USANA Health Sciences Inc (USNA) 2026 Q1 法說會逐字稿

Greetings, and welcome to the USANA Health Sciences First Quarter 2026 Earnings Call. (Operator Instructions). Please note this conference is being recorded. I will now turn the conference over to your host, Andrew Masuda. Please go ahead, sir.

各位好，歡迎參加 USANA Health Sciences 2026 年第一季財報電話會議。（接線員指示）。請注意，本次會議將被錄音。現在我將把會議交給本次會議主持人 Andrew Masuda。先生，請開始。

Thank you, Kerry, and good morning, everyone. We appreciate you joining us to review our first-quarter results. 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.

謝謝你，Kerry，各位早安。感謝各位加入我們，一同回顧第一季的業績表現。今天的電話會議將透過網路直播，可直接至我們的網站 ir.usana.com 收看。會議結束後不久，網站上也將提供重播。提醒各位，在本次電話會議期間，管理團隊將就未來事件或本公司未來財務表現發表前瞻性陳述。

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 2026, uncertainty related to the economic and operating environment around the world, and our 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.

這些陳述涉及風險與不確定性，可能導致實際結果與該等前瞻性陳述所預測的結果有所不同，且差異可能重大。此類陳述的例子包括：我們對 2026 會計年度的策略與展望、與全球經濟及營運環境相關的不確定性，以及我們的營運與財務結果。我們提醒各位，應將這些陳述與我們近期向美國證券交易委員會（SEC）提交之文件中的揭露一併考量，其中包括特定風險因素與財務資料。

I'm joined by our Chairman and Chief Executive Officer, Kevin Guest; our Chief Financial Officer, Doug Hecking; our Chief Commercial Officer, Brent Neidig; our Chief Operating Officer, Walter Note, as well as other executives. Yesterday, after the market closed, we announced our first quarter results and posted our management commentary document on the company's website. We'll now hear brief remarks from Kevin before opening the call for questions.

今天與會的有我們的董事長兼執行長 Kevin Guest、財務長 Doug Hecking、商務長 Brent Neidig、營運長 Walter Note，以及其他高階主管。昨天收盤後，我們公布了第一季業績，並在公司網站上發布了管理層評論文件。接下來我們先請 Kevin 做簡短致詞，之後開放提問。

Thank you, Andrew, and good morning, everyone. Our first quarter results reflect USANA's continued and deliberate transformation from a single-channel direct sales business to a diversified omnichannel health and wellness platform. That evolution is the defining story of this company right now, and the progress we are making across our three business segments reinforces our confidence that this strategy will deliver sustained, compounding value over time. In our core nutritional business, we saw sequential improvement in Q1, net sales of $204 million grew 7% sequentially, driven by active customer growth, particularly in our China market, which benefited from customer acquisition activity around the Lunar New Year.

謝謝你，Andrew，各位早安。我們第一季的業績反映了 USANA 持續且有計畫地從單一通路的直銷業務，轉型為多元化的全通路健康與保健平台。這項演進正是公司當前最核心的故事，而我們在三大業務部門所取得的進展，也強化了我們的信心：此一策略將隨時間推進，帶來可持續、複利式的價值成長。在核心營養品業務方面，我們在第一季看到較前一季的改善，淨銷售額為 2.04 億美元，較前一季成長 7%，主要由活躍客戶成長所帶動，尤其是在中國市場；該市場受惠於農曆新年期間的客戶獲取活動。

The sequential improvement is encouraging and consistent with our view that the actions we are taking to stabilize the business are beginning to take hold. These actions are organized around three clear priorities. First, we are advancing the rollout of our enhanced brand partner compensation plan, which is designed to strengthen the business opportunity and improve the productivity and retention of our distributor network. Second, we are accelerating new product launches, bringing a robust pipeline of new and upgraded formulations to market. And third, we are accelerating our technology initiatives to modernize our core systems and fundamentally improve how customers experience our brands while driving future cost efficiencies across our IT infrastructure.

