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_________________________________________________________________

 

 

☒     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 

 

 

☐        TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 

 

 

(Exact name of Registrant as specified in its charter) 

Utah						87-0327982
(State or other jurisdiction of						(IRS Employer
incorporation or organization)						Identification No.)

 

(Address of principal executive offices and zip code)

 

(Registrant’s telephone number including area code)

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, no par value			NATR			Nasdaq Capital Market

 

Indicate by check mark whether the registrant; (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  ý  No  o

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  ý  No  o

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and an “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  o						Accelerated filer  ☒
Non-accelerated filer  o						Smaller reporting company ☒
						Emerging growth company  ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

Yes ☐ No ý.

 

The number of shares of Common Stock, no par value, outstanding on October 24, 2025, was 17,495,563 shares.

 

 

 

Part I. Financial Information									4
			Item 1.			Financial Statements (Unaudited)			4
						Condensed Consolidated Balance Sheets			4
						Condensed Consolidated Statements of Income			5
						Condensed Consolidated Statements of Comprehensive Income			7
						Condensed Consolidated Statements of Changes in Shareholders’ Equity			8
						Condensed Consolidated Statements of Cash Flows			10
						Notes to Condensed Consolidated Financial Statements			11
			Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			22
			Item 3.			Quantitative and Qualitative Disclosures about Market Risk			31
			Item 4.			Controls and Procedures			31
Part II. Other Information									32
			Item 1.			Legal Proceedings			32
			Item 1A.			Risk Factors			32
			Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			33
			Item 3.			Defaults Upon Senior Securities			33
			Item 4.			Mine Safety Disclosures			33
			Item 5.			Other Information			33
			Item 6.			Exhibits			34

 

Certain information included or incorporated herein by reference in this report may be deemed to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may include, but are not limited to, statements relating to our objectives, plans, strategies and financial results, including expected improvement in gross profit and gross margin. All statements (other than statements of historical fact) that address activities, events or developments that we intend, expect, project, believe or anticipate will or may occur in the future are forward-looking statements. These statements are often characterized by terminology such as “believe,” “hope,” “may,” “anticipate,” “should,” “intend,” “plan,” “will,” “expect,” “estimate,” “project,” “positioned,” “strategy” and similar expressions, and are based on assumptions and assessments made in light of our experience and perception of historical trends, current conditions, expected future developments and other factors we believe to be appropriate. For example, information appearing under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” includes forward-looking statements. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties. Important factors that could cause actual results, developments and business decisions to differ materially from forward-looking statements are more fully described in this report, including the risks set forth under “Risk Factors” in Item 1A, and in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, but include the following:

•extensive government regulations to which the Company’s products, business practices and manufacturing activities are subject, including, but not limited to, trade restrictions and export controls;

•registration of products for sale in foreign markets, or difficulty or increased cost of importing products into foreign markets;

•legal challenges to the Company’s direct selling program or to the classification of its independent consultants;

•laws and regulations regarding direct selling may prohibit or restrict our ability to sell our products in some markets or require us to make changes to our business model in some markets;

•liabilities and obligations arising from improper activity by the Company’s independent consultants;

•product liability claims;

•impact of anti-bribery laws, including the U.S. Foreign Corrupt Practices Act;

•the Company’s ability to attract and retain independent consultants;

•the loss of one or more key independent consultants who have a significant sales network;

•the effect of fluctuating foreign exchange rates;

•failure of the Company’s independent consultants to comply with advertising laws;

•changes to the Company’s independent consultants' compensation plans;

•geopolitical issues and conflicts, including changes to U.S. trade policy resulting in new or additional tariffs;

•negative consequences resulting from difficult economic conditions, including the availability of liquidity or the willingness of the Company’s customers to purchase products;

•risks associated with the manufacturing of the Company’s products;

•supply chain disruptions, manufacturing interruptions or delays, or the failure to accurately forecast customer demand;

•failure to timely and effectively obtain shipments of products from our suppliers and contract manufacturers and deliver products to our independent consultants and customers;

•world-wide slowdowns and delays related to supply chain, ingredient shortages and logistical challenges;

•uncertainties relating to the application of transfer pricing, duties, value-added taxes, and other tax regulations, and changes thereto;

•changes in tax laws, treaties or regulations, or their interpretation;

•failure to maintain an effective system of internal controls over financial reporting;

•cybersecurity threats and exposure to data loss;

•the storage, processing, and use of data, some of which contain personal information, are subject to complex and evolving privacy and data protection laws and regulations;

•reliance on information technology infrastructure; and

•the sufficiency of trademarks and other intellectual property rights.

