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: July 23, 2024 |
Consolidated Results | ||||||||
Net Sales | $213 million |
•-11% vs. Q2 2023 |
||||||
•-8% constant currency vs. Q2 2023 |
||||||||
•-7% sequentially |
||||||||
•-6% constant currency sequentially |
||||||||
•-$5 million YOY FX impact, or -2% |
||||||||
Diluted EPS | $0.54 |
•-39% vs. Q2 2023 |
||||||
•-37% sequentially |
||||||||
Active Customers | 468,000 |
•-4% vs. Q2 2023 |
||||||
•-5% sequentially |
Asia Pacific Region | ||||||||
Net Sales | $171 million |
•-12% vs. Q2 2023 |
||||||
•-9% constant currency vs. Q2 2023 |
||||||||
•-8% sequentially |
||||||||
•80% of consolidated net sales |
||||||||
Active Customers | 369,000 |
•-4% vs. Q2 2023 |
||||||
•-7% sequentially |
||||||||
Asia Pacific Sub-Regions | ||||||||
Greater China | ||||||||
Net Sales | $116 million |
•-10% vs. Q2 2023 |
||||||
•-8% constant currency vs. Q2 2023 |
||||||||
•-9% sequentially |
||||||||
Active Customers | 250,000 |
•Flat vs. Q2 2023 |
||||||
•-9% sequentially |
||||||||
North Asia | ||||||||
Net Sales | $20 million |
•-23% vs. Q2 2023 |
||||||
•-19% constant currency vs. Q2 2023 |
||||||||
•-8% sequentially |
||||||||
Active Customers | 42,000 |
•-18% vs. Q2 2023 |
||||||
•-7% sequentially |
||||||||
Southeast Asia Pacific | ||||||||
Net Sales | $35 million |
•-10% vs. Q2 2023 |
||||||
•-7% constant currency vs. Q2 2023 |
||||||||
•-2% sequentially |
||||||||
Active Customers | 77,000 |
•-6% vs. Q2 2023 |
||||||
•+1% sequentially |
Americas and Europe Region | ||||||||
Net Sales | $42 million |
•-5% vs. Q2 2023 |
||||||
•-5% constant currency vs. Q2 2023 |
||||||||
•-1% sequentially |
||||||||
•20% of consolidated net sales |
||||||||
Active Customers | 99,000 |
•-4% vs. Q2 2023 |
||||||
•Flat sequentially |
Fiscal Year 2024 Outlook | ||||||||
Revised Range | Previous Range | |||||||
Consolidated Net Sales | $850 - $880 million | $850 - $920 million | ||||||
Diluted EPS | $2.40 - $2.55 |
$2.40 - $3.00 |
Quarter Ended | ||||||||||||||
June 29, 2024 |
July 1, 2023 |
|||||||||||||
Net sales | $ | 212,869 | $ | 238,202 | ||||||||||
Cost of sales | 40,333 | 43,326 | ||||||||||||
Gross profit | 172,536 | 194,876 | ||||||||||||
Operating expenses: | ||||||||||||||
Associate incentives | 90,371 | 102,380 | ||||||||||||
Selling, general and administrative | 64,325 | 68,096 | ||||||||||||
Total operating expenses | 154,696 | 170,476 | ||||||||||||
Earnings from operations | 17,840 | 24,400 | ||||||||||||
Other income (expense): | ||||||||||||||
Interest income | 2,763 | 2,224 | ||||||||||||
Interest expense | (51) | (43) | ||||||||||||
Other, net | (349) | 229 | ||||||||||||
Other income (expense), net | 2,363 | 2,410 | ||||||||||||
Earnings before income taxes | 20,203 | 26,810 | ||||||||||||
Income taxes | 9,771 | 9,518 | ||||||||||||
Net earnings | $ | 10,432 | $ | 17,292 | ||||||||||
Earnings per common share | ||||||||||||||
Basic | $ | 0.55 | $ | 0.89 | ||||||||||
Diluted | $ | 0.54 | $ | 0.89 | ||||||||||
Weighted average common shares outstanding | ||||||||||||||
Basic | 19,073 | 19,321 | ||||||||||||
Diluted | 19,159 | 19,427 |
As of June 29, 2024 |
As of December 30, 2023 |
||||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 332,423 | $ | 330,420 | |||||||
Inventories | 61,832 | 61,454 | |||||||||
Prepaid expenses and other current assets | 24,826 | 25,872 | |||||||||
Total current assets | 419,081 | 417,746 | |||||||||
Property and equipment, net | 97,686 | 99,814 | |||||||||
Goodwill | 16,837 | 17,102 | |||||||||
Intangible assets, net | 28,637 | 29,919 | |||||||||
Deferred tax assets | 18,190 | 13,284 | |||||||||
Other assets* |
50,988 | 54,892 | |||||||||
Total assets | $ | 631,419 | $ | 632,757 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | 6,648 | $ | 10,070 | |||||||
Line of credit - short term | — | 786 | |||||||||
Other current liabilities | 97,248 | 107,989 | |||||||||
Total current liabilities | 103,896 | 118,845 | |||||||||
Deferred tax liabilities | 4,653 | 4,552 | |||||||||
Other long-term liabilities | 10,662 | 12,158 | |||||||||
Stockholders' equity | 512,208 | 497,202 | |||||||||
Total liabilities and stockholders' equity | $ | 631,419 | $ | 632,757 |
Quarter Ended | Change from prior year |
Percent change | Currency impact on sales |
