Mannatech, Incorporated (NASDAQ: MTEX), a global health and wellness company committed to transforming lives to make a better world, today announced financial results for its second quarter of 2022.
Second Quarter End Results
Second quarter net sales for 2022 were $35.0 million, a decrease of $7.5 million, or 17.7%, as compared to $42.5 million in the second quarter of 2021.
Our net sales declined 11.3% on a constant dollar basis (see Non-GAAP Measures, below) as foreign exchange decreased GAAP net sales by $2.7 million, mostly due to the decline of the Korean Won and Japanese Yen.
During the second quarter, logistics in Hong Kong improved, and we were better able to deliver products to our customers. However, during the quarter, supply chain constraints worldwide continued to impact our sales. We have experienced a shortage of an ingredient used in some core products, and we have begun to move forward with our manufacturing partners with an alternative.
Second quarter operating income for 2022 was $0.9 million as compared to $2.0 million for the second quarter of 2021.
Net income was $0.7 million, or $0.34 per diluted share, for the second quarter of 2022, as compared to net income of $2.1 million, or $0.99 per diluted share,