ナチュラル・ヘルス・トレンズ（NHTC）2026年第3四半期決算説明会：売上高は20%減少、赤字が縮小

Natural Health Trends（NHTC）が発表した2026年第3四半期の売上高は760万ドルとなり、前四半期比で横ばいとなったものの、前年同期比では20%減少しました。中国市場の低迷が続いたものの、コスト削減とコミッション率の低下により営業損失は縮小しました。

主要ポイント

• 2026年第3四半期の売上高は760万ドルで、2026年第2四半期から横ばい、2025年第3四半期の950万ドルから20%減少しました。
• 営業損失は27万7,000ドルに縮小しました（2026年第2四半期は64万3,000ドル、前年同期は49万5,000ドル）。
• 純損失は23万2,000ドル（希薄化後1株あたり0.03ドル）に改善しました（2026年第2四半期は45万1,000ドル、1株あたり0.05ドル）。
• 粗利益率は74.2%となりました。プロモーションミックスの影響により前四半期の75.2%からは低下したものの、主に東アジアにおける製造への移行を反映し、2025年第3四半期の73.7%を上回りました。
• 経営陣は前年同期比での減収について、消費者の慎重姿勢、中国における規制の不確実性、および以前報告された会員の不正行為を背景に導入した、追加インセンティブや低価格パッケージが主な要因であると説明しました。
• 2026年9月30日時点の現金・現金同等物および有価証券の残高は1,760万ドルとなり、2025年末時点の2,890万ドルから減少しました。

主要財務データ

事業および業績ハイライト

中国市場は引き続き同社にとって最大の課題となっています。経営陣は、消費者の悲観的な見通し、支出や投資行動への慎重姿勢、規制を巡る不確実性、および以前報告された会員の不正行為による継続的な影響を指摘しました。追加インセンティブや低価格パッケージの投入は会員数の増加や第2四半期からの売上高の安定化に寄与したものの、前年同期比での減収の大部分を占める要因となりました。

2025年後半に開始された事業再編策により、四半期あたりの営業費用が約50万ドル削減され、年初来で110万ドルのコスト削減が達成されました。その結果、営業損失は2026年第2四半期から57%改善しました。

香港および中国本土以外の市場では、半数の市場で売上高が前四半期比で増加しました。また、Natural Health Trendsは香港で25周年記念イベントを開催し、約1,000名の会員およびゲストが参加しました。

同社は中国会員向けにAI搭載型のマーケティングおよびコミュニケーション用アプリを導入しました。経営陣によると、今後はAI検索や製品トレーニング機能の追加を予定しています。さらに、Natural Health Trendsはシトラス風味の関節健康維持用粉末ドリンクミックス「Move Prime」を数週間以内に発売する予定であるほか、今後数か月以内に中国向けの中医学（漢方）製品の準備を進めています。

同社は第3四半期から10月初旬にかけて、普通株式85,291株を総額8万4,000ドルで買い戻しました。その後、取締役会は既存の自社株買いプログラムに基づく継続的な買戻しを承認しており、残存枠は1,580万ドルとなっています。

リスクおよび注視点

• 経営陣は、中国における消費者の悲観的な見方や慎重な購買行動を主要な課題として挙げています。
• 中国における規制の不確実性と、会員による不正行為の継続的な影響が、引き続き営業上の逆風となっています。
• プロモーションや低価格パッケージは会員数の維持や前四半期比での売上安定化を支援したものの、前年同期比での売上高および前四半期比での粗利益率の押し下げ要因となりました。
• 2026年最初の9か月間における流動性は、自社株買い、配当支給、および営業活動によるキャッシュ支出により低下しました。

決算説明会文字起こし全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Good day, and welcome to the Natural Health Trends Corp. Third Quarter 2026 Conference Call. At this time, I would like to turn the conference over to Michelle Glidewell with Natural Health Trends Corp. Please go ahead.

Michelle Glidewell

Thank you, and welcome to Natural Health Trends Third Quarter 2026 Earnings Conference Call. During today's call, there may be statements made relating to the future results of the company that are forward-looking statements 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 due 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 a replay of today's call can be found on the Investors section of the company's corporate website at naturalhealthtrendscorp.com.

At this time, I'd like to turn the call over to Chris Sharng, President of Natural Health Trends.

Chris Sharng

Thank you, Michelle. Good morning, and thanks to everyone joining us to discuss our third quarter 2026 financial results. Scott Davidson, our Senior Vice President and Chief Financial Officer, is also here today. Third quarter net sales were $7.6 million or flat compared to the second quarter this year and were down 20% from $9.5 million when compared to the same quarter last year. Consumer pessimism in our largest and most important market remains one of our biggest challenges. The uncertainty is making people cautious about both spending and investing, and we saw that caution show up in purchasing decisions.

