PROVO, Utah, May 08, 2025--(BUSINESS WIRE)--Nu Skin Enterprises Inc. (NYSE: NUS) today announced first quarter revenue at the high end of its guidance range.

Executive Summary Q1 2025 vs. Prior-year Quarter

Revenue $364.5 million; (12.7)%

(3.0)% FX impact or $(12.3) million Earnings Per Share
(EPS) $2.14 or $0.23 excluding Mavely gain and other charges compared to $(0.01) or $0.09 excluding restructuring charges Customers 776,712; (11)% Paid Affiliates 131,518; (15)% Sales Leaders 31,036; (20)%

"We are pleased to achieve revenue at the high end of our guidance range and exceed our adjusted earnings forecast to start out the year," said Ryan Napierski, Nu Skin president and CEO. "We drove year-over-year growth in Latin America and our Rhyz manufacturing segment, but we continue to experience consumer caution in premium beauty due to concerns such as inflation and tariffs in many parts of the world. Through 2025, we remain focused on building on our recent product launches and preparing for the preview of our Prysm iO intelligent wellness device in the back half of the year. This palm-sized device provides real-time insights into a customer's health, informing recommendations for product subscriptions and increasing customer satisfaction and loyalty. We are also laying the groundwork for expansion into India with a market pre-opening in Q4 and formal launch in mid-2026 and prioritizing our efforts to continue improving margins across the board."

Q1 2025 Year-over-year Operating Results

Revenue $364.5 million compared to $417.3 million

(3.0)% FX impact or $(12.3) million Gross Margin 67.8% compared to 70.5%

Nu Skin business was 76.7% compared to 76.9% Selling Expenses 32.5% compared to 36.8%

Nu Skin business was 38.7% compared to 41.7% G&A Expenses 31.1% or 28.9% excluding certain charges compared to 29.9% Restructuring and
Impairment Expenses $25.1 million impairment compared to $7.3 million restructuring charges Operating Margin (2.7)% or 6.4% excluding impairment and other charges compared to 2.1% or 3.8% excluding restructuring charges Interest Expense $3.3 million compared to $7.3 million Gain on Sale of
Business $176.2 million gain on sale of Mavely Other Expense $28.4 million compared to $0.4 million

Reflects $28.1 million unrealized loss on investment Income Tax Rate 20.1% or 41.9% excluding Mavely gain and other charges compared to 148.4% or 48.5% excluding restructuring charges EPS $2.14 or $0.23 excluding Mavely gain and other charges compared to $(0.01) or $0.09 excluding restructuring charges

Stockholder Value

Dividend Payments $3.0 million Stock Repurchases $5.0 million

$157.4 million remaining in authorization

Q2 and Full-year 2025 Outlook

Q2 2025 Revenue $355 to $390 million; (19)% to (11)% or (17)% to (9)% excluding Mavely 2024 revenue

Approximately (3) to (2)% FX impact Q2 2025 EPS $0.20 to $0.30 2025 Revenue $1.48 to $1.62 billion; (15)% to (6)% or (11)% to (3)% excluding Mavely 2024 revenue

Approximately (3)% FX impact 2025 EPS $2.80 to $3.20 or $0.90 to $1.30 excluding Mavely gain and other charges

"In addition to delivering on revenue and adjusted earnings, we saw encouraging improvement in core Nu Skin operating margin, driven by ongoing cost efficiency initiatives across every segment," said James D. Thomas, chief financial officer. "We also made meaningful progress in strengthening our balance sheet by reducing outstanding debt by $155 million, achieving our lowest debt level in more than 10 years. In addition, we returned $8 million to shareholders — $3 million in the form of dividends and $5 million via share repurchases. While macroeconomic uncertainty around trade tensions and tariffs continues to impact visibility, we are maintaining our adjusted annual guidance as we closely monitor developments throughout the remainder of 2025. For the second quarter, we project revenue between $355 million and $390 million, with earnings per share in the range of $0.20 to $0.30."

Story Continues

Conference Call

The Nu Skin Enterprises management team will host a conference call with the investment community today at 5 p.m. (ET). Those wishing to access the webcast, as well as the financial information presented during the call, can visit the Investor Relations page on the company's website at ir.nuskin.com. A replay of the webcast will be available on the same page through May 22, 2025.

