Mannatech, Incorporated announced its fourth quarter 2022 financial results, reporting $34.3 million in net sales, a 13.2% decrease from the same quarter of 2021.
Operating loss in the quarter was $2.7 million, compared to an operating income of $1 million in 2021. Net loss in the quarter was $7 million, or $3.78 per diluted share, compared to a net income of $2.6 million, or $1.25 per diluted share, in 2021.
Gross profit as a percentage of net sales decreased 69% in the quarter, compared to 77.5% last year, which the company attributes in large part to the rising costs and challenges associated with supply chain logistics and foreign exchange rates between the Korean Won, Japanese Yen and U.S. dollar.
Net sales for the full year 2022 reached $137.2 million, a 14.1% decline from 2021. Overall operating loss was $0.4 million, compared to an operating income of $9 million in 2021. Gross profit for 2022 declined 2.7% from the year before. The company cited supply chain costs and foreign exchange as the major factors for this decline as well.
The company ended the year with cash and cash equivalents of $13.8 million, a 43% decrease from 2021.