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 third quarter of 2024.
Landen Fredrick, President and CEO, noted that,
“Although the third quarter of 2024 provided our highest revenue quarter in 2024, we continued to battle demand weakness in the third quarter across our global operations, with the most significant impact in the Asia/Pacific region due to ongoing economic challenges.
Despite anticipating continued economic difficulties for the rest of 2024, we are committed to increasing our revenue by growing our team of sales associates and expanding our base of preferred customers, all while keeping costs under strict cost controls.”
Third Quarter Highlights
Net sales for the quarter ended September 30, 2024 were $31.7 million, as compared to $32.6 million for the same period in 2023, a decrease of $0.9 million, or 2.5%. On a Constant dollar basis (see Non-GAAP Measures, below) our net sales decreased $0.4 million, or 1.2%, and unfavorable foreign exchange caused a $0.5 million decrease in GAAP net sales as compared to the same period in 2023. The decline in revenues was principally due to slowing demand in Asia due to weakened economic conditions,