Form 8-K

8-K — USANA HEALTH SCIENCES INC

Accession: 0000896264-26-000030

Filed: 2026-05-05

Period: 2026-05-05

CIK: 0000896264

SIC: 2833 (MEDICINAL CHEMICALS & BOTANICAL PRODUCTS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — usna-20260505.htm (Primary)

EX-99.1 (q12026earningsreleaseex991.htm)

EX-99.2 (q12026managementcommentary.htm)

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8-K

8-K (Primary)

Filename: usna-20260505.htm · Sequence: 1

usna-20260505

FALSE000089626400008962642026-05-052026-05-05

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_____________________

FORM 8-K

_____________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported):

May 5, 2026

USANA HEALTH SCIENCES, INC.

(Exact name of registrant as specified in its charter)

Utah

(State or other jurisdiction of incorporation)

001-35024 87-0500306

(Commission File No.) (IRS Employer

Identification No.)

3838 West Parkway Boulevard

Salt Lake City, Utah 84120

(Address of principal executive offices, Zip Code)

Registrant's telephone number, including area code: (801) 954-7100

Check the appropriate box below if the Form 8-K ﬁling is intended to simultaneously satisfy the ﬁling obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock, $0.001 par value per share USNA New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Item 2.02 Results of Operations and Financial Condition.

On May 5, 2026, USANA Health Sciences, Inc. (the “Company” or “USANA”) issued a press release announcing its financial results for the first quarter ended April 4, 2026. The release also announced that the Company will post a document titled “Management Commentary” on the Company’s website and that executives of the Company will hold a conference call with investors, to be broadcast over the World Wide Web and by telephone and provided access information, date and time for the conference call. The Company noted that the call will consist of brief remarks by the Company’s management team, before moving directly into questions and answers. A copy of the press release, and the Management Commentary, are furnished herewith as Exhibits 99.1 and 99.2 to this Current Report on Form 8-K and are incorporated herein by reference. These documents will be posted on the Company’s corporate website, www.usana.com.

The information in this Current Report is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report, including the exhibits, shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended. The furnishing of the information in this Current Report is not intended to, and does not, constitute a representation that such furnishing is required by Regulation FD or that the information this Current Report contains is material investor information that is not otherwise publicly available.

Item 7.01 Regulation FD Disclosure

The information disclosed above under Item 2.02, as well as the exhibits attached under Item 9.01 below are incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d)Exhibits

Exhibit No. Description

99.1

Press release issued by USANA Health Sciences, Inc. dated May 5, 2026 (furnished herewith).

99.2

Management Commentary provided by USANA Health Sciences, Inc. dated May 5, 2026 (furnished herewith).

104

Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

USANA HEALTH SCIENCES, INC.

By: /s/ G. Douglas Hekking

G. Douglas Hekking, Chief Financial Officer

Date: May 5, 2026

EX-99.1

Filename: q12026earningsreleaseex991.htm · Sequence: 2

Document

USANA Health Sciences Reports First Quarter 2026 Results

Company Continues to Make Significant Progress on Transformation to Becoming a Leading Omnichannel Health and Wellness Platform

SALT LAKE CITY, May 5, 2026 (BUSINESS WIRE)—USANA Health Sciences, Inc. (NYSE: USNA) today announced financial results for its fiscal first quarter ended April 4, 2026.

Key Financial Results

First Quarter 2026 vs. First Quarter 2025

•Net sales of $250 million versus $250 million.

•Net earnings of $7.5 million versus $9.4 million.

•Diluted EPS of $0.41 as compared with $0.49.

•Adjusted diluted EPS(1) of $0.61 as compared with $0.73.

•Adjusted EBITDA(2) of $28.4 million versus $29.8 million.

•Core Nutritional Active Customers of 404,000 versus 459,000.

•Hiya Active Monthly Subscribers of 186,000 versus 224,000.

•Company reiterates fiscal 2026 guidance.

Q1 2026 Consolidated Performance

Q1 2026

Year-Over-Year Sequentially

Net Sales

$250 million

Flat (+$8 million or +3% FX impact)

+11%

Net Earnings

$7.5 million

-20%

N/A

Diluted EPS

$0.41

-16%

N/A

Adjusted Diluted EPS(1)

$0.61

-16%

+2%

Adjusted EBITDA(2)

$28.4 million

-5%

+4%

Net earnings, EPS and EBITDA figures represent amounts attributable to USANA and excludes the noncontrolling interest of 21.15% in Hiya.

“Our first quarter 2026 results reflect USANA’s continued evolution from a single-channel direct sales business to a diversified, omnichannel health and wellness enterprise," said Kevin Guest, Chairman and Chief Executive Officer. "Our omnichannel platform is intended to provide multiple growth engines, and early progress across our three segments reinforces confidence that our strategy will deliver sustained incremental value over time. The Core Nutritional business delivered solid sequential improvement during the quarter, driven by growth in total active customers in China in addition to continued focus on accelerating our new product launch initiatives. Meanwhile, Hiya established the operational foundation for a meaningfully stronger second half of the year and Rise Wellness generated triple-digit growth as Protein Pop hit Costco shelves nationwide.

