Natural Health Trends Corp. (NASDAQ:NHTC) Q3 2023 Earnings Call Transcript
Natural Health Trends Corp. (NASDAQ:NHTC) Q3 2023 Earnings Call Transcript November 1, 2023
Operator: Greetings. Welcome to Natural Health Trends Corp. Third Quarter 2023 Earnings Conference Call. [Operator Instructions] Please note, this conference is being recorded. I will now turn the conference over to Michelle Glidewell with Natural Health Trends Corp. Thank you. You may begin.
Michelle Glidewell: Thank you, and welcome to Natural Health Trends Third Quarter 2023 Earnings Conference Call. During today's call, there may be statements made relating to the future results of the company that are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. Actual results, performance or achievements could differ materially from those anticipated in such forward-looking statements to the result of certain factors, including those set forth in the company's filings with the Securities and Exchange Commission. It should also be noted that today's call will be webcast live and can be found on the Investors section of the company's corporate website at naturalhealthtrendscorp.com. Instructions for accessing the archived version of the conference call can be found in today's financial results press release, which was issued at approximately 9:00 a.m. Eastern time.
At this time, I'd like to turn the call over to Chris Sharng, President of Natural Health Trends.
A and N photography/Shutterstock.com
Chris Sharng: Thank you, Michelle, and thanks to everyone for joining us this morning to discuss our third quarter 2023 financial results. With me today is Scott Davidson, our Senior Vice President and Chief Financial Officer. For the quarter, we generated revenue of $10.6 million, a decrease of 9% compared to the third quarter of 2022. The decrease was largely accounted for by changes in deferred revenue as orders were received later in the quarter this year. Our business is adapting to the economic landscape where Chinese consumers are reluctant to spend or invest and where overall consumer sentiment is trepid. Yet despite this environment, we are pleased to see that orders taken during the period were roughly flat even with continued headwinds of a stronger U.S. dollar.
Q3 2023 orders compared to Q3 2022 at a constant exchange rate grew by 3%, while year-to-date 2023 orders compared to the same period last year increased 8%. The fact that our members remain responsive to our programs is a positive indicator that the promotions, incentives and our high-quality product offering. In China and Hong Kong, our members participated in local gatherings and training events to engage and attract customers and to further develop skills such as improved product knowledge and leadership development. We look forward to an upcoming event in this month and the launch of our newest product, Relaxo Pro, a supplement designed to help reduce stress and promote confidence. The product is formulated with clinically proven ashwagandha and other relaxation inducing ingredients such as [indiscernible] balm and magnesium.
See also 18 Best Vacations for Retired Couples and 13 Best Warren Buffett Stock Picks for Beginners.
To continue reading the Q&A session, please click here.
