Executive
Officer Terrence Moorehead. “We’re pleased with the momentum we’re
seeing as markets like Japan and Taiwan continued to deliver strong
double-digit growth, while most of our other markets delivered
solid sequential improvement to the top-line with meaningful
progress and signs of stabilization in Central and Eastern Europe
and digital initiatives starting to take hold in North America. We
continued to operate in an extremely challenging external
environment, but the underlying fundamentals and strength of our
business remained firmly intact, and the steps we’ve taken to
create a more consumer-focused business continued to help us build
momentum in the quarter.”
First Quarter
2023 Financial Results
|
Net Sales by Operating Segment
(Amounts in Thousands) |
|
Three Months EndedMarch 31,
2023 |
|
Three Months EndedMarch 31,
2022 |
|
PercentChange |
|
Impact ofCurrencyExchange |
|
PercentChangeExcludingImpact ofCurrency |
Asia |
$ |
46,345 |
|
$ |
46,110 |
|
0.5 |
% |
|
$ |
(3,968 |
) |
|
9.1 |
% |
Europe |
|
21,405 |
|
|
21,777 |
|
(1.7 |
) |
|
|
(445 |
) |
|
0.3 |
|
North America |
|
34,648 |
|
|
35,981 |
|
(3.7 |
) |
|
|
(178 |
) |
|
(3.2 |
) |
Latin America and Other |
|
6,236 |
|
|
6,626 |
|
(5.9 |
) |
|
|
24 |
|
|
(6.2 |
) |
|
$ |
108,634 |
|
$ |
110,494 |
|
(1.7) |
% |
|
$ |
(4,567 |
) |
|
2.4 |
% |
Net sales in the first quarter were $108.6 million compared to
$110.5 million in the same year-ago quarter. Excluding impact from
foreign exchange rates, net sales in the first quarter of 2023
increased 2.4% compared to the year-ago quarter.
Gross profit margin in the first quarter was 70.8% compared to
68.8% in the year-ago quarter. The increase was driven by
prior-year inventory valuation reserves taken as a result of the
conflict between Russia and Ukraine, partially offset by increases
in cost of sales related to inflation and unfavorable foreign
currency exchange in the first quarter of 2023.
Volume incentives as a percentage of net sales were 30.5%
compared to 30.9% in the year-ago quarter. The decrease is
primarily due to changes in market mix.
Selling, general and administrative expenses ("SG&A") in the
first quarter were $43.6 million compared to $40.6 million in the
year‐ago quarter. This increase was driven by a one-time charge of
$5.8 million related to a financial loss from a criminal scheme
directed at one of our wholly owned subsidiaries and the related
investigation and other professional fees, partially offset by
lower service fees that resulted from a decline in China's net
sales. As a percentage of net sales, SG&A expenses were 40.2%
for the first quarter of 2023 compared to 36.8% in the year-ago
quarter.
Operating income in the first quarter was $0.2 million, or 0.2%
of net sales, compared to $1.3 million, or 1.2% of net sales, in
the year-ago quarter.
Other income (loss), net, in the first quarter of 2023 was a
gain of $1.5 million compared to a loss of $0.3 million in the
first quarter of 2022. Other income (loss), net, primarily consists
of foreign exchange gains as a result of net changes in foreign
currencies mostly in Asia, Europe and Latin America. The provision
for income taxes was $0.4 million in the first quarter of 2023
compared to $3.7 million for the year-ago quarter.
GAAP net income attributable to common shareholders was $0.9
million, or $0.04 per diluted common share, compared to a GAAP net
loss of $3.0 million, or $0.15 per diluted common share, in the
first quarter of 2022. Net income attributable to NSP China
increased to $2.0 million, or $0.10 per diluted common share, for
the first quarter of 2023, compared to $1.3 million, or $0.07 per
diluted common share, for the first quarter of 2022.