“As we look ahead, the investments we are making today in product innovation, brand building, channel expansion, and technology modernization reinforce confidence in our strategic direction. These investments position us to compete effectively across the full spectrum of health-conscious consumer shopping preferences. We are committed to advancing our omnichannel strategy with urgency and discipline."

Q1 2026 Segment Results

Core Nutritional

Q1 2026

Year-Over-Year Sequentially

Net Sales

$204 million

-3%

+7%

Active Customers

404,000

-12%

+4%

Asia Pacific Region

Q1 2026

Year-Over-Year Year-Over-Year (Constant Currency) Sequentially

Net Sales

$169 million

-2%

-6%

+12%

Active Customers

326,000

-13%

N/A

+7%

Asia Pacific Sub-Regions

Q1 2026

Year-Over-Year Year-Over-Year (Constant Currency) Sequentially

Greater China Net Sales

$123 million

+4%

Flat

+23%

Active

235,000

-7%

N/A

+13%

Customers

North Asia Net Sales

$15 million

-19%

-18%

-9%

Active

32,000

-29%

N/A

-9%

Customers

Southeast Asia Pacific Net Sales

$31 million

-14%

-20%

-10%

Active

59,000

-21%

N/A

-6%

Customers

Americas and Europe Region

Q1 2026

Year-Over-Year Year-Over-Year (Constant Currency) Sequentially

Net Sales

$35 million

-6%

-10%

-13%

Active Customers

78,000

-8%

N/A

-4%

Hiya Health

Q1 2026 Year-Over-Year Sequentially

Net Sales

$32 million

-13%

+7%

Active Monthly Subscribers

186,000

-17%

+2%

Rise Wellness

Q1 2026

Year-Over-Year Sequentially

Net Sales

$14 million

+741%

+143%

Balance Sheet

The Company ended the quarter with $163 million in cash and cash equivalents and $14 million of debt. As of April 4, 2026, inventory totaled $99 million, a decrease of approximately $8 million, or -7% compared to balances at year-end 2025. This decrease

was driven by strong performance by Rise Wellness, particularly from the fulfillment of orders with key retailers.

The Company did not repurchase any shares during the quarter and has approximately $34 million remaining under the current share repurchase authorization as of the end of the first quarter.

Fiscal Year 2026 Outlook

The Company is reiterating its outlook for fiscal year 2026, as follows:

Fiscal Year 2026 Outlook

Range

Core Nutritional business net sales

$720 to $765 million*

Hiya net sales $140 to $155 million

Rise Wellness net sales $65 to $80 million

Consolidated net sales $925 million to $1.0 billion

Net earnings

$20 million to $27 million

Diluted EPS

$1.11 to $1.45

Adjusted diluted EPS(1)

$1.95 to $2.29

Adjusted EBITDA(2)

$101 million to $109 million

*Reflects an expected favorable currency exchange rate impact of approximately $19 million, or 3% on net sales and one less week of operations compared to fiscal year 2025 which was a 53-week year.

“Consolidated first quarter operating results reflected meaningful sequential top line improvement, driven by total active customer growth in China in our Core Nutritional business and the fulfillment of Rise Wellness orders. We delivered adjusted EBITDA of $28.4 million and adjusted diluted EPS of $0.61, demonstrating that we are funding the growth of our omnichannel portfolio from a position of financial strength,” said Doug Hekking, Chief Financial Officer. "Our balance sheet remains healthy with $163 million in cash, providing the flexibility to continue executing our strategic priorities. We are also making progress on our technology modernization initiative, which we are funding primarily through repurposing existing resources as well as savings from operational efficiencies, underscoring our commitment to innovation while maintaining fiscal

discipline. On the strength of our first quarter results and our visibility into the growth catalysts ahead, we are reaffirming our fiscal 2026 guidance across all metrics."

_________________________

(1) Adjusted Diluted Earnings Per Share is a non-GAAP financial measure. The Company excludes acquisition-related costs, such as business transaction costs, integration expense and amortization expense from acquisition related intangible assets in calculating Adjusted Diluted Earnings Per Share. Please refer to “Non-GAAP Financial Measures” and “Reconciliation of Diluted Earnings Per Share (GAAP) to Adjusted Diluted Earnings Per Share (Non-GAAP)” in this press release for an explanation and reconciliation of this non-GAAP financial measure.

(2) Adjusted EBITDA is a non-GAAP financial measure. Please refer to “Non-GAAP Financial Measures” and “Reconciliation of Net Earnings (GAAP) to Adjusted EBITDA (Non-GAAP)” in this press release for an explanation and reconciliation of this non-GAAP financial measure.

Non-GAAP Financial Measures

This press release contains the non-GAAP financial measures Adjusted EBITDA and Adjusted diluted EPS. Adjusted EBITDA is a non-GAAP financial measure of earnings before interest, taxes, depreciation, and amortization that also excludes certain adjustments as indicated below in the reconciliation from net earnings. Adjusted diluted EPS is a non-GAAP financial measure of diluted earnings per share that excludes certain adjustments as indicated below in the reconciliation from diluted EPS.

