如新 (NUS) 2026年第三季度业绩电话会：Prysm势头与全年业绩指引

核心要点

• 如新（Nu Skin，NYSE: NUS）公布2026年第三季度营收为3.11亿美元，调整后每股收益（EPS）为0.10美元，均处于管理层指引区间内。列报每股收益为负0.02美元。
• 调整后营业利润率从去年同期的5.9%降至3.7%。毛利率降至65.0%，主要受核心如新业务与Rhyz业务之间的营收结构变动影响。
• Rhyz制造平台实现同比强劲的营收增长，而核心业务在客户和销售指标方面仍持续承压。
• 截至三季度末，全球已投放约41,000台Prysm iO设备，累计完成450万次扫描。在Prysm应用2.0版更新后，从扫描到购买的转化率翻倍以上，达到10%。
• 如新预计第四季度营收为3.10亿至3.40亿美元，调整后每股收益为0.11至0.21美元。全年营收指引为12.6亿至12.9亿美元，调整后每股收益为0.55至0.65美元。
• 管理层的首要任务仍然是推进其抗衰老平台、增强销售团队能力、为2027年上半年正式进军印度市场做准备，以及通过东西方运营模式提高运营效率。

核心财务数据

业务与运营表现

Prysm iO仍然是如新个性化健康战略的核心。该平台将营养健康扫描、AI支持的产品推荐与持续性产品使用结合在一起。管理层表示，8月下旬推出的应用2.0版本提高了客户参与度，并使扫描到购买的转化率翻倍以上，达到10%。

公司旗舰营养补充剂LifePak年内迄今销售额同比增长近3%。管理层指出，尽管整体营收承压，但这证明了客户对其健康平台的积极参与。

Rhyz制造平台在本季度录得强劲的同比营收增长。然而，核心如新业务在整体客户和销售团队指标方面继续面临压力。

如新正在调整销售团队激励机制并扩大领导力培养。管理层表示，其策略正从短期促销转向薪酬分配、里程碑式激励以及旨在提高客户和推广人员拓展能力的培训。培训日益聚焦于社交媒体、归因链接及直接数字化交易。

公司继续为2027年上半年在印度正式上线做准备。管理层表示，在前期市场推广阶段结束后，公司正在完善运营、产品及商业化计划，重点是构建可规模化扩张的市场基础。

如新还在推行东西方运营架构。公司预计制造端与终端市场之间将实现更紧密的协同——以美国服务西方市场、以中国服务东方市场——随着时间推移，这将有助于支撑毛利率、加快上市速度并优化固定成本。

管理层指引

在假日季提高客户和推广人员参与度的举措支持下，管理层预计第四季度营收将实现环比增长。公司预计第四季度还将产生约500万美元的现金类组织转型成本；这部分成本已从调整后收益指引中剔除。

风险与关注重点

• 核心业务营收、客户及销售团队指标依然承压。
• 盈利能力受到毛利率较高的核心如新业务与Rhyz之间营收结构的影响。
• 汇率变动导致第三季度营收减少390万美元，且预计全年仍将构成约1%的逆风。
• 管理层指出，通胀是影响客户预算和产品选择的一个因素。
• 东西方运营架构、制造端重新协同以及销售团队建设带来的益处取决于持续的执行力，预计将随着时间的推移逐步显现。
• Prysm应用2.0版仍处于早期阶段，管理层尚未给出具体的中期转化率目标。

分析师问答要点

管理层表示，销售渠道的可持续改善更可能来自薪酬方案改革、协调一致的里程碑激励以及能力培养，而非短期促销。如新正在调整激励机制以平衡客户拓展与团队建设，同时也在筹备其2027年激励路线图。

谈及Prysm时，管理层指出，10%的转化率综合了不同类型的扫描，包括现有订阅用户的重复扫描。该设备旨在同时支持获客和留存。管理层认为，随着AI系统不断加深对客户需求的理解，并根据营养优先级及预算提供分层产品推荐，转化率有望进一步提升，但目前尚未设定量化目标。

业绩电话会完整纪要

完整财报电话会议逐字稿

管理层陈述

Operator

[Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, VP of Investor Relations, B.G. Hunt. Please go ahead.

B.G. Hunt

Thanks, Janelle, and good afternoon, everyone. I'm joined by Ryan Napierski, President and CEO, and by our interim CFO, Chelsea Lantz.

