Nu Skin Enterprises Inc (NYSE:NUS)
$ 7.23 0.01 (0.14%) Market Cap: 359.41 Mil Enterprise Value: 622.66 Mil PE Ratio: 0 PB Ratio: 0.51 GF Score: 55/100
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Q2 2024 NU Skin Enterprises Inc Earnings Call Transcript

Aug 08, 2024 / 09:00PM GMT
Release Date Price: $10.4 (-0.86%)

Key Points

Positve
  • 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.
Negative
  • 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.
Operator

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.

Scott Pond
NU Skin Enterprises Inc - Vice President - Investor Relations

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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