USANA Health Sciences (USNA) 28th Annual ICR Conference 2026 summary

Business overview and strategic direction

• Focus on premium vitamins, supplements, and health products, with recent expansion through M&A to broaden customer base and channels.

• Omnichannel growth is a key strategy, with new brands and acquisitions supplementing the core direct selling business.

• Non-direct selling revenue is projected to rise from negligible in 2024 to about 16% in 2025 and low 20s% in 2026.

• Capital allocation prioritizes investment in brands, inventory, and working capital for growth, with share repurchases as a secondary use of excess capital.

• Infrastructure, supply chain, and international expansion capabilities are leveraged to support acquired brands.

Growth drivers and brand performance

• Rise Wellness, acquired as a small DTC protein bar company, grew from $5M in 2024 to over $16M in 2025, with 2026 projections of $65–$80M.

• Protein Pop, a new product under Rise, launched in March and quickly secured national retail placements at Target and Costco.

• Hiya, acquired in December 2023, is forecasted to reach $132M in 2025 and $140–$155M in 2026, with international expansion into Canada and the UK in Q1 2026.

• Retail channel expansion and tailored product development for large accounts are driving rapid growth.

• Customer base for new products is broad, with Protein Pop targeting women and those seeking convenient, clean protein options.

Core direct selling business and leadership changes

• CEO transition announced, with Kevin Guest returning to reinvigorate the business and leverage strong sales force connections.

• Brand messaging and awareness are key focus areas to broaden the customer funnel and drive satisfaction.

• Cost alignment and right-sizing initiatives are underway, with details to be provided in the Q4 update.

• Direct selling segment is expected to decline mid-single digits in 2026, but leadership is optimistic about a path to future growth.