Natural Health Trends Corp. announced its first quarter financial results for 2023, posting revenue of $11.9 million, a 3% increase from the same period last year. Operating loss increased to $394,000 from $383,000 during the first quarter of 2022.
Net income for the company was $257,000, or $0.02 per diluted share, and active members totaled 38,330, down 14% from the first quarter of 2022.
“Despite the end of the Zero-Covid policies last December, our experience is that consumers have been slow and gradual to participate in the reopening,” said Chris Sharng, Natural Health Trends Corp. President. “In this more positive environment, we are encouraged that our Hong Kong business has shown good progress as revenue increased 3% year-over-year, the first year-over-year increase since the third quarter of 2021 and the second increase since the third quarter of 2018. If the current trend of an improving operating environment continues, we are hopeful that our business can benefit from the prospect that people are more willing to meet, gather and travel—all important activities to how we facilitate our business development.”
Total cash and cash equivalents at the end of the quarter were $66.6 million, down from $69.7 million at the end of 2022.