The maker of weight-loss and nutritional products on Monday reported operating earnings of $1.45 per share, 6 cents below analysts' consensus expectations. Its revenue of $1.26 billion also missed expectations of $1.32 billion.
"We're now seeing two consecutive [quarters of] huge misses from Herbalife and that is bad because they do have a lot of negative leverage here," Cramer said on "Squawk on the Street." "We have to acknowledge the fact that the impact of the nonstop, 24-hour 'Herbalife is a scam' Ackman call is having an impact."
Citing weakening sales in the United States, as well as in Venezuela and elsewhere, the company also cut its full-year revenue and profit forecast.
In turn, shares suffered double-digit declines in midmorning trade on Tuesday.
"Just be aware the stock is down for good reasons," Cramer said. "It's not down because [Ackman] has come out and said anything. It's down because ... they have to really change their numbers. It's a big forecast cut."
DISCLOSURE: When this story was published, Cramer's charitable had no positions in Herbalife.