USANA Health Sciences, Inc. (NYSE: USNA) today announced record
financial results for its fiscal second quarter ended July 3,
2021.
Key Financial & Operating Highlights
- Second quarter net sales increased 30.1% year-over-year to a
record $336.8 million.
- Second quarter diluted EPS increased 41.7% year-over-year to
$1.87.
- Active Customers increased 8.8% year-over-year to a record
652,000.
- Reiterates 2021 net sales and diluted EPS outlook.
Q2 2021 Financial Performance
Consolidated Results
Net Sales
$336.8 million
- +30.1% vs. prior-year quarter
- +20.3% constant currency vs. prior-year quarter
- +$25.2 million YOY FX impact, or +9.8%
Diluted EPS
$1.87
- +41.7% vs. prior-year quarter
- Diluted shares of 20.4 million, -3.2%
Active Customers
652,000
- +8.8% vs. prior-year quarter
“Strong consumer demand for our high-quality health products,
coupled with the execution of our previously announced short-term
sales program, contributed to our record net sales and customer
numbers for the second quarter,” said Kevin Guest, Chief Executive
Officer and Chairman of the Board. “Our-top line performance was
driven by strong double-digit, year-over-year sales growth in each
of our regions including a 16.5% increase in the Americas and
Europe region and a 33.3% increase in the Asia Pacific region.
Q2 2021 Regional Results:
Asia Pacific Region
Net Sales
$279.0 million
- +33.3% vs. prior-year quarter
- Constant currency net sales: +23.0%
- 82.8% of consolidated net sales
Active Customers
513,000
- +10.8% vs. prior-year quarter
- +8.6% sequentially
Asia Pacific
Sub-Regions
Greater China
Net Sales
$165.4 million
- +33.4% vs. prior-year quarter
- Constant currency net sales: +22.5%
Active Customers
303,000
- +9.0% vs. prior-year quarter
- +9.8% sequentially
North Asia
Net Sales
$37.4 million
- +44.8% vs. prior-year quarter
- Constant currency net sales: +33.6%
Active Customers
66,000
- +17.9% vs. prior-year quarter
- +11.9% sequentially
Southeast Asia Pacific
Net Sales
$76.1 million
- +28.0% vs. prior-year quarter
- Constant currency net sales: +19.2%
Active Customers
144,000
- +11.6% vs. prior-year quarter
- +5.1% sequentially
Americas and Europe
Region
Net Sales
$57.9 million
- +16.5% vs. prior year
- Constant currency net sales: +9.2%
- 17.2% of consolidated net sales
Active Customers
139,000
- +2.2% vs. prior year
- -4.1% sequentially
Mr. Guest added, “We continue to execute our strategy to enhance
the overall shopping experience for customers in all of our markets
and made further progress on this initiative during the quarter.
Additionally, the rollout of our Active Nutrition line, which was
introduced in late March, is proceeding according to plan. As we
look ahead to the second half of the year, we are seeing a more
challenging operating environment in several markets due to
escalating conditions related to the COVID-19 pandemic. We believe,
however, that the successful execution of our strategy will deliver
long-term sustainable growth.”
Balance Sheet and Share Repurchase Activity
The Company ended the quarter with $265 million in cash and cash
equivalents and no debt after repurchasing 304,000 shares for $29.7
million. Diluted shares outstanding totaled 20.4 million during the
second quarter of 2021 and there was approximately $51 million
remaining under the existing share repurchase authorization as of
July 3, 2021.
Fiscal 2021 Outlook
The Company is reiterating its consolidated net sales and
earnings per share outlook for fiscal year 2021.
Fiscal Year 2021
Outlook
Range
Consolidated Net Sales
$1.24 - $1.28 billion
Diluted EPS
$6.15 - $6.50
The Company maintains a 52/53-week fiscal year. Fiscal 2020 was
a 53-week year and included one additional week of sales in the
fourth quarter of 2020 compared to Fiscal 2021.
Doug Hekking, Chief Financial Officer, said, “Our record second
quarter results, highlighted by robust sales and earnings-per-share
growth, were in-line with management’s expectations and were
driven, in large part, by the sales program offered during the
quarter. A similar sales program was offered during the third
quarter of 2020, which was also very successful. Note that the
timing of the 2020 sales program, as well as the additional week of
sales in the fourth quarter of 2020, create a challenging
comparable for us in the back half of 2021. Nevertheless, we
continue to believe that 2021 will be another record year for
USANA.”
