001-35024 | 87-0500306 | ||||
(Commission File No.) | (IRS Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, $0.001 par value per share | USNA | New York Stock Exchange |
Exhibit No. | Description | |||||||
99.1 | ||||||||
99.2 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
USANA HEALTH SCIENCES, INC. | ||||||||
By: | /s/ G. Douglas Hekking | |||||||
G. Douglas Hekking, Chief Financial Officer | ||||||||
Date: April 30, 2024 |
Consolidated Results | ||||||||
Net Sales | $228 million |
•-8% vs. Q1 2023 |
||||||
•-5% constant currency vs. Q1 2023 |
||||||||
•+3% sequentially |
||||||||
•+2% constant currency sequentially |
||||||||
•-$7 million YOY FX impact, or -3% |
||||||||
Diluted EPS | $0.86 |
•-9% vs. Q1 2023 |
||||||
•-1% sequentially |
||||||||
Active Customers | 494,000 |
•+1% vs. Q1 2023 |
||||||
•+2% sequentially |
Asia Pacific Region | ||||||||
Net Sales | $185 million |
•-7% vs. Q1 2023 |
||||||
•-3% constant currency vs. Q1 2023 |
||||||||
•+5% sequentially |
||||||||
•81% of consolidated net sales |
||||||||
Active Customers | 395,000 |
•+2% vs. Q1 2023 |
||||||
•+3% sequentially |
||||||||
Asia Pacific Sub-Regions | ||||||||
Greater China | ||||||||
Net Sales | $128 million |
•+3% vs. Q1 2023 |
||||||
•+7% constant currency vs. Q1 2023 |
||||||||
•+10% sequentially |
||||||||
Active Customers | 274,000 |
•+13% vs. Q1 2023 |
||||||
•+7% sequentially |
||||||||
North Asia |
Net Sales | $21 million |
•-28% vs. Q1 2023 |
||||||
•-24% constant currency vs. Q1 2023 |
||||||||
•-3% sequentially |
||||||||
Active Customers | 45,000 |
•-17% vs. Q1 2023 |
||||||
•-6% sequentially |
||||||||
Southeast Asia Pacific | ||||||||
Net Sales | $36 million |
•-22% vs. Q1 2023 |
||||||
•-19% constant currency vs. Q1 2023 |
||||||||
•-8% sequentially |
||||||||
Active Customers | 76,000 |
•-16% vs. Q1 2023 |
||||||
•-5% sequentially |
Americas and Europe Region | ||||||||
Net Sales | $43 million |
•-12% vs. Q1 2023 |
||||||
•-14% constant currency vs. Q1 2023 |
||||||||
•-3% sequentially |
||||||||
•19% of consolidated net sales |
||||||||
Active Customers | 99,000 |
•-6% vs. Q1 2023 |
||||||
•-1% sequentially |
Fiscal Year 2024 Outlook | |||||
Range | |||||
Consolidated Net Sales | $850 - $920 million | ||||
Diluted EPS | $2.40 - $3.00 |
Quarter Ended | ||||||||||||||
March 30, 2024 |
April 1, 2023 |
|||||||||||||
Net sales | $ | 227,800 | $ | 248,360 | ||||||||||
Cost of sales | 43,069 | 48,519 | ||||||||||||
Gross profit | 184,731 | 199,841 | ||||||||||||
Operating expenses: | ||||||||||||||
Associate incentives | 95,758 | 106,070 | ||||||||||||
Selling, general and administrative | 64,300 | 66,926 | ||||||||||||
Total operating expenses | 160,058 | 172,996 | ||||||||||||
Earnings from operations | 24,673 | 26,845 | ||||||||||||
Other income (expense): | ||||||||||||||
Interest income | 2,676 | 1,775 | ||||||||||||
Interest expense | (52) | (31) | ||||||||||||
Other, net | (186) | (88) | ||||||||||||
