USANA Health Sciences Inc (NYSE:USNA) Q3 2020 Earnings Conference Call - Final Transcript

Oct 21, 2020 • 11:00 am ET

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USANA Health Sciences Inc (NYSE:USNA) Q3 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good day, everyone, and welcome to the USANA Health Sciences' Third Quarter Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. Patrique Richards, Executive Director of Investor Relations and Business Development. Please go ahead.

Executive
Patrique Richards

Good morning. We appreciate you joining us. Today's conference call is being broadcast live via webcast and can be accessed directly from our website at ir.usana.com. Shortly following the call, a replay will be available on our website. As a reminder, during the course of this conference call, management will make forward-looking statements regarding future events or the future financial performance of our Company.

Those statements involve risks and uncertainties that could cause actual results to differ, perhaps materially from the results projected in such forward-looking statements. Examples of these statements include those regarding our strategies and outlook for fiscal year 2020 as well as uncertainty related to the magnitude, scope and duration of the impact of the COVID-19 pandemic to our business, operations and financial results. We caution you that these statements should be considered in conjunction with disclosures, including specific risk factors and financial data contained in our most recent filings with the SEC.

I'm joined this morning by our CEO and Chairman of the Board, Kevin Guest; our President, Jim Brown; our Chief Financial Officer, Doug Hekking; as well as other executives. Yesterday after the market closed, we announced our third quarter results and posted our management commentary, results and outlook document on the Company's website.

We'll now hear brief remarks from Kevin before opening the call for questions.

Executive
Kevin G. Guest

Good morning, and thank you for joining us to review our third quarter. We reported strong results for the third quarter with record earnings per share and sales approaching $300 million. These results were driven by first, continued strong demand for our high-quality nutritional products, and second, successful incentive programs that were well received by our Associates. As a result, we also reported a record number of active customers for the quarter.

We also successfully executed our all virtual Americas and Europe Convention and China National Sales Meeting during the quarter. This virtual platform allowed us to reach a larger audience than our in person only events while maintaining much of the camaraderie and culture of USANA. While, we look forward to being able to gather in person. Again we learned a lot from these events and expect to leverage what we have learned in future -- for future events. As noted in our earnings release, we are raising our full-year guidance to reflect our third quarter results and our expectations for the fourth quarter.

All things considered, our 2020 results have been excellent during these unprecedented times, and I'm confident in the strength that we saw in this underlying business. We look forward to delivering further growth in 2021. With that, I will now ask the operator to please open the lines for questions.