Adjusted EBITDA (non-GAAP) is net earnings (its most directly comparable GAAP financial measure) adjusted for interest expense, net, (benefit from) provision for income taxes, depreciation and amortization, non-cash share-based compensation, and transaction-related expenses and integration costs for the Hiya acquisition. Adjusted EBITDA attributable to USANA (non-GAAP) is Adjusted EBITDA (non-GAAP) further

adjusted to exclude the Adjusted EBITDA attributable to non-controlling interest related to Hiya.

Adjusted diluted earnings per share (non-GAAP) is diluted earnings per share (its most directly comparable GAAP financial measure) adjusted for amortization of intangible assets, transaction-related expenses, and integration costs related to the Hiya acquisition.

Management believes that Adjusted EBITDA (non-GAAP), Adjusted EBITDA attributable to USANA (non-GAAP), and Adjusted diluted earnings per share (non-GAAP), along with GAAP measures used by management, most appropriately reflect how the Company measures the business internally.

The Company prepares its financial statements using U.S. generally accepted accounting principles (“GAAP”) and investors should not directly compare with or infer relationship from any of the Company’s operating results presented in accordance with GAAP to Adjusted EBITDA and Adjusted diluted earnings per share. Non-GAAP financial measures have limitations in their usefulness to investors because they have no standardized meaning prescribed by GAAP and are not prepared under any comprehensive set of accounting rules or principles. In addition, other companies, including companies in our industry, may calculate similarly titled non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of non-GAAP financial information as a tool for comparison. As a result, the non-GAAP financial information is presented for supplemental informational purposes only and should not be considered in isolation from, or as a substitute for financial information presented in accordance with GAAP.

Reconciliation of Net Earnings (GAAP) to Adjusted EBITDA (non-GAAP)

(in thousands)

Quarter ended

April 4, 2026 March 29, 2025

Net earnings attributable to USANA (GAAP)

$ 7,515 $ 9,402

Net (loss) earnings attributable to noncontrolling interest

(556) (112)

Net earnings

$ 6,959 $ 9,290

Adjustments:

Income taxes $ 8,506 $ 7,449

Interest (income) expense (197) (312)

Depreciation and amortization 5,334 5,790

Amortization of intangible assets - Hiya 4,455 4,455

Earnings before interest, taxes, depreciation, and amortization (EBITDA) $ 25,057 $ 26,672

Add EBITDA adjustments:

Non-cash share-based compensation 3,454 2,880

Transaction, integration and transition costs - Hiya 239 577

Inventory step-up - Hiya — 582

Adjusted EBITDA 28,750 30,711

Less: Adjusted EBITDA attributable to noncontrolling interest (387) (954)

Adjusted EBITDA attributable to USANA $ 28,363 $ 29,757

Reconciliation of Diluted Earnings Per Share (GAAP) to Adjusted Diluted Earnings Per Share (non-GAAP)

(in thousands, except per share data)

Quarter ended

April 04, 2026 March 29, 2025

Net earnings attributable to USANA (GAAP)

$ 7,515 $ 9,402

Earnings per common share - Diluted (GAAP)

$ 0.41 $ 0.49

Weighted Average common shares outstanding - Diluted 18,411 19,085

Adjustment to net earnings:

Transaction, integration and transition costs - Hiya $ 239 $ 577

Inventory step-up - Hiya — 582

Amortization of intangible assets - Hiya 4,455 4,455

Adjustments to net earnings attributable to noncontrolling interest

(942) (1,066)

Income tax effect of adjustments to net earnings

— (4)

Adjusted net earnings attributable to USANA

$ 11,267 $ 13,946

Adjusted earnings per common share - Diluted $ 0.61 $ 0.73

Weighted average common shares outstanding - Diluted 18,411 19,085

Management Commentary Document and Conference Call

For further 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, May 6, 2026 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 questions and answers session.

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. These forward-looking statements are based on current plans, expectations, estimates, forecasts, and projections as well as the beliefs and assumptions of management. Words such as “expect,” “enhance,” “drive,” “anticipate,” “intend,” “improve,” “promote,” “should,” “believe,” “continue,” “plan,” “goal,” “opportunity,” “estimate,” “predict,” “may,” “will,” “could,” and “would,” and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Such forward-looking statements include, but are not limited to, statements regarding growth for Hiya and Rise Wellness in 2026 and continued growth in the future; statements about the Company’s long-term growth; and the statements under the sub-heading “Fiscal Year 2026 Outlook.” Our actual results could differ materially from those projected in these forward-looking statements, which involve a number of risks and uncertainties, many of which involve factors or circumstances that are beyond our control, including: risks relating to global economic conditions generally, including continued inflationary pressure around the world and negative impact on our operating costs, consumer demand and consumer behavior in general; reliance upon our network of independent Brand Partners; risk that our Brand Partner compensation plan, or changes that we make to the compensation plan, will not produce desired results, benefit our business or, in some cases, could harm our business; risk associated with