We also continue to see lingering effects from the regulatory uncertainty in China and member misconduct we previously reported. To address this difficult economic environment, we introduced additional incentives and lower-priced packages, which accounted for most of the revenue decline compared to a year ago, but managed to lift the member count and steady the top line compared to the preceding second quarter. Partially offsetting these headwinds, our restructuring initiatives from late last year improved gross margin and cut operating expenses by almost $500,000 this quarter, bringing year-to-date savings to $1.1 million. As such, we were able to reduce our operating loss by 57% compared to the preceding quarter.

During the quarter, we celebrated our 25th anniversary with a landmark event in Hong Kong, bringing together approximately 1,000 members and guests from our international teams. Celebrating this milestone together was a highlight of the quarter, and the event reinforced the strength of our community at a time when engagement matters most. We rolled out an AI-powered marketing and communication app for our Chinese members. This mobile-friendly tool helps facilitate direct communication with additional features to come, including AI-enabled search and product training.

In the coming weeks, we're excited to launch a new joint health supplement called Move Prime, a citrus-flavored powder drink mix designed to support joint comfort and mobility. We're also readying a new traditional Chinese medicine product for our China market and to be introduced in the coming months.

Turning to the rest of our global footprint. They remain an important part of our long-term growth story. Half of our markets outside of Hong Kong and China managed to increase their sales over the second quarter. Going forward, our priorities are straightforward: maintain financial discipline, invest where we can strengthen our competitive position and equip our field with innovative products, better digital tools and meaningful engagement. We believe this positions us to benefit as market conditions improve.

We also continue to return capital to shareholders as the Board has authorized continued repurchases under our existing program with $15.8 million currently remaining available. It reflects our confidence in the business and our commitment to shareholder returns.

With that, I'd like to turn the call over to our CFO, Scott Davidson, to discuss our financial results in greater detail. Scott?

Timothy Davidson

Thank you, Chris. Total revenue for the second quarter (sic) [ third quarter ] of $7.6 million was steady compared to $7.6 million in the second quarter of 2026 and declined 20% compared to $9.5 million in the third quarter of 2025. As Chris mentioned, the operating environment remains challenging in China.

Turning to our cost and operating expenses. We continue to see the impact of strong execution on our previously announced restructuring program reflected in improved margins and reduced operating expenses. Gross profit margin was 74.2%, down from 75.2% in the second quarter of 2026 due to the mix of promotions offered during the third quarter to support our teams and members. However, gross profit margin improved from 73.7% in the third quarter of 2025, largely as a result of our shift to manufacturing in East Asia.

Commissions expense as a percent of total revenue for the second quarter (sic) [ third quarter ] was 35.9%, down from 40.9% reported in each of the second quarter of 2026 and the third quarter last year, primarily due to lower weekly commissions earned following disciplinary action taken against certain members as a result of the previously reported code of conduct matter. Selling, general and administrative expenses for the quarter were $3.2 million, a decrease of $80,000 compared to the second quarter of 2026 and down $433,000 compared to the third quarter a year ago.

Operating loss for the third quarter was $277,000, an improvement compared to $643,000 in the second quarter of 2026 and $495,000 in the third quarter of 2025. Net loss for the third quarter was $232,000 or $0.03 per diluted share, also an improvement compared to $451,000 or $0.05 per diluted share in the second quarter of 2026 and $431,000 or $0.04 per diluted share in the third quarter of 2025.

Now I'll turn to our balance sheet and cash flow. Net cash used in operating activities was $3.3 million during the first 9 months of 2026 compared to $5 million in the first 9 months of 2025. Total cash, cash equivalents and marketable securities were $17.6 million at September 30, down from $28.9 million at December 31, 2025, primarily due to repurchase of shares of common stock, dividends paid and cash used in operations during the first 9 months of 2026.

We repurchased 85,291 shares of our common stock in the open market for an aggregate purchase price of $84,000 during the third quarter through early October. Our Board of Directors has since authorized additional share repurchases under our existing stock repurchase program with $15.8 million remaining available.

Our 25th anniversary celebration in Hong Kong was a great success, and I was inspired by the loyalty and enthusiasm of our members and customers. We remain focused on executing our strategy of launching innovative new products, digital tools that drive engagement and support member training and returning value to our shareholders.

That concludes our prepared remarks. I will now turn the call back over to the operator.

Operator

This does conclude today's call. Thank you for your participation. You may now disconnect.