About Nu Skin Enterprises Inc.

The Nu Skin Enterprises Inc. (NYSE: NUS) family of companies includes Nu Skin and Rhyz Inc. Nu Skin is an integrated beauty and wellness company, powered by a dynamic affiliate opportunity platform, which operates in nearly 50 markets worldwide. Backed by 40 years of scientific research, the company’s products help people look, feel and live their best with brands including Nu Skin® personal care, Pharmanex® nutrition and ageLOC® anti-aging, which includes an award-winning line of beauty device systems. Formed in 2018, Rhyz is a synergistic ecosystem of consumer, technology and manufacturing companies focused on innovation within the beauty, wellness and lifestyle categories.

Important Information Regarding Forward-Looking Statements: This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that represent the company’s current expectations and beliefs. All statements other than statements of historical fact are "forward-looking statements" for purposes of federal and state securities laws and include, but are not limited to, statements of management’s expectations regarding the macro environment and the company’s performance, growth and growth opportunities, shareholder value, product previews and launches, investments, initiatives, and new market expansion; projections regarding revenue, expenses, margins, tax rates, earnings per share, foreign currency fluctuations, uses of cash, financial position and other financial items; statements of belief; and statements of assumptions underlying any of the foregoing. In some cases, you can identify these statements by forward-looking words such as "believe," "expect," "anticipate," "accelerate," "project," "vision," "remain," "continue," "outlook," "guidance," "improve," "will," "would," "could," "may," "might," the negative of these words and other similar words.

The forward-looking statements and related assumptions involve risks and uncertainties that could cause actual results and outcomes to differ materially from any forward-looking statements or views expressed herein. These risks and uncertainties include, but are not limited to, the following:

any failure of current or planned initiatives or products to generate interest among the company’s sales force and customers and generate sponsoring and selling activities on a sustained basis; risk that direct selling laws and regulations in any of the company’s markets, including the United States and Mainland China, may be modified, interpreted or enforced in a manner that results in negative changes to the company’s business model or negatively impacts its revenue, sales force or business, including through the interruption of sales activities, loss of licenses, increased scrutiny of sales force actions, imposition of fines, or any other adverse actions or events; economic conditions and events globally; the company’s future tax-planning initiatives, any prospective or retrospective increases in duties or tariffs on the company’s products imported into the company’s markets, and any adverse results of tax audits or unfavorable changes to tax laws in the company’s various markets; competitive pressures in the company’s markets; risk that epidemics or other crises, as well as any related disruptions, could negatively impact our business; adverse publicity related to the company’s business, products, industry or any legal actions or complaints by the company’s sales force or others; political, legal, tax and regulatory uncertainties, including trade policies, associated with operating in Mainland China and other international markets; uncertainty regarding meeting restrictions and other government scrutiny in Mainland China, as well as negative media and consumer sentiment in Mainland China on our business operations and results; risk of foreign-currency fluctuations and the currency translation impact on the company’s business associated with these fluctuations; uncertainties regarding the future financial performance of the businesses the company has acquired; risks related to accurately predicting, delivering or maintaining sufficient quantities of products to support planned initiatives or launch strategies, and increased risk of inventory write-offs if the company over-forecasts demand for a product or changes its planned initiatives or launch strategies; and regulatory risks associated with the company’s products, which could require the company to modify its claims or inhibit its ability to import or continue selling a product in a market if the product is determined to be a medical device or if the company is unable to register the product in a timely manner under applicable regulatory requirements.

The company’s financial performance and the forward-looking statements contained herein are further qualified by a detailed discussion of associated risks set forth in the documents filed by the company with the Securities and Exchange Commission. The forward-looking statements set forth the company’s beliefs as of the date that such information was first provided, and the company assumes no duty to update the forward-looking statements contained in this release to reflect any change except as required by law.

Non-GAAP Financial Measures: Constant-currency revenue change is a non-GAAP financial measure that removes the impact of fluctuations in foreign-currency exchange rates, thereby facilitating period-to-period comparisons of the company’s performance. It is calculated by translating the current period’s revenue at the same average exchange rates in effect during the applicable prior-year period and then comparing that amount to the prior-year period’s revenue. The company believes that constant-currency revenue change is useful to investors, lenders and analysts because such information enables them to gauge the impact of foreign-currency fluctuations on the company’s revenue from period to period.

