USANA Revenue Could be a Ticking Time Bomb: Citron Research

Just off the wires this morning…. Citron Research has completed a 4 month investigation to prove that USANA Health Sciences, Inc. (NYSE:USNA) is not only operating an illegal multi level marketing scheme in China, but worse they are doing it to sell products that are not legal in China. This is much worse than either Nuskin. Investors must read this report and see if management addresses these concerns on today’s conference call. With the recent GlaxoSmithKline plc (NYSE:GSK) (LON:GSK) scandal, these can become a major problem for Usana.


Major Problem For Usana

  •  How important is China to USANA Health Sciences, Inc. (NYSE:USNA)’s results?
  •   What is USANA doing to book revenues in China that is illegal, much less unsustainable?
  • Is USANA’s revenue growth investable?
  • Or is USANA a ticking time bomb?

Citron presents the facts; you decide…

Unlike GlaxoSmithKline plc (NYSE:GSK) (LON:GSK), for which China revenues are is just a tiny fraction of its worldwide revenues, “Greater China” represents more than 37% of USANA Health Sciences, Inc. (NYSE:USNA)’s current revenues, and a disproportionate 46% of its global year-over-year revenue growth. In fact, “Greater China” is topic #1 whenever USANA management discusses growth.

USANA Overview

USANA Health Sciences, Inc. (NYSE:USNA), a well known multi-level marketing company, sells nutritional and food products via a network of independent “associates” in the US, a handful of European countries, and the Far East, 18 countries in all plus Columbia, just announced. The company uses Hong Kong as an operations base from which it distributes product into Mainland China through thousands of Chinese nationals who live on the Mainland. This induces them to violate numerous laws while operating a pyramid scheme. As you will see below, not only does the company have to know about this, it is complicit.

The full report from Citron Research can be found below embedded in scribd.

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