% change excluding currency impact |
|||||||||||||||||||||||||||||||||||||||||||
June 29, 2024 | July 1, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
Asia Pacific | |||||||||||||||||||||||||||||||||||||||||||||||
Greater China | $ | 115,513 | 54.3 | % | $ | 128,749 | 54.1 | % | $ | (13,236) | (10.3 | %) | $ | (3,085) | (7.9 | %) | |||||||||||||||||||||||||||||||
Southeast Asia Pacific | 35,402 | 16.6 | % | $ | 39,337 | 16.5 | % | (3,935) | (10.0 | %) | (1,221) | (6.9 | %) | ||||||||||||||||||||||||||||||||||
North Asia | 19,710 | 9.3 | % | $ | 25,529 | 10.7 | % | (5,819) | (22.8 | %) | (870) | (19.4 | %) | ||||||||||||||||||||||||||||||||||
Asia Pacific Total | 170,625 | 80.2 | % | 193,615 | 81.3 | % | (22,990) | (11.9 | %) | (5,176) | (9.2 | %) | |||||||||||||||||||||||||||||||||||
Americas and Europe | 42,244 | 19.8 | % | 44,587 | 18.7 | % | (2,343) | (5.3 | %) | (94) | (5.0 | %) | |||||||||||||||||||||||||||||||||||
$ | 212,869 | 100.0 | % | $ | 238,202 | 100.0 | % | $ | (25,333) | (10.6 | %) | $ | (5,270) | (8.4 | %) |
Active Associates by Region(1) | |||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||
As of June 29, 2024 |
As of July 1, 2023 |
||||||||||||||||||||||
Asia Pacific: | |||||||||||||||||||||||
Greater China | 68,000 | 35.2 | % | 71,000 | 34.1 | % | |||||||||||||||||
Southeast Asia Pacific | 52,000 | 27.0 | % | 57,000 | 27.4 | % | |||||||||||||||||
North Asia | 28,000 | 14.5 | % | 33,000 | 15.9 | % | |||||||||||||||||
Asia Pacific Total | 148,000 | 76.7 | % | 161,000 | 77.4 | % | |||||||||||||||||
Americas and Europe | 45,000 | 23.3 | % | 47,000 | 22.6 | % | |||||||||||||||||
193,000 | 100.0 | % | 208,000 | 100.0 | % |
Active Preferred Customers by Region(2) | |||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||
As of June 29, 2024 |
As of July 1, 2023 |
||||||||||||||||||||||
Asia Pacific: | |||||||||||||||||||||||
Greater China | 182,000 | 66.2 | % | 180,000 | 64.5 | % | |||||||||||||||||
Southeast Asia Pacific | 25,000 | 9.1 | % | 25,000 | 9.0 | % | |||||||||||||||||
North Asia | 14,000 | 5.1 | % | 18,000 | 6.4 | % | |||||||||||||||||
Asia Pacific Total | 221,000 | 80.4 | % | 223,000 | 79.9 | % | |||||||||||||||||
Americas and Europe | 54,000 | 19.6 | % | 56,000 | 20.1 | % | |||||||||||||||||
275,000 | 100.0 | % | 279,000 | 100.0 | % |
Consolidated Results | ||||||||
Net Sales | $213 million |
•-11% vs. Q2 2023 |
||||||
•-8% constant currency vs. Q2 2023 |
||||||||
•-$5 million YOY FX impact, or -2% |
||||||||
•-7% sequentially |
||||||||
•-6% constant currency sequentially |
||||||||
Diluted EPS | $0.54 |
•-39% vs. Q2 2023 |
||||||
•-37% sequentially |
||||||||
Active Customers | 468,000 |
•-4% vs. Q2 2023 |
||||||
•-5% sequentially |
Asia Pacific Region | ||||||||
Net Sales | $171 million |
•-12% vs. Q2 2023 |
||||||
•-9% constant currency vs. Q2 2023 |
||||||||
•-8% sequentially |
||||||||
•80% of consolidated net sales |
||||||||
Active Customers | 369,000 |
•-4% vs. Q2 2023 |
||||||
•-7% sequentially |
||||||||
Asia Pacific Sub-Regions | ||||||||
Greater China | ||||||||
Net Sales | $116 million |
•-10% vs. Q2 2023 |
||||||
•-8% constant currency vs. Q2 2023 |
•-9% sequentially |
||||||||
Active Customers | 250,000 |
•Flat vs. Q2 2023 |
||||||
•-9% sequentially |
||||||||
North Asia | ||||||||
Net Sales | $20 million |
•-23% vs. Q2 2023 |
||||||
•-19% constant currency vs. Q2 2023 |
||||||||
•-8% sequentially |
||||||||
Active Customers | 42,000 |
•-18% vs. Q2 2023 |
||||||
•-7% sequentially |
||||||||
Southeast Asia Pacific | ||||||||
Net Sales | $35 million |
•-10% vs. Q2 2023 |
||||||
•-7% constant currency vs. Q2 2023 |
||||||||
•-2% sequentially |
||||||||
Active Customers | 77,000 |
•-6% vs. Q2 2023 |
||||||
•+1% sequentially |
Americas and Europe Region | ||||||||
Net Sales | $42 million |
•-5% vs. Q2 2023 |
||||||
•-5% constant currency vs.Q2 2023 |
||||||||
•-1% sequentially |
||||||||
•20% of consolidated net sales |
||||||||
Active Customers | 99,000 |
•-4% vs. Q2 2023 |
||||||
•Flat sequentially |
Fiscal Year 2024 Outlook | ||||||||
Revised Range | Previous Range | |||||||
Consolidated Net Sales | $850 - $880 million | $850 - $920 million | ||||||
Diluted EPS | $2.40- $2.55 |
$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 |