Earnings per share, general & administrative expenses, operating margin and income tax rate, each excluding the gain from the Mavely sale, restructuring charges, impairment charges, and/or other charges, as well as revenue growth rate excluding Mavely 2024 revenue, also are non-GAAP financial measures.

Restructuring charges and impairment charges are not part of the ongoing operations of our underlying business; Mavely revenue is no longer included in our operations following our sale of this business on January 2, 2025; and the gain from the Mavely sale and the other charges incurred in connection with this sale that have been excluded in the non-GAAP financial measures are not typical for our ongoing operations.

The company believes that these non-GAAP financial measures are useful to investors, lenders and analysts because removing the impact of these items facilitates period-to-period comparisons of the company’s performance. Please see the reconciliations of these items to our earnings per share, general & administrative expenses, operating margin, income tax rate and revenue growth rate calculated under GAAP, below.

The following table sets forth revenue for the three-month periods ended March 31, 2025, and 2024 for each of our reportable segments (U.S. dollars in thousands):

Three Months Ended

March 31,    Constant-
Currency 2025  2024  Change  Change Nu Skin  Americas $ 69,058  $ 75,031   (8.0)%   (1.3)% Southeast Asia/Pacific  52,172   60,065   (13.1)%   (12.0)% Mainland China  47,775   61,067   (21.8)%   (20.6)% Japan  42,765   44,236   (3.3)%   (0.8)% Europe & Africa  33,021   42,273   (21.9)%   (19.5)% South Korea  32,515   40,963   (20.6)%   (13.3)% Hong Kong/Taiwan  28,447   30,466   (6.6)%   (4.0)% Other  529   672   (21.3)%   (21.3)% Total Nu Skin  306,282   354,773   (13.7)%   (10.2)% Rhyz  Manufacturing  55,290   50,302   9.9%   9.9% Rhyz other  2,918   12,231   (76.1)%   (76.1)% Total Rhyz  58,208   62,533   (6.9)%   (6.9)% Total $ 364,490  $ 417,306   (12.7)%   (9.7)%

The following table provides information concerning the number of Customers, Paid Affiliates and Sales Leaders in our core Nu Skin business for the three-month periods ended March 31, 2025, and 2024:

Three Months Ended

March 31,  2025  2024  Change Customers  Americas  227,514   199,399  14% Southeast Asia/Pacific  74,584   93,411  (20)% Mainland China  122,474   162,239  (25)% Japan  107,742   108,808  (1)% Europe & Africa  130,154   163,481  (20)% South Korea  71,721   100,230  (28)% Hong Kong/Taiwan  42,523   47,693  (11)% Total Customers  776,712   875,261  (11)% Paid Affiliates  Americas  26,936   29,081  (7)% Southeast Asia/Pacific  22,296   29,778  (25)% Mainland China  19,859   24,405  (19)% Japan  21,073   21,679  (3)% Europe & Africa  15,184   18,313  (17)% South Korea  16,548   20,594  (20)% Hong Kong/Taiwan  9,622   10,321  (7)% Total Paid Affiliates  131,518   154,171  (15)%  Sales Leaders  Americas  6,174   6,616  (7)% Southeast Asia/Pacific  4,542   5,570  (18)% Mainland China  6,214   9,600  (35)% Japan  6,210   6,385  (3)% Europe & Africa  2,839   3,715  (24)% South Korea  2,850   4,122  (31)% Hong Kong/Taiwan  2,207   2,601  (15)% Total Sales Leaders  31,036   38,609  (20)%

"Customers" are persons who have purchased directly from the Company during the three months ended as of the date indicated. Our Customer numbers include members of our sales force who made such a purchase, including Paid Affiliates and those who qualify as Sales Leaders, but they do not include consumers who purchase directly from members of our sales force. "Paid Affiliates" are any Brand Affiliates, as well as members of our sales force in Mainland China, who earned sales compensation during the three-month period. In all of our markets besides Mainland China, we refer to members of our independent sales force as "Brand Affiliates" because their primary role is to promote our brand and products through their personal social networks. "Sales Leaders" are the three-month average of our monthly Brand Affiliates, as well as sales employees and independent marketers in Mainland China, who achieved certain qualification requirements as of the end of each month of the quarter.