Today we'll be sharing Nu Skin's Q3 2026 results and providing guidance for the remainder of the year. Before I turn the time over to Ryan, let me point out that on today's call, comments will be made that include forward-looking statements. These statements involve important risks and uncertainties, and actual results may differ materially from those discussed or anticipated. Please refer to today's earnings release and our SEC filing for complete discussion of these risks. Also during the call, certain financial numbers may be discussed that differ from comparable numbers obtained in our financial statements. We believe these non-GAAP numbers assist in comparing period-to-period results in a more consistent manner. Please refer to our investor website, ir.nuskin.com, for any required reconciliation of these non-GAAP numbers. And with that, I'd like to now turn the call over to Ryan.

Ryan Napierski

Thanks, B.G. Good afternoon, everyone, and thanks for joining for our third quarter call. We delivered revenue of $311 million and adjusted EPS of $0.10, both within our guidance range. Our Rhyz manufacturing platform had an exceptional quarter, posting strong year-over-year revenue growth. While our results reflect ongoing pressures in the core business, we remain focused on our strategic priorities that we've outlined over the last year. Our Chief Operating Officer, Chayce Clark, has been leading the team to simplify, focus, and execute upon each of them. These priorities are: #1, advancing our integrated anti-aging platform; #2, strengthening our channel through improved sales force activation and development; #3, preparing for our formal launch of India early next year; and #4, improving our operating model to support greater profitability over time. Let me briefly update you on each of these priorities. So first, we continue to make progress in advancing our integrated anti-aging platform with Prysm iO playing an increasingly important role in our approach to personalized wellness.

Prysm is designed to help consumers better understand their nutritional health status and engage more consistently with our wellness product solutions, creating a differentiated experience that connects technology, products, and ongoing customer relationships. Since launching Prysm through the end of Q3, we've now placed approximately 41,000 devices globally and completed 4.5 million scans. During the quarter, we rolled out version 2.0 of the app, which delivers a meaningfully improved user experience powered by our new intelligent AI integration. Since the app update, we've more than doubled our scan-to-purchase conversion rate to 10%, which tells us that consumers are taking action when we get them more engaged with the platform. We also see this in demand for LifePak, our flagship nutritional supplement, as sales grew nearly 3% year-over-year year-to-date, a meaningful proof point given the broader revenue environment. We remain encouraged by the potential of this intelligent wellness platform to deepen customer engagement, support recurring product consumption, and provide our sales leaders with meaningful differentiation in the marketplace.

In September, we hosted our global Nu Skin Live convention in Yokohama, Japan with approximately 12,000 sales leaders from around the world. We previewed upcoming innovations in our anti-aging portfolio with a particular focus on women's health, which will begin rolling out mid-2027. We will share a future product pipeline with you as we move into next year. Second, we continue to invest in the capabilities necessary to strengthen our talented and committed global sales channel. We recognize that innovative products alone are not enough to drive sustainable growth. Equally important is our ability to empower our dedicated brand affiliates and sales leaders to effectively introduce our products, engage with our customers, and build successful businesses. Over the past several years, we've focused on improving the simplicity, accessibility, and effectiveness of our sales compensation incentive system.

We have also begun expanding our investments into leadership learning and development by providing unique opportunities for leaders to acquire and strengthen critical success capabilities in selling products, acquiring customers and brand affiliates, building sales teams, and leading large organizations. At Live, we held a dedicated live leadership training session with industry-renowned trainer Eric Worre and our Team Elite top sales leaders. We've also just wrapped up a two-day leadership management event, our Management Mastermind event earlier this week with nearly 2,000 of our most engaged sales leaders from around the globe. These investments are designed to further empower our talented sales leaders and strengthen their development of the next generation of leadership for Nu Skin. Although our overall customer and sales metrics remain under pressure, we believe these new investments are important to rebuilding engagement and productivity, which is the foundation for more sustainable performance in our channel into the future. Third, we continue to prepare for our anticipated formal launch of India during the first half of 2027. India represents an attractive long-term market opportunity supported by its large consumer population, growing interest in health and wellness, and an expanding entrepreneurial economy.

We've acquired many learning streams during our pre-marketing period and our teams are focused now on refining operational product and commercial preparations necessary to support a successful and scalable full market launch. We are approaching this opportunity with a long-term perspective as we focus on building the right foundation for sustainable growth. And finally, we remain focused on improving efficiency and profitability of our global business. As we continue to align our operations with current market conditions, we are evaluating opportunities to simplify our organization, improve productivity, and better leverage our global capabilities. Chayce is also leading an effort across the company to realign the organization around our East-West structure, which will enable the company to meet the unique needs of our business across these two hemispheres. Each region is now focused on building and executing successful go-to-market plans, including incentive roadmaps, product introductions, and promotions, in order to improve customer and affiliate acquisition and retention. We believe that aligning our organization around this East-West structure will also result in greater efficiencies and cost performance as we leverage our manufacturing hubs in both the U.S. for our western market needs and China to better serve our eastern markets.

