USANA Health Sciences, Inc. (NYSE: USNA) today announced
financial results for its full year and fiscal fourth quarter ended
January 1, 2022.
Key Financial & Operating Highlights
- Fiscal year 2021 net sales grew 5% to $1.186 billion.
- Reported fiscal year 2021 diluted EPS totaled $5.73.
- Fourth quarter net sales reached $267 million and diluted EPS
were $1.03.
- Company provides initial 2022 net sales guidance of $1.125 to
$1.225 billion and initial diluted EPS guidance of $5.25 to
$6.00.
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.
FY 2021 Financial Performance
Consolidated Results
Net Sales
$1.186 billion
- +5% vs prior year
- +$53.6 million YOY FX impact, or +5%
- FY 2020 additional week of sales contributed approximately $18
million to prior year results
Diluted EPS
$5.73
- -2% vs prior year
- 20.3 million diluted shares, -4% vs prior year
- FY 2020 additional week of sales contributed an estimated $0.17
to prior year results
Active Customers
560,000
“USANA delivered year-over-year net sales growth for 2021,
despite a challenging year-over-year comparable and a global
operating environment that disrupted many of our growth initiatives
and planned events,” said Kevin Guest, Chief Executive Officer and
Chairman of the Board. “Importantly, we made meaningful progress
during the year in executing our digital transformation strategy,
which is key to improving our overall customer experience and
setting the stage for future net sales growth.”
Q4 2021 Financial Performance
Consolidated Results
Net Sales
$267.3 million
- -14% vs. prior-year quarter
- +$1.9 million YOY FX impact, or +1%
- Q4 2020 additional week of sales contributed approximately $18
million to prior year results
Diluted EPS
$1.03
- -45% vs. prior-year quarter
- Diluted shares of 19.7 million, -7%
- Q4 2020 additional week of sales contributed an estimated $0.17
per share to prior year results
Mr. Guest added, “Fourth quarter net sales came in below our
expectations as our business was negatively impacted in several key
Asia Pacific markets where COVID-19 restrictions persisted
throughout the quarter. Additionally, lower gross margin and the
unanticipated timing of certain marketing expenses resulted in
lower-than-expected diluted earnings per share. We estimate that
these collective events negatively impacted diluted earnings per
share by $0.18.”
Q4 2021 Regional Results:
Asia Pacific Region
Net Sales
$212.1 million
- -15% vs. prior-year quarter
- 79% of consolidated net sales
Active Customers
428,000
- -6% vs. prior-year quarter
- -3% sequentially
Asia Pacific
Sub-Regions
Greater China
Net Sales
$125.8 million
- -10% vs. prior-year quarter
- Constant currency net sales: -13%
Active Customers
255,000
- +1% vs. prior-year quarter
- +4% sequentially
North Asia
Net Sales
$29.2 million
- -11% vs. prior-year quarter
- Constant currency net sales: -6%
Active Customers
58,000
- -3% vs. prior-year quarter
- -8% sequentially
Southeast Asia Pacific
Net Sales
$57.0 million
- -26% vs. prior-year quarter
- No meaningful FX impact
Active Customers
115,000
- -19% vs. prior-year quarter
- -14% sequentially
Americas and Europe
Region
Net Sales
$55.2 million
- -11% vs. prior-year quarter
- No meaningful FX impact
- 21% of consolidated net sales
Active Customers
132,000
- -9% vs. prior-year quarter
- -1% sequentially
Balance Sheet and Share Repurchase Activity
The Company ended the year with $240 million in cash and cash
equivalents and no debt after repurchasing 296,000 shares for $28.9
million during the fourth quarter. Diluted shares outstanding
totaled 19.7 million for the fourth quarter. As of January 1, 2022,
the Company had approximately $108 million remaining under the
share repurchase authorization.
Fiscal 2022 Outlook
Mr. Guest continued, “Growth in Active Customers and net sales
in each of our regions around the world remain top priorities in
2022. This focus reflects our commitment to all stakeholders and to
our vision of improving the health and wellness of as many people
around the world as possible. Fiscal 2022 is also USANA’s 30th year
anniversary, and we have several exciting events, product launches,
and announcements planned to celebrate our legacy and drive growth.
In connection with our anniversary, we hope to return to live
events in markets where we are permitted to do so. We believe that
live events are both important and additive to driving excitement
and momentum within our sales force. During the year, we will
continue investing in technology and digital tools to further
improve our overall customer experience. We will continue to lay
the foundations for expansion into new markets and pursue accretive
business development opportunities. We look forward to growing the
number of individuals and families using our products and to
delivering growth for USANA in 2022.”
The Company is introducing net sales and earnings per share
outlook for fiscal year 2022, as detailed in the table below:
Fiscal Year 2022
Outlook
Range
Consolidated Net Sales
$1.125 - $1.225 billion
Diluted EPS
$5.25 - $6.00
Doug Hekking, Chief Financial Officer, commented, “We are
providing our initial outlook for fiscal 2022, which reflects a
wider-than-normal range due to continued uncertainty surrounding
the COVID-19 environment. Some of our markets continue to
experience meaningful lockdown restrictions while others are
operating in a more normalized environment. Our outlook anticipates
that net sales will accelerate throughout the year. It also assumes
a modestly unfavorable foreign currency environment, increased
costs due to inflationary pressures, and increased travel and
event-related costs in select markets. Additionally, we project an
effective tax rate of 32.5% for the year and a diluted share count
of 19.6 million.”
