Exhibit 99.1

FOR IMMEDIATE RELEASE

Nu Skin Enterprises Reports Fourth Quarter and 2022 Financial Results

Company Provides Initial Outlook for Q1 and FY 2023

PROVO, Utah — Feb. 15, 2023 — Nu Skin Enterprises, Inc. (NYSE: NUS) today announced fourth quarter and full year 2022 results.

Executive Summary

Q4 2022 vs. Prior-year Quarter

Revenue:	$522.3 million; (22)% •    (7)% FX impact or $(51) million
Earnings Per Share (EPS):	$1.15 or $0.89 excluding restructuring and impairment charges associated with the company’s strategic resource reallocation and a recent IRS - approved favorable tax method change, compared to $(0.18) or $1.11 excluding restructuring and impairment charges in Q4 2021
Customers:	1,147,124; (16)%
Paid Affiliates:	236,956; (13)%
Sales Leaders:	48,737; (21)%

Executive Summary

2022 vs. 2021

Revenue:	$2.23 billion; (17)% •    (5)% FX impact or $(150) million
Earnings Per Share (EPS):	$2.07 or $2.90 excluding restructuring and impairment charges and a tax method change, compared to $2.86 or $4.14 excluding restructuring and impairment charges

“We made steady progress toward our Nu Vision 2025 strategy, despite persistent macro-economic challenges, which primarily included COVID-related disruptions in Mainland China, global inflation and foreign currency headwinds,” said Ryan Napierski, Nu Skin president and CEO. “We achieved several key milestones during 2022 including the introduction of our first connected device, ageLOC® LumiSpa® iO, further strengthening our position as the world’s leading beauty device system brand; the rollout of our Vera and Stela apps in all markets, which provide increased consumer and affiliate engagement; and steady advancements with our social commerce model. While we saw our sales channel contract primarily due to macroeconomic factors, we drove annual revenue growth of 4 percent in the U.S. and 2 percent in Southeast Asia/Pacific. Japan and Hong Kong/Taiwan also grew in constant currency, while reported revenue was down due to FX headwinds.

Nu Skin Enterprises Reports Fourth Quarter and 2022 Financial Results page 2

“Looking ahead, while the macro-environment remains uncertain, we expect it to steadily improve throughout the year. We remain confident in our Nu Vision 2025 strategy to help drive long-term growth and increase shareholder value, which we will update on our earnings call today. During the year, we will be advancing our EmpowerMe personalized beauty and wellness strategy by introducing our body iO smart, connected device system and rolling out our TRMe® weight management line. We will also continue to enhance our Vera and Stela apps with additional capabilities, features and improvements to streamline the overall user experience. In addition, as we continue to expand our affiliate-powered social commerce model, we will focus on stabilizing performance in more challenged regions and leveraging best practices from our markets that are further along in their social commerce transition. Lastly, as we navigate the year ahead, we will continue to be conservative in our guidance and prudent in our cost management while we invest in our future.”

Q4 2022 Year-over-year Operating Results

Revenue:	$522.3 million compared to $673.4 million •   (7)% FX impact or $(51) million
Gross Margin:	71.7%  compared to 74.2% or 75.2% excluding restructuring and impairment charges in Q4 2021 •    Impacted by geographic footprint, foreign currency and global inflationary pressures •    Nu Skin business was 74.9% compared to 77.9%
Selling Expenses:	38.5% compared to 39.1% •    Nu Skin business was 40.5% compared to 41.4%
G&A Expenses:	24.4% compared to 24.4%
Operating Margin:	5.3% or 8.8% excluding restructuring and impairment charges, compared to 3.0% or 11.7% excluding restructuring and impairment charges
Other Income / (Expense):	$(3.1) million compared to $(1.9) million
Income Tax Rate:	(134.9)% or (3.7)% excluding restructuring and impairment charges and a recent IRS-approved favorable tax method change, compared to 150.1% or 26.9% excluding restructuring and impairment charges
EPS:	$1.15 or $0.89 excluding restructuring and impairment charges and a tax method change, compared to $(0.18) or $1.11 excluding restructuring and impairment charges

