Natural Health Trends Corp. (NASDAQ: NHTC), a direct-selling company that markets products under the NHT Global brand, announced its financial results for Q1 2020.
For the quarter ended March 31, 2020, revenue was $14.9 million, a decrease of 23 percent compared to $19.3 million in the first quarter of 2019.
“I am pleased that we have continued to run our operations efficiently with the health and safety of our employees, members and customers guiding our decisions as our top priority,” said Chris Sharng, president of Natural Health Trends Corp. “The impact of the pandemic followed the already difficult operating conditions we experienced throughout 2019.
Sharng said that, while the company could have never foreseen the impact COVID-19 would have on the global economy, it focused its efforts in 2019 on preparing the business to adapt to new realities following China’s 100-day campaign and have been applying key learnings from its experience to support affected markets. According to Sharng, the company started implementing aggressive cost reduction measures beginning in the second half of 2019, which were partially offset by additional spending during the first quarter in direct response to COVID-19 and the governments’ measures to control the spread of the virus. As a result of the net effect of these actions, NHTC narrowed the scope of its first quarter operating loss and decline in cash flow from operations despite the fact that its main markets were under severe lockdown for most of first quarter of 2020.
To read the complete NHTC Q1 2020 report, click here.