USANA Health Sciences, Inc. (NYSE: USNA) today announced
financial results for its fiscal first quarter ended April 3,
2021.
Key Financial & Operating Highlights
- First quarter net sales increased 15.5% year-over-year to
$308.0 million.
- First quarter diluted EPS increased 17.9% year-over-year to
$1.45.
- Repurchased 721,000 shares for $69.5 million during the
quarter.
- Raises 2021 net sales and diluted EPS outlook.
Q1 2021 Financial Performance
Consolidated Results
Net Sales
$308.0 million
- +15.5% vs. prior-year quarter
- +9.3% constant currency vs. prior-year quarter
- +$16.6 million YOY FX impact, or +6.2%
Diluted EPS
$1.45
- +17.9% vs. prior-year quarter
- Diluted shares of 21.1 million, -2.1%
Active Customers
617,000
- +7.7% vs. prior-year quarter
“We had an excellent start to the year largely due to continued
strong consumer demand for our high-quality products,” said Kevin
Guest, Chief Executive Officer and Chairman of the Board. “Our
strong top-line performance was driven by double-digit
year-over-year sales growth in each of our regions, and we expect
the execution of our 2021 global growth strategy will continue to
generate growth in the remainder of the year.”
Q1 2021 Regional Results:
Asia Pacific Region
Net Sales
$251.3 million
- +16.6% vs. prior-year quarter
- Constant currency net sales: +9.3%
- 81.6% of consolidated net sales
Active Customers
472,000
- +5.1% vs. prior-year quarter
Asia Pacific
Sub-Regions
Greater China
Net Sales
$149.0 million
- +13.3% vs. prior-year quarter
- Constant currency net sales: +5.9%
Active Customers
276,000
- -0.4% vs. prior-year quarter
- +9.5% sequentially
North Asia
Net Sales
$30.2 million
- +10.7% vs. prior-year quarter
- Constant currency net sales: +3.9%
Active Customers
59,000
- +3.5% vs. prior-year quarter
- -1.7% sequentially
Southeast Asia Pacific
Net Sales
$72.1 million
- +26.7% vs. prior-year quarter
- Constant currency net sales: +19.5%
Active Customers
137,000
- +19.1% vs. prior-year quarter
- -3.5% sequentially
Americas and Europe
Region
Net Sales
$56.7 million
- +11.1% vs. prior year
- Constant currency net sales: +9.3%
- 18.4% of consolidated net sales
Active Customers
145,000
- +16.9% vs. prior year
- No change sequentially
“We successfully launched our new Active Nutrition line in late
March and have received positive feedback on these new products
from our customers,” continued Mr. Guest. “The Active Nutrition
line promotes healthy weight management, digestive health, energy
and hydration. While the initial launch was limited to the United
States, Canada, Mexico, Australia, and New Zealand, we will roll
these products out to additional markets throughout the year.
During the quarter, we also continued to advance our digital
experience strategy with an emphasis on improving our overall
shopping experience, particularly in China. Enhancements will allow
consumers to easily interact with USANA while sharing their
experiences with others.”
Balance Sheet and Share Repurchase Activity
The Company ended the quarter with $257 million in cash and cash
equivalents and no debt. As of April 3, 2021, the Company had 21.1
million fully diluted shares outstanding. During the quarter, the
Company repurchased 721,000 shares totaling $69.5 million. As of
April 3, 2021, there was approximately $80.5 million remaining
under the existing share repurchase authorization.
Fiscal 2021 Outlook
The Company is increasing its consolidated net sales and
earnings per share outlook for fiscal year 2021 as follows:
Fiscal Year 2021
Outlook
Revised Range
Previous Range
Consolidated Net Sales
$1.24 - $1.28 billion
$1.21 - $1.27 billion
Diluted EPS
$6.15 - $6.50
$6.00 - $6.45
The Company maintains a 52/53-week fiscal year. Fiscal 2020 was
a 53-week year and included one additional week of sales compared
to Fiscal 2021.
Doug Hekking, Chief Financial Officer, said, “First quarter
operating results were better than internal expectations and were
driven by continued momentum in our underlying business around the
world. As expected, changes in currency exchange rates favorably
contributed to our quarterly performance.
