Nature’s Sunshine Products, Inc. announced its financial results for the fourth quarter and full year 2023, posting a 5.5% bump in net sales for 2023 to reach $445.3 million. Gross margin in 2023 increased 110 basis points and adjusted EBITDA was up 26% to $40.4 million.
Fourth quarter net sales also increased by 6% to $108.9 million with an adjusted EBITDA of $9.7 million, a 21% increase over the fourth quarter of 2022.
“The positive momentum in our business continued in the fourth quarter as sales increased 6.0%, with double-digit sales growth in North America and a more than tripling of our net income to $9 million,” said Terrence Moorehead, Nature’s Sunshine Chief Executive Officer. “In 2023, we made excellent progress against our gross margin initiatives and expect to meet or exceed our $10 million in savings goal in 2024. In fact, the combination of this work, along with our continued above-market sales growth fueled a 21% increase in fourth quarter adjusted EBITDA, which came in at $9.7 million. We enter 2024 as a stronger organization that is executing at a high level against our sales and cost optimization initiatives, while continuing to drive incremental operating cash flow. As we move forward, we will look to build on our momentum by leveraging our high-quality products, our omnichannel customer growth engine, and our strong balance sheet to continue to drive sustainable profitable growth and expand shareholder value.”
Full year 2024 net sales are now expected to reside between $455-$480 million with an adjusted EBITDA within the range of $42-$48 million.