Management Commentary Document and Conference Call
For more information on the USANA’s operating results, please
see the Management Commentary document, which has been posted on
the Company’s website (http://ir.usana.com) under the Investor
Relations section. USANA’s management team will hold a conference
call and webcast to discuss today’s announcement with investors on
Wednesday, July 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, followed by a questions
and answers session.
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 Six Months Ended 3-Jul-21
27-Jun-20 3-Jul-21 27-Jun-20 Net sales
$
336,837
$
258,991
$
644,813
$
525,610
Cost of sales
57,014
47,674
114,665
93,733
Gross profit
279,823
211,317
530,148
431,877
Operating expenses Associate incentives
153,863
110,852
288,358
226,921
Selling, general and administrative
72,240
60,879
143,873
126,358
Earnings from operations
53,720
39,586
97,917
78,598
Other income (expense)
590
393
729
544
Earnings before income taxes
54,310
39,979
98,646
79,142
Income taxes
16,076
12,002
29,791
24,613
NET EARNINGS
$
38,234
$
27,977
$
68,855
$
54,529
Earnings per share - diluted
$
1.87
$
1.32
$
3.31
$
2.56
Weighted average shares outstanding - diluted
20,446
21,129
20,771
21,340
USANA Health Sciences, Inc. Consolidated Balance
Sheets (In thousands) (Unaudited)
As of As
of ASSETS 3-Jul-21 2-Jan-21 Current Assets
Cash and cash equivalents
$
265,368
$
311,917
Inventories
89,587
90,224
Prepaid expenses and other current assets
26,551
23,145
Total current assets
381,506
425,286
Property and equipment, net
97,849
100,445
Goodwill
17,467
17,367
Intangible assets, net
30,489
30,796
Deferred income taxes
5,486
4,640
Other assets
58,652
62,353
Total assets
$
591,449
$
640,887
LIABILITIES AND STOCKHOLDERS' EQUITY Current
Liabilities Accounts payable
$
13,144
$
18,195
Other current liabilities
139,856
149,878
Total current liabilities
153,000
168,073
Deferred income taxes
4,806
12,009
Other long-term liabilities
15,020
19,155
Stockholders' equity
418,623
441,650
Total liabilities and stockholders' equity
$
591,449
$
640,887
USANA Health Sciences,
Inc.
Sales by Region
(unaudited)
(in thousands)
Quarter Ended
July 3, 2021
June 27, 2020
Change from prior
year
Currency
impact on
sales
% change
excluding
currency
impact
Asia Pacific Greater China
$
165,416
49.1%
$
124,001
47.9%
$
41,415
33.4%
$
13,459
22.5%
Southeast Asia Pacific
76,101
22.6%
59,459
22.9%
16,642
28.0%
5,225
19.2%
North Asia
37,438
11.1%
25,852
10.0%
11,586
44.8%
2,906
33.6%
Asia Pacific Total
278,955
82.8%
209,312
80.8%
69,643
33.3%
21,590
23.0%
Americas and Europe
57,882
17.2%
49,679
19.2%
8,203
16.5%
3,610
9.2%
$
336,837
100.0%
$
258,991
100.0%
$
77,846
30.1%
$
25,200
20.3%
Active Associates by Region(1) (unaudited)
As of July 3, 2021 June 27, 2020
Asia Pacific Greater China
88,000
29.3%
93,000
32.3%
Southeast Asia Pacific
104,000
34.7%
94,000
32.6%
North Asia
42,000
14.0%
37,000
12.9%
Asia Pacific Total
234,000
78.0%
224,000
77.8%
Americas and Europe
66,000
22.0%
64,000
22.2%
300,000
100.0%
288,000
100.0%
Active Preferred Customers by Region (2) (unaudited)
As of July 3, 2021 June 27, 2020 Asia
Pacific Greater China
215,000
61.1%
185,000
59.5%
Southeast Asia Pacific
40,000
11.4%
35,000
11.3%
North Asia
24,000
6.8%
19,000
6.1%
Asia Pacific Total
279,000
79.3%
239,000
76.9%
Americas and Europe
73,000
20.7%
72,000
23.1%
352,000
100.0%
311,000
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/20210727006016/en/
Investor 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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