Other income (expense), net | 2,438 | 1,656 | ||||||||||||
Earnings before income taxes | 27,111 | 28,501 | ||||||||||||
Income taxes | 10,574 | 10,118 | ||||||||||||
Net earnings | $ | 16,537 | $ | 18,383 | ||||||||||
Earnings per common share | ||||||||||||||
Basic | $ | 0.86 | $ | 0.95 | ||||||||||
Diluted | $ | 0.86 | $ | 0.95 | ||||||||||
Weighted average common shares outstanding | ||||||||||||||
Basic | 19,174 | 19,283 | ||||||||||||
Diluted | 19,302 | 19,328 |
As of March 30, 2024 |
As of December 30, 2023 |
||||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 328,336 | $ | 330,420 | |||||||
Inventories | 60,870 | 61,454 | |||||||||
Prepaid expenses and other current assets | 31,864 | 25,872 | |||||||||
Total current assets | 421,070 | 417,746 | |||||||||
Property and equipment, net | 98,186 | 99,814 | |||||||||
Goodwill | 16,902 | 17,102 | |||||||||
Intangible assets, net | 29,105 | 29,919 | |||||||||
Deferred tax assets | 11,347 | 13,284 | |||||||||
Other assets* |
52,665 | 54,892 | |||||||||
Total assets | $ | 629,275 | $ | 632,757 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | 8,266 | $ | 10,070 | |||||||
Line of credit - short term | 1,320 | 786 | |||||||||
Other current liabilities | 103,045 | 107,989 | |||||||||
Total current liabilities | 112,631 | 118,845 | |||||||||
Deferred tax liabilities | 5,113 | 4,552 | |||||||||
Other long-term liabilities | 11,543 | 12,158 | |||||||||
Stockholders' equity | 499,988 | 497,202 | |||||||||
Total liabilities and stockholders' equity | $ | 629,275 | $ | 632,757 |
Quarter Ended | Change from prior year |
Percent change | Currency impact on sales |
% change excluding currency impact |
|||||||||||||||||||||||||||||||||||||||||||
March 30, 2024 | April 1, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
Asia Pacific | |||||||||||||||||||||||||||||||||||||||||||||||
Greater China | $ | 127,615 | 56.0 | % | $ | 123,820 | 49.9 | % | $ | 3,795 | 3.1 | % | $ | (5,396) | 7.4 | % | |||||||||||||||||||||||||||||||
Southeast Asia Pacific | 36,065 | 15.9 | % | $ | 46,286 | 18.6 | % | (10,221) | (22.1 | %) | (1,495) | (18.9 | %) | ||||||||||||||||||||||||||||||||||
North Asia | 21,421 | 9.4 | % | $ | 29,608 | 11.9 | % | (8,187) | (27.7 | %) | (987) | (24.3 | %) | ||||||||||||||||||||||||||||||||||
Asia Pacific Total | 185,101 | 81.3 | % | 199,714 | 80.4 | % | (14,613) | (7.3 | %) | (7,878) | (3.4 | %) | |||||||||||||||||||||||||||||||||||
Americas and Europe | 42,699 | 18.7 | % | 48,646 | 19.6 | % | (5,947) | (12.2 | %) | 635 | (13.5 | %) | |||||||||||||||||||||||||||||||||||
$ | 227,800 | 100.0 | % | $ | 248,360 | 100.0 | % | $ | (20,560) | (8.3 | %) | $ | (7,243) | (5.4 | %) |
Active Associates by Region(1) | |||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||
As of March 30, 2024 |
As of April 1, 2023 |
||||||||||||||||||||||
Asia Pacific: | |||||||||||||||||||||||
Greater China | 71,000 | 36.1 | % | 74,000 | 34.1 | % | |||||||||||||||||
Southeast Asia Pacific | 51,000 | 25.9 | % | 61,000 | 28.1 | % | |||||||||||||||||