Nu Skin Enterprises Reports Fourth Quarter and 2022 Financial Results page 3

Stockholder Value

Dividend Payments:	$19.0 million
Stock Repurchases:	$10.0 million •    $175.4 million remaining in authorization

Q1 and Full-year 2023 Outlook

Q1 2023 Revenue:	$450 to $490 million; (26) to (19)% •    Approximately (6) to (5)% FX impact
Q1 2023 EPS:	$0.17 to $0.27 or $0.25 to $0.35 non-GAAP
2023 Revenue:	$2.03 to $2.18 billion; (9)% to (2)% •    Approximately (2) to (1)% FX impact
2023 EPS:	$2.27 to $2.67 or $2.35 to $2.75 non-GAAP

“Our initial 2023 guidance assumes the global macro environment remains challenging in the near-term, improving throughout the year,” said Mark Lawrence, chief financial officer. “Our annual revenue guidance is $2.03 to $2.18 billion, with an approximate 1 to 2 percent foreign currency headwind. We anticipate reported EPS of $2.27 to $2.67 or $2.35 to $2.75 excluding charges associated with a modest amount of 2023 restructuring. For the first quarter, we project revenue of $450 to $490 million, assuming a negative foreign currency impact of approximately 5 to 6 percent, with reported earnings per share of $0.17 to $0.27 or $0.25 to $0.35 when excluding an anticipated first-quarter restructuring and impairment charge of $5 to $10 million.”

Conference Call

The Nu Skin Enterprises management team will host a conference call with the investment community today at 5 p.m. (ET). Those wishing to access the webcast, as well as the financial information presented during the call, can visit the Investor Relations page on the company's website at ir.nuskin.com. A replay of the webcast will be available on the same page through March 1, 2023.

Nu Skin Enterprises Reports Fourth Quarter and 2022 Financial Results page 4

About Nu Skin Enterprises, Inc.

Nu Skin Enterprises, Inc. (NYSE: NUS) is a global integrated beauty and wellness company, powered by a dynamic affiliate opportunity platform. The company helps people look, feel and live their best with products that combine the best of science, technology and nature. Backed by more than 35 years of scientific research, Nu Skin develops innovative products including Nu Skin® personal care, Pharmanex® nutrition and the ageLOC® anti-aging brand which includes an award-winning line of beauty device systems. Nu Skin operates in nearly 50 markets worldwide in the Americas, Asia, Europe, Africa and the Pacific. Rhyz Inc. is the company’s strategic investment arm that includes a collection of technology and manufacturing companies to support growth in the core Nu Skin business. Nu Skin is committed to sustainability, including global initiatives such as transitioning to reduced and sustainable packaging for all products by 2030. The Nu Skin Force for Good Foundation also strives to improve children’s health, education and economic circumstances throughout the world. For more information, visit nuskin.com.

Important Information Regarding Forward-Looking Statements: This press release 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 expectations regarding the macro-environment and the company’s performance, growth, shareholder value, financial position, strategies, vision, transformation, initiatives, product pipeline and product introductions, digital and social-commerce tools and initiatives, customers, sales leaders, affiliates, and operational improvements; projections regarding revenue, expenses, operating income, earnings per share, foreign currency fluctuations, uses of cash and other financial items; 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,” “expect,” “anticipate,” “project,” “continue,” “outlook,” “guidance,” “remain,” “become,” “plan,” “potential,” “expand,” “will,” “would,” “could,” “may,” “might,” the negative of these words and other similar words.