our launch of new products or reformulated existing products; risks related to Hiya’s ability to adapt to changes in the digital marketing environment to continue to generate customer acquisition, including changes in social media advertising algorithms; risks related to Rise Wellness’ dependence on product orders from certain key retailers – specifically, if future orders from those retailers do not meet our forecasts or such retailers discontinue purchasing and selling Rise Wellness products; risks related to governmental regulation of our products, manufacturing and direct selling business model in the United States, China and other key markets; potential negative effects of deteriorating foreign and/or trade relations between or among the United States, China and other key markets, including potential adverse impact from tariffs, trade policies or other international disputes by and among the United States, China, or other markets that are important to the Company; potential negative effects from geopolitical relations and conflicts around the world, including the Russia-Ukraine conflict and the conflict between the United States and Iran; compliance with data privacy and security laws and regulations in our markets around the world; 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; adverse publicity risks globally; risks associated with our operations in India and future international expansion and operations; uncertainty relating to the fluctuation in U.S. and other international currencies; the potential for a resurgence of COVID-19, or another pandemic, in any of our markets in the future and any related impact on consumer health, domestic and world economies, including any negative impact on discretionary spending, consumer demand, and consumer behavior in general; risk that Hiya and Rise Wellness disrupt the Company’s overall strategic plans and operations; the diversion of the attention of the management teams of USANA and Hiya from ongoing business operations; the ability to retain key personnel of Hiya and Rise Wellness; the ability to realize the benefits of the Hiya acquisition, including efficiencies and cost synergies; the ability to successfully integrate Hiya’s business with USANA’s business, at all or in a timely manner; and the amount of the costs, fees, expenses and charges related to the acquisition. 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.

About USANA

USANA develops and manufactures high-quality nutritional supplements, functional foods and personal care products that are sold directly to Brand Partners 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, Italy, and India. More information on USANA can be found at www.usana.com. USANA also owns a 78.8% controlling ownership stake in Hiya Health Products, a children's health and wellness company and a 100% interest in Rise Wellness. Hiya and Rise Wellness offer a variety of clean-label health products. More information on Hiya can be found at www.hiyahealth.com. More information on Rise Wellness can be found on www.risebar.com and www.proteinpop.com.

Investor contact: Andrew Masuda

Investor Relations

(801) 954-7201

investor.relations@usanainc.com

Media contact: Sarah Searle

(801) 954-7626

media@usanainc.com

USANA HEALTH SCIENCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

Three months ended

April 4,

2026 March 29,

2025

Net sales $ 250,218 $ 249,539

Cost of sales 59,436 52,445

Gross profit 190,782 197,094

Operating expenses:

Brand Partner incentives 88,654 89,985

Selling, general and administrative 88,254 91,438

Total operating expenses 176,908 181,423

Earnings from operations 13,874 15,671

Other income (expense):

Interest income 437 723

Interest expense (240) (411)

Other, net 1,394 756

Other income (expense), net 1,591 1,068

Earnings before income taxes 15,465 16,739

Income taxes 8,506 7,449

Net earnings 6,959 9,290

Less: Net (loss) earnings attributable to redeemable noncontrolling interest (556) (112)

Net earnings attributable to USANA $ 7,515 $ 9,402

Earnings per common share attributable to USANA

Basic $ 0.41 $ 0.49

Diluted $ 0.41 $ 0.49

Weighted average common shares outstanding

Basic 18,398 19,049

Diluted 18,411 19,085

USANA HEALTH SCIENCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

(unaudited)

As of

April 4,

2026 As of

January 3,

2026

ASSETS

Current assets

Cash and cash equivalents $ 162,751 $ 158,380

Trade accounts receivable (net of allowance of $141 and $137, respectively)

9,657 4,285

Inventories 96,358 102,608

Prepaid expenses and other current assets 25,467 23,132

Total current assets 294,233 288,405

Property and equipment, net 94,625 94,383

Goodwill 138,127 137,962

Intangible assets, net 128,901 133,151

Deferred tax assets 25,159 27,209

Other assets*

57,921 61,805

Total assets $ 738,966 $ 742,915

LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST, AND STOCKHOLDERS' EQUITY

Current liabilities

Accounts payable $ 16,230 $ 17,263

Line of credit 14,000 14,000

Other current liabilities 87,009 97,302

Total current liabilities 117,239 128,565

Deferred tax liabilities 5,057 4,892

Other long-term liabilities 21,884 23,186

Redeemable noncontrolling interest 51,236 53,168

Total stockholders' equity attributable to USANA 543,550 533,104

Total liabilities, redeemable noncontrolling interest, and stockholders' equity $ 738,966 $ 742,915

*Includes noncurrent inventories of $3,029 and $4,799 as of 04-Apr-26 and 03-Jan-26, respectively. Total inventories were $99,387 and $107,407 as of 04-Apr-26 and 03-Jan-26, respectively.