這項較前一季的改善令人鼓舞，也符合我們的看法：我們為穩定業務所採取的行動正開始發揮效果。這些行動圍繞三項明確的優先事項來推進。第一，我們正推動升級版品牌夥伴獎酬制度的擴大導入，旨在強化事業機會，並提升經銷商網路的生產力與留任率。第二，我們正加速新品上市，將一系列強勁的新配方與升級配方推向市場。第三，我們正加速科技計畫，以現代化核心系統，從根本改善客戶體驗，同時推動 IT 基礎架構在未來的成本效率。

Taken together, we remain confident that these initiatives will continue to stabilize active customer accounts and position the core nutritional business we are returning to sustainable growth. Turning to our omnichannel brands, Hiya and Rise Wellness, they are expanding the aperture of what USANA can be, reaching consumers in new channels and through innovative formats.

綜合而言，我們仍有信心這些計畫將持續穩定活躍客戶帳戶，並使核心營養品業務回到可持續的成長軌道。接著談到我們的全通路品牌 Hiya 與 Rise Wellness，它們正在擴大 USANA 的可能性，透過新通路與創新形式觸及更多消費者。

Hiya generated $32 million in net sales in the first quarter with active monthly subscribers of 186,000, reflecting modest sequential improvement from Q4. The business has been navigating a period of elevated customer acquisition costs stemming from disruptions in the meta-advertising environment beginning in the third quarter of 2025.

Hiya 第一季淨銷售額為 3,200 萬美元，活躍月訂閱戶為 186,000 人，較第四季呈現小幅的季增改善。自 2025 年第三季起，因 Meta 廣告環境的干擾導致客戶獲取成本上升，該業務一直在因應這段期間的挑戰。

The Hiya team is deploying the resources and capabilities needed to reaccelerate subscriber growth, and we expect the second half of 2026 to reflect stronger performance. Several important milestones position Hiya well for that recovery. The brand launched in Canada in January and in the United Kingdom in March, establishing its first international direct-to-consumer markets.

Hiya 團隊正投入所需資源與能力，以重新加速訂閱戶成長；我們預期 2026 年下半年將呈現更強勁的表現。數個重要里程碑使 Hiya 為這次復甦奠定良好基礎。該品牌於 1 月在加拿大上市、3 月在英國上市，建立了其首批國際直面消費者（DTC）市場。

Hiya also expanded into retail, and products are now available at Target, representing the brand's first partner in brick-to-mortar retail. Lastly, I want to point out how we are leveraging USANA's assets to accelerate growth and improve margins. Since the acquisition a little over a year ago, we have implemented a new ERP system.

Hiya 也拓展至零售通路，產品現已在 Target 上架，這是該品牌首個實體零售合作夥伴。最後，我想指出我們如何運用 USANA 的資產來加速成長並改善毛利率。自一年多前完成收購以來，我們已導入新的 ERP 系統。

Transitioned 3PLs, leveraged our R&D team to develop new products, leveraged our market expansion team to expand internationally, and brought manufacturing and packaging of higher products in-house, a strategic shift that we expect will generate incremental margin efficiencies beginning in the back half of 2026.

我們完成了第三方物流（3PL）轉換，運用我們的研發團隊開發新產品，運用市場拓展團隊推進國際擴張，並將更高比例的產品製造與包裝內部化；這項策略性轉變預期將自 2026 年下半年開始帶來額外的毛利率效率提升。

We continue to project full-year 2026 net sales of $140 million to $155 million for Hiya. Rise Wellness delivered $14 million in net sales for the first quarter, more than eight times the prior year's first quarter, which is a 143% sequential increase.

我們仍預估 Hiya 2026 全年淨銷售額為 1.40 億至 1.55 億美元。Rise Wellness 第一季淨銷售額為 1,400 萬美元，較去年第一季成長超過八倍，且較前一季成長 143%。

This performance was driven by the national launch of Protein Pop Plus into Costco. Protein Pop's journey from concept to national shelf placement in a matter of months is compelling proof of this team's ability to capitalize on speed and execution.

此一表現主要由 Protein Pop Plus 在 Costco 的全國性上市所帶動。Protein Pop 從概念到在全國門市上架僅用數月時間，充分證明該團隊能以速度與執行力掌握機會。

While this market has proven to be a competitive and evolving marketplace, Protein Pop has gained meaningful share in the market and emerged as a leading brand that we expect to see on shelves across many more retailers in the coming months and years. Rise Bar also continues to benefit from the retail distribution relationships established last year.