“Given our first quarter results, we are increasing our outlook
for 2021, which now reflects top-line growth between 9.3% and
12.8%. Notably, we expect sales to accelerate during the second
quarter, due largely to a short-term sales program we are offering
around the world during the quarter. We offered a similar
short-term sales program during the third quarter of 2020, which
was successful and received a positive response from our Associates
around the world. Following the conclusion of this program, we
expect to see year-over-year sales growth, albeit at a decreased
growth rate from the second quarter of this year. Our updated 2021
outlook continues to reflect an operating margin between 14.8% and
15.2%, continued favorable foreign currency environment, and an
increase in spending in the back half of the year related to travel
and event-related costs. We continue to project an effective tax
rate of 31% for the year and a diluted share count of 20.7 million,
which reflects share repurchases made during the first quarter.
Overall, we had a solid start to the year and I believe we are
positioned to deliver record results in 2021.”
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, April 28, 2021 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 3-Apr-21 28-Mar-20
Net sales
$
307,976
$
266,619
Cost of sales
57,651
46,059
Gross profit
250,325
220,560
Operating expenses Associate incentives
134,495
116,069
Selling, general and administrative
71,633
65,479
Earnings from operations
44,197
39,012
Other income (expense)
139
151
Earnings before income taxes
44,336
39,163
Income taxes
13,715
12,611
NET EARNINGS
$
30,621
$
26,552
Earnings per share - diluted
$
1.45
$
1.23
Weighted average shares outstanding - diluted
21,096
21,551
USANA Health Sciences,
Inc.
Consolidated Balance
Sheets
(In thousands)
(Unaudited)
As of As of ASSETS 3-Apr-21
2-Jan-21 Current Assets Cash and cash equivalents
$
256,964
$
311,917
Inventories
87,646
90,224
Prepaid expenses and other current assets
28,570
23,145
Total current assets
373,180
425,286
Property and equipment, net
98,622
100,445
Goodwill
17,310
17,367
Intangible assets, net
30,345
30,796
Deferred income taxes
5,164
4,640
Other assets
59,891
62,353
Total assets
$
584,512
$
640,887
LIABILITIES AND STOCKHOLDERS' EQUITY Current
Liabilities Accounts payable
$
11,952
$
18,195
Other current liabilities
139,500
149,878
Total current liabilities
151,452
168,073
Deferred income taxes
13,975
12,009
Other long-term liabilities
16,308
19,155
Stockholders' equity
402,777
441,650
Total liabilities and stockholders' equity
$
584,512
$
640,887
USANA Health Sciences,
Inc.
Sales by Region
(unaudited)
(in thousands)
Quarter Ended
April 3, 2021
March 28, 2020
Change from prior
year
Currency
impact on
sales
% change
excluding
currency
impact
Asia Pacific Greater China
$
148,978
48.4%
$
131,432
49.3%
$
17,546
13.3%
$
9,738
5.9%
Southeast Asia Pacific
72,148
23.4%
56,922
21.4%
15,226
26.7%
4,107
19.5%
North Asia
30,165
9.8%
27,251
10.2%
2,914
10.7%
1,853
3.9%
Asia Pacific Total
251,291
81.6%
215,605
80.9%
35,686
16.6%
15,698
9.3%
Americas and Europe
56,685
18.4%
51,014
19.1%
5,671
11.1%
907
9.3%
$
307,976
100.0%
$
266,619
100.0%
$
41,357
15.5%
$
16,605
9.3%
Active Associates by Region(1) (unaudited)
As of April 3, 2021 March 28, 2020
Asia Pacific Greater China
88,000
30.4%
95,000
33.9%
Southeast Asia Pacific
99,000
34.1%
85,000
30.4%
North Asia
38,000
13.1%
38,000
13.6%
Asia Pacific Total
225,000
77.6%
218,000
77.9%
Americas and Europe
65,000
22.4%
62,000
22.1%
290,000
100.0%
280,000
100.0%
Active Preferred Customers by Region (2) (unaudited)
As of April 3, 2021 March 28, 2020 Asia
Pacific Greater China
188,000
57.5%
182,000
62.1%
Southeast Asia Pacific
38,000
11.6%
30,000
10.2%
North Asia
21,000
6.4%
19,000
6.5%
Asia Pacific Total
247,000
75.5%
231,000
78.8%
Americas and Europe
80,000
24.5%
62,000
21.2%
327,000
100.0%
293,000
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/20210427005932/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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