The forward-looking statements and related assumptions involve risks and uncertainties that could cause actual results and outcomes to differ materially from any forward-looking statements or views expressed herein. These risks and uncertainties include, but are not limited to, the following:

• risk that epidemics, including COVID-19 and related disruptions, and other crises could negatively impact our business;

• adverse publicity related to the company’s business, products, industry or any legal actions or complaints by the company’s sales force or others;

• risk that direct selling laws and regulations in any of the company’s markets, including the United States and Mainland China, may be modified, interpreted or enforced in a manner that results in negative changes to the company’s business model or negatively impacts its revenue, sales force or business, including through the interruption of sales activities, loss of licenses, increased scrutiny of sales force actions, imposition of fines, or any other adverse actions or events;

• any failure of current or planned initiatives or products to generate interest among the company’s sales force and customers and generate sponsoring and selling activities on a sustained basis;

• political, legal, tax and regulatory uncertainties, including trade policies, associated with operating in Mainland China and other international markets;

• uncertainty regarding meeting restrictions and other government scrutiny in Mainland China, as well as negative media and consumer sentiment in Mainland China on our business operations and results;

Nu Skin Enterprises Reports Fourth Quarter and 2022 Financial Results page 5

• risk of foreign-currency fluctuations and the currency translation impact on the company’s business associated with these fluctuations;

• uncertainties regarding the future financial performance of the businesses the company has acquired;

• risks related to accurately predicting, delivering or maintaining sufficient quantities of products to support planned initiatives or launch strategies, and increased risk of inventory write-offs if the company over-forecasts demand for a product or changes its planned initiatives or launch strategies;

• regulatory risks associated with the company’s products, which could require the company to modify its claims or inhibit its ability to import or continue selling a product in a market if the product is determined to be a medical device or if the company is unable to register the product in a timely manner under applicable regulatory requirements;

• unpredictable economic conditions and events globally;

• the company’s future tax-planning initiatives; any prospective or retrospective increases in duties or tariffs on the company’s products imported into the company’s markets outside of the United States; and any adverse results of tax audits or unfavorable changes to tax laws in the company’s various markets; and

• continued competitive pressures in the company’s markets.

The company’s financial performance and the forward-looking statements contained herein are further qualified by a detailed discussion of associated risks set forth in the documents filed by the company with the Securities and Exchange Commission. The forward-looking statements set forth the company’s beliefs as of the date that such information was first provided, and the company assumes no duty to update the forward-looking statements contained in this release to reflect any change except as required by law.

Non-GAAP Financial Measures: Constant-currency revenue change is a non-GAAP financial measure that removes the impact of fluctuations in foreign-currency exchange rates, thereby facilitating period-to-period comparisons of the company’s performance. It is calculated by translating the current period’s revenue at the same average exchange rates in effect during the applicable prior-year period and then comparing that amount to the prior-year period’s revenue. The company believes that constant-currency revenue change is useful to investors, lenders and analysts because such information enables them to gauge the impact of foreign-currency fluctuations on the company’s revenue from period to period.

Earnings per share, gross margin, operating margin, and income tax rate, each excluding restructuring and impairment charges and/or tax method changes, also are non-GAAP financial measures. Restructuring and impairment charges and tax method changes are not part of the ongoing operations of our underlying business. The company believes that these non-GAAP financial measures are useful to investors, lenders and analysts because removing the impact of restructuring and impairment charges and tax method changes facilitates period-to-period comparisons of the company’s performance. Please see the reconciliations of these items to our earnings per share and other income (expense) calculated under GAAP, below.

The following table sets forth revenue for the three-month periods ended December 31, 2022 and 2021 for each of our reportable segments (U.S. dollars in thousands):

	Three Months Ended December 31,							Constant- Currency
	2022		2021		Change			Change
Nu Skin
Americas	$	128,921	$	144,000		(10)	%		(7)	%
Mainland China		73,935		130,708		(43)	%		(37)	%
Southeast Asia/Pacific		76,606		90,313		(15)	%		(8)	%
South Korea		60,029		92,528		(35)	%		(26)	%
Japan		53,877		63,215		(15)	%		6	%
EMEA		55,337		68,066		(19)	%		(9)	%
Hong Kong/Taiwan		39,789		47,816		(17)	%		(10)	%
Nu Skin other		1,525		156		878	%		876	%
Total Nu Skin		490,019		636,802		(23)	%		(15)	%
Rhyz Investments
Manufacturing		29,560		36,360		(19)	%		(19)	%
Rhyz other		2,761		274		908	%		908	%
Total Rhyz Investments		32,321		36,634		(12)	%		(12)	%
Total	$	522,340	$	673,436		(22)	%		(15)	%

