USANA Health Sciences (USNA) 27th Annual ICR Conference 2025 summary

Business overview and differentiation

• Operates as a premium developer, manufacturer, and distributor of supplements, with over 30 years in business and presence in 25 markets worldwide.

• Approximately 90% of revenue is generated outside the U.S., with China accounting for nearly half.

• Maintains a strong balance sheet, enabling strategic acquisitions.

Hiya Health acquisition details

• Acquired a 78.8% stake in Hiya Health for $205 million, with founders retaining equity and a put-call feature for future buyout.

• Hiya generated $103 million in sales and $22 million in Adjusted EBITDA over the trailing 12 months as of September.

• Hiya's revenue grew over 50% last year, with projected top-line growth of about 30% for the next year.

• Hiya focuses on children's supplements, a segment previously under 1% of sales, making the acquisition highly complementary.

• Hiya operates a DTC, subscription-based model with six to seven SKUs, led by a daily chewable supplement and a new greens product.

Strategic rationale and integration

• Acquisition seen as a thoughtful capital allocation into a fast-growing, cash-generating business with a different distribution channel and demographic.

• Hiya will be run independently, with support from the parent company to avoid disruption and focus on growth.

• Near-term focus is on supporting Hiya's management and acclimating them to public company operations, with potential for future synergies.