Mannatech sells a variety of dietary supplements based mostly on a ‘glycobiology’ formulation concept. The company received a brief boost of recognition last year when it was revealed that presidential candidate Dr. Ben Carson had been a past endorser of the company.
Mannatech’s first quarter net sales for 2017 were $40.6 million, a decrease of $0.1 million, or 0.2% as compared to $40.7 million in the first quarter of 2016. Income (loss) from operations was $(2.0) million for the first quarter 2017, as compared to $0.5 million in the same period in 2016. Net income (loss) was $(1.2) million, or $(0.46) per diluted share, for the first quarter 2016, as compared to $0.6 million, or $0.21 per diluted share, for the first quarter 2016.
Strength in Asia offset by weakness elsewhere
For the three months ended March 31, 2017, Mannatech’s operations outside of the Americas accounted for approximately 61.8% of Mannatech’s consolidated net sales. Sales in Asia/Pacific rose by 2.3%, while sales in Europe declined by 3% and North American sales were down 3.1%.
The fourth quarter mirrored a troubling trend. Net loss in the fourth quarter of 2016 $1.1 million or $0.42 per diluted share for the fourth quarter of 2016 as compared to $1.5 million of net income or $0.56 per diluted share for the fourth quarter 2015. For the year 2016, net loss was $0.6 million or $0.22 per diluted share as compared to a net income of $5.8 million or $2.14 per diluted share for 2015.
Mannatech stock price has shown a similar steep decline. The stock peaked in December, reaching $21.85 a share. This brief speculative bump was apparently based mostly on speculation that Dr. Carson might find a place in Pres. Trump’s cabinet. But the stock has been on a precipitous slide since, reaching a low of $13.10 earlier this week before rebounding slightly.