North Asia | 30,000 | 15.2 | % | 35,000 | 16.1 | % | |||||||||||||||||
Asia Pacific Total | 152,000 | 77.2 | % | 170,000 | 78.3 | % | |||||||||||||||||
Americas and Europe | 45,000 | 22.8 | % | 47,000 | 21.7 | % | |||||||||||||||||
197,000 | 100.0 | % | 217,000 | 100.0 | % |
Active Preferred Customers by Region(2) | |||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||
As of March 30, 2024 |
As of April 1, 2023 |
||||||||||||||||||||||
Asia Pacific: | |||||||||||||||||||||||
Greater China | 203,000 | 68.3 | % | 168,000 | 61.3 | % | |||||||||||||||||
Southeast Asia Pacific | 25,000 | 8.4 | % | 29,000 | 10.6 | % | |||||||||||||||||
North Asia | 15,000 | 5.1 | % | 19,000 | 6.9 | % | |||||||||||||||||
Asia Pacific Total | 243,000 | 81.8 | % | 216,000 | 78.8 | % | |||||||||||||||||
Americas and Europe | 54,000 | 18.2 | % | 58,000 | 21.2 | % | |||||||||||||||||
297,000 | 100.0 | % | 274,000 | 100.0 | % |
Consolidated Results | ||||||||
Net Sales | $228 million |
•-8% vs. Q1 2023 |
||||||
•-5% constant currency vs. Q1 2023 |
||||||||
•-$7 million YOY FX impact, or -3% |
||||||||
•+3% sequentially |
||||||||
•+2% constant currency sequentially |
||||||||
Diluted EPS | $0.86 |
•-9% vs. Q1 2023 |
||||||
•-1% sequentially |
||||||||
Active Customers | 494,000 |
•+1% vs. Q1 2023 |
||||||
•+2% sequentially |
Asia Pacific Region | ||||||||
Net Sales | $185 million |
•-7% vs. Q1 2023 |
||||||
•-3% constant currency vs. Q1 2023 |
||||||||
•+5% sequentially |
||||||||
•81% of consolidated net sales |
||||||||
Active Customers | 395,000 |
•+2% vs. Q1 2023 |
||||||
•+3% sequentially |
||||||||
Asia Pacific Sub-Regions | ||||||||
Greater China | ||||||||
Net Sales | $128 million |
•+3% vs. Q1 2023 |
||||||
•+7% constant currency vs. Q1 2023 |
||||||||
•+10% sequentially |
||||||||
Active Customers | 274,000 |
•+13% vs. Q1 2023 |
||||||
•+7% sequentially |
||||||||
North Asia | ||||||||
Net Sales | $21 million |
•-28% vs. Q1 2023 |
||||||
•-24% constant currency vs. Q1 2023 |
||||||||
•-3% sequentially |
||||||||
Active Customers | 45,000 |
•-17% vs. Q1 2023 |
||||||
•-6% sequentially |
||||||||
Southeast Asia Pacific | ||||||||
Net Sales | $36 million |
•-22% vs. Q1 2023 |
||||||
•-19% constant currency vs. Q1 2023 |
||||||||
•-8% sequentially |
||||||||
Active Customers | 76,000 |
•-16% vs. Q1 2023 |
||||||
•-5% sequentially |
Americas and Europe Region | ||||||||
Net Sales | $43 million |
•-12% vs. Q1 2023 |
||||||
•-14% constant currency vs.Q1 2023 |
||||||||
•-3% sequentially |
||||||||
•19% of consolidated net sales |
||||||||
Active Customers | 99,000 |
•-6% vs. Q1 2023 |
||||||
•-1% sequentially |
Fiscal Year 2024 Outlook | |||||
Range | |||||
Consolidated Net Sales | $850 - $920 million | ||||
Diluted EPS | $2.40 - $3.00 |
Investor contact: | Andrew Masuda | ||||
Investor Relations | |||||
(801) 954-7210 | |||||
investor.relations@usanainc.com |
|||||
Media contact: | Amy Haran | ||||
Public Relations | |||||
801-954-7280 |