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Executives

Tarang Amin – President and Chief Executive Officer

Joseph W. Baty – Executive Vice President and Chief Financial Officer

Schiff Nutrition International, Inc. (WNI) Bank of America Merrill Lynch 2012 Health Care Conference Call May 16, 2012 6:40 PM ET

Unidentified Analyst

Okay. My name is (inaudible) I work with Gregg Gilbert. I’m the specialty pharmaceuticals in U.S. Major Pharmaceuticals team. I’m happy to present to you, Schiff Nutrition, this is Tarang Amin, CEO; and also Executive Vice President and CFO, Joe Baty.

Tarang Amin

Thanks. Good afternoon. My pleasure to give you a little bit of an overview on Schiff Nutrition and then Joe and I’ll then answer any of your questions. For those of you who are not familiar, Schiff has actually got a 75 year history of delivering high quality nutritional supplement with a rich heritage (inaudible) first brand in this space, and a great reputation for quality.

We’re publicly traded for the last 15 years, New York Stock Exchange, ticker WNI, about a half billion dollar market cap and really strong history of cash flow generation. What we’re focused on are really four core conditions. We seem listed up here heart health, joint care, immune support and digestive health. You also see some of our leading brands associated with each one of these conditions then I take you through that more in a minute. We’ve been assembling a world class experienced management team. It starts with people who really know the industry and company extremely well. Joe has been the CFO of Schiff for almost 13 years and we supplemented it with a number of high quality TPG talents across different functions.

A little bit my own background. I’ve got over 20 years of consumer packaged goods experience with Procter & Gamble and the Clorox Company, as part of the team in the early 90s that relaunched Pantene to Pantene Pro-V. We took it from about a $50 million business to about a $2 billion business. I also was General Manager over three of Clorox’s business units and my business is accounted for over 70% of the total company’s sales growth and over a 100% of the economic profit growth. So I’m absolutely passion about really building brands, leading innovation and assembling high performance team. I’ve been the CEO of Schiff Nutrition for about 14 months maybe 15 months, Schiff brought in my TPG. And we’ve been executing against the really clear strategy, simple strategy of building brands, leading innovation, expanding the channel and geographic footprint of the company, pursing acquisitions and driving world-class operations.

I’m going to touch on each of these strategies just a little bit, but before I do let me give you an overview of the overall category. U.S. supplements have been growing at about 7% CAGR, even through the recessions and they’re now about $29 billion in total. There are a lot of factors driving the growth of this overall category, but probably most significantly as well all age of these supplements, usage particularly spikes after age 50, which happens to be the largest fastest growing demographic group in America that demographic trend is forecast and continue to propel the category going forward.

Schiff competes in the specialty sub segment of the overall category. You can see some of the other categories listed up there, but the specialty category has actually been growing at about 10% CAGR over the last decade and its forecast to be one of the fasting growing sub segments of the overall supplemental category going forward.

As I mentioned, we’re focused on four key conditions. What unifies these conditions is really three things. One is all addressed large consumer market, the smallest category up here is about $750 million in sales, the largest one is about $2 billion. Second brands really matter in each of these areas, that’s not true in every single nutritional supplement category that particularly for these four brands as you will see play a major role. And last but most significantly, we believe we can build real competitive advantage, particularly in our ability to innovate and differentiate our brands.

Those are some of the attributes that really attracted for this, in this space. A little bit more about our kind of brand portfolio. You see up here is we have a pretty well diversified portfolio. About 86% of our business is on the branded side, 14% is on private label, a series of kind of brands by each of these areas. When I give you a better sense of each of the core conditions, let’s start with joint care. More than 45 million Americas were affected by joint issues. This category on the supplement side is about $750 million.

And we happened to have one of the key leading brands in this space in Move Free. It was introduced in 1996. As I mentioned it has leadership along with Osteo-Bi-Flex. Earlier this year that strategy I showed to you in terms of building brands and leading innovation, we really applied to this business. And on our Q3 results, which we announced a few weeks ago, our joint care business is up 25% versus the category one, so we believe that strategy is really working.

The second category is heart health. Cardiovascular disease affects over 75 million Americas, almost $1.2 billion of sales are the supplement space. I’m just curious how many people here today takeout your show, anyone, yeah people takes visual, but we have a leading brand called MegaRed it actually is an alternative to fish oil. And what it is, it’s a Krill oil based products and the big advantage of Krill oil is the phospholipids. So it’s actually easily absorbed into the body and into the cell membranes. The big advantage of that is instead of those of you take fish oil and searching this two really big faster of the fish oil, you take one small little red pill of MegaRed.

And the other big advantage is you get all omega-3s you need without any of that fishy taste or a (inaudible) that a lot people get, that’s actually propel MegaRed, now to be the number one omega-3 item in retail. It is dominant within this krill area and fast outpace in the overall omega-3 category and as I’ll you tell you a little bit later has a lot of runway to grow. Third core category is digestive health, again these issues affect over 65 million Americans, the category is about $750 million.