NU SKIN ENTERPRISES, INC.

Consolidated Statements of Income (Unaudited)

(U.S. dollars in thousands, except per share amounts)  Three Months Ended

March 31, 2025  2024 Revenue $ 364,490  $ 417,306 Cost of sales  117,529   123,242 Gross profit  246,961   294,064  Operating expenses:  Selling expenses  118,546   153,542 General and administrative expenses  113,204   124,566 Restructuring and impairment expenses  25,114   7,134 Total operating expenses  256,864   285,242  Operating income (loss)  (9,903)   8,822 Interest expense  3,283   7,325 Gain on sale of business  176,162   — Other expense, net  (28,375)   (396)  Income before provision for income taxes  134,601   1,101 Provision for income taxes  27,086   1,634  Net income (loss) $ 107,515  $ (533)  Net income (loss) per share:  Basic $ 2.16  $ (0.01) Diluted $ 2.14  $ (0.01)  Weighted-average common shares outstanding (000s):  Basic  49,764   49,538 Diluted  50,328   49,538

NU SKIN ENTERPRISES, INC.

Consolidated Balance Sheets (Unaudited)

(U.S. dollars in thousands)  March 31,

2025  December 31, 2024 ASSETS  Current assets:  Cash and cash equivalents $ 203,770  $ 186,883 Current investments  9,781   11,111 Accounts receivable, net  56,576   50,784 Inventories, net  188,776   190,242 Prepaid expenses and other  65,954   72,643 Current assets held for sale  —   26,936 Total current assets  524,857   538,599  Property and equipment, net  380,067   379,595 Operating lease right-of-use assets  79,389   72,605 Goodwill  83,625   83,625 Other intangible assets, net  47,554   74,278 Other assets  275,919   298,008 Long-term assets held for sale  —   22,204 Total assets $ 1,391,411  $ 1,468,914  LIABILITIES AND STOCKHOLDERS’ EQUITY  Current liabilities:  Accounts payable $ 33,590  $ 34,880 Accrued expenses  206,710   217,808 Current portion of long-term debt  20,000   30,000 Current liabilities held for sale  —   13,919 Total current liabilities  260,300   296,607  Operating lease liabilities  61,949   58,439 Long-term debt  218,757   363,613 Other liabilities  96,436   97,475 Long-term liabilities held for sale  —   1,325 Total liabilities  637,442   817,459  Commitments and contingencies   Stockholders’ equity:  Class A common stock – 500 million shares authorized, $0.001 par value, 90.6 million shares issued  91   91 Additional paid-in capital  623,477   627,787 Treasury stock, at cost – 41.2 million and 40.8 million shares  (1,562,211)   (1,563,614) Accumulated other comprehensive loss  (123,850)   (124,758) Retained earnings  1,8416,462   1,711,949 Total stockholders' equity  753,969   651,455 Total liabilities and stockholders’ equity $ 1,391,411  $ 1,468,914

NU SKIN ENTERPRISES, INC.
Reconciliation of General and Administrative Expenses Excluding Certain Charges to GAAP General and Administrative Expenses (in thousands, except for per share amounts)  Three months ended
March 31, 2025  2024 General and administrative expenses  $ 113,204  $ 124,566 Impact of other charges(1)   (7,966)   - Adjusted general and administrative expenses  $ 105,238  $ 124,566   General and administrative expenses as a percentage of revenue   31.1%   29.9% General and administrative expenses as a percentage of revenue, excluding certain charges   28.9%   29.9%  Revenue  $ 364,490  $ 417,306 __________________________  (1) Other charges for the first quarter of 2025 consist of expenses incurred in connection with the Mavely sale, including $2.7 million of transaction bonuses for certain employees and $5.2 million of equity compensation as a result of the vesting of the Mavely profits interest units.

