Nature's Sunshine Products, Inc. (NASDAQ:NATR) Q1 2023 Earnings Conference Call May 9, 2023 5:00 PM ET

Company Participants

Nathan Brower - General Counsel

Terrence Moorehead - Chief Executive Officer

Shane Jones - Chief Financial Officer

Conference Call Participants

Linda Bolton-Weiser - D.A. Davidson

Operator

Good afternoon, everyone, and thank you for participating in today's Conference Call to discuss Nature's Sunshine Financial Results for the First Quarter Ended March 31, 2023. Joining us today are Nature's Sunshine's CEO, Terrence Moorehead; CFO, Shane Jones; and General Counsel, Nate Brower. Following the remarks, we'll open the call for analyst questions.

Before we go further, I'd like to turn the call over to Mr. Brower as he reads the company's safe harbor statement within the meaning of the Private Securities Litigation Reform Act of 1995 that provides important cautions regarding forward-looking statements.

Nate, please go ahead.

Nathan Brower

Thank you. Good afternoon, and thanks for joining our conference call to discuss our first quarter 2023 financial results. I'd like to remind everyone that this call is available for replay via telephonic dial-in through May 23, and via a live webcast that will be posted in the Investor Relations portion of our website at ir.naturesunshine.com.

The information on this call contains forward-looking statements. These statements are often characterized by terminologies such as believe, hope, may, anticipate, expect, will and other similar expressions. Forward-looking statements are not guarantees of future performance, and the actual results may be materially different from the results implied by forward-looking statements.

Factors that could cause results to differ materially from those implied herein include, but are not limited to, those factors disclosed in the company's annual report on Form 10-K under the caption Risk Factors and other reports filed with the Securities and Exchange Commission. The information on this call speaks only as of today's date, and the company disclaims any duty to update the information provided herein.

Now I would like to turn the call over to the CEO of Nature's Sunshine, Terrence Moorehead. Terrence?

Terrence Moorehead

Thank you, Nate, and good afternoon, everyone. I want to thank you for taking time to join today's call to discuss our first quarter results. Today, I'll provide some context for our first quarter performance and offer some insights on how we believe the business is progressing. Shane will then walk you through the specifics of our financials in more detail.

We started the year on a strong note with reported first quarter net sales of $109 million or $113 million when excluding the impact of foreign exchange, which is a 2.4% increase versus prior year. Adjusted EBITDA was up 12%, coming in at $9.1 million. Overall, we're pleased with the momentum we're seeing as markets like Japan and Taiwan continued to deliver strong double-digit growth while most of our other markets delivered solid sequential improvements to the top line with meaningful progress and signs of stabilization in Central and Eastern Europe and digital initiatives starting to take hold in North America.