USANA HEALTH SCIENCES, INC. AND SUBSIDIARIES

SALES BY REGION

(in thousands)

(unaudited)

Quarter ended

April 4,

2026 March 29,

2025 Change from prior

year Percent change Currency impact on

sales Percent change

excluding currency

impact

Core Nutritional:

Asia Pacific

Greater China $ 123,334 49.3 % $ 118,746 47.6 % $ 4,588 3.9 % $ 4,986 (0.3 %)

Southeast Asia Pacific 30,663 12.3 % 35,720 14.3 % (5,057) (14.2 %) 1,942 (19.6 %)

North Asia 15,352 6.1 % 18,941 7.6 % (3,589) (18.9 %) (160) (18.1 %)

Asia Pacific total 169,349 67.7 % 173,407 69.5 % (4,058) (2.3 %) 6,768 (6.2 %)

Americas and Europe 35,050 14.0 % 37,417 15.0 % (2,367) (6.3 %) 1,323 (9.9 %)

Core Nutritional total 204,399 81.7 % 210,824 84.5 % (6,425) (3.0 %) 8,091 (6.9 %)

Hiya 32,150 12.8 % 37,089 14.9 % (4,939) (13.3 %) — (13.3 %)

Rise 13,669 5.5 % 1,626 0.6 % 12,043 740.7 % — 740.7 %

Consolidated total $ 250,218 100.0 % $ 249,539 100.0 % $ 679 0.3 % $ 8,091 (3.0 %)

USANA HEALTH SCIENCES, INC. AND SUBSIDIARIES

CORE NUTRITIONAL ACTIVE BRAND PARTNERS AND ACTIVE PREFERRED CUSTOMERS BY REGION

(unaudited)

Core Nutritional Active Brand Partners by Region(1)

(unaudited)

As of

April 4, 2026 As of

March 29, 2025

Asia Pacific

Greater China 62,000 37.1 % 65,000 35.3 %

Southeast Asia Pacific 43,000 25.7 % 48,000 26.1 %

North Asia 25,000 15.0 % 33,000 17.9 %

Asia Pacific Total 130,000 77.8 % 146,000 79.3 %

Americas and Europe 37,000 22.2 % 38,000 20.7 %

167,000 100.0 % 184,000 100.0 %

Core Nutritional Active Preferred Customers by Region(2)

(unaudited)

As of

April 4, 2026 As of

March 29, 2025

Asia Pacific

Greater China 173,000 73.0 % 189,000 68.7 %

Southeast Asia Pacific 16,000 6.7 % 27,000 9.8 %

North Asia 7,000 3.0 % 12,000 4.4 %

Asia Pacific Total 196,000 82.7 % 228,000 82.9 %

Americas and Europe 41,000 17.3 % 47,000 17.1 %

237,000 100.0 % 275,000 100.0 %

______________________________

(1)Brand Partners are independent distributors of our products who also purchase our products for their personal use. We only count as active those Brand Partners 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.

USANA HEALTH SCIENCES, INC. AND SUBSIDIARIES

OPERATING RESULTS AS A PERCENTAGE OF NET SALES

(unaudited)

Quarter ended

April 4, 2026 March 29, 2025

Core Nutritional Hiya Rise Consolidated Core Nutritional Hiya Rise Consolidated

Net sales 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

Cost of sales 18.0% 31.1% 92.9% 23.8% 17.7% 38.0% 65.1% 21.0%

Gross profit 82.0% 68.9% 7.1% 76.2% 82.3% 62.0% 34.9% 79.0%

Operating expenses:

Brand Partner incentives 43.4% —% — 35.4% 42.7% —% —% 36.1%

Selling, general and administrative 29.7% 77.0% 20.0% 35.3% 31.6% 63.4% 79.2% 36.6%

Total operating expenses 73.1% 77.0% 20.0% 70.7% 74.3% 63.4% 79.2% 72.7%

Earnings (loss) from operations 8.9% (8.1)% (12.9)% 5.5% 8.0% (1.4)% (44.3)% 6.3%

Amortization of acquired intangible assets —% 13.9% 1.5% 1.9% —% 12.0% 13.0% 1.9%

EX-99.2

Filename: q12026managementcommentary.htm · Sequence: 3

Document

USANA Health Sciences, Inc. May 5, 2026

Q1 2026 Management Commentary

Key Financial Results

Quarter ended

April 4,

2026

March 29,

2025

Year-Over-Year

Sequentially

Net Sales

$250

Flat

+11%

Net Earnings

$7.5

$9.4

-20%

N/A

Diluted EPS

$0.41

$0.49

-16%

N/A

Adjusted Diluted EPS(1)

$0.61

$0.73

-16%

+2%

Adjusted EBITDA(2)

$28.4

$29.8

-5%

+4%

Core Nutritional Active Customers

404,000

459,000

-12%

+4%

Hiya Active Monthly Subscribers

186,000

224,000

-17%

+2%

Net Sales, Net Earnings and Adjusted EBITDA in millions

Net earnings, EPS and EBITDA figures represent amounts attributable to USANA and excludes the noncontrolling interest of 21.15% in Hiya.