Nu Skin Enterprises Reports Fourth Quarter and 2022 Financial Results page 6

The following table sets forth revenue for the years ended December 31, 2022 and 2021 for each of our reportable segments (U.S. dollars in thousands):

	Year Ended December 31,							Constant- Currency
	2022		2021		Change			Change
Nu Skin
Americas	$	508,537	$	547,755		(7)	%		(5)	%
Mainland China		360,389		568,774		(37)	%		(35)	%
Southeast Asia/Pacific		344,411		336,651		2	%		7	%
South Korea		268,707		354,252		(24)	%		(15)	%
Japan		224,896		266,216		(16)	%		—
EMEA		204,275		283,200		(28)	%		(19)	%
Hong Kong/Taiwan		157,197		162,611		(3)	%		1	%
Nu Skin other		3,959		3,653		8	%		8	%
Total Nu Skin		2,072,371		2,523,112		(18)	%		(12)	%
Rhyz Investments
Manufacturing		149,458		172,120		(13)	%		(13)	%
Rhyz other		3,830		437		776	%		776	%
Total Rhyz Investments		153,288		172,557		(11)	%		(11)	%
Total	$	2,225,659	$	2,695,669		(17)	%		(12)	%

The following table provides information concerning the number of Customers, Paid Affiliates and Sales Leaders in our core Nu Skin business for the three-month periods ended December 31, 2022 and 2021:

	Three Months Ended December 31,
Customers	2022		2021		Change
Americas		299,287		336,564		(11)	%
Mainland China		202,933		315,418		(36)	%
Southeast Asia/Pacific		141,183		169,601		(17)	%
South Korea		123,749		146,354		(15)	%
Japan		119,152		122,813		(3)	%
EMEA		197,917		210,414		(6)	%
Hong Kong/Taiwan		62,903		66,395		(5)	%
Total		1,147,124		1,367,559		(16)	%

	Three Months Ended December 31,
Paid Affiliates	2022		2021		Change
Americas		42,633		49,328		(14)	%
Mainland China		23,436		30,546		(23)	%
Southeast Asia/Pacific		38,653		44,050		(12)	%
South Korea		45,058		52,036		(13)	%
Japan		38,021		38,428		(1)	%
EMEA		31,869		36,482		(13)	%
Hong Kong/Taiwan		17,286		20,155		(14)	%
Total		236,956		271,025		(13)	%

Nu Skin Enterprises Reports Fourth Quarter and 2022 Financial Results page 7

	Three Months Ended December 31,
Sales Leaders	2022		2021		Change
Americas		9,594		10,879		(12)	%
Mainland China(1)		12,359		18,207		(32)	%
Southeast Asia/Pacific		6,999		8,800		(20)	%
South Korea		6,094		8,224		(26)	%
Japan		5,936		5,864		1	%
EMEA		4,740		5,743		(17	)%
Hong Kong/Taiwan		3,015		3,666		(18)	%
Total		48,737		61,383		(21)	%

(1)  The December 31, 2022 number reflects a modified Sales Leader definition, as described in our annual report on form 10-K.

● “Customers” are persons who have purchased directly from the Company during the three months ended as of the date indicated. Our Customer numbers include members of our sales force who made such a purchase, including Paid Affiliates and those who qualify as Sales Leaders, but they do not include consumers who purchase directly from members of our sales force.

● “Paid Affiliates” are any Brand Affiliates, as well as members of our sales force in Mainland China, who earned sales compensation during the three-month period. In all of our markets besides Mainland China, we refer to members of our independent sales force as “Brand Affiliates” because their primary role is to promote our brand and products through their personal social networks.

● “Sales Leaders” are the three-month average of our monthly Brand Affiliates, as well as sales employees and independent marketers in Mainland China, who achieved certain qualification requirements as of the end of each month of the quarter.

NU SKIN ENTERPRISES, INC.