Moving manufacturing closer to the customer is expected to improve gross margin, speed to market, and fixed cost optimization over time. While there is more work ahead, we believe disciplined execution against these priorities will help the company improve efficiencies and profitability as our business performance strengthens. Looking ahead to the fourth quarter, our focus remains on driving customer and affiliate engagement through the holiday seasons as we anticipate sequential revenue growth. As we prepare for 2027, we remain committed to the strategic priorities we've outlined throughout the year: again, advancing our anti-aging platform, strengthening our sales channel, preparing for India's formal launch, and improving our operating efficiency. We believe these initiatives position Nu Skin for improved performance and sustainable growth long-term. So with that, I'll turn the time over to Chelsea to review our financials.

Chelsea Lantz

Thanks, Ryan. Good afternoon, everyone. Today I'll review our third quarter results and discuss our outlook for the remainder of the year. Third quarter revenue was $311 million within the guidance range, including an approximate 1.1% or $3.9 million foreign currency headwind. Reported earnings per share were negative $0.02 or a positive $0.10, excluding organizational transition costs related to the implementation of our ERP, East-West operating model, and certain other charges. Adjusted earnings per share were in line with our guidance range. Gross margin for the quarter was 65% compared to 70.5% in the prior year, primarily reflecting the revenue mix between our Nu Skin core and Rhyz businesses. Within the core Nu Skin business, gross margin was 76.6% compared to 77.7% in the prior year. We remain committed to our gross margin improvement initiatives through pricing discipline, product mix optimization, and operational efficiencies within the core business.

Selling expense as a percentage of revenue was 33.2% compared to 35.8% in the prior year. Within the core Nu Skin business, selling expense was 40.9% compared to 41.7% in the prior year. We continue to target core selling expense around 40%. General and administrative expenses declined by $10.9 million year-over-year to 30.2% of revenue compared to 28.8% in the prior year. As we continue to right-size our fixed cost base to current operations while preserving investment in key strategic priorities. Adjusted operating margin for the quarter was 3.7% compared to 5.9% in the prior year. We continue to make progress on the implementation of the East-West operating model announced last quarter to better align our resources with the needs of our markets. We currently anticipate approximately $5 million in remaining cash-based organizational transition costs in the fourth quarter, which have been excluded from our adjusted earnings guidance.

On the balance sheet, we ended the quarter with $164.9 million of cash and cash equivalents and reduced our total debt to $203.7 million. We remain focused on disciplined capital allocation and returned $2.9 million to shareholders through dividends during the quarter. We did not repurchase shares, leaving $137.3 million remaining under our current authorization. Turning to our outlook for the fourth quarter and full year. For the fourth quarter, we expect revenue in the range of $310 million to $340 million, including an anticipated foreign currency tailwind of approximately 1%. We expect reported earnings per share in the range of $0.05 to $0.15 or adjusted earnings per share of $0.11 to $0.21. For the full year, we now expect revenue of $1.26 billion to $1.29 billion, including an anticipated foreign currency headwind of approximately 1%.

We expect annual reported earnings per share of negative $5.08 to negative $4.98, reflecting the impact of the second quarter goodwill impairment and deferred tax valuation allowance, which did not affect our cash position or ability to execute on our strategic plan. On an adjusted basis, we expect annual earnings per share of $0.55 to $0.65, excluding these non-cash items, certain other year-to-date charges, and anticipated fourth quarter organizational transition costs. After these adjustments, our guidance reflects an effective tax rate for the year of approximately 39%. As discussed today, we are taking deliberate steps to strengthen the business from optimizing our cost structure to evolving our operating model. Our focus remains on disciplined execution and improving profitability, and we're confident these actions will position us for sustainable growth in the periods ahead. With that, operator, we'll now open the line for questions.

Operator

[Operator Instructions]

Our first question comes from the line of Dave Storms with StoneGate.

分析师问答

David Storms

I know you guys are busy between India and Prysm, so I'll try to be brief here. Just a couple. Ryan, when you were talking about strengthening the sales channel and obviously trying to grow the customer base, I recognize that sometimes the customer base can follow the leaders, leaders can follow the customers, a bit of a push and pull there. Are there any incentives to highlight here that might bring that back beyond what you talked about with all the leadership initiatives that you have?

