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Cramer: Bill Ackman isn't Herbalife's only problem

Between declining sales and a relentless attack from activist investor Bill Ackman, things just aren't looking up for Herbalife, CNBC's Jim Cramer said Tuesday.

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.

Read MoreHerbalife delivers disappointing outlook

"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."

Bill Ackman
Adam Jeffery | CNBC
Bill Ackman

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.