On this page of StockholderLetter.com we present the latest annual shareholder letter from NU SKIN ENTERPRISES, INC. — ticker symbol NUS. Reading current and past NUS letters to shareholders can bring important insights into the investment thesis.

 •  4/4/2025 Letter Continued (Full PDF)
 •  4/14/2023 NUS Stockholder Letter
 •  4/12/2024 NUS Stockholder Letter
 •  More "Consumer Goods" Category Stockholder Letters
 •  NUS Benford's Law Stock Score = 100

NUS Shareholder/Stockholder Letter Transcript:

DEAR SHAREHOLDER,
2025 OUTLOOK
In our 40th year at Nu Skin Enterprises of pursuing our mission
to be a global force for good by empowering people to look,
feel and live better lives, I find myself to be even more invigorated
about our future than ever before! As the landscape rapidly evolves
due to new technologies like AI, changing foreign trade policies
and integrated connection and shopping mediums like TikTok,
some view the world as chaotic and uncertain. However, at
Nu Skin, we embrace this shifting landscape and see it full of
new opportunities for us to evolve    how    we will accomplish
our mission without changing    why    we exist in the world.
We remain in the midst of a multi-year transformation to
becoming the world   s leading beauty, wellness and lifestyle
ecosystem. We continue to make progress each year, while
also adapting to a dynamic macroeconomic environment. As
we look ahead to 2025, we are focused on three strategic
priorities:
Amid the challenges of this past year, we introduced several
new products, successfully tested a developing market strategy,
strengthened our balance sheet and more, all of which fortified
our foundation going into 2025. I appreciate the ability of our
team to work through challenges and headwinds to find
opportunities to refine our approach and continue to make
progress toward our enterprise vision of becoming the world   s
leading beauty, wellness and lifestyle ecosystem.
2024 HIGHLIGHTS:
    Revenue of $1.73 billion.
     Launched our first integrated beauty and wellness device,
Nu Skin RenuSpa iO, and introduced MYND360, our
product line focused on the rapidly growing cognitive
wellness category.
    Strong 32% growth in our Rhyz segments on top of 41%
growth in the prior year.
    Leveraged cash from operations to pay down $110 million
of debt.
    Named the world   s #1 company for beauty and wellness
device systems.*
    Won nearly 80 awards with 29 for beauty and wellness
devices from NewBeauty, CEW and more.
    Held our first global in-person gatherings since COVID
with successful L!VE West and East conventions.
1.
Strengthening our core Nu Skin business
2. Accelerating innovation of our iO intelligent beauty and
wellness platform, including Rhyz
3. Improving operational performance and efficiency
STRENGTHENING OUR CORE
NU SKIN BUSINESS
We have been positioning ourselves to be more successful in
a challenging and dynamic environment with several initiatives
including an enhanced business model that rewards affiliates for
building a social-first business while still incentivizing training
and team building. The result is a model that combines the best
of affiliate marketing with the power of Nu Skin leadership.
We are also streamlining our product portfolio to focus on
products that best meet the needs of today   s consumers.
This includes recent innovations such as our newly introduced
MYND360 cognitive wellness line, with products designed to
help users sleep better, manage stress, stay focused and
support a strong memory. This year we will be fully restaging
ageLOC   Tru Face   as our first clinically proven dermaceutical
line and introducing a new device to our line of iO intelligent
devices.
This past year, we introduced a new developing market pricing
strategy and a simplified business model in Latin America
where we have driven significant year-over-year growth in
Argentina. As we begin to leverage this model in many other
underperforming markets and prepare for expansion into India,
we see developing markets being a significant opportunity for
growth and a key part of strengthening our core business.
Despite many headwinds, we drove encouraging sequential
growth in the fourth quarter to complement our efforts in cost
management. Just after we exited the year, a $250 million
transaction for Mavely further strengthened our balance sheet
and provided validation of our Rhyz strategy.
* Source Euromonitor International Limited; At-Home Beauty and Wellness Device Systems on
a total retail level in RSP, excluding salon services that may offer packages, research conducted
April     May 2024.

ACCELERATING INNOVATION
OF OUR IO PLATFORM
SUSTAINABILITY AND CORPORATE
RESPONSIBILITY
Our iO connected beauty and wellness device systems
platform now contains nearly 500,000 connected devices,
with more than one hundred million data points, providing
insights into behaviors and product usage within our iO
platform. These insights inform new innovations and product
development including Prysm iO, our next intelligent wellness
device featuring technology from our team in Rhyz Labs.
With our mission to be a force for good throughout the world,
we are committed to sustainability and philanthropy in
meaningful ways that connect our business and culture. We
made significant progress in our sustainability goals this
year and supported the health and wellness of children all
over the world and will share our accomplishments in our
annual social impact and sustainability report later this year.
This patent-pending technology can accurately measure
carotenoids in the skin at the touch of a fingertip to give
consumers confidence that their nutritional supplements are
being absorbed and available to work for them. We currently
plan to introduce this device to top performing leaders at
the end of this year with a global launch in 2026.
In closing, I couldn   t be more excited about our future as we
embrace the changing landscape and continue to evolve our
business to take advantage of the enormous possibilities
ahead. While we recognize there are still challenges ahead,
our recent progress in strengthening our business, improving
operational efficiencies and adding new innovations to our
product pipeline position us to execute our strategy and
drive earnings growth in 2025. We appreciate the support of
our shareholders and the trust they place in Nu Skin and its
leadership. There is great energy among our team, and we
look forward to the journey ahead as we execute toward our
vision and build long-term value for our shareholders.
IMPROVING OPERATIONAL
PERFORMANCE AND EFFICIENCY
We have been focused and intentional on improving operational
efficiency around the world to drive innovation, growth and
shareholder value. Through a two-year restructuring plan that
we just materially completed, we evaluated every aspect and
line item of our business and have worked diligently to align
our cost structure with our current and forecasted revenue.
Our teams have evaluated every market to improve focus
and execution with the goal to bring every market to our
profitability targets in 2025.
RYAN NAPIERSKI
President and CEO, Nu Skin Enterprises
FORWARD-LOOKING STATEMENTS: This annual report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, that represent the company   s current expectations and beliefs. All statements other than statements of historical fact are    forward-looking statements    for purposes of federal and state securities laws and include, but are
not limited to, statements of management   s plans and expectations regarding the company   s performance, growth (including earnings growth), vision, value for shareholders, transformation, strategic priorities, initiatives, future products
and product introductions, developing market model and strategy, expansion into India, our cost structure   s alignment for forecasted revenue, and profitability; statements about growth of the Rhyz business; statements of belief; and
statements of assumptions underlying any of the foregoing. In some cases, you can identify these statements by forward-looking words such as    believe,       plan,       anticipate,       become,       vision,       continue,       goal,       strengthen,       accelerate,   
   improve,       evolve,       future,       focus,       opportunity,       will,       would,       could,       may,       might,    the negative of these words and other similar words. We undertake no obligation to publicly update or revise any forward-looking statement, whether
as a result of new information, future events or otherwise, except as required by law. We caution and advise readers that these statements are based on assumptions that may not be realized and involve risks and uncertainties that
could cause actual results to differ materially from the expectations and beliefs contained herein. For a summary of certain risks related to our business, see the company   s Annual Report on Form 10-K, filed on February 14, 2025, and
other documents filed by the company with the Securities and Exchange Commission.



 4/4/2025 Letter Continued (Full PDF)