Overview

Our first quarter 2026 results reflect USANA’s continued evolution from a single-channel direct sales business to a diversified, omnichannel health and wellness enterprise. Our omnichannel platform is intended to provide multiple growth engines, and early progress across our three segments reinforces confidence that our strategy will deliver sustained incremental value over time.

During 2026, we are focused on executing three strategic priorities for the Core Nutritional business: reinvigorating our global sales force through our enhanced Brand Partner compensation plan, accelerating product innovation with a robust pipeline of new and upgraded products launching across all markets, and modernizing our

technology infrastructure to fundamentally improve how customers and Brand Partners engage with the USANA brand.

The Core Nutritional business delivered solid sequential improvement in Q1, with consolidated net sales of $204 million, or 7% growth, and total active customers increasing 4% from Q4 2025, driven by strong active customer growth in response to promotional activity in China during the Chinese New Year period. During the quarter, we continued to promote our enhanced Brand Partner compensation plan, which is designed to strengthen the business opportunity and improve the productivity and retention of our sales force. We also accelerated new product launches, bringing a robust pipeline of upgraded formulations to market, and continued to align our cost structure in a manner that supports disciplined, profitable growth.

Additionally, we formalized our previously mentioned technology modernization plans, and we are funding these efforts primarily through repurposing existing resources as well as savings from operational efficiency initiatives, underscoring our commitment to innovation while maintaining fiscal discipline. These plans aim to modernize our core systems and fundamentally improve how customers experience our brand while driving future cost efficiencies across our IT infrastructure. We are planning to strategically leverage best-in-class third-party platforms to move faster, and scale smarter.

Hiya generated net sales of $32 million in the first quarter of 2026 with Active Monthly Subscribers of 186,000, reflecting modest sequential improvement following Meta disruptions that drove higher customer acquisition costs beginning in the third quarter of 2025. The business is emerging from this period of temporary disruption and the Hiya team continues to deploy the resources and capabilities necessary to re-accelerate subscriber acquisition.

A number of meaningful growth, diversification, and efficiency catalysts are underway at Hiya in 2026. Hiya launched in Canada in January and in the United Kingdom in March, establishing the brand's first international DTC markets. Additionally, Hiya products are

now available at Target, representing the brand's first foray into physical retail as a means to meaningfully broaden Hiya's consumer reach. We have also begun to manufacture Hiya products in-house at USANA's facility, a strategic shift we expect to deliver operational efficiencies in the back half of 2026. Taken together, the combination of new international markets, expanded retail distribution, in-house manufacturing savings, and the continued strength of Hiya's core DTC business supports our expectation that Hiya will deliver a materially stronger second half of 2026. We continue to project full-year 2026 net sales of $140 million to $155 million, representing growth of 6% to 17% over fiscal 2025.

Rise Wellness delivered $14 million in net sales in the first quarter, representing a more than 8x increase from last year's first quarter and a 143% sequential increase from Q4 2025. This performance was primarily driven by the launch of Protein Pop Plus into Costco stores nationwide, with initial stocking orders fulfilled during the quarter. Protein Pop, which went from concept to national shelf placement within a matter of months in 2025, represents a compelling product innovation story and a testament to the speed and agility of the Rise Wellness team. Rise Bar also continues to benefit from the distribution relationships established with key retail partners. We are pleased with the market reception to both brands and remain confident in the long-term potential of the Rise Wellness segment.

We recognize that the near-term economics of scaling a retail-distributed consumer brand require front-loaded investments in inventory, trade support, and brand building, which is reflected in our current gross margins. At 7.1% gross margin in Q1, Rise Wellness is in an investment phase, and we expect margins to improve over time as the brands mature, volumes scale, and manufacturing efficiencies are captured. We continue to project Rise Wellness net sales of $65 million to $80 million for fiscal 2026. We expect the business to operate at roughly breakeven for the full year as we continue

to invest in the capabilities and channel relationships required for sustained, long-term growth.

Q1 2026 Consolidated Performance

Consolidated Results

Year-Over-Year

Sequentially

Net Sales

$250 million

Flat (+$8 million or +3% FX impact)

+11%

Net Earnings

$7.5 million

-20%

N/A

Diluted EPS

$0.41

-16%

N/A

Adjusted Diluted EPS(1)

$0.61

-16%

+2%

Adjusted EBITDA(2)

$28.4 million

-5%

+4%

Net earnings, EPS and EBITDA figures represent amounts attributable to USANA and excludes the noncontrolling interest of 21.15% in Hiya.

Consolidated Balance Sheet

We ended the first quarter with $163 million in cash and cash equivalents and $14 million of debt. We had approximately $34 million remaining under the current share repurchase authorization as of April 4, 2026.

Inventories decreased to $99 million as of April 4, 2026, or 7% lower compared to the year-end balance in fiscal 2025. This decrease was driven, in great part, from the fulfillment of Rise Wellness orders with key retailers.