All forward-looking statements speak only as of the date of this report and are expressly qualified in their entirety by the cautionary statements included in or incorporated by reference into this report. Except as is required by law, we expressly disclaim any obligation to publicly release any revisions to forward-looking statements to reflect events after the date of this report. Throughout this report, we refer to Nature’s Sunshine Products, Inc., together with our subsidiaries, as “we,” “us,” “our,” “our Company” or “the Company.”

 

Item 1. FINANCIAL STATEMENTS

 

 

 

 

Nine Months Ended September 30,						2025						2024
Net income						$	15,938					$	8,624
Foreign currency translation gain (net of tax)						799						201
Total comprehensive income						$	16,737					$	8,825

 

 

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

 

 

 

We are a natural health and wellness company primarily engaged in the manufacture and sale of nutritional and personal care products. We are a Utah corporation with our principal place of business in Lehi, Utah, and sell our products directly to customers and to a sales force of independent consultants who use the products themselves or resell them to consumers.

 

 

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of normal recurring accruals), considered necessary for a fair presentation of our financial information as of September 30, 2025, and for the three- and nine-month periods ended September 30, 2025 and 2024. The results of operations of any interim period are not necessarily indicative of the results of operations to be expected for the year ending December 31, 2025.

 

These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2024.

The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosure of contingent assets and liabilities, in these financial statements and accompanying notes. Actual results could differ from these estimates and those differences could have a material effect on our financial position and results of operations.

The significant accounting estimates inherent in the preparation of our financial statements include estimates associated with our determination of liabilities related to independent consultant incentives, the determination of income tax assets and liabilities, certain other non-income tax and value-added tax contingencies and legal contingencies. In addition, significant estimates form the basis for allowances with respect to inventory valuations. Various assumptions and other factors enter into the determination of these significant estimates. The process of determining significant estimates takes into account historical experience and current and expected economic conditions.

Noncontrolling interests changed as a result of the net income attributable to noncontrolling interests of $0.2 million and $0.5 million for the three and nine months ended September 30, 2025, respectively. Net income attributable to the noncontrolling interests was $0.3 million and $0.6 million for the three and nine months ended September 30, 2024, respectively. As of September 30, 2025 and December 31, 2024, noncontrolling interests were $6.2 million and $5.7 million, respectively.

On June 27, 2025, Shanghai Fosun Pharmaceutical (Group) Co., Ltd. (“Fosun Pharma”), through one of its affiliates, sold 2,854,607 shares of the Company’s common stock and, as a result, Fosun Pharma ceased to own at least 5% of the outstanding shares of the Company’s common stock. Under the terms of the operating agreements for the shared joint ventures between the Company and Fosun Pharma, if Fosun Pharma, together with its affiliates, ceases to own at least 5% of the outstanding shares of the Company’s common stock, Fosun Pharma will sell to the Company, and the Company will purchase Fosun Pharma’s interests in the joint ventures.

On June 30, 2025, the Company entered into share purchase agreements with Fosun Industrial Co., Ltd. (“Fosun Industrial” an affiliate of Fosun Pharma) to purchase Fosun Industrial’s interest in the Company's two joint ventures, Nature’s Sunshine Hong Kong Limited and Shanghai Nature’s Sunshine Health Products Co., Ltd., for cash consideration in the amount of $3.9 million and $3.1 million, respectively. The joint venture repurchases are subject to customary closing conditions, including making applicable regulatory submissions to the People’s Republic of China (“PRC”) State Administration for Market Regulation and submitting required applications to the PRC Ministry of Commerce. Upon completion of this purchase agreement, the Company will maintain sole ownership of the joint venture's limited liability companies.

