Mannatech Q2 Revenue 2024 Down 14.9% To $27.7 Million

Mannatech, Incorporated (NASDAQ: MTEX), (“Mannatech” or “Company”), global health and wellness company committed to transforming lives to make a better world, today announced financial results for its second quarter of 2024.

Second Quarter Highlights

Net sales for the quarter ended June 30, 2024 were $27.7 million, as compared to $32.6 million for the same period in 2023, a decrease of $4.9 million, or 14.9%.

On a Constant dollar basis (see Non-GAAP Measures, below) our net sales decreased $4.2 million, or 12.9%, and unfavorable foreign exchange caused a $0.7 million decrease in GAAP net sales as compared to the same period in 2023. The decline in revenues was principally due to supply chain constraints, items on back order, and some weakening of economic conditions in Asia.

Gross profit as a percentage of net sales decreased to 77.1% for three months ended June 30, 2024, as compared to 78.5% for the same period in 2023, some of the increase in costs were related to increased freight costs related to back ordered items and running some sales promotions on products thereby reducing our margin.

Commission expenses for the three months ended June 30, 2024 decreased by 12.5%, or $1.6 million, to $11.1 million, as compared to $12.7 million for the same period in 2023. Commissions are earned from sales.

Commission expenses in dollar terms decreased during the three months ended June 30, 2024 primarily due to a decline in our sales. For the three months ended June 30, 2024, commissions as a percentage of net sales increased to 40.0% from 38.9% for the same period in 2023. The increase in commissions was due partially to running promotions on our products.

About Mannatech:

Mannatech is a leading global health and wellness company committed to empowering everyone to live their best life through cutting-edge, science-backed nutritional products, patented technology, and a rewarding business opportunity.

With operations in 25 markets†, Mannatech helps people to live healthier, more fulfilling lives while making a positive social impact in the world. Individuals interested in Mannatech’s products or in exploring its business opportunity can learn more at Mannatech.com.