USANA Health Sciences(US:USNA)2025-04-26 00:03Company Overview - USANA develops and manufactures nutritional and personal care products, sold through direct sales and direct-to-consumer channels, with annual revenue of $876 million[12] - The company's product mix includes Nutritionals (87%), Skincare (6%), and Foods (6%)[12] - Geographically, Greater China accounts for 51% of sales, followed by Southeast Asia Pacific (17%), Americas & Europe (23%), and North Asia (9%)[12] Financial Performance and Guidance - Q1 2025 net sales were $249539 thousand, compared to $227800 thousand in Q1 2024, a 95% increase[123] - The company's fiscal year 2025 guidance projects net sales between $920 million and $1 billion[121] - Adjusted EBITDA for fiscal year 2025 is projected to be between $107 million and $123 million[121] - The company maintains a strong net cash position, with cash and cash equivalents of $179613 thousand as of March 29, 2025[107, 126] Growth Strategy and Acquisitions - A key strategy involves a 5-pronged approach to profitable growth, including new market expansion and M&A[21, 22] - The acquisition of Hiya Health Products is a strategic fit, expanding USANA's business in the United States and providing channel expansion into the direct-to-consumer wellness market[75, 79] - Hiya's subscription model offers predictable revenue, strong customer relationships, and cost efficiencies[96] Direct Selling Model and Active Customers - The direct selling model is a key driver of operating leverage, with relatively low incremental cost to add a new active customer[32] - As of March 29, 2025, the company had 184000 active Associates, compared to 197000 as of March 30, 2024[132] - Greater China has 189000 active Preferred Customers, representing 687% of the total[132]