Nu Skin Second Quarter Revenue Falls 12 Percent; Takes 141 Million Impairment Charge

PROVO, Utah, Aug. 8, 2024 --

Nu Skin Enterprises reported second-quarter 2024 revenue of 439.1 million dollars, down 12.2 percent from 500.3 million dollars a year earlier, including a 4.2 percent currency headwind. The company posted a loss of 2.38 dollars per share, or earnings of 0.21 dollars excluding restructuring and impairment charges, after recording a 141 million dollar non-cash impairment of goodwill and other intangibles tied to its lower stock price and market conditions.

Customers fell 14 percent to 893,514, paid affiliates fell 17 percent to 155,486 and sales leaders fell 16 percent to 38,592. Revenue from the Rhyz business rose 32.3 percent to 67.8 million dollars, led by the Mavely affiliate platform and its manufacturing companies.

President and CEO Ryan Napierski said Nu Skin is revising its business model for developing markets, starting with Latin America and parts of Southeast Asia, and stepping up plans to enter India. The company narrowed 2024 revenue guidance to 1.73 billion to 1.81 billion dollars, with a GAAP loss of 2.01 to 1.81 dollars per share, and guided third-quarter revenue of 430 million to 465 million dollars.