如新 (NUS) 2026年第三季法說會：Prysm 動能與全年財測指引

重點摘要

• 如新 (NYSE: NUS) 公布 2026 年第三季營收為 3.11 億美元，調整後每股盈餘 (EPS) 為 0.10 美元，兩者皆符合管理階層的財測區間。列報每股盈餘為負 0.02 美元。
• 調整後營業利益率從去年同期的 5.9% 下滑至 3.7%。毛利率降至 65.0%，主因是如新核心業務與 Rhyz 業務之間的營收結構變化。
• Rhyz 製造平台營收實現強勁的年增長，然而核心業務在客戶與銷售指標方面仍持續面臨壓力。
• 截至季末，全球已布署約 41,000 台 Prysm iO 裝置，累計產生 450 萬次掃描。在 Prysm 應用程式 2.0 版本更新後，掃描至購買的轉換率增加逾一倍，達到 10%。
• 如新預估第四季營收為 3.1 億至 3.4 億美元，調整後 EPS 為 0.11 至 0.21 美元。全年營收財測為 12.6 億至 12.9 億美元，調整後 EPS 為 0.55 至 0.65 美元。
• 管理階層的優先要務仍是推進其抗衰老平台、強化銷售團隊能力、為 2027 年上半年印度市場的正式啟動預作準備，並透過東西方營運模式提升效率。

核心財務數據

業務與營運表現

Prysm iO 仍是如新個人化健康策略的核心。該平台整合了營養健康掃描、AI 輔助的產品推薦以及定期重複的產品使用。管理階層表示，8 月下旬推出的應用程式 2.0 版本更新提升了客戶參與度，並使掃描至購買的轉換率增加逾一倍，達到 10%。

該公司旗艦營養補充品 LifePak 今年迄今的銷售額實現近 3% 的年增長。管理階層指出，儘管整體營收面臨壓力，但這證明了客戶對其健康平台的參與度。

Rhyz 製造平台在本季實現強勁的營收年增長。然而，如新核心業務在整體客戶與銷售團隊各項指標上持續承壓。

如新正調整銷售團隊的獎勵機制，並擴大領導力培育。管理階層表示，其策略正從短期促銷轉向薪酬報酬、里程碑獎勵與培訓，旨在改善客戶與推廣會員的拓展。培訓內容日益聚焦於社群媒體、歸因連結以及直接數位交易。

該公司持續為 2027 年上半年印度市場的正式啟動進行準備。管理階層表示，在前期預熱推廣期結束後，公司正完善營運、產品與商業計劃，重點在於建立具可擴展性的市場基礎。

如新亦在落實東西方營運架構。該公司預期，隨著時間推移，製造與終端市場之間的更緊密結合（西方市場由美國支應，東方市場由中國支應）將有助於支撐毛利率、加快上市速度並優化固定成本。

管理階層財測

管理階層預期第四季營收將實現季增，這得益於節慶假期期間提升客戶與推廣會員參與度的各項舉措。該公司預期第四季將產生約 500 萬美元的剩餘現金基礎組織轉型成本；這些成本已自調整後盈餘財測中排除。

風險與關注領域

• 核心業務營收、客戶與銷售團隊各項指標仍持續承壓。
• 獲利能力受到高利潤率的如新核心業務與 Rhyz 之間的營收結構所影響。
• 匯率因素使第三季營收減少 390 萬美元，預計全年仍將帶來約 1% 的逆風影響。
• 管理階層指出，通膨是影響客戶預算與產品選擇的因素之一。
• 東西方架構、製造重組與銷售團隊培育所帶來的效益取決於持續執行力，預計將隨著時間逐步顯現。
• Prysm 應用程式 2.0 仍處於初期階段，管理階層並未提供具體的中期轉換率目標。

分析師問答亮點

管理階層表示，銷售通路的永續改善更有可能來自於薪酬方案變革、一致的里程碑激勵機制與能力建構，而非短期促銷。如新正客製化調整獎勵措施，以平衡客戶拓展與團隊建立，同時為 2027 年激勵方案藍圖預作準備。

在 Prysm 方面，管理階層指出，10% 的轉換率匯集了不同類型的掃描，包括現有訂閱用戶的重複掃描。該裝置旨在同時支援客戶拓展與留存。管理階層認為，隨著 AI 系統提升對客戶需求的理解，並依據營養優先考量與預算提供分層產品推薦，轉換率有望進一步上升，但目前尚未設定具體的數值目標。

完整法說會逐字稿

完整財報電話會議逐字稿

管理層陳述

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.

分析師問答

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.

This live transcript is auto-generated without human intervention or review.