For our Core Nutritional business and Hiya, we believe that our in-house manufacturing capabilities provide us with better margins, better control of inventory levels, and help to mitigate supply chain risks while providing a meaningful contribution to delivering the highest quality nutritional products.

Quarterly Income Statement Discussion

Gross margin decreased 280 basis points from the prior year to 76.2% of net sales. The decrease is largely attributed to an approximate 370 basis point unfavorable impact on consolidated results from Rise Wellness, which carries lower gross margins relative to

the Core Nutritional business. Gross margin in the Core Nutritional business declined 30 basis points from the prior year to 82.0% of segment net sales. Hiya gross margins increased 700 basis points from the prior year to 68.9%, reflecting lower relative freight costs, favorable mix and an inventory step-up in the prior year.

Brand Partner Incentives decreased 70 basis points from the prior year to 35.4% of net sales on a consolidated basis. Hiya and Rise Wellness, which do not payout Brand Partner Incentives, contributed to lower incentives by approximately 80 basis points. For the Core Nutritional business, Brand Partner Incentives increased 70 basis points from the prior year to 43.4% of segment net sales, which was driven primarily by market sales mix and increased incentive promotions.

Selling, General and Administrative expenses decreased 130 basis points from the prior year to 35.3% as a percentage of net sales. SG&A expenses for the Core Nutritional business decreased 190 basis points from the prior year to 29.7% of segment net sales. The decrease is primarily attributable to lower employee compensation associated with the previously communicated cost realignment initiatives. The combined SG&A increase also reflects an approximate 150 basis point unfavorable impact on consolidated results from the inclusion of Hiya, which operates with higher relative SG&A compared to the Core Nutritional business. A notable component of our higher consolidated SG&A is the amortization of intangible assets attributable to our acquisition of Hiya. Additionally, Hiya's first quarter SG&A expense reflects typical seasonality with higher relative investment in marketing spend directed toward customer acquisition.

The year-to-date effective tax rate increased to 55.0% from the 44.5% reported in the comparable period of 2025. The Q1 2025 effective tax rate reflected an expectation of higher earnings for 2025. Actual earnings were meaningfully lower in the back half of 2025, resulting in a 72.4% effective tax rate for the full year. Based on current projections, a 55% to 60% effective tax rate is expected for FY 2026.

Q1 2026 Segment Results

Core Nutritional

Q1 2026

Year-Over-Year

Sequentially

Net Sales

$204 million

-3%

+7%

Active Customers

404,000

-12%

+4%

Asia Pacific Region

Q1 2026

Year-Over-Year

Year-Over-Year (Constant Currency)

Sequentially

Net Sales

$169 million

-2%

-6%

+12%

Active Customers

326,000

-13%

N/A

+7%

Asia Pacific Sub-Regions

Q1 2026

Year-Over-Year

Year-Over-Year (Constant Currency)

Sequentially

Greater China

Net Sales

$123 million

+4%

Flat

+23%

Active

235,000

-7%

N/A

+13%

Customers

North Asia

Net Sales

$15 million

-19%

-18%

-9%

Active

32,000

-29%

N/A

-9%

Customers

Southeast Asia Pacific

Net Sales

$31 million

-14%

-20%

-10%

Active

59,000

-21%

N/A

-6%

Customers

Americas and Europe Region

Q1 2026

Year-Over-Year

Year-Over-Year (Constant Currency)

Sequentially

Net Sales

$35 million

-6%

-10%

-13%

Active Customers

78,000

-8%

N/A

-4%

Hiya Health

Q1 2026

Year-Over-Year

Sequentially

Net Sales

$32 million

-13%

+7%

Active Monthly Subscribers

186,000

-17%

+2%

Rise Wellness

Q1 2026

Year-Over-Year

Sequentially

Net Sales

$14 million

+741%

+143%

Fiscal Year 2026 Outlook

The Company is reiterating its outlook for fiscal year 2026, as follows:

Fiscal Year 2026 Outlook

Range

Core Nutritional business net sales

$720 to $765 million*

Hiya net sales

$140 to $155 million

Rise Wellness net sales

$65 to $80 million

Consolidated net sales

$925 million to $1.0 billion

Net earnings

$20 million to $27 million

Diluted EPS

$1.11 to $1.45

Adjusted diluted EPS(1)

$1.95 to $2.29

Adjusted EBITDA(2)

$101 million to $109 million

Consolidated effective tax rate

55% to 60%

Diluted share count

Approximately 18.3 million

*Reflects an expected favorable currency exchange rate impact of approximately $19 million, or 3% on net sales and one less week of operations compared to fiscal year 2025 which was a 53-week year.

We are reaffirming our fiscal 2026 guidance across all metrics. Our first quarter results, while reflecting continued year-over-year pressure in portions of our business, saw meaningful sequential improvement and provide us with confidence that the foundational investments we are making and the strategic actions underway are

beginning to produce measurable results. Our 2026 strategy is built on three integrated pillars.

