Q2 2024 NU Skin Enterprises Inc Earnings Call Transcript
Key Points
- Revenue for Q2 2024 was slightly above the midpoint of guidance despite a stronger-than-anticipated FX headwind of over 4%.
- Non-GAAP earnings per share were near the top end of the range, reflecting progress in business transformation while managing costs and driving efficiencies.
- Rhyz business segment saw a 32% revenue increase, contributing nearly $68 million and accounting for over 15% of total Q2 revenue.
- New products like ageLOC WellSpa iO, RenuSpa iO, and TRMe weight management system generated over $60 million in revenue.
- Nu Skin was named the world's number one company for beauty and wellness device systems by Euromonitor.
- The operating environment remains challenging due to macroeconomic factors and pressures on the direct-selling industry.
- China market continues to face challenges due to macroeconomic trends.
- Gross margin declined to 70% from 72.9% in the prior year quarter, impacted by growth in the Rhyz business which carries a lower gross margin.
- Selling expense as a percentage of revenue increased to 37.7% from 37% in the prior year quarter.
- Reported earnings were negative $2.38 per share, or $0.21 excluding restructuring and impairment charges.
Good day, and thank you for standing by. Welcome to the Nu Skin Enterprises second-quarter 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker, Scott Pond, VP of Investor Relations. Please go ahead.
Thanks, Shannon, and good afternoon, everyone. Today on the call with me are Ryan Napierski, President and CEO; and James Thomas, CFO.
On today's call, comments will be made that include forward-looking statements. These statements involve risks and uncertainties, and actual results may differ materially from those discussed or anticipated. Please refer to today's earnings release and our SEC filings for a complete discussion of these risks.
Also during the call, certain financial numbers may be discussed that differ from comparable numbers obtained in our financial statements. We believe these non-GAAP numbers assist in comparing period-to
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