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Here are 1-3 brief analogies for Usana Health Sciences (USNA):

• Herbalife for a wider range of science-based nutritional and personal care products.
• Nu Skin, but focused on comprehensive health and wellness solutions.

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• USANA Nutritional Products (Essentials/CellSentials): Vitamin and mineral supplements that provide a foundation of total body nutrition for various age groups.
• USANA Nutritional Products (Optimizers): Targeted supplements designed to meet cardiovascular, skeletal/structural, and digestive health needs.
• USANA Nutritional Products (Foods): Meal replacement shakes, snack bars, and other related food products.
• Celavive: A comprehensive skin care regimen catering to various skin care types and ethnicities.
• Products for Prenatal, Infant, and Young Child Age Groups: Specialized nutritional and personal care products tailored for these specific age demographics.
• Business Support Tools and Materials: Materials and online tools offered to assist associates in building their businesses and marketing products.

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Major Customers of USANA Health Sciences (USNA)

• Health and Wellness Enthusiasts: Individuals seeking to support their overall health, vitality, and specific health needs (e.g., cardiovascular, skeletal/structural, digestive health) through daily vitamin and mineral supplements, targeted optimizers, and nutritious food products like meal replacement shakes and snack bars.
• Skincare and Beauty Conscious Individuals: Consumers interested in maintaining or improving their skin health and appearance, utilizing USANA's Celavive skincare regimen tailored for various skin types and ethnicities.
• Families, Expectant Mothers, and Parents of Young Children: Customers looking for specialized nutritional support for prenatal care, infants, and young children, ensuring foundational health from an early age.

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Kevin Guest, Chief Executive Officer and Chairman of the Board

Kevin Guest reassumed the role of Chief Executive Officer of USANA Health Sciences in January 2026, while also continuing as Chairman of the Board. He has a long history with USANA, having been involved with the company since its early days in 1992. Initially, he was a managing partner with FMG Productions, which helped produce USANA's videos and events. When FMG was brought in-house in 2004 to form USANA Studios, Mr. Guest became USANA's Vice President of Media and Events. He later became president in 2014 and Chief Executive Officer in 2015. He also served as Co-Chief Executive Officer from August 2015 to November 2016. In July 2023, he transitioned to Executive Chairman before returning to the CEO position. His entrepreneurial experience with FMG Productions provided him with a unique perspective on the company. Mr. Guest is also a mental health advocate and author of the bestselling book "All the Right Reasons."

G. Douglas Hekking, Chief Financial Officer and Principal Accounting Officer

G. Douglas Hekking serves as the Chief Financial Officer and Principal Accounting Officer of USANA Health Sciences. He was promoted to CFO in May 2017. Mr. Hekking joined USANA in 1992 and has held various management positions, including Controller from 1996 to 2005, and Vice President of Finance. He previously served as CFO from May 2011 to December 2012, stepping aside for family health matters, and then returned to a strategic role. He received a Bachelor of Science in accounting from the University of Utah and a Master of Business Administration from Brigham Young University. In June 2023, he was honored with the CXO of the Year Award by Utah Business Magazine.

Walter Noot, Chief Operating Officer

Walter Noot was appointed Chief Operating Officer in October 2019. He joined USANA in December 2016 as Chief Information Officer. Mr. Noot brings over two decades of executive leadership experience from various industries, including direct selling. Before joining USANA, he served as Chief Information Officer and Senior Vice President of Operations at Young Living Essential Oils, LC, from 2014 to 2016, where he oversaw supply chain improvements and the implementation of a new ERP system. He is responsible for global operations and information technology functions at USANA. He holds a Bachelor of Science degree in mechanical engineering from Brigham Young University.

Robert Sinnott, Chief Scientific Officer

Dr. Robert Sinnott serves as the Chief Scientific Officer of USANA Health Sciences, having joined the company in August 2016. He has more than 25 years of experience in biotechnology, life sciences, and nutrition, with 18 years specifically within the nutritional supplement industry. Prior to USANA, Dr. Sinnott held leadership roles including CEO and Chief Scientific Officer at Mannatech, Inc., and was a co-founder of Larreacorp, Ltd. He manages all aspects of global research and development at USANA. Dr. Sinnott holds a Ph.D. in Biotechnology from Arizona State University and has completed executive education programs at institutions such as Harvard Business School and the Wharton School. He also holds five patents.

Brent L. Neidig, Chief Commercial Officer

Brent L. Neidig was appointed Chief Commercial Officer in July 2023. Before this role, he served as the Executive Vice President of China at USANA Health Sciences. Mr. Neidig initially took on a leadership role at USANA as the executive director of the ethics and education team.