Consolidated Statements of Income (Unaudited)

(U.S. dollars in thousands, except per share amounts)

	Three Months Ended December 31,						Year Ended December 31,
	2022			2021			2022			2021
Revenue	$	522,340		$	673,436		$	2,225,659		$	2,695,669
Cost of sales		147,816			173,775			630,915			675,223
Gross profit		374,524			499,661			1,594,744			2,020,446
Operating expenses:
Selling expenses		201,031			263,265			879,634			1,080,153
General and administrative expenses		127,664			164,206			555,769			654,431
Restructuring and impairment expenses		18,370			51,870			48,494			51,870
Total operating expenses		347,065			479,341			1,483,897			1,786,454
Operating income (loss)		27,459			20,320			110,847			233,992
Other income (expense), net		(3,104	)		(1,884	)		(21,877	)		(1,533	)
Income before provision for income taxes		24,355			18,436			88,970			232,459
Provision (benefit) for income taxes		(32,860	)		27,666			(15,808	)		85,193
Net income (loss)	$	57,215		$	(9,230	)	$	104,778		$	147,266
Net income (loss) per share:
Basic	$	1.16		$	(0.19	)	$	2.10		$	2.93
Diluted	$	1.15		$	(0.18	)	$	2.07		$	2.86
Weighted-average common shares outstanding (000s):
Basic		49,452			49,862			50,002			50,193
Diluted		49,783			50,801			50,525			51,427

Nu Skin Enterprises Reports Fourth Quarter and 2022 Financial Results page 8

NU SKIN ENTERPRISES, INC.

Consolidated Balance Sheets (Unaudited)

(U.S. dollars in thousands)

	December 31, 2022			December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents	$	264,725		$	339,593
Current investments		13,784			15,221
Accounts receivable, net		47,360			41,299
Inventories, net		346,183			399,931
Prepaid expenses and other		87,816			76,906
Total current assets		759,868			872,950
Property and equipment, net		444,806			453,674
Operating lease right-of-use assets		98,734			120,973
Goodwill		206,432			206,432
Other intangible assets, net		66,701			76,991
Other assets		244,429			175,460
Total assets	$	1,820,970		$	1,906,480
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	53,963		$	49,993
Accrued expenses		280,280			372,201
Current portion of long-term debt		25,000			107,500
Total current liabilities		359,243			529,694
Operating lease liabilities		76,540			88,759
Long-term debt		377,466			268,781
Other liabilities		110,425			106,474
Total liabilities		923,674			993,708
Commitments and contingencies
Stockholders’ equity:
Class A common stock – 500 million shares authorized, $0.001 par value, 90.6 million shares issued		91			91
Additional paid-in capital		613,278			601,703
Treasury stock, at cost – 41.1 million and 40.7 million shares		(1,569,061	)		(1,526,860	)
Accumulated other comprehensive loss		(86,509	)		(73,896	)
Retained earnings		1,939,497			1,911,734
Total stockholders' equity		897,296			912,772
Total liabilities and stockholders’ equity	$	$1,820,970		$	1,906,480

Nu Skin Enterprises Reports Fourth Quarter and 2022 Financial Results page 9

NU SKIN ENTERPRISES, INC.

Reconciliation of Gross Margin Excluding Impact of Restructuring and Impairment to GAAP Gross Margin

(in thousands, except for per share amounts)

	Three months ended December 31,						Year ended December 31,
	2022			2021			2022			2021
Gross profit	$	374,524		$	499,661		$	1,594,744		$	2,020,446
Impact of restructuring and impairment:
Inventory write-off		-			6,656			26,905			6,656
Adjusted gross profit	$	374,524		$	506,317		$	1,621,649		$	2,027,102
Gross margin		71.7	%		74.2	%		71.7	%		75.0	%
Gross margin, excluding restructuring impact		71.7	%		75.2	%		72.9	%		75.2	%
Revenue	$	522,340		$	673,436		$	2,225,659		$	2,695,669

NU SKIN ENTERPRISES, INC.