NU SKIN ENTERPRISES, INC.
Reconciliation of Operating Margin Excluding Certain Charges to GAAP Operating Margin (in thousands, except for per share amounts)  Three months ended
March 31, 2025  2024 Operating Income (loss)  $ (9,903)  $ 8,822 Impact of other charges(1)   7,966   - Impact of restructuring and impairment   25,114   7,134 Adjusted operating income  $ 23,177  $ 15,956   Operating margin   (2.7)%   2.1% Operating margin, excluding certain charges   6.4%   3.8%  Revenue  $ 364,490  $ 417,306

NU SKIN ENTERPRISES, INC. Reconciliation of Effective Tax Rate Excluding Impact of Mavely Gain and Certain Charges to GAAP Effective Tax Rate (in thousands, except for per share amounts)  Three months ended
March 31, 2025  2024 Provision for income taxes  $ 27,086  $ 1,634 Impact of other charges(1) on provision for income taxes   725   - Impact of restructuring and impairment on provision for income taxes   5,433   2,356 Impact of gain on Mavely sale on provision for income taxes   (31,104)  Impact of unrealized investment loss on provision for income taxes   6,074   - Provision for income taxes, excluding impact of Mavely gain and certain charges  $ 8,214  $ 3,990  Income before provision for income taxes   134,601   1,101 Impact of other charges(1)   7,966   - Impact of restructuring and impairment expense:   25,114   7,134 Impact of gain on Mavely sale   (176,162)   - Impact of unrealized investment loss   28,077   - Income before provision for income taxes, excluding impact of certain charges  $ 19,596  $ 8,235  Effective tax rate   20.1%   148.4% Effective tax rate, excluding impact of certain charges   41.9%   48.5%

NU SKIN ENTERPRISES, INC.
Reconciliation of Earnings Per Share Excluding Impact of Mavely Gain and Certain Charges to GAAP Earnings Per Share (in thousands, except for per share amounts)  Three months ended
March 31, 2025  2024 Net income (loss)  $ 107,515  $ (533) Impact of other charges  Other charges(1)   7,966   - Tax impact   (725)   - Impact of restructuring and impairment expense:  Restructuring and impairment   25,114   7,134 Tax impact   (5,433)   (2,356) Impact of gain on Mavely sale  Gain on Mavely sale   (176,162)   - Tax impact   31,104   - Impact of unrealized investment loss  Unrealized investment loss   28,077   - Tax impact   (6,074)   - Adjusted net income  $ 11,382  $ 4,245   Diluted earnings per share  $ 2.14  $ (0.01) Diluted earnings per share, excluding restructuring impact  $ 0.23  $ 0.09  Weighted-average common shares outstanding (000)   50,328   49,538

NU SKIN ENTERPRISES, INC.
Reconciliation of Earnings Per Share Excluding Impact of Restructuring to GAAP Earnings Per Share  Year ended December 31, 2025 Low end  High end Earnings Per Share  $ 2.80  $ 3.20 Impact of other charges  Other charges(1)   0.16   0.16 Tax impact   (0.01)   (0.01) Impact of restructuring and impairment expense:  Restructuring and impairment   0.50   0.50 Tax impact   (0.11)   (0.11) Impact of gain on Mavely sale  Gain on Mavely sale   (3.50)   (3.50) Tax impact   0.62   0.62 Impact of unrealized investment loss  Unrealized investment loss   0.56   0.56 Tax impact   (0.12)   (0.12) Adjusted EPS  $ 0.90  $ 1.30

NU SKIN ENTERPRISES, INC.
Reconciliation of Revenue Growth Rates Excluding Mavely to GAAP Revenue Growth Rates
(in thousands)  Three months ended
June 30, 2025  Year ended
December 31, 2025 Low end  High end  Low end  High end 2024 Revenue  $ 439,081  $ 439,081  $ 1,732,084  $ 1,732,084 Less: Mavely 2024 Revenue   12,007   12,007   69,620   69,620 Adjusted 2024 Revenue  $ 427,074  $ 427,074  $ 1,662,464  $ 1,662,464  Revenue Growth Rate   (19)%   (11)%   (15)%   (6)% Revenue Growth Rate, excluding Mavely   (17)%   (9)%   (11)%   (3)%  2025 Forecasted Revenue  $ 355,000  $ 390,000  $ 1,480,000  $ 1,620,000

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