USNA recently announced that CoQuinone 30 has been evaluated and approved by ConsumerLab.com LLC, a leading provider of independent product test results. The labeled amount of CoQ10 was confirmed in the tests. The company has been recently named the No. 1 rated brand in direct sales based on customer satisfaction from ConsumerLab.com's 2013 Survey of Vitamin and Supplement users. Meanwhile, the stock didn't do much on Friday, and remained flat at around $46. The recent recovery from the end December lows (~$31) has been extremely brisk with a 50% rise coming in less than three months. Thus, the bounce was stronger than the fall of 30% in December. The stock still trades above the short term averages, and the lower volumes indicate the possibilities of a breather being taken. It is doing okay on the fundamental front with growth in sales and net income. Compared with 2011, the net income increased to $ 66.4 million (~31% increase). Despite the recent rise, the stock is trading with a low price to earnings multiple of around 10 which is great for a company with zero debt on books. The market for dietary supplements and nutritional / personal care products is increasing in size, and the growth has been reasonable. Several smaller companies e.g. MusclePharm (MSLP) are growing at an exponential pace with sales growing from $1 million to 78 million in 3 years. For companies like USNA, the key to sustained growth is development of new products, and keeping the eyes open for inorganic growth through acquisition for smaller companies / successful brands. With its success in the industry, USNA can identify such players and products which have tremendous potential, offer synergies or complement the existing offerings of USNA. Of course, the cost structure has to remain efficient to enable the company to remain debt free and be able to fund its growth endeavors.
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