USANA Health Sciences, Inc. (NYSE: USNA) today announced
financial results for its fiscal third quarter ended September 26,
2020.
Key Financial & Operating Highlights
- Third quarter net sales increased 14.5% year-over-year to
$298.5 million due to strong product demand and successful
incentive programs.
- Diluted EPS increased 32.1% year-over-year to a record
$1.44.
- Active customers increased 16.5% year-over-year to a record
650,000.
- Company raises full-year 2020 Net Sales and EPS outlook.
Q3 2020 Financial Performance
Consolidated Results
Net Sales
$298.5 million
- +14.5% vs. prior-year quarter
- +13.6% constant currency vs. prior-year quarter
- +$2.5 million FX impact, or +0.9%
Diluted EPS
$1.44
- +32.1% vs. prior-year quarter
- Diluted shares of 21.2 million, -4.7%
Active Customers
650,000
- +16.5% vs. prior-year quarter
Cash & Cash Equivalents
$278.4 million
- Ended quarter with no debt
“This was an all-around very successful quarter for the
Company,” said Kevin Guest, Chief Executive Officer and Chairman of
the Board. “During the quarter, our strategies led to strong global
customer demand for our high-quality nutritional products. We also
offered various incentives and promotions that were well received
and contributed meaningfully to sales and customer growth for the
quarter.”
“Of further note, USANA’s Virtual Events strategy proved
successful during the quarter. Our annual Americas and Europe
Convention and our China National Sales Meeting were both held
virtually, and this allowed us to reach larger audiences than did
many of our past, in-person events. Throughout 2020, our management
team and Associate sales force have demonstrated their ability to
modify strategies and adapt to continually changing conditions, all
in an effort to continue to advance USANA’s mission of health and
wellness. We look forward to a strong finish to 2020 and delivering
further growth in 2021.”
Q3 2020 Regional Results:
Asia Pacific Region
Net Sales
$241.3 million
- +15.7% vs. prior-year quarter
- Constant currency net sales: +13.9%
- +$3.7 million FX impact, or +1.8%
- 80.8% of consolidated net sales
Active Customers
502,000
- +15.4% vs. prior-year quarter
Asia Pacific
Sub-Regions
Greater China
Net Sales
$136.0 million
- +3.9% vs. prior-year quarter
- Constant currency net sales: +2.7%
Active Customers
284,000
- +4.0% vs. prior-year quarter
- +2.2% sequentially
North Asia
Net Sales
$29.0 million
- +24.3% vs. prior-year quarter
- Constant currency net sales: +23.7%
Active Customers
60,000
- +20.0% vs. prior-year quarter
- +7.1% sequentially
Southeast Asia Pacific
Net Sales
$76.3 million
- +40.5% vs. prior-year quarter
- Constant currency net sales: +36.7%
Active Customers
158,000
- +41.1% vs. prior-year quarter
- +22.5% sequentially
Americas and Europe
Region
Net Sales
$57.2 million
- +10.0% vs. prior-year quarter
- Constant currency net sales: +12.2%
- -$1.2 million FX impact, or -2.2%
- 19.2% of consolidated net sales
Active Customers
148,000
- +20.3% vs. prior-year quarter
- +8.8% sequentially
Balance Sheet
The Company ended the quarter with $278.4 million in cash and
cash equivalents and no debt. During the quarter, the Company did
not repurchase any shares of common stock and, as of the end of the
third quarter, there was approximately $73 million remaining under
the current share repurchase authorization.
Fiscal 2020 Outlook
The Company is updating its consolidated net sales and earnings
per share outlook for fiscal year 2020.
Fiscal Year 2020
Outlook
Revised Range
Previous Range
Consolidated Net Sales
$1.090 - $1.115 billion
$1.050 - $1.100 billion
Diluted EPS
$5.15 - $5.45
$4.70 - $5.25
Doug Hekking, Chief Financial Officer, said, “In light of our
third quarter results and our expectations for the fourth quarter,
we are raising our net sales and EPS guidance. While we do not have
incentive offerings of a similar magnitude scheduled for the fourth
quarter, we expect the business to produce solid results and carry
momentum into 2021. Going forward, we will continue to focus our
efforts on balancing the need for financial flexibility with
continued investments in opportunities that allow us to execute our
long-term growth strategies.”