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1. Challenges with the Direct Selling Model and Declining Active Customers: Usana Health Sciences primarily operates through a direct selling (multi-level marketing) model, which has faced significant hurdles. The company has experienced a decline in its active customer and Brand Partner base, with the recovery of sales productivity under new compensation plans identified as a major risk to the business. The multi-level marketing (MLM) channel has been in structural decline over the past five years, especially among younger consumers who prefer direct-to-consumer (DTC) brands or influencer-led commerce. This decline has contributed to decreasing active customers and net sales for Usana.
2. Intense Market Competition and Evolving Consumer Behavior: The health and wellness sector is highly competitive, requiring continuous innovation and product differentiation. Usana must constantly adapt to maintain its market position and attract new customers amidst evolving consumer preferences. There is a noted shift in consumer behavior away from traditional direct selling towards other channels.
3. Regulatory and Trade Uncertainties in International Markets: Operating globally, Usana is exposed to risks from changes in regulations and trade policies, particularly in key international markets like China. These uncertainties can significantly influence cross-border operations and future business plans. China, a crucial market for Usana, has presented a challenging operating environment with declining net sales in some periods, despite an increase in active customers, due to a decrease in average spend per customer.

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The clear emerging threat to Usana Health Sciences is the rapid growth and increasing market share of direct-to-consumer (DTC) e-commerce brands in the nutritional, health, wellness, and personal care sectors. These digitally native brands leverage efficient online distribution, targeted digital marketing, and often transparent ingredient sourcing to reach consumers directly, bypassing traditional multi-level marketing structures. This trend directly competes with USANA's reliance on its "associates" and direct selling model by offering consumers a streamlined, often lower-cost, and more convenient purchasing experience for similar product categories.

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Usana Health Sciences (USNA) is expected to drive future revenue growth over the next two to three years through a multi-faceted strategy that includes strategic acquisitions, continuous product innovation, the expansion of its newer brands, geographic market penetration, and the evolution of its sales model.

Drivers of Future Revenue Growth:

• Acquisition and Growth of Hiya Health Products: The acquisition of a controlling stake in Hiya Health Products in December 2024 positions USANA to significantly expand its presence in the children's wellness market. This subscription-based, direct-to-consumer (DTC) brand is projected to be a substantial contributor to net sales in fiscal years 2025 and 2026, and is accelerating USANA's shift to an omnichannel retail model.
• New Product Launches and Enhanced Formulations: USANA consistently introduces new products and upgrades existing ones within its core nutritional and personal care lines. Recent examples include the August 2024 launch of the Celavive Resurfacing Serum and Whey Protein Isolate. Furthermore, 2025 saw the introduction of innovative products such as Circulate+, Core Aminos, and Marine Collagen Peptides, alongside several new and reformulated Celavive skincare products. These innovations aim to broaden product appeal and meet evolving consumer demands.
• Expansion of "Rise Wellness" Brand: The "Rise Wellness" brand, encompassing products like Rise Bar and Protein Pop, is anticipated to experience notable growth. USANA is making strategic investments to support the expansion of this brand into new online marketplaces and retail channels, contributing to its overall sales outlook for fiscal 2026.
• Geographic Market Expansion: USANA continues to pursue international growth opportunities. A significant move was its expansion into India in the latter half of 2023, representing its first new market in five years, with expectations for long-term growth. The company is also emphasizing growth initiatives in China and exploring other new international markets.
• Revamped Brand Partner Compensation Plan and Omni-channel Strategy: To stimulate customer growth and retention, USANA implemented a revamped Brand Partner Compensation Plan in 2025. Concurrently, the company is accelerating its transition to an omni-channel sales model, which integrates its traditional direct selling approach with direct-to-consumer channels, third-party marketplaces, and retail presence, thereby aiming to expand its reach to a wider customer base.

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Share Repurchases

• The company's Board of Directors increased its share repurchase authorization to $150 million in September 2021, inclusive of $14 million remaining under the previous authorization.
• As of December 28, 2024, approximately $62 million remained under the current share repurchase authorization.
• From September 28, 2025, to January 3, 2026, the company did not repurchase any shares.

Share Issuance

• USANA's shares outstanding have shown a decreasing trend over the last few years, from 0.021 billion at the end of March 2021 to 0.018 billion by September 2025, indicating net repurchases rather than issuances.
• The number of shares outstanding decreased by 3.07% in one year.

Outbound Investments

• In December 2024, USANA acquired a 78.8% controlling stake in Hiya Health Products, LLC, a children's health and wellness company, for $205 million in cash. This acquisition aims to broaden USANA's reach into the direct-to-consumer channel.
• In November 2022, USANA acquired Rise Bar (now Rise Wellness) and Oola Life; the acquisition prices for these were undisclosed.
• The Hiya acquisition is expected to contribute $145 million to $160 million in net sales for fiscal year 2025 and be immediately accretive to 2025 adjusted EBITDA.

Capital Expenditures

• USANA consistently invests in research and development, allocating approximately $25 million in fiscal year 2024.