Mannatech Q3 Income Falls Amidst Revenue Drop

(RTTNews) - Mannatech, Incorporated (MTEX), a global health and wellness company on Tuesday reported lower sales and income in the third quarter of 2022.

Net income for the period was $1.19 million or $0.61 per share as compared to $2.93 million or $1.44 per share in the comparable prior period.

Income from operations decreased to $1.4 million, from $3.3 million in the prior period.

Adjusted income from operations for the three months ended September 2022 stood at $2.2 million.

Net sales decreased 10 percent to $35.5 million, from $39.4 million in the third quarter of the prior period. Recruitment of new independent associates and preferred customers dropped 23 percent from last year, the company stated.

On a constant dollar basis, net sales declined 1.3 percent, primarily due to the decline of the Korean Won and the Japanese Yen.

Shares of Mannatech, Incorporated closed Monday's trading at $21.88, down $0.63 or 2.80 percent from the previous close.