Non-GAAP net income attributable to common shareholders in the
first quarter of 2023 was $4.5 million, or $0.23 per diluted common
share, compared to non-GAAP net loss of $0.6 million, or $0.03 per
diluted common share, in the prior year period. Non-GAAP net income
(loss), which is a non-GAAP financial measure, is defined here as
net income (loss) from continuing operations before less-frequent
items including, among other things, value-added-tax (VAT) refunds.
A reconciliation of Non-GAAP net income (loss) to GAAP net income
(loss) is provided in the attached financial tables.
Adjusted EBITDA was $9.1 million in the first quarter of 2023
compared to $8.2 million in the first quarter of 2022. The increase
was driven primarily by the aforementioned increase in gross
profit. Adjusted EBITDA, which is a non-GAAP financial measure, is
defined here as net income (loss) 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 (loss) to Adjusted
EBITDA is provided in the attached financial tables.
Balance Sheet and Cash Flow
Net cash provided by operating activities was $9.3 million for
the three months ended March 31, 2023, compared to $7.9
million used in the prior year period. Capital expenditures during
the three months ended March 31, 2023 totaled $2.3 million
compared to $1.5 million in the comparable period of 2022. During
the three months ended March 31, 2023, the Company repurchased
90,000 shares at a total cost of $0.8 million. As of March 31,
2023, the Company had cash and cash equivalents of $65.7 million
and $1.0 million of debt.
Conference Call
The Company will hold a conference call today at 5:00 p.m.
Eastern time to discuss its first quarter of 2023 results.
Date: Tuesday, May 9, 2023Time: 5:00 p.m. Eastern time (3:00
p.m. Mountain time) Toll-free dial-in number: 1-888-886-7786
International dial-in number: 1-416-764-8658 Conference ID:
70776058
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 Investor Relations 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 May 23, 2023.
Toll-free replay number: 1-844-512-2921International replay
number: 1-412-317-6671Replay ID: 70776058
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 improvement 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;
- 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 Company’s joint venture for operations in China with Fosun
Industrial Co., Ltd.;
- 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;
- adverse effects caused by the ongoing coronavirus
pandemic;
- 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 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 (loss), Adjusted
EBITDA and net sales excluding the impact of foreign currency
exchange fluctuations.
We utilize the non-GAAP measures of non-GAAP net income (loss)
and Adjusted EBITDA in the evaluation of our operations and believe
that these measures are useful indicators of our 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 our performance in relation to other companies.
We have included a reconciliation of net income to Adjusted EBITDA,
the most comparable GAAP measure. We have also included a