Management Commentary Document and Conference Call
For more information on the Company’s operating results, please
see the “Management Commentary, Results and Outlook” document,
which has been posted on the Company’s website
(http://ir.usana.com) under the “Investor Relations” section of the
site. USANA will hold a conference call and webcast to discuss
today’s announcement with investors on Wednesday, October 21, 2020
at 11:00 AM Eastern Time. Investors may listen to the call by
accessing USANA’s website at http://ir.usana.com. The call will
consist of brief opening remarks by the Company’s management team,
before moving directly into questions and answers.
Non-GAAP Financial Measures
The Company prepares its financial statements using U.S.
generally accepted accounting principles (“GAAP”). Constant
currency net sales, earnings, EPS and other currency-related
financial information (collectively, “Financial Results”) are
non-GAAP financial measures that remove the impact of fluctuations
in foreign-currency exchange rates (“FX”) and help facilitate
period-to-period comparisons of the Company’s Financial Results
that we believe provide investors an additional perspective on
trends and underlying business results. Constant currency Financial
Results are calculated by translating the current period's
Financial Results at the same average exchange rates in effect
during the applicable prior-year period and then comparing this
amount to the prior-year period's Financial Results.
About USANA
USANA develops and manufactures high-quality nutritional
supplements, functional foods and personal care products that are
sold directly to Associates and Preferred Customers throughout the
United States, Canada, Australia, New Zealand, Hong Kong, China,
Japan, Taiwan, South Korea, Singapore, Mexico, Malaysia, the
Philippines, the Netherlands, the United Kingdom, Thailand, France,
Belgium, Colombia, Indonesia, Germany, Spain, Romania, and Italy.
More information on USANA can be found at www.usana.com.
Safe Harbor
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act and Section 21E of
the Securities Exchange Act. Our actual results could differ
materially from those projected in these forward-looking
statements, which involve a number of risks and uncertainties,
including: uncertainty related to the magnitude, scope and duration
of the impact of the COVID-19 pandemic (“COVID-19”) to our
business, operations and financial results; the further spread of,
and regulatory measures or voluntary actions that may be put in
place to limit the spread of, COVID-19 in the markets where we
operate, including restrictions on business operations, shelter at
home, or social distancing requirements; the potential for a
resurgence of COVID-19 spread in any of our markets in the future;
the impact of COVID-19 on the domestic and world economies,
including any negative impact on discretionary spending, consumer
demand, and consumer behavior in general; regulatory risk in China
in connection with the health products and direct selling business
models; regulatory risk in the United States in connection with the
direct selling business model; potential negative effects of
deteriorating foreign and/or trade relations between the United
States and China; potential negative effects of material breaches
of our information technology systems to the extent we experience a
material breach; material failures of our information technology
systems; global economic conditions generally; reliance upon our
network of independent Associates; risk associated with
governmental regulation of our products, manufacturing and direct
selling business model; adverse publicity risks globally; risks
associated with our international expansion and operations; and
uncertainty relating to the fluctuation in U.S. and other
international currencies. The contents of this release should be
considered in conjunction with the risk factors, warnings, and
cautionary statements that are contained in our most recent filings
with the Securities and Exchange Commission. The forward-looking
statements in this press release set forth our beliefs as of the
date hereof. We do not undertake any obligation to update any
forward-looking statement after the date hereof or to conform such
statements to actual results or changes in the Company’s
expectations, except as required by law.