儘管此市場競爭激烈且持續演變，Protein Pop 已取得具意義的市占率，並成為領先品牌；我們預期未來數月與數年內，將在更多零售商的貨架上看到它。Rise Bar 也持續受惠於去年建立的零售通路分銷關係。

As with Hiya, we have been able to leverage our significant assets and expertise to benefit the two RISE Wellness brands. We are manufacturing RISE bars on USANA's high-speed, high-tech bar line. Our world-class operations team is managing inventory and demand and planning for both RISE and Protein Pop to create efficiencies.

與 Hiya 相同，我們也能運用自身重要資產與專業能力，為兩個 RISE Wellness 品牌帶來助益。我們正在 USANA 的高速、高科技能量棒產線上生產 RISE 能量棒。我們世界級的營運團隊正管理庫存與需求，並為 RISE 與 Protein Pop 進行規劃，以創造效率。

Lastly, our R&D team is reformulating existing products and developing future products for these brands to ensure our customers have an excellent experience while also receiving the best nutritional products possible. We are pleased with the market reception and remain confident in the long-term potential of this segment.

最後，我們的研發團隊正重新配方既有產品並開發未來產品，以確保客戶擁有優異體驗，同時獲得盡可能最好的營養產品。我們對市場反應感到滿意，並對此業務部門的長期潛力仍深具信心。

We are reaffirming our full-year 2026 guidance across all metrics, projecting consolidated net sales of $925 million to $1 billion. Omnichannel net sales are on track to represent more than 20% of the total net sales this year, up from 16% in 2025 and approximately 1% just two years ago. That trajectory speaks to how quickly our omnichannel platform is taking shape.

我們重申 2026 全年在所有指標上的財測指引不變，預估合併淨銷售額為 9.25 億美元至 10 億美元。全通路淨銷售額今年可望占總淨銷售額的 20% 以上，高於 2025 年的 16%，而在兩年前約僅 1%。這一趨勢顯示我們的全通路平台正在快速成形。

Please note that our guidance includes an incremental but modest investment for our technology modernization initiatives, which we are funding primarily through a repurposing of existing resources, as well as savings generated from operational efficiencies. And the initiatives which underscore our commitment to innovate without sacrificing fiscal discipline. Let me close by putting this quarter in context.

請注意，我們的指引包含對技術現代化計畫的增量但相對溫和的投資；該投資主要透過重新配置既有資源，以及由營運效率提升所帶來的節省來支應。而這些計畫也凸顯我們在不犧牲財務紀律的前提下持續創新的承諾。最後，讓我以本季的脈絡作結。

We came into 2026 with a clear strategy: stabilize the core nutritional business, scale our omnichannel brands, and modernize the platform that ties it all together. The first quarter showed progress on all three fronts.

我們以明確策略進入 2026：穩定核心營養品業務、擴大全通路品牌規模，並現代化串聯一切的平台。第一季在這三個面向皆展現進展。

Active customers in the core business grew sequentially, higher reached new markets and a new retail channel. Rise Wellness delivered a strong launch in the quarter at Costco and Target, and we have formalized technology investment plans that will improve how we operate and how consumers experience our brand.

核心業務的活躍客戶數呈現季增，Higher 觸及新市場並進入新的零售通路。Rise Wellness 本季在 Costco 與 Target 的上市表現強勁；同時，我們也已正式確立技術投資計畫，將改善我們的營運方式以及消費者對品牌的體驗。

None of this happens overnight. We are committed to making impactful investments that generate robust returns. Our balance sheet is strong, our people are aligned, and our strategy is clear. We have three solid segments, an evolving omnichannel platform and a mission that resonates with health-conscious consumers around the world. We remain committed to executing with focus and delivering sustainable long-term value for our shareholders.

這些都不會一蹴可幾。我們致力於進行能帶來強勁回報的關鍵投資。我們的資產負債表穩健、團隊目標一致、策略清晰。我們擁有三個穩固的事業部門、持續演進的全通路平台，以及能與全球重視健康的消費者產生共鳴的使命。我們將持續專注執行，為股東創造可持續的長期價值。

With that, I will now turn the call back over to the operator for Q&A.

接下來，我將把電話交回給接線員，進入問答環節。

Thank you.(Operatopr Instructions) Anthony Libetzinski, Sidoti & Company.

謝謝。（接線員指示）Sidoti & Company 的 Anthony Libetzinski。

Good morning, everyone, and thank you for taking the questions. It's really nice to see the better than expected results. Specifically, I wanted to start with China, actually, so saw some improvement there in Q1, which is good to see. Just wondering if you've seen any notable changes from a macro perspective in China or maybe elsewhere as it relates to increased fuel prices since the Iran conflict started. Just wondering what you've seen just from a broader consumer perspective as it relates to higher fuel prices?