Reconciliation of Operating Margin Excluding Impact of Restructuring and Impairment to GAAP Operating Margin

(in thousands, except for per share amounts)

	Three months ended December 31,						Year ended December 31,
	2022			2021			2022			2021
Operating Income	$	27,459		$	20,320		$	110,847		$	233,992
Impact of restructuring and impairment:
Restructuring and impairment		18,369			51,870			48,493			51,870
Inventory write-off		-			6,656			26,905			6,656
Adjusted operating income	$	45,828		$	78,846		$	186,245		$	292,518
Operating margin		5.3	%		3.0	%		5.0	%		8.7	%
Operating margin, excluding restructuring impact		8.8	%		11.7	%		8.4	%		10.9	%
Revenue	$	522,340		$	673,436		$	2,225,659		$	2,695,669

Nu Skin Enterprises Reports Fourth Quarter and 2022 Financial Results page 10

NU SKIN ENTERPRISES, INC.

Reconciliation of Effective Tax Rate Excluding Impact of Restructuring to GAAP Effective Tax Rate

(in thousands, except for per share amounts)

	Three months ended December 31,						Year ended December 31,
	2022			2021			2022			2021
Provision (benefit) for income taxes	$	(32,860	)	$	27,666		$	(15,808	)	$	85,193
Impact of restructuring on provision for income taxes		(903	)		(6,933	)		10,651			(6,933	)
Impact of Tax Changes		32,187			-			32,187			-
Provision for income taxes, excluding impact of restructuring	$	(1,576	)	$	20,733		$	27,030		$	78,260
Income before provision for income taxes		24,355			18,436			88,970			232,459
Impact of restructuring and impairment expense:
Inventory write-off		-			6,656			26,905			6,656
Restructuring and impairment		18,369			51,870			48,493			51,870
Impact of charges associated with our Q4 exit from Grow Tech:
Unrealized investment loss		-			-			9,009			-
Income before provision for income taxes, excluding impact of restructuring	$	42,724		$	76,962		$	173,377		$	290,985
Effective tax rate		-134.9	%		150.1	%		-17.8	%		36.6	%
Effective tax rate, excluding restructuring impact		-3.7	%		26.9	%		15.6	%		26.9	%

Nu Skin Enterprises Reports Fourth Quarter and 2022 Financial Results page 11

NU SKIN ENTERPRISES, INC.

Reconciliation of Earnings Per Share Excluding Impact of Restructuring to GAAP Earnings Per Share

(in thousands, except for per share amounts)

	Three months ended December 31,						Year ended December 31,
	2022			2021			2022			2021
Net income	$	57,215		$	(9,230	)	$	104,778		$	147,266
Impact of restructuring and impairment expense:
Restructuring and impairment		18,369			51,870			48,493			51,870
Cost of sales - Restructuring		-			6,656			26,905			6,656
Tax impact		903			6,933			(9,566	)		6,933
Impact of charges associated with our Q4 exit from Grow Tech:
Unrealized loss on investment		-			-			9,009			-
Tax impact		-			-			(1,085	)		-
Tax impact from method change		(32,187	)		-			(32,187	)		-
Adjusted net income	$	44,300		$	56,229		$	146,347		$	212,725
Diluted earnings per share	$	1.15		$	(0.18	)	$	2.07		$	2.86
Diluted earnings per share, excluding restructuring impact	$	0.89		$	1.11		$	2.90		$	4.14
Weighted-average common shares outstanding (000):		49,783			50,801			50,525			51,427

Nu Skin Enterprises Reports Fourth Quarter and 2022 Financial Results page 12

NU SKIN ENTERPRISES, INC.

 Reconciliation of Earnings Per Share Excluding Impact of Restructuring to GAAP Earnings Per Share

	Three months ended March 31,						Year ended December 31,
	2023 - Low- end			2023 High- end			2023 - Low- end			2023 High- end
Earnings Per Share	$	0.17		$	0.27		$	2.27		$	2.67
Impact of restructuring and impairment expense:
Restructuring and impairment		0.10			0.10			0.10			0.10
Tax impact		(0.02	)		(0.02	)		(0.02	)		(0.02	)
Adjusted EPS	$	0.25		$	0.35		$	2.35		$	2.75

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CONTACTS:

Media: media@nuskin.com, (801) 345-6397

Investors: investorrelations@nuskin.com, (801) 345-3577