 

In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU provides additional guidance on the improved reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses. In addition, the amendments improve interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment and contain other disclosure requirements. The amendments in this update were effective as of December 15, 2023. The adoption of this ASU did not have a significant impact on our consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU provides additional guidance on the disclosure of income taxes on an annual basis and requires all public business entities to disclose specific categories in the rate reconciliation, provide additional information on reconciling items, additional information about income taxes paid and additional information about income tax expense from continuing operation. The amendments in this update are effective as of December 15, 2024. The adoption of this ASU did not have a significant impact on our consolidated financial statements.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This standard requires disclosure, in the notes to financial statements, of specific information about certain costs and expenses. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The adoption of this ASU is not expected to have a significant impact on our consolidated financial statements.

 

The composition of inventories is as follows (dollar amounts in thousands):

			September 30, 2025						December 31, 2024
Raw materials			$	22,810					$	21,312
Work in progress			1,277						1,011
Finished goods			43,248						37,120
Total inventories			$	67,335					$	59,443

 

Our trading securities portfolio totaled $1.1 million at September 30, 2025, and $0.9 million at December 31, 2024, and generated gains of $0.1 million and $41,000 for the three months ended September 30, 2025 and 2024, respectively, and gains of $0.1 million and $0.1 million for the nine months ended September 30, 2025 and 2024, respectively.

 

On July 11, 2017, we entered into a revolving credit agreement with Bank of America, N.A., with a borrowing limit of $25.0 million (the “Credit Agreement”). On June 23, 2022, the Credit Agreement was amended to extend the term to mature on July 1, 2027. On September 11, 2024, the Credit Agreement was amended to modify the calculation of interest. Interest under the amended Credit Agreement is the greater of SOFR Daily Floating Rate or the Index Floor, plus 1.50 percent (5.76 percent as of September 30, 2025), and an annual commitment fee of 0.25 percent on the unused portion of the commitment. At September 30, 2025 and December 31, 2024, there was no outstanding balance under the Credit Agreement.

The Credit Agreement contains customary financial covenants, including financial covenants relating to our solvency and leverage. In addition, the Credit Agreement restricts certain capital expenditures, lease expenditures, other indebtedness, liens on assets, guarantees, loans and advances, dividends, mergers, consolidations and transfers of assets except as permitted in the Credit Agreement. The Credit Agreement is collateralized by our manufacturing facility, accounts receivable, inventories and other assets. As of September 30, 2025, we were in compliance with the debt covenants set forth in the Credit Agreement.

 

Basic net income per common share (“Basic EPS”), is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per common share (“Diluted EPS”) reflects the potential dilution that could occur if stock options or other contracts to issue common stock were exercised or converted into common stock. The computation of Diluted EPS does not assume exercise or conversion of securities that would have an anti-dilutive effect on net income per common share.

Following is a reconciliation of the numerator and denominator of Basic EPS to the numerator and denominator of Diluted EPS for the three and nine months ended September 30, 2025 and 2024 (dollar and share amounts in thousands, except for per share information):

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Net income attributable to common shareholders			$	5,334					$	4,347					$	15,414					$	8,017
Basic weighted average shares outstanding			17,638						18,512						18,174						18,661
Basic earnings per share attributable to common shareholders			$	0.30					$	0.23					$	0.85					$	0.43
Diluted shares outstanding:
Basic weighted-average shares outstanding			17,638						18,512						18,174						18,661
Stock-based awards			396						378						389						454
Diluted weighted-average shares outstanding			18,034						18,890						18,563						19,115
Diluted earnings per share attributable to common shareholders			$	0.30					$	0.23					$	0.83					$	0.42
Dilutive shares excluded from diluted-per-share amounts:
Share-based awards			710						754						710						754
Anti-dilutive shares excluded from diluted-per-share amounts:
Share-based awards			—						—						—						—

Potentially dilutive shares excluded from diluted-per-share amounts include performance-based restricted stock units, for which certain metrics have not been achieved. Potentially anti-dilutive shares excluded from diluted-per-share amounts include both non-qualified stock options and unearned performance-based options to purchase shares of common stock with exercise prices greater than the weighted-average share price during the period and shares that would be anti-dilutive to the computation of diluted net income per share for each of the periods presented.

 

 

The declaration of future dividends is subject to the discretion of our Board of Directors and will depend upon numerous factors, including earnings, financial condition, restrictions imposed by any indebtedness that may be outstanding, cash requirements, future prospects and other factors deemed relevant by our Board of Directors.