reconciliation of GAAP net income (loss) to Non-GAAP net income
(loss) and Non-GAAP Adjusted EPS, in the attached financial
tables.
Net sales excluding the impact of foreign currency exchange
fluctuations 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 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.
Investor Relations:
Gateway Group, Inc.Cody
Slach1-949-574-3860NATR@gatewayir.com
|
NATURE’S SUNSHINE PRODUCTS, INC. AND SUBSIDIARIESCONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS(Amounts in thousands, except
per share information)(Unaudited) |
|
|
Three Months EndedMarch 31, |
|
|
2023 |
|
|
2022 |
|
Net sales |
$ |
108,634 |
|
$ |
110,494 |
|
Cost of sales |
|
31,692 |
|
|
34,460 |
|
Gross profit |
|
76,942 |
|
|
76,034 |
|
|
|
|
|
Operating expenses: |
|
|
|
Volume incentives |
|
33,128 |
|
|
34,102 |
|
Selling, general and administrative |
|
43,642 |
|
|
40,623 |
|
Operating income |
|
172 |
|
|
1,309 |
|
Other income (loss), net |
|
1,514 |
|
|
(314 |
) |
Income before provision for income taxes |
|
1,686 |
|
|
995 |
|
Provision for income taxes |
|
433 |
|
|
3,681 |
|
Net income (loss) |
|
1,253 |
|
|
(2,686 |
) |
Net income attributable to
noncontrolling interests |
|
393 |
|
|
264 |
|
Net income (loss) attributable
to common shareholders |
$ |
860 |
|
$ |
(2,950 |
) |
|
|
|
|
Basic and diluted net income
(loss) per common share: |
|
|
|
|
|
|
|
Basic earnings (loss) per share attributable to common
shareholders |
$ |
0.05 |
|
$ |
(0.15 |
) |
|
|
|
|
Diluted earnings (loss) per share attributable to common
shareholders |
$ |
0.04 |
|
$ |
(0.15 |
) |
|
|
|
|
Weighted average basic common
shares outstanding |
|
19,061 |
|
|
19,573 |
|
Weighted average diluted
common shares outstanding |
|
19,433 |
|
|
19,573 |
|
|
NATURE’S SUNSHINE PRODUCTS, INC. AND SUBSIDIARIESCONDENSED
CONSOLIDATED BALANCE SHEETS(Amounts in thousands)(Unaudited) |
|
|
March 31,2023 |
|
December 31,2022 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
65,720 |
|
|
$ |
60,032 |
|
Accounts receivable, net of allowance for doubtful accounts of $122
and $120, respectively |
|
10,474 |
|
|
|
14,106 |
|
Inventories |
|
67,524 |
|
|
|
67,949 |
|
Prepaid expenses and other |
|
10,702 |
|
|
|
7,420 |
|
Total current assets |
|
154,420 |
|
|
|
149,507 |
|
|
|
|
|
Property, plant and equipment,
net |
|
46,080 |
|
|
|
46,162 |
|
Operating lease right-of-use
assets |
|
16,152 |
|
|
|
16,145 |
|
Investment securities -
trading |
|
718 |
|
|
|
702 |
|
Deferred income tax
assets |
|
6,965 |
|
|
|
6,859 |
|
Other assets |
|
10,249 |
|
|
|
10,403 |
|
Total assets |
$ |
234,584 |
|
|
$ |
229,778 |
|
|
|
|
|
Liabilities and
Shareholders’ Equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
8,775 |
|
|
$ |
6,349 |
|
Accrued volume incentives and service fees |
|
22,611 |
|
|
|
21,830 |
|
Accrued liabilities |
|
28,730 |
|
|
|
25,591 |
|
Deferred revenue |
|
1,128 |
|
|
|
2,255 |
|
Income taxes payable |
|
4,654 |
|
|
|
4,117 |
|
Current portion of operating lease liabilities |
|
4,671 |
|
|
|
4,266 |
|
Current portion of note payable and revolving credit facility |
|
1,007 |
|
|
|
1,174 |
|
Total current liabilities |
|
71,576 |
|
|
|
65,582 |
|