各位早安，謝謝讓我提問。看到優於預期的結果真的很高興。我想先從中國談起，第一季那邊確實看到一些改善，這點很不錯。想請教，自伊朗衝突開始以來，燃油價格上升，您是否在中國或其他地區從總體面看到任何顯著變化？也想了解，從更廣泛的消費者角度來看，對於較高的燃油價格，您觀察到什麼影響？

Yeah, Brent, I'd like you to respond to that. He's our Chief Commercial Officer, Brent.

好的，Brent，我想請你回應這題。他是我們的首席商務長 Brent。

Yeah, Anthony, good morning. It's good to hear from you. As of this point, we haven't. I'd say the macro environment in China is pretty stable relative to the rest of the globe. They've been somewhat insulated from different inflationary pressures that the rest of the markets have been under.

好的，Anthony，早安。很高興聽到你的聲音。截至目前，我們還沒有看到。我會說，相較於全球其他地區，中國的總體環境相當穩定。他們在某種程度上也較不受其他市場所面臨的各種通膨壓力影響。

I think it's still a little too early to tell in terms of the Iran conflict and what we might see with fuel prices there. But everything that we've seen and that I'm hearing from our brand partners there and from our leadership there is that there's no material impact as of yet.

我認為就伊朗衝突以及我們可能在燃油價格上看到的影響而言，現在下結論仍稍嫌過早。但就我們目前所見，以及我從當地品牌合作夥伴與當地管理團隊所聽到的情況來看，迄今尚未出現任何實質性影響。

That's good to hear. And as it relates to the core nutritional business, so you talked about accelerating product development and also.

很高興聽到。另外，關於核心營養品業務，你提到加速產品開發，還有也……

As far as the timelines are concerned for that. Can you share any more specifics as far as maybe like the number of new products that are in the pipeline or anything else that you can share as to what you or what we have coming up as far as new product development?

就相關時程而言，你能否分享更多細節，例如研發管線中大概有多少新產品，或任何你能分享的資訊，關於接下來的新產品開發規劃？

Yeah, Anthony, we have our Chief Science Officer, Dr. Kathryn Armstrong here. Kathryn, will you go ahead and handle that question?

好的，Anthony，我們的首席科學長 Kathryn Armstrong 博士也在現場。Kathryn，請你來回答這個問題，好嗎？

Yeah. Hi, Anthony. Good to talk with you. So, for us, a lot of the focus has been on how we better leverage our skill sets internally and externally across all of the different product formats that we now offer against the expanded brand portfolio.

好的。嗨，Anthony。很高興和你交流。對我們而言，許多重點在於：在我們擴大的品牌組合之下，針對目前提供的各種產品形式，如何更好地整合並運用我們內部與外部的專業能力。

So when we talk about the number of products under development, obviously, there are products for development in all of our sections, as well as in our team in China, it's certainly over 20, and so I wouldn't go into specifics on launch dates and in which categories they fall under, but we have a plethora of products for developing for all of the brands and for all of the markets.

因此，當我們談到正在開發的產品數量時，顯然我們各個部門都有產品在開發中；中國團隊也同樣如此，總數確實超過 20 項。我不便就上市日期及其所屬品類提供具體細節，但我們在所有品牌與所有市場都有大量產品正在開發。

The focus for us is really on how do we help more people ingest the products that we are making across the brands and how do we leverage things we've learned in our different channels that appeal to different types of consumers or to different types of use occasions and how do you expand each of the channels to allow for more of those consumers to engage across those channels.

我們的重點其實在於：如何幫助更多人攝取我們在各品牌所製作的產品；以及如何運用我們在不同通路中學到的經驗，去吸引不同類型的消費者或不同的使用情境；並且如何擴展各通路，讓更多消費者能在這些通路中參與互動。

So, for example, you can expect to see us bring in things to our direct sales channel that are aligned with key insights we've had around how consumers are evolving their experience desire for product usage and really pulling those learnings together to make sure we have products in each of the channels that are appealing to the right consumers to meet them where they are on their health journey.