On March 10, 2021, we announced a $15.0 million common share repurchase program. On March 8, 2022, we announced an amendment to the share repurchase program allowing the repurchase of an additional $30.0 million in common shares. On May 6, 2025 we announced an amendment to the share repurchase program allowing the repurchase of an additional $25.0 million in common shares. The repurchases may be made from time to time as market conditions warrant and are subject to regulatory considerations. For the nine months ended September 30, 2025 and 2024, we repurchased 1,129,000 and 509,000 shares of our common stock for $14.4 million and $8.4 million including excise taxes, respectively. At September 30, 2025, the remaining balance available for repurchases under the program was $19.3 million.

 

Our Amended and Restated 2012 Stock Incentive Plan (“2012 Incentive Plan”) provides for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalent rights, performance awards, stock awards and other stock-based awards. The Compensation Committee of the Board of Directors has authority and discretion to determine the type of award, as well as the amount, terms and conditions of each award under the 2012 Incentive Plan, subject to the limitations of the 2012 Incentive Plan. A total of 5,000,000 shares of our common stock have been reserved for issuance under the 2012 Incentive Plan. The number of shares available for awards, as well as the terms of outstanding awards, are subject to adjustment as provided in the 2012 Incentive Plan for stock splits, stock dividends, recapitalizations and other similar events.

 

 

Our outstanding stock options include time-based stock options, which vest over differing periods of time ranging from the date of issuance to up to 48 months from the option grant date, and performance-based stock options, which have already vested upon achieving operating income margins of six, eight and ten percent as reported in four of five consecutive quarters over the term of the options.

 

Stock option activity for the nine-month period ended September 30, 2025, is as follows (amounts in thousands, except per share information):

			Number of Shares						Weighted Average Exercise Price Per Share						Weighted Average Grant Date Fair Value
Options outstanding at December 31, 2024			75						$	11.25					$	3.85
Granted			—						—						—
Forfeited or canceled			(25)						11.21						3.16
Exercised			(25)						9.05						3.46
Options outstanding at September 30, 2025			25						$	13.50					$	4.94

There was no share-based compensation expense for the three- and nine-month periods ended September 30, 2025 and 2024. As of September 30, 2025 and December 31, 2024, there was no unrecognized share-based compensation expense related to the grants described above.

At September 30, 2025, the aggregate intrinsic value of outstanding and exercisable stock options to purchase 25,000 shares of common stock was $51,000. At December 31, 2024, the aggregate intrinsic value of outstanding and exercisable options to purchase 75,000 shares of common stock was $0.3 million.

For the nine months ended September 30, 2025, we issued 25,000 shares of common stock upon the exercise of stock options at an average exercise price of $9.05 per share. The aggregate intrinsic value of options exercised during the nine months ended September 30, 2025, was $0.1 million. For the nine months ended September 30, 2025, we recognized $0.1 million of tax benefits from the exercise of stock options.

For the nine months ended September 30, 2024, no shares of common stock were issued upon the exercise of stock options.

As of September 30, 2025 and December 31, 2024, we did not have any unvested stock options outstanding.

 

 

Our outstanding restricted stock units (“RSUs”), include time-based RSUs, which vest over differing periods of time ranging from 12 months to up to 36 months from the RSU grant date, as well as performance-based RSUs, which vest upon achieving targets relating to adjusted EBITDA growth, stock price levels and/or total shareholder return ("TSR"). RSUs granted to members of the Board of Directors contain a restriction period in which the shares are not issued until two years after vesting. At September 30, 2025 and December 31, 2024, there were 78,000 and 110,000 vested RSUs, respectively, granted to the Board of Directors with an accompanying restriction period.

Restricted stock unit activity for the nine-month period ended September 30, 2025, is as follows (amounts in thousands, except per share information):

			Number of Shares						Weighted Average Grant Date Fair Value
Restricted Stock Units outstanding at December 31, 2024			1,248						$	12.29
Granted			572						14.90
Forfeited			(154)						9.73
Issued			(270)						12.83
Restricted Stock Units outstanding at September 30, 2025			1,396						13.54

 

During the nine-month period ended September 30, 2025, we granted 572,000 RSUs under the 2012 Incentive Plan to the Board of Directors, executive officers and other employees, which were comprised of time-based RSUs, adjusted EBITDA and TSR performance-based RSUs. The time-based RSUs were issued with a weighted-average grant date fair value of $13.96 per share and vest in annual installments from the grant date over a one- to three-year period from the grant date. The adjusted EBITDA performance-based RSUs were issued with a weighted-average grant date fair value of $14.74 per share and vest upon achieving adjusted EBITDA targets and maintaining those targets over a four-quarter period from the grant date. The TSR performance-based RSUs were issued with a weighted-average grant date fair value of $17.44 per share and vest upon achieving TSR targets at both a two- and three-year measurement date from the grant date.