|
|
|
|
Liability related to
unrecognized tax benefits |
|
215 |
|
|
|
209 |
|
Long-term portion of operating
lease liabilities |
|
13,382 |
|
|
|
13,745 |
|
Deferred compensation
payable |
|
718 |
|
|
|
702 |
|
Deferred income tax
liabilities |
|
936 |
|
|
|
1,439 |
|
Other liabilities |
|
1,040 |
|
|
|
1,054 |
|
Total liabilities |
|
87,867 |
|
|
|
82,731 |
|
|
|
|
|
Shareholders’ equity: |
|
|
|
Common stock, no par value, 50,000 shares authorized, 19,045 and
19,093 shares issued and outstanding, respectively |
|
121,653 |
|
|
|
121,583 |
|
Retained earnings |
|
35,495 |
|
|
|
34,635 |
|
Noncontrolling interest |
|
4,535 |
|
|
|
4,142 |
|
Accumulated other comprehensive loss |
|
(14,966 |
) |
|
|
(13,313 |
) |
Total shareholders’ equity |
|
146,717 |
|
|
|
147,047 |
|
Total liabilities and shareholders’ equity |
$ |
234,584 |
|
|
$ |
229,778 |
|
|
NATURE’S SUNSHINE PRODUCTS, INC. AND SUBSIDIARIESCONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS(Amounts in
thousands)(Unaudited) |
|
|
Three Months EndedMarch 31, |
|
|
2023 |
|
|
|
2022 |
|
CASH FLOWS FROM OPERATING
ACTIVITIES: |
|
|
|
Net income (loss) |
$ |
1,253 |
|
|
$ |
(2,686 |
) |
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities: |
|
|
|
Provision for doubtful accounts |
|
4 |
|
|
|
6 |
|
Depreciation and amortization |
|
2,805 |
|
|
|
2,766 |
|
Non-cash lease expense |
|
932 |
|
|
|
1,173 |
|
Share-based compensation expense |
|
1,058 |
|
|
|
801 |
|
Loss on sale of property, plant and equipment |
|
71 |
|
|
|
— |
|
Deferred income taxes |
|
(631 |
) |
|
|
3,844 |
|
Purchase of trading investment securities |
|
— |
|
|
|
(12 |
) |
Proceeds from sale of trading investment securities |
|
31 |
|
|
|
35 |
|
Realized and unrealized (gains) losses on investments |
|
(47 |
) |
|
|
58 |
|
Foreign exchange losses |
|
(1,477 |
) |
|
|
402 |
|
Changes in assets and liabilities: |
|
|
|
Accounts receivable |
|
3,649 |
|
|
|
1,447 |
|
Inventories |
|
457 |
|
|
|
(3,489 |
) |
Prepaid expenses and other current assets |
|
(3,266 |
) |
|
|
(2,518 |
) |
Other assets |
|
(11 |
) |
|
|
(20 |
) |
Accounts payable |
|
2,391 |
|
|
|
(946 |
) |
Accrued volume incentives and service fees |
|
781 |
|
|
|
(464 |
) |
Accrued liabilities |
|
2,759 |
|
|
|
(5,386 |
) |
Deferred revenue |
|
(1,142 |
) |
|
|
(1,632 |
) |
Lease liabilities |
|
(900 |
) |
|
|
(1,031 |
) |
Income taxes payable |
|
586 |
|
|
|
(191 |
) |
Liability related to unrecognized tax benefits |
|
6 |
|
|
|
— |
|
Deferred compensation payable |
|
16 |
|
|
|
(81 |
) |
Net cash provided by (used in) operating activities |
|
9,325 |
|
|
|
(7,924 |
) |
CASH FLOWS FROM INVESTING
ACTIVITIES: |
|
|
|
Purchases of property, plant and equipment |
|
(2,325 |
) |
|
|
(1,518 |
) |
Net cash used in investing activities |
|
(2,325 |
) |
|
|
(1,518 |
) |
CASH FLOWS FROM FINANCING
ACTIVITIES: |
|
|
|
Principal payments of long-term debt |
|
(318 |
) |
|
|
(308 |
) |
Proceeds from revolving credit facility |
|
433 |
|
|
|
— |
|
Principal payments of revolving credit facility |
|
(283 |
) |
|
|
— |
|
Principal payments of related party borrowing |
|
— |
|
|
|
(300 |
) |