First, we are actively repositioning our Core Nutritional business for long-term growth. This includes advancing the rollout of the enhanced Brand Partner compensation plan, which is designed to strengthen the appeal and competitiveness of the USANA business opportunity; accelerating new product development and launch timelines to ensure a relevant and innovative consumer product pipeline; and modernizing our technology infrastructure. We remain confident that these actions will stabilize customer counts and ultimately position the Core Nutritional business to return to sustainable growth over time.

Second, we are investing in the expansion of our high-growth omnichannel brands, Hiya and Rise Wellness. Together, these two businesses are expected to represent more than 20% of consolidated net sales in 2026, up from 16% in 2025 and approximately 1% in 2024. Each brand is pursuing a distinct but complementary growth path: Hiya through DTC excellence, channel diversification, international market expansion, and nascent retail distribution; and Rise Wellness through continued channel expansion into Costco and other large retail and club retail partners. We are committed to providing both businesses with the resources, infrastructure, and operational support required to realize their long-term potential.

Third, we are accelerating our technology modernization initiative to fundamentally improve how customers experience our brand and how we operate internally. We are planning to strategically leverage best-in-class third-party platforms to move faster, scale smarter, and drive future cost efficiencies across our IT infrastructure. The initiative includes both a repurposing existing technology spend and approximately $1.0 million of incremental investment in 2026, both of which are reflected in our current guidance.

Taken together, these three strategic pillars are designed to build a more diversified, more resilient, and more competitive enterprise — one that can create sustainable long-term value for shareholders across a variety of market conditions.

Kevin Guest

Chairman and CEO

Douglas Hekking

CFO

_________________________

Non-GAAP Financial Measures

Reconciliation of Net Earnings (GAAP) to Adjusted EBITDA (non-GAAP)

(in thousands)

Quarter ended

April 4, 2026

March 29, 2025

Net earnings attributable to USANA (GAAP)

7,515

9,402

Net (loss) earnings attributable to noncontrolling interest

(556)

(112)

Net earnings

6,959

9,290

Adjustments:

Income taxes

8,506

7,449

Interest (income) expense

(197)

(312)

Depreciation and amortization

5,334

5,790

Amortization of intangible assets - Hiya

4,455

Earnings before interest, taxes, depreciation, and amortization (EBITDA)

25,057

26,672

Add EBITDA adjustments:

Non-cash share-based compensation

3,454

2,880

Transaction, integration and transition costs - Hiya

239

577

Inventory step-up - Hiya

—

582

Adjusted EBITDA

28,750

30,711

Less: Adjusted EBITDA attributable to noncontrolling interest

(387)

(954)

Adjusted EBITDA attributable to USANA

28,363

29,757

Reconciliation of Diluted Earnings Per Share (GAAP) to Adjusted Diluted Earnings Per Share (non-GAAP)

(in thousands, except per share data)

Quarter ended

April 4, 2026

March 29, 2025

Net earnings attributable to USANA (GAAP)

7,515

9,402

Earnings per common share - Diluted (GAAP)

0.41

0.49

Weighted Average common shares outstanding - Diluted

18,411

19,085

Adjustment to net earnings:

Transaction, integration and transition costs - Hiya

239

577

Inventory step-up - Hiya

—

582

Amortization of intangible assets - Hiya

4,455

Adjustments to net earnings attributable to noncontrolling interest

(942)

(1,066)

Income tax effect of adjustments to net earnings

—

(4)

Adjusted net earnings attributable to USANA

11,267

13,946

Adjusted earnings per common share - Diluted

0.61

0.73

Weighted average common shares outstanding - Diluted

18,411

19,085

Operating Results as a Percentage of Net Sales

(unaudited)

Quarter ended

April 4, 2026

March 29, 2025

Core Nutritional

Hiya

Rise

Consolidated

Core Nutritional

Hiya

Rise

Consolidated

Net sales

100.0%

Cost of sales

18.0%

31.1%

92.9%

23.8%

17.7%

38.0%

65.1%

21.0%

Gross profit

82.0%

68.9%

7.1%

76.2%

82.3%

62.0%

34.9%

79.0%

Operating expenses:

Brand Partner incentives

43.4%

—%

—

35.4%

42.7%

—%

36.1%

Selling, general and administrative

29.7%

77.0%

20.0%

35.3%

31.6%

63.4%

79.2%

36.6%

Total operating expenses

73.1%

77.0%

20.0%

70.7%

74.3%

63.4%

79.2%

72.7%

Earnings (loss) from operations

8.9%

(8.1)%

(12.9)%

5.5%

8.0%

(1.4)%

(44.3)%

6.3%

Amortization of acquired intangible assets

—%

13.9%

1.5%

1.9%

—%

12.0%

13.0%

1.9%

Management Commentary Document and Conference Call

Safe Harbor

About USANA

Investor contact: Andrew Masuda

Investor Relations

(801) 954-7201

investor.relations@usanainc.com

Media contact: Sarah Searle

(801) 954-7626

media@usanainc.com

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