Mannatech, Incorporated announced its third quarter financial results for 2024. Net sales declined 2.5% year-over-year to $31.7 million, which the company said was primarily due to a slowing demand in Asia as a result of weakened economic conditions. Gross profit as a percentage of net sales decreased from 79.6% in Q3 2023 to 74.5%, impacted by an increase in freight costs for backordered items and promotional activity. Net loss for the quarter was $0.3 million, or $0.17 per diluted share, compared to a net income of $18,000 or $0.01 per diluted share in the same quarter last year.
Continuing independent associates and preferred customer positions was 136,000, down from 146,000 in Q3 2023. Recruitment of new associates also decreased during the quarter by 28.1%.
“Although the third quarter of 2024 provided our highest revenue quarter in 2024, we continued to battle demand weakness in the third quarter across our global operations, with the most significant impact in the Asia/Pacific region due to ongoing economic challenges,” said Landen Fredrick, Mannatech President and CEO. “Despite anticipating continued economic difficulties for the rest of 2024, we are committed to increasing our revenue by growing our team of sales associates and expanding our base of preferred customers, all while keeping costs under strict cost controls.”