Payments related to tax withholding for net-share settled equity
awards |
|
(165 |
) |
|
|
(795 |
) |
Repurchase of common stock |
|
(823 |
) |
|
|
(7,971 |
) |
Net cash used in financing activities |
|
(1,156 |
) |
|
|
(9,374 |
) |
Effect of exchange rates on
cash and cash equivalents |
|
(156 |
) |
|
|
(827 |
) |
Net increase (decrease) in
cash and cash equivalents |
|
5,688 |
|
|
|
(19,643 |
) |
Cash and cash equivalents at
the beginning of the period |
|
60,032 |
|
|
|
86,184 |
|
Cash and cash equivalents at
the end of the period |
$ |
65,720 |
|
|
$ |
66,541 |
|
SUPPLEMENTAL DISCLOSURE OF
CASH FLOW INFORMATION: |
|
|
|
Cash paid for income taxes, net of refunds |
$ |
1,991 |
|
|
$ |
1,809 |
|
Cash paid for interest |
|
25 |
|
|
|
45 |
|
|
NATURE’S SUNSHINE PRODUCTS, INC. AND
SUBSIDIARIESRECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA
(Amounts in thousands)(Unaudited) |
|
|
Three Months EndedMarch 31, |
|
|
2023 |
|
|
|
2022 |
|
Net income (loss) |
$ |
1,253 |
|
|
$ |
(2,686 |
) |
Adjustments: |
|
|
|
Depreciation and amortization |
|
2,805 |
|
|
|
2,766 |
|
Share-based compensation expense |
|
1,058 |
|
|
|
801 |
|
Other loss, net* |
|
(1,514 |
) |
|
|
314 |
|
Provision for income taxes |
|
433 |
|
|
|
3,681 |
|
Other adjustments (1) |
|
5,098 |
|
|
|
3,307 |
|
Adjusted EBITDA |
$ |
9,133 |
|
|
$ |
8,183 |
|
|
|
|
|
|
|
|
|
(1) Other adjustments |
|
|
|
Impact of Russia/Ukraine war |
$ |
— |
|
|
$ |
3,050 |
|
Restructuring and other related expenses |
|
— |
|
|
|
257 |
|
Charges related to Japan loss |
|
5,847 |
|
|
|
— |
|
VAT refunds |
|
(749 |
) |
|
|
— |
|
Total adjustments |
$ |
5,098 |
|
|
$ |
3,307 |
|
* Other loss, net is primarily comprised of foreign exchange
(gains) losses, interest income, and interest expense.
|
NATURE’S SUNSHINE PRODUCTS, INC. AND
SUBSIDIARIESRECONCILIATION OF GAAP NET INCOME (LOSS) TONON-GAAP NET
INCOME (LOSS) and NON-GAAP ADJUSTED EPS (Amounts in
thousands)(Unaudited) |
|
|
Three Months EndedMarch 31, |
|
|
2023 |
|
|
|
2022 |
|
Net income (loss) |
$ |
1,253 |
|
|
$ |
(2,686 |
) |
Adjustments: |
|
|
|
Impact of Russia/Ukraine war |
|
— |
|
|
|
3,050 |
|
Restructuring and other related expenses |
|
— |
|
|
|
257 |
|
Charges related to Japan loss |
|
5,847 |
|
|
|
— |
|
VAT Refund |
|
(749 |
) |
|
|
— |
|
Tax impact of adjustments |
|
(1,462 |
) |
|
|
(959 |
) |
Total adjustments |
|
3,636 |
|
|
|
2,348 |
|
Non-GAAP net income
(loss) |
$ |
4,889 |
|
|
$ |
(338 |
) |
|
|
|
|
Reported income (loss)
attributable to common shareholders |
$ |
860 |
|
|
$ |
(2,950 |
) |
Total adjustments |
|
3,636 |
|
|
|
2,348 |
|
Non-GAAP net income (loss)
attributable to common shareholders |
$ |
4,496 |
|
|
$ |
(602 |
) |
|
|
|
|
Basic income (loss) per share, as reported |
$ |
0.05 |
|
|
$ |
(0.15 |
) |
Total adjustments, net of tax |
|
0.19 |
|
|
|
0.12 |
|
Basic income (loss) per share, as adjusted |
$ |
0.24 |
|
|
$ |
(0.03 |
) |
|
|
|
|
Diluted income (loss) per share, as reported |
$ |
0.04 |
|
|
$ |
(0.15 |
) |
Total adjustments, net of tax |
|
0.19 |
|
|
|
0.12 |
|
Diluted income (loss) per share, as adjusted |
$ |
0.23 |
|
|
$ |
(0.03 |
) |
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