例如，你可以期待我們把一些產品導入直銷通路，這些產品會與我們對消費者如何演變其產品使用體驗需求的關鍵洞察相一致；我們會把這些學習整合起來，確保各通路都有能吸引正確消費者的產品，在他們的健康旅程中於其所在之處與之相遇。

Anthony, this is Kevin. Just to jump in, and I'm going to ask Walter to comment on this as well. To your point and what Catherine. Just alluded to, one of the things that I've been very optimistic about is how we're leveraging the expertise and knowledge base from other sales channels into our core business and the learnings that we're gaining from that from a direct-to-consumer approach and how that helps lend itself in other categories. And Walter, just again to Anthony's point about just our product strategy, overall as it relates to the omnichannel and how that's affecting each other. I'd be curious to hear your thoughts on that.

Anthony，我是 Kevin。我先補充一下，我也會請 Walter 一併評論。就你提到的，以及 Catherine剛才所暗示的，其中一件讓我非常樂觀的事，是我們如何把其他銷售通路的專業與知識庫運用到核心業務中；以及我們從直面消費者（direct-to-consumer）的做法中所獲得的學習，如何有助於延伸到其他品類。Walter，再次呼應 Anthony 關於我們整體產品策略的問題，特別是就全通路以及它如何彼此影響而言，我也很想聽聽你的看法。

Yeah, I mean, cross-platform. I mean, I think what it's done is it's -- traditionally, we've been in a direct sales business. And it's an international business. But with the rapid growth we've had with retail, with the -- for instance, with Protein Pop, watching that new product recently, we've just seen how quickly trends change. Right now, obviously, there's some really big trends around weight loss and using protein to be able to supplement that weight loss.

是的，我的意思是，跨平台。我的意思是，我認為它所做的是——傳統上，我們一直是在直銷業務。而且這是一門國際性業務。但隨著我們在零售端的快速成長——例如，最近觀察 Protein Pop 這個新產品——我們已經看到趨勢變化有多快。現在，顯然有一些非常大的趨勢圍繞著減重，以及使用蛋白質來作為減重的補充。

And that's been a really big benefit. And we've been able to leverage that and use product development and the teams we've got to be able to help us to design and develop new products for the direct sales channel. I think you're going to see. Some of the things that we do in retail and direct-to-consumer, you'll see those bleed over into the direct sales channel.

而那一直是非常大的助益。我們也能夠加以運用，並利用產品開發以及我們現有的團隊，協助我們為直銷通路設計與開發新產品。我想你會看到。我們在零售與直面消費者（DTC）所做的一些事情，你會看到它們延伸到直銷通路。

That sounds like you certainly are leveraging all your assets, which sounds promising. Now, just switching gears to Hiya, so definitely it was good to see sequential uptick in sales, though the SG&A was higher than the fourth quarter and higher than last year. Is that just seasonality of the business as far as marketing costs or is there anything else that's impacting the SG&A?

聽起來你確實正在善用你所有的資產，這聽起來很有前景。現在，換個話題談 Hiya，看到銷售額環比回升確實很好，不過 SG&A 較第四季更高，也高於去年。這只是業務的季節性因素（就行銷成本而言）嗎？還是有其他因素在影響 SG&A？

Yes, Anthony, this is Doug. As Kevin alluded to and Walter kind of contributed as well, Hiya is diversifying within its own channel, and it had the initial foray into retail. Towards the latter part of the quarter and also entered both Canada and the UK and so those things consumed some operational resources as well. The other aspect that you see is kind of this meta algorithm that we've talked about a few times, the cost of acquiring a customer in that short-term was definitely present there on a year-over-year comparison.

是的，Anthony，我是 Doug。正如 Kevin 提到的，以及 Walter 也有所補充，Hiya 正在其自身通路內進行多元化，並且最初也嘗試進入零售。在本季後段，同時也進入加拿大與英國，因此這些事情也消耗了一些營運資源。你看到的另一個面向是我們談過幾次的 Meta 演算法——在短期內獲取客戶的成本，在同比比較中確實反映得很明顯。

And can you give us an update as to how high is doing so far in Canada, the UK and selling at Target?

你能否更新一下 Hiya 目前在加拿大、英國，以及在 Target 銷售的表現如何？

Canada for -- for Canada, I think we've put some targets in place and we've exceeded those targets in Canada, and I think that's only because, I think a lot of people in Canada have probably seen Hiya. They understand the brand. It kind of bleeds over. With the UK, it's a new market for us. It's brand new territory. We're using Meta also in advertising there. And I would say it's very new for us. I mean, we've been out about a month, probably about maybe a month, maybe five weeks.

