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Here are 1-3 brief analogies for Mannatech (MTEX):

• Like Herbalife, but with a broader focus on general wellness and skincare products.
• A health and beauty focused version of Amway.

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• Nutritional Supplements: A range of dietary supplements designed to support various aspects of health, including immune function, brain health, and overall wellness.
• Weight Management Products: Products aimed at aiding weight loss or maintaining a healthy weight, such as meal replacement shakes and metabolism support supplements.
• Skincare Products: Topical solutions and anti-aging creams developed to promote skin health and appearance.

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Mannatech (symbol: MTEX) operates under a multi-level marketing (MLM) business model, meaning it sells its products primarily to individuals rather than to other companies. Its sales are driven by a global network of independent distributors who purchase products for personal use, resale, and for recruiting new associates and customers.

The company serves the following categories of individual customers:

• Independent Associates/Distributors: These are individuals who sign up with Mannatech to market and sell its nutritional supplements, skincare, and weight management products. They purchase products directly from Mannatech for personal use, to build inventory for resale, and to demonstrate to potential customers and recruits. They also earn commissions on sales made by their downline.
• Preferred Customers: These individuals purchase Mannatech products for their personal consumption, often directly from Mannatech's website or through a distributor's link. They typically enroll in auto-ship programs to receive discounts and regular product deliveries, without engaging in the business-building aspects of an Associate.
• Retail Customers: These are individuals who purchase Mannatech products from an Independent Associate at the standard retail price, usually for personal consumption. Unlike Preferred Customers, they may not have a direct purchasing relationship with Mannatech or be enrolled in recurring programs.

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• Nutraceutical Corporation
• Best Formulations, Inc.
• Arizona Nutritional Supplements, LLC
• NutriScience Innovations, LLC
• Natural Alternatives International, Inc. (NASDAQ: NAII)

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Landen Fredrick, President and Chief Executive Officer

Mr. Fredrick was appointed President and CEO of Mannatech effective April 1, 2024. He joined Mannatech in 2006, having previously served as President and Chief Operating Officer, Global Chief Sales Officer, and President, North America. Before joining Mannatech, Mr. Fredrick owned a web and advertising business, Killian Fredrick, from 2001 to 2006, and was a consultant with a banking software company. He has over 20 years of experience in direct selling across three companies. Mr. Fredrick is also the Chairman of the M5M Foundation, a non-profit organization.

James Clavijo, Chief Financial Officer

Mr. Clavijo was appointed Chief Financial Officer effective July 1, 2024. He brings over 25 years of experience in executive, finance, and accounting activities. Mr. Clavijo has served as CFO for several biotech, medical technology, and pharmaceutical companies, including Longeveron (which he took public through an IPO in February 2021), Guided Therapeutics, Aeterna Zentaris, and Tri-source Pharma. He also founded Capital View Partners, Inc. and Barcelona Capital Partners in 2009. His experience includes advising companies on mergers and acquisitions and capital market transactions. Mr. Clavijo served as an Officer in the U.S. Army for 13 years.

Peter Griscom, Chief Operating Officer

Mr. Griscom's promotion to Chief Operating Officer is effective July 1, 2025. He joined Mannatech in 2023, previously serving as Senior Vice President of Global Operations (since August 2024) and Senior Vice President of Product, Innovation, & Supply Chain (July 2023 through August 2024). He has more than 10 years of experience in the direct selling channel and extensive experience in the consumer goods space, including launching, leading, and restructuring companies to create efficiencies in manufacturing, sales, and marketing.

Erin Barta, General Counsel

Ms. Barta serves as Mannatech's General Counsel and Corporate Secretary, a role she assumed in August 2013. She joined Mannatech in 2006 as Senior Corporate Counsel and was named Assistant General Counsel in March 2009. Prior to her time at Mannatech, Ms. Barta served as Corporate Counsel and Senior Corporate Counsel for Metromedia Restaurant Group, a subsidiary of Metromedia Company.

Dr. Steve Nugent, Chief Science and Health Officer

Dr. Nugent is the Chief Science and Health Officer and Chairman of the Global Scientific Advisory Board at Mannatech, having been with the company since 1996. He brings over 40 years of experience in the health and nutrition industry. During his career, Dr. Nugent has scientifically tested more than 6,000 dietary supplement products and formulated over 160 dietary products. He has also served as President of the International Association of Complementary Medicine and is President Emeritus of the American Naturopathic Medical Association. He began his career as a nutrition consultant in 1977 and built a highly successful clinical practice.