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, February 9, 2022 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 question
and answer 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
Twelve Months Ended
1-Jan-22
2-Jan-21
1-Jan-22
2-Jan-21
Net sales
$
267,299
$
310,521
$
1,186,464
$
1,134,644
Cost of sales
52,518
59,020
217,898
209,111
Gross profit
214,781
251,501
968,566
925,533
Operating expenses: Associate incentives
114,687
129,791
519,267
487,856
Selling, general and administrative
68,589
69,172
279,107
261,186
Earnings from operations
31,505
52,538
170,192
176,491
Other income (expense), net
141
1,993
450
1,457
Earnings before income taxes
31,646
54,531
170,642
177,948
Income taxes
11,326
14,902
54,137
53,284
NET EARNINGS
$
20,320
$
39,629
$
116,505
$
124,664
Earnings per share - diluted
$
1.03
$
1.87
$
5.73
$
5.86
Weighted average shares outstanding - diluted
19,673
21,189
20,343
21,256
USANA Health Sciences,
Inc.
Consolidated Balance
Sheets
(In thousands)
(Unaudited)
As of
As of
1-Jan-22
2-Jan-21
ASSETS Current Assets Cash and cash equivalents
$
239,832
$
311,917
Inventories
98,318
90,224
Prepaid expenses and other current assets
26,967
23,145
Total current assets
365,117
425,286
Property and equipment, net
101,780
100,445
Goodwill
17,668
17,367
Intangible assets, net
30,442
30,796
Deferred tax assets
4,839
4,640
Other assets
57,894
62,353
Total assets
$
577,740
$
640,887
LIABILITIES AND STOCKHOLDERS' EQUITY Current
Liabilities Accounts payable
$
13,508
$
18,195
Other current liabilities
147,282
149,878
Total current liabilities
160,790
168,073
Deferred tax liabilities
7,497
12,009
Other long-term liabilities
14,329
19,155
Stockholders' equity
395,124
441,650
Total liabilities and stockholders' equity
$
577,740
$
640,887
USANA Health Sciences, Inc.
Sales by Region
(unaudited)
(in thousands)
Quarter Ended
January 1, 2022
January 2, 2021
Change from prior year
Currency impact on
sales
% change
excluding currency impact
Asia Pacific Greater China
$
125,840
47.1
%
$
139,059
44.8
%
$
(13,219
)
(9.5
%)
$
4,126
(12.5
%)
Southeast Asia Pacific
56,984
21.3
%
76,861
24.7
%
(19,877
)
(25.9
%)
(1,036
)
(24.5
%)
North Asia
29,249
10.9
%
32,892
10.6
%
(3,643
)
(11.1
%)
(1,612
)
(6.2
%)
Asia Pacific Total
212,073
79.3
%
248,812
80.1
%
(36,739
)
(14.8
%)
1,478
(15.4
%)
Americas and Europe
55,226
20.7
%
61,709
19.9
%
(6,483
)
(10.5
%)
471
(11.3
%)
$
267,299
100.0
%
$
310,521
100.0
%
$
(43,222
)
(13.9
%)
$
1,949
(14.5
%)
Twelve Months Ended
January 1, 2022
January 2, 2021
Change from prior year
Currency impact on
sales
% change excluding currency
impact
Asia Pacific Greater China
$
563,469
47.5
%
$
530,505
46.7
%
$
32,964
6.2
%
$
34,781
(0.3
%)
Southeast Asia Pacific
269,803
22.7
%
269,555
23.8
%
248
0.1
%
8,381
(3.0
%)
North Asia
129,920
11.0
%
114,964
10.1
%
14,956
13.0
%
3,917
9.6
%
Asia Pacific Total
963,192
81.2
%
915,024
80.6
%
48,168
5.3
%
47,079
0.1
%
Americas and Europe
223,272
18.8
%
219,620
19.4
%
3,652
1.7
%
6,555
(1.3
%)
$
1,186,464
100.0
%
$
1,134,644
100.0
%
$
51,820
4.6
%
$
53,634
(0.2
%)
Active Associates by Region(1)
(unaudited)
As of
January 1, 2022
January 2, 2021
Asia Pacific Greater China
81,000
31.9
%
88,000
29.4
%
Southeast Asia Pacific
78,000
30.7
%
103,000
34.5
%
North Asia
37,000
14.6
%
39,000
13.0
%
Asia Pacific Total
196,000
77.2
%
230,000
76.9
%
Americas and Europe
58,000
22.8
%
69,000
23.1
%
254,000
100.0
%
299,000
100.0
%
Active Preferred Customers by
Region (2)
(unaudited)
As of
January 1, 2022
January 2, 2021
Asia Pacific Greater China
174,000
56.8
%
164,000
54.7
%
Southeast Asia Pacific
37,000
12.1
%
39,000
13.0
%
North Asia
21,000
6.9
%
21,000
7.0
%
Asia Pacific Total
232,000
75.8
%
224,000
74.7
%
Americas and Europe
74,000
24.2
%
76,000
25.3
%
306,000
100.0
%
300,000
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/20220208006111/en/
Investor contact: Patrique Richards Investor Relations (801)
954-7961 investor.relations@usanainc.com
Media contact: Dan Macuga Public Relations (801) 954-7280
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