加拿大方面——就加拿大而言，我想我們設定了一些目標，而且我們在加拿大已經超過了那些目標；我想這只是因為，我認為加拿大有很多人可能已經看過 Hiya。他們了解這個品牌。它有點外溢效應。至於英國，對我們來說是新市場。這是全新的領域。我們也在那邊使用 Meta 做廣告投放。我會說這對我們來講非常新。我的意思是，我們大概才推出一個月，可能大約一個月，或五週左右。

So I would say, again, it's a very slow start for us because it's a new market, but we have very high hopes for the UK. I mean, we went across the world and looked at what the best markets are for the Hiya products, and we believe that with the DTC appetite in the UK and with the competitive landscape there, we think Hiya is going to do really well.

所以我會說，同樣地，因為是新市場，對我們來說起步非常慢，但我們對英國抱有很高的期待。我的意思是，我們走遍全球去看 Hiya 產品最好的市場在哪裡，我們相信，考量英國對 DTC 的接受度，以及那裡的競爭格局，我們認為 Hiya 會表現得非常好。

And as far as Target goes, Target's really been -- I think it's been two weeks, maybe a little more than two weeks that it's been on shelf. About a week ago, many of the Targets, I would say most of the Targets have gone, had put end caps in place with Hiya products.

至於 Target，我認為——它上架大概兩週了，可能略多於兩週。大約一週前，許多 Target，我會說大多數 Target 都已經為 Hiya 產品設置了端架（end caps）。

So we went live with Target, then we put end caps in place. So, we're going to see, we really don't know. I think in the next few weeks, we'll have a much better idea, but the placement in the store. The amount of attention that Target has given us gives us high hopes and that's why we've kept our guidance in place.

所以我們先在 Target 上線，接著再設置端架。因此，我們將會觀察，我們其實還不確定。我想在接下來幾週，我們會有更清楚的了解，尤其是店內陳列位置。Target 給予我們的關注度，讓我們抱持很高的期待，這也是為什麼我們維持既有的財測指引不變。

And I would say, Anthony, that things are going according to plan and as we kind of step into this area, it's even maybe expanded into Amazon a little bit more than we have in the past, is things are going according to plan, but we expect it to be.

我也會說，Anthony，目前一切都按計畫進行；而且當我們逐步進入這個領域時，甚至可能在 Amazon 上的布局也比過去稍微擴大一些——整體來說都按計畫進行，這也符合我們的預期。

Kind of a build as we go on here, and we're very early stage. The other thing that Walter and the business dev team has worked with the Hiya team on and what they communicate is the diversification with their own advertising and consumer spend of different ways to reach the consumer and being a little bit more insulated relative to being too committed to just one channel for advertising. They've always been diversified, but they continue to work on that aspect as well.

這會是一個隨著時間逐步建立的過程，而我們仍處於非常早期的階段。另外一件 Walter 與商務開發團隊和 Hiya 團隊一起推動、並且他們所傳達的是：在廣告投放與消費者支出方面進行多元化，用不同方式觸達消費者，並且相對更能隔離風險，避免過度只承諾在單一廣告通路上。他們一直以來都很分散，但也持續在這方面努力。

And then just switching gears to Rise. So, you spoke highly of your relationship with Costco. So, just curious, after the initial sell into Costco, have you seen reorder activity from them? And as far as any other retailers, have you seen new order placements?

接著換個話題談 Rise。你對與 Costco 的合作關係評價很高。所以我想了解，在最初鋪貨給 Costco 之後，你們有看到他們的補貨（reorder）活動嗎？另外，就其他零售商而言，你們有看到新的下單嗎？

Yeah, we are seeing reorder placements on a weekly basis with Costco. So, we are selling through. Obviously, if you look at our balance sheet, we've used up a lot of cash, and a lot of that was building up Costco inventory, and we're selling through that to Costco. So that's going on.

是的，我們看到 Costco 每週都有補貨下單。所以我們的商品正在順利銷售出去。顯然，如果你看我們的資產負債表，我們用了很多現金，其中很大一部分是用來建立 Costco 的庫存，而我們正在把那批貨賣給 Costco。所以這正在進行中。

I would say it's still, with any retailer, Target has been in place for a while. We've had Target in place, I think, since September of last year, or August, September, something like that. So Target has been very consistent for us, and we know the cadence, and we know what that business looks like. I think Costco is still -- we've gone through multiple iterations. We had a discount for a couple of weeks that we agreed to upfront with Costco, and that gave us a lot of sell-through.