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The key risks to Mannatech (MTEX) are as follows:

1. Declining Distributor Recruitment and Retention: Mannatech operates on a network marketing model, and a persistent challenge is the decline in active network positions and the inability to attract and retain associates and preferred customers. This directly impacts the company's revenue generation. For example, net sales for Q3 2025 declined by 8.1% from Q3 2024, and active network positions fell by 12.5% year-over-year to 119,000.
2. Nasdaq Delisting Risk and Financial Performance: Mannatech received a notification from Nasdaq in August 2024 regarding non-compliance with the minimum stockholders' equity requirement for continued listing on the Nasdaq Global Market. This situation raises concerns about Mannatech's ability to sell equity securities and the liquidity of its common stock. The company has also experienced declining earnings, with a 50.8% annual decline over the past five years, and has a volatile share price and a relatively small market capitalization.
3. Regulatory Scrutiny and Litigation/Compliance Issues: Mannatech has a history of facing legal and regulatory challenges, including past class-action lawsuits and a civil suit from the Attorney General of Texas, related to unproven claims about its products. In 2017, the company also received an FDA warning letter for illegally marketing several supplement products as medicinal agents and for selling adulterated and misbranded products. While Mannatech states it has since strengthened its compliance efforts, the nature of the dietary supplement and multi-level marketing industries suggests ongoing regulatory and compliance risks.

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Mannatech (symbol: MTEX) operates in the addressable markets of nutritional supplements, skincare, and weight management products.

Nutritional Supplements

• Global: The global nutritional supplements market was valued at approximately USD 481.28 billion in 2024 and is projected to reach around USD 816.57 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 6.05% from 2025-2033. Another estimate places the global market at USD 485.62 billion in 2024, with a projection to reach USD 704.28 billion by 2030.
• U.S.: The U.S. nutritional supplements market was valued at USD 112.6 billion in 2024 and is anticipated to grow at a CAGR of 4.9% from 2025 to 2030. Other estimates indicate the U.S. dietary supplements market reached USD 69.3 billion in 2024 and USD 71.60 billion in 2024, predicted to attain approximately USD 162.40 billion by 2033.

Skincare Products

• Global: The global skincare products market was valued at USD 171.05 billion in 2024 and is projected to grow to USD 260.61 billion by 2033, with a CAGR of 4.79% from 2025-2033. Another report estimates the global skincare market at USD 184.6 billion in 2024, projected to reach USD 407 billion by 2035.
• U.S.: The U.S. skincare products market was valued at approximately USD 30.01 billion in 2024 and is anticipated to grow to USD 39.81 billion by 2030. Another source states a valuation of USD 30.24 billion in 2024, projected to reach USD 40.43 billion by 2032.

Weight Management Products

• Global: The global weight management market size was approximately USD 562.9 billion in 2024 and is expected to reach USD 881.1 billion by 2033, exhibiting a CAGR of 5.1% from 2025-2033. Another valuation indicates the global market size was USD 329.83 billion in 2024 and is projected to reach USD 488.42 billion by 2032. Specifically for weight management supplements, the worldwide market was valued at USD 5.2 billion in 2024, growing to an estimated USD 5.9 billion in 2025.
• U.S.: The U.S. weight management market reached USD 82.7 billion in 2024 and is expected to reach USD 130.0 billion by 2033, with a CAGR of 5.2% during 2025-2033. The U.S. weight loss market size was estimated at USD 21.09 billion in 2024 and is anticipated to reach approximately USD 40.93 billion by 2033.

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• Strategic Expansion of Product Offerings and Innovation: Mannatech is focused on developing and launching new science-backed wellness solutions, including nutritional supplements, skincare, anti-aging, and weight-management products. The formation of an innovation hub and the introduction of a new brand, Trulu, are integral to these efforts, aiming to optimize health and well-being through nutritional supplementation and support growth in customer acquisition and retention.
• Global Market Penetration and Expansion: The company plans to expand its market presence, particularly by entering new international markets where demand for nutritional products is growing. While facing challenges in regions like Asia/Pacific, Mannatech aims to strengthen its competitive position by focusing on these new market opportunities.
• Growth in Customer Acquisition and Retention through Enhanced Business Model: Mannatech is looking to transform aspects of its current business model to remain relevant and capture more market share. The new Trulu brand, for instance, is designed to offer a simplified business opportunity to support growth in customer acquisition and retention, thereby increasing revenue and profits.
• Strengthening Associate Network and Direct Selling Model: Despite recent declines in the number of independent associates and preferred customers, Mannatech, as a network marketing company, relies on its global network of associates for product distribution. Future revenue growth will depend on the company's ability to attract and retain these independent associates and members, crucial for its direct-to-consumer business model.

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Share Repurchases

• In September 2022, Mannatech's Board of Directors authorized a share repurchase program to acquire up to $1.5 million of the company's outstanding common stock, which commenced on September 19, 2022, and was set to conclude by September 18, 2023, or when the full amount was purchased.
• During 2023, Mannatech repurchased $0.2 million in common stock.
• An earlier share repurchase program was approved in December 2019, authorizing the acquisition of up to $1.0 million of common stock, which was active through early March 2020.

Share Issuance

• The number of outstanding shares decreased from 2,389,206 as of February 28, 2020, to 1,864,881 as of July 31, 2023.
• Between December 31, 2024, and March 31, 2025, outstanding shares slightly increased from 1,884,814 to 1,900,930, while issued shares remained constant at 2,742,857, suggesting potential net issuance through compensation plans or less aggressive repurchases relative to vesting.
• As of June 30, 2023, 113,468 shares were available for future grants under the 2017 Stock Incentive Plan, which could lead to additional share issuances.