Share-based compensation expense related to time-based RSUs for the three-month periods ended September 30, 2025 and 2024, was approximately $0.9 million and $0.7 million, respectively. Share-based compensation expense related to time-based RSUs for the nine-month periods ended September 30, 2025 and 2024, was approximately $2.9 million and $2.6 million, respectively. As of September 30, 2025 and December 31, 2024, the unrecognized share-based compensation expense related to the grants described above, excluding incentive awards discussed below, was $3.4 million and $2.4 million, respectively. The remaining compensation expense is expected to be recognized over the weighted average period of approximately 0.7 years.

 

Share-based compensation expense related to performance-based RSUs for the three-month periods ended September 30, 2025 and 2024, was $0.4 million and $0.3 million, respectively. Share-based compensation expense related to performance-based RSUs for the nine-month periods ended September 30, 2025 and 2024, was $1.3 million and $0.9 million, respectively. Should we attain all the metrics related to performance-based RSU grants, we would recognize up to $7.2 million of potential share-based compensation expense. We currently expect to recognize an additional $3.5 million of that potential share-based compensation expense.

The number of shares issued upon vesting of RSUs granted pursuant to our share-based compensation plans is net of the minimum statutory withholding requirements that we pay on behalf of our employees, which was 70,000 and 63,000 shares for the nine-month periods ended September 30, 2025 and 2024, respectively. Although shares withheld are not issued, they are treated as common share repurchases for accounting purposes, as they reduce the number of shares that would have been issued upon vesting. These shares do not count against the authorized capacity under the repurchase program described above. 

 

We have four reportable business segments (Asia, Europe, North America and Latin America and Other) based primarily upon the geographic region where each segment operates, as well as the internal organization of our officers and their responsibilities. Each of the geographic segments operate under the Nature’s Sunshine Products and Synergy WorldWide® brands and sell similar products grouped into six principal categories: general health, immune, cardiovascular, digestive, personal care and weight management. The Latin America and Other segment includes our wholesale business in which we sell products to various locally-managed entities, independent of the Company, that we have granted distribution rights for the relevant market.

The Company's chief operating decision maker ("CODM") is our chief executive officer. The CODM assesses the performance of each segment using operating income. The CODM reviews the performance of each segment using monthly internal reports which provide variance analysis of actual results by segment compared to budget, forecast and prior year. The CODM uses this information when making decisions about the allocation of operating resources to each segment. The CODM does not evaluate reportable segments using asset or liability information.

Reportable business segment information for the three and nine months ended September 30, 2025 and 2024, is as follows (dollar amounts in thousands):

_________________________________________

(1)    Service fees in China totaled $4.6 million and $10.9 million for the three- and nine-month periods ended September 30, 2025, respectively, compared to $3.5 million and $10.4 million for the three- and nine-month periods ended September 30, 2024. These service fees are included in selling, general and administrative expenses.

The table below reflects sales based upon the sales location where they occurred. From an individual country/region perspective, the United States, Taiwan, Japan and South Korea comprise 10 percent or more of consolidated net sales for the three- and nine-month periods ended September 30, 2025 and 2024, as follows (dollar amounts in thousands):  

			Three Months Ended September 30,												Nine Months Ended September 30,
			2025						2024						2025						2024
Net sales:
United States			$	33,721					$	30,973					$	98,687					$	95,609
Taiwan			18,854						18,389						53,446						50,489
Japan			17,704						13,287						41,911						32,144
South Korea			15,199						13,894						38,516						38,964
Other			42,861						38,072						123,777						118,953
Total net sales			$	128,339					$	114,615					$	356,337					$	336,159

Net sales generated by each product line for the three and nine months ended September 30, 2025 and 2024, are as follows (dollar amounts in thousands):

Depreciation and amortization by reportable business segment for the three and nine months ended September 30, 2025 and 2024, are as follows (dollar amounts in thousands):