USANA Health Sciences, Inc. Consolidated Statements of
Operations (In thousands, except per share data) (Unaudited)
Quarter Ended Nine Months Ended
26-Sep-20 28-Sep-19 26-Sep-20 28-Sep-19
Net sales
$ 298,513
$ 260,598
$ 824,123
$ 789,604
Gross profit
242,155
212,779
674,032
649,390
Operating expenses Associate incentives
131,144
111,059
358,065
345,100
Selling, general and administrative
65,656
66,262
192,014
202,671
Earnings from operations
45,355
35,458
123,953
101,619
Other income (expense)
(1,080
)
430
(536
)
3,075
Earnings before income taxes
44,275
35,888
123,417
104,694
Income taxes
13,769
11,666
38,382
34,922
NET EARNINGS
$ 30,506
$ 24,222
$ 85,035
$ 69,772
Earnings per share - diluted
$ 1.44
$ 1.09
$ 4.00
$ 3.01
Weighted average shares outstanding - diluted
21,170
22,223
21,283
23,173
USANA Health Sciences, Inc. Consolidated Balance
Sheets (In thousands) (Unaudited)
As of As
of ASSETS 26-Sep-20 28-Dec-19 Current
Assets Cash and cash equivalents
$ 278,418
$ 234,830
Inventories
78,167
68,905
Prepaid expenses and other current assets
29,447
25,544
Total current assets
386,032
329,279
Property and equipment, net
99,400
95,233
Goodwill
16,894
16,636
Intangible assets, net
29,748
29,840
Deferred income taxes
4,618
3,090
Other assets
40,840
42,856
Total assets
$ 577,532
$ 516,934
LIABILITIES AND STOCKHOLDERS' EQUITY Current
Liabilities Accounts payable
$ 14,173
$ 12,525
Other current liabilities
146,690
123,573
Total current liabilities
160,863
136,098
Deferred income taxes
8,248
10,282
Other long-term liabilities
19,304
18,842
Stockholders' equity
389,117
351,712
Total liabilities and stockholders' equity
$ 577,532
$ 516,934
USANA Health Sciences, Inc. Sales by Region
(unaudited)
(in thousands)
Quarter Ended 26-Sep-20 28-Sep-19 Change
from prioryear Currencyimpact onsales %
changeexcludingcurrencyimpact Asia Pacific Greater China
$
136,013
45.5
%
$
130,947
50.3
%
$
5,066
3.9
%
$
1,510
2.7
%
Southeast Asia Pacific
76,313
25.6
%
54,327
20.8
%
21,986
40.5
%
2,032
36.7
%
North Asia
28,969
9.7
%
23,299
8.9
%
5,670
24.3
%
145
23.7
%
Asia Pacific Total
241,295
80.8
%
208,573
80.0
%
32,722
15.7
%
3,687
13.9
%
Americas and Europe
57,218
19.2
%
52,025
20.0
%
5,193
10.0
%
(1,167
)
12.2
%
$
298,513
100.0
%
$
260,598
100.0
%
$
37,915
14.5
%
$
2,520
13.6
%
Active Associates by Region(1) (unaudited)
As
of 26-Sep-20 28-Sep-19 Asia Pacific
Greater China
91,000
29.1%
99,000
35.0%
Southeast Asia Pacific
113,000
36.1%
88,000
31.1%
North Asia
39,000
12.4%
34,000
12.0%
Asia Pacific Total
243,000
77.6%
221,000
78.1%
Americas and Europe
70,000
22.4%
62,000
21.9%
313,000
100.0%
283,000
100.0%
Active Preferred Customers by Region (2) (unaudited)
As of 26-Sep-20 28-Sep-19 Asia Pacific Greater
China
193,000
57.3%
174,000
63.3%
Southeast Asia Pacific
45,000
13.4%
24,000
8.7%
North Asia
21,000
6.2%
16,000
5.8%
Asia Pacific Total
259,000
76.9%
214,000
77.8%
Americas and Europe
78,000
23.1%
61,000
22.2%
337,000
100.0%
275,000
100.0%
(1) Associates are independent distributors of our products who
also purchase our products for their personal use. We only count as
active those Associates who have purchased from us any time during
the most recent three-month period, either for personal use or
resale.
(2) Preferred Customers purchase our products strictly for their
personal use and are not permitted to resell or to distribute the
products. We only count as active those Preferred Customers who
have purchased from us any time during the most recent three-month
period. China utilizes a Preferred Customer program that has been
implemented specifically for that market.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201020006151/en/
Investors contact: Patrique Richards Investor Relations (801)
954-7961 investor.relations@us.usana.com
Media contact: Dan Macuga Public Relations (801) 954-7280
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