我會說，對任何零售商而言，Target 已經合作一段時間了。我們在 Target 上架，我想是從去年九月開始，或八月、九月左右。所以 Target 對我們來說一直非常穩定，我們也了解節奏，知道那門生意長什麼樣子。我認為 Costco 仍然——我們已經經歷了多次不同的階段。我們曾有幾週的折扣活動，那是我們事先與 Costco 談妥的，而那帶來了很高的銷售速度（sell-through）。

And you kind of see a little bit of ups and downs as you go through that process. And so I wouldn't say we know exactly how that's going to go in the long-term, but we have a lot of conversations with them about new products that we're going to put out, different types of protein products that they're interested in. And I think that, I mean, at least the relationship is really good, and I think the opportunity continues.

而在你經歷那個過程時，會看到一些起伏。因此我不會說我們已經完全知道長期會如何發展，但我們和他們有很多對話，討論我們將推出的新產品、他們感興趣的不同類型蛋白質產品。我想——至少合作關係真的很好，而且我認為機會仍在持續擴大。

Okay. And just quickly to follow-up, are you -- as far as other retailers, will you be selling to others in this quarter or in the second-half of the year?

好的。再快速追問一下，就其他零售商而言，您們本季會賣給其他零售商嗎？或是在今年下半年？

Yes, we have already agreed. We have nine more retailers, major retailers that we've set up for this year. Some will be in second quarter and some in third quarter. Major retailers in the US, and so Protein Pop will continue to expand. We are in 500 Walmart stores already, and that's been good. The Walmart buyers like us, and they feel like that's a good product for them. So, we hope to expand that, but we are going to be adding more retailers throughout the US, yes.

是的，我們已經談妥了。我們今年還另外與九家零售商（主要零售商）完成上架安排。有些會在第二季，有些會在第三季。都是美國的主要零售商，因此 Protein Pop 會持續擴張。我們目前已進入 500 家沃爾瑪門市，表現不錯。沃爾瑪的採購很喜歡我們，他們覺得這對他們來說是個好產品。所以我們希望能擴大那部分，但我們也會在全美持續新增更多零售商，是的。

Okay, sounds good. Well, thank you very much, and best of luck.

好的，聽起來不錯。非常感謝，祝你們一切順利。

Ivan Feinseth, Tigress Financial Partners.

Ivan Feinseth，Tigress Financial Partners。

Congratulations on the great results and the success with Hiya and Rise.

恭喜你們在 Hiya 和 Rise 上取得很棒的成果與成功。

Kinda, can you give me some insight into your R&D initiatives and where you see some new growth opportunities going forward?

能否請你分享一些你們研發（R&D）計畫的洞見，以及你們未來看到哪些新的成長機會？

Hi, Ivan. It's good to talk with you again. This is Kathyrn. Our focus continues to really deepen into women's health and children's health and looking across our brands and the integration of Oola into our direct sales brand. I think that's a very logical place for us to be across all of the channels we're in. You can expect to see us continuing to push further into the real science behind women's health and children's health. We've done a lot of investment in terms of true research and working on clinical research to really understand how we can more meaningfully impact.

嗨，Ivan。很高興再次和你交流。我是 Kathyrn。我們的重點仍是更深入耕耘女性健康與兒童健康，並檢視各品牌，以及將 Oola 整合進我們的直銷品牌。我認為，這對我們在所有所涉足的通路而言，都是非常合乎邏輯的定位。你可以期待我們持續推進女性健康與兒童健康背後的真正科學。我們已投入大量資源在真正的研究上，並進行臨床研究，以更深入了解我們如何能帶來更有意義的影響。

The health for both of those sort of segments of the population. We also have a strong focus. Obviously, our direct sales business is essential to us, and we have a strong focus on how we can ensure that that product pipeline is both continually updated as well as streamlined to help people navigate it more efficiently and really get the health benefits that they're seeking in order to sort of achieve what they're looking for. So I would say those are our big focus areas right now, Ivan, so women, kids, and then ensuring that our core product line is updated and streamlined. To enable consumer efficiency.

