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 like Rise and Hiya contributing significantly to revenue mix.

• Non-direct selling revenue is projected to rise from negligible in 2024 to low 20s% of total revenue in 2026.

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

• Ongoing search for additional acquisitions and brand-building opportunities to further diversify revenue streams.

Rise Wellness and product expansion

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

• Protein Pop, a new RTD protein beverage, launched in March, quickly secured national retail placements at Target and Costco.

• Product customization for retailers, such as flavor and protein composition, has driven rapid adoption and shelf prominence.

• Target and Costco are primary retail partners, with Walmart also beginning to carry products.

• Rise’s customer base includes health-conscious consumers, especially women and those seeking convenient, clean protein options.

Hiya acquisition and international expansion

• Hiya, acquired in December 2023, is forecasted to generate $132M in 2025 and $140–$155M in 2026.

• Growth is driven by entry into retail channels and international expansion into Canada and the UK in Q1 2026.

• Hiya operates independently with founder leadership, leveraging parent company expertise in manufacturing, supply chain, and internationalization.