Ryan Napierski

Yes, so a lot of the leadership initiatives, Dave, that we are focused on are really around how do we enhance the customer acquisition and brand affiliate acquisition, and that really is the focus for us. As we have learned over the course of the last few years, incentives and short-term promotions are not as helpful at building channel momentum as more of a sustained programmatic approach. So when I mention kind of the three levers, you have the compensation system itself, the incentive roadmap that layers on top of that, that kind of recognizes and rewards key development. Those have kind of been our two levers that we've been really working to ensure that they're right for the market. So some compensation plan enhancements have been rolling around the world over the course of this past year to right-size the incentives for customer acquisition versus team building, for instance. And then we've been working, especially in the second half, to realign our incentive roadmap, again, these key milestone areas, to ensure that those are fully aligned for the 2027 year. This third piece though that we're talking about really is this learning and development platform that we're talking about for our leadership.

And it really is focusing on core skills and capabilities that are needed in the market, and a lot of that is related to just the changes in the marketplace over the course of the last 5 to 10 years. Today, the way that our affiliates build the business in terms of sharing products on social media, posting, sharing, commenting, DMing, that's a very different set of skills and capabilities than the way they used to do the job, what we used to call them distributors, where they would buy products wholesale and sell those. So the vast majority of our customers today transact on our platform directly through links, attributed links through social media, etc. And so we've realized that these skills, these capabilities, and the shift—and it's very different by market, different markets at different stages—but that's really where we need to focus: less on the short term, more on the systemic and sustainable skills and capabilities.

Chelsea Lantz

I would just add, and I said in my prepared remarks, but as we look at these changes and balancing our approach from a strategic standpoint, we do feel like 40% is the right level from a cost perspective. So that's how we're modeling it in our models for the core business.

David Storms

Understood. That's great. I appreciate that. And then just did want to maybe get a temperature check on Prysm. I know we've talked in the past about—I appreciate the new commentary around 10% scan-to-purchase conversion rate. Add in, you know, version 2.0 app, it sounds like there's a lot of tailwinds there. I think honing in on the conversion rate, how should we think about the success? I mean, is 10% just getting started, or what you would expect to see in the medium term? Just any thoughts there.

Ryan Napierski

Yes, no, I mean it's pretty interesting. So as I mentioned, if we just kind of do the simple math—and you'll have to do it for me here—4.5 million scans over 41,000 units. We're talking about many scans per unit that we are seeing. Some of that is self-scanning, others guest scanning, so we kind of are tracking all of this data differently. The 10% really is kind of an aggregation of that process. And so I think there's a lot of room for improved conversion when you think of the total scans.

But this device is unique because it plays a role for both acquiring new customers as well as retaining customers on the device. So, for example, I scan myself twice a week. I'm already on a subscription, right? And so obviously my conversion with each of my scans and such, that's not driving that 10% rate. I really do believe, and we're still in the early stage of this, what we have learned with the 2.0 and this new intelligent AI, the increased interactivity between the app and the customer with respect to their personalized product recommendation and the insights they gather through that AI algorithmic approach is really creating a greater engagement level. We are happy to see—we're very early, I think 2.0 rolled out the latter part of August, last week of August, so we're really talking about kind of a doubling within a month's time. And I think there's room upwards. I don't know that I could give you an exact number, but we certainly haven't hit the top there. I would hope to see that that can increase significantly from there, the smarter that intelligence gets in understanding that customer's needs and kind of helping them navigate which product solution set—kind of we do a good, better, best recommendation—which set is going to best meet their needs. And those needs also, by the way, include their pocketbook.

Obviously, inflation is heavy right now. Our app does look in kind of a good, better, best scenario to say where is the essential nutrition that you need versus kind of a more extensive and then optimal level. So we do try to give consumer choices to play into that.

David Storms

That's great, [ Carl ]. I really appreciate that. That's all I have. I appreciate the time, and good luck in the next quarter.

B.G. Hunt

All right, thanks, Dave.

Operator

I'm showing no further questions at this time. I would now like to turn the conference back to President and CEO Ryan Napierski for closing remarks.

Ryan Napierski

Well, truly, you know, we're in the day-to-day here at Nu Skin working with our sales leaders around the world, our teams in nearly 50 markets around the world. And it's always interesting to me when we get to go interact with this team and our teams and to see the dedication of our employees around the world, the dedication of our sales leaders to the mission of this company to be a global force for good by empowering people to look, feel, and live better. And they feel this truly to their bones, and it's just very inspiring to me. Our mission is absolutely needed in the world today. We're absolutely committed to delivering it, to leveraging technology to do it better through our sales force, who is ultimately the key to our success. And so with that, we'll plan to keep you updated quarter to quarter as our journey continues.

And we thank you for your support and your ongoing interest as we move forward. Thank you, everybody.

Operator

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

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