Nature’s Sunshine Products, Inc., in its first quarter 2023 financial report, announced net sales of $108.6 million, a slight decline from $110.5 million during the same time last year. Adjusted EBITDA was up to $9.1 million from $8.2 million last year.
Gross profit margin was up to 70.8% from 68.8% in the first quarter of 2022, while operating income was $0.2 million, compared to $1.3 million during the same quarter last year.
Net cash provided by operating activities was $9.3 million, an increase from $7.9 million during Q1 2022. The company ended the quarter with cash and cash equivalents of $65.7 million and $1 million of debt.
“We started the year on a strong note, with reported first quarter net sales of $109 million, or $113 million when excluding the impact of foreign exchange, up 2.4% versus prior year and adjusted EBITDA was $9.1 million, up 12%,” said Terrence Moorehead, Nature’s Sunshine Chief Executive Officer. “We’re pleased with the momentum we’re seeing as markets like Japan and Taiwan continued to deliver strong double-digit growth, while most of our other markets delivered solid sequential improvement to the top-line with meaningful progress and signs of stabilization in Central and Eastern Europe and digital initiatives starting to take hold in North America. We continued to operate in an extremely challenging external environment, but the underlying fundamentals and strength of our business remained firmly intact, and the steps we’ve taken to create a more consumer-focused business continued to help us build momentum in the quarter.”