針對這兩個族群的健康。我們也有很強的聚焦。顯然，我們的直銷業務對我們至關重要；我們也非常重視如何確保產品管線能持續更新，同時也能精簡化，幫助人們更有效率地理解與選擇，並真正獲得他們所追求的健康效益，以達成他們想要的目標。所以我會說，Ivan，我們目前的主要重點領域就是：女性、兒童，以及確保核心產品線持續更新並精簡化。以提升消費者效率。

And how about additional focus on gut health, which seems to be like the major focus, the driving of overall health, and also any updates or insight to products in your active nutrition category?

那麼，對於腸道健康是否會有更多著墨？這似乎是整體健康的主要焦點與驅動因素；另外，你們在運動營養（active nutrition）品類的產品是否有任何更新或洞見？

So, when we think about gut health and the impact, all segments of humanity, women have some unique gut health.

所以，當我們思考腸道健康及其影響時，它涵蓋人類的所有族群，而女性在腸道健康方面有一些獨特的議題。

Topics that need to be addressed. People tend to think about gut health still in our less developed microbiome-focused markets in terms of just digestion and obviously the expansion into all possible health benefits beyond digestion and immunity.

需要被處理。在我們那些以微生物群為重點、但仍較不成熟的市場中，人們談到腸道健康時往往仍只想到消化；當然，腸道健康的效益也已擴展到消化與免疫之外的各種可能健康益處。

For women, you'll see us putting a focus there on what does that look like for women in all of the various aspects of what addressing gut health can do for them holistically, physiologically.

對女性而言，你會看到我們在這方面加強聚焦：從整體與生理層面來看，處理腸道健康在各個面向上能為女性帶來什麼。

Obviously, for children, we have probiotic lines and fiber lines, and those will continue to expand and continue to be leveraged. As appropriate across our channels.

顯然，對兒童而言，我們有益生菌產品線與纖維產品線，這些都會持續擴充並持續加以運用。並在適當情況下，於我們各通路中推廣。

Active nutrition, we are hearing, as there was a reference earlier, a lot of focus on protein and how to help consumers consume protein in ways that are more aligned with their needs and their desired consumption profiles.

至於運動營養，我們聽到——如先前提到的——市場非常聚焦在蛋白質，以及如何幫助消費者以更符合其需求與期望攝取型態的方式來攝取蛋白質。

You can expect to see more products in those categories as well coming to market to really ensure that people are being supported both on their weight loss journeys as well as on their health and sort of muscle-building journeys.

你也可以期待我們在這些品類推出更多產品上市，以確保能在減重旅程以及健康與增肌旅程上，為人們提供支持。

And Ivan, this is Brent here. Just to add a little bit more color in terms of the active nutrition. In the first quarter of this year, we relaunched new active nutrition shakes, so weight management, weight loss shakes in China. We made an investment into manufacturing equipment, filling equipment in that facility so that we could do it in-house and do it ourselves, and we upgraded our formulas.

Ivan，我是 Brent。我再補充一些關於運動營養的細節。今年第一季，我們在中國重新推出新的運動營養奶昔，也就是體重管理、減重奶昔。我們投資了該廠的製造設備與充填設備，讓我們能在廠內自行生產，並且升級了配方。

So that was launched in Q1 with a lot of excitement from our brand partners, and we have a really strong weight management campaign that's currently running there. So it's still a big focus for us, and we'll continue to invest in that area.

因此在第一季推出時，我們的品牌夥伴反應非常熱烈；目前當地也正在進行一個非常強的體重管理行銷活動。所以這仍然是我們的重要重點，我們也會持續在這個領域投入。

All right. Thanks, and congratulations again. Good luck for big '26.

好的。謝謝，也再次恭喜。祝你們在 2026 年有個大好表現。

And this now concludes our question-and-answer session. I would like to turn the floor back over to Andrew Masuda for closing comments.

現在問答環節到此結束。我想把時間交回給 Andrew Masuda 作結語。

Thanks for your questions and participation on today's conference call. If you have any remaining questions, please feel free to contact Investor Relations at 801-954-7210.

感謝各位今天在電話會議中的提問與參與。若您仍有任何問題，歡迎致電投資人關係部，電話是 801-954-7210。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines and have a wonderful day.

各位女士、先生，感謝您的參與。今天的電話會議到此結束。您可以掛斷電話，祝您有美好的一天。