We actually entered this category through an acquisition earlier this fiscal year of a brand called Digestive Advantage, as well as the worldwide exclusive rights to technology called BC30, it’s a special strain of probiotic, which has over 95 patents and incredible survivability through the gastric systems, its also incredibly hardy. So it’s the only probiotic on the market that you can put in for example in chews and gummies and see the gummy pack shown up there. Again this is the very fast growing category and we have a leading position in it through this acquisition.

The fourth category is immune support not only as it impacts 65 million Americas, but it’s probably the largest category in which you play at over $2 billion. Again this category is growing pretty well. We actually entered this category just two months ago, through our acquisition of Airborne. We paid a $150 million for Airborne and as one of the big drivers is one of two scale brands in the space of Immune Support has an incredibly strong loyal consumer following. Now I mentioned our strategy. The first one is all about, our portfolio it’s all about building premium brands. And our strategy is a little premium brands really have to do with innovations, awareness and penetration.

I gave you the stat a little bit earlier, MegaRed is a number one omega-3 item in retail, but it only have the 1.5% household penetration, for perspective omega-3 have a 30% household penetration. So we believe there is a lot of runaway and it’s one of the reasons why earlier this fiscal year we took up our selling and marketing for about 16% of net sales last year to about 24% this year. Main driver of that is really propel these brands given the upside that we have in each of them. The second strategy is leading innovation, we’ve got a great track record, just in this fiscal year alone we have lead the innovation in joint care, heart health and other categories. You can see some of the items that pictured up here.

Beyond the items that we’re launching, we’ve also been saving time assembling a world class Scientific Advisory Board, This SAB is actually Chaired by Dr. Richard Carmona, he’s the 17th Surgeon General of the United States, one of the world’s leading experts in public health, he’d also acts key experts across everyone of the condition that I just talked about. And what’s unique about this Scientific Advisory Board beyond how renowned they are, if every single one of them are partnering with some product development and getting product out the door.

Third strategy has to do with our channel penetration. We are blessed to have a blue chip customer base. We see up there of the top five customers in vitamins and minerals supplements represent about 61% of the dollars in that. So that’s a little less than 70% of our business, branded business (inaudible) customers and we have a great relationship with them and great physician. For example, in Costco, if any you shop at Costco, MegaRed as well as Move Free are two of their top brands in the entire pharmacy area and it gives us real great competitive installation as well as stability within our connection with your member. Real upside though across every single one of our customers in terms of both distribution shelving and the core fundamental.

The fourth strategy as I mentioned with pursuing acquisitions, these are the two acquisitions we did this past fiscal year. What it really enough unifies these acquisitions to what most interest of is when we can build the premium brand, lead innovation or expand the challenge geographic footprint of the company, but most of our focus will continue to be on an organic growth. We are opened acquisitions that meet one of these core criteria. Last but not least, our last strategy is driving world class operations. We have a strong track record as I said of quality manufacturing at our state-of-the-art manufacturing facility in South Lake City, Utah. As numeric certification and really have significant capacities for continued growth is very modest capital.

We also pride ourselves in the strategic relationship we have with external partners. We have an exclusive relationship with Aker BioMarine to provide high quality Antarctic sustainable Krill Oil in the quantities and the quality that we need. We also have numeric other kind of collaborations with technology leaders.

A little bit on our financials, as I mentioned we have a strong history of growth with the CAGR over the last few years, our net sales is about 7.5% and EBITDA is about 10%. In FY‘12, we put this same strategy in place and it’s really had health accelerate growth. In FY‘11 our net sales were growing about 4%, where we’ve guided to this year 16% to 19% for the fiscal year ending later this month. Even more impressive is gross margin progress.

We’re up over 700 basis points in gross margin to the strategy of focusing on brand and innovation. I think, we’re reinvesting part of that gross margin expansion in our selling and marketing and really being able to drive these brands and building great sustainable advantage for the future. These some of the other measures were historically very efficient in terms of our CapEx spending and pretty efficient and I’ll show you in a minute from our cash endpoint as well.

I mentioned our acquisition two months ago of Airborne, the way to think about the company now it’s about $316 million net sales, about $55 million in EBITDA. One of the hallmarks of the state of the company has been the attractive balance sheet and cash flow profile, cash on hand and as I said very efficient from a CapEx and use around 2% of annual net sales. One of the most impressive things how efficient and we can convert EBITDA to cash, you can see the conversion percentage is out there over a long period.

I won’t take you through all the Reg G disclosure but they are there for your benefits. And with that let me open it up to questions and Joe is here to help answer any that you may have.

Question-and-Answer-Session

Operator

All right, so just raise your hand if you have a question and I’ll kick it off. So change the high level question first. So you’ve talked about four areas that you focused on, but why do you say your M&A priorities will be in the future, I got your other therapeutic categories that you have your eye on?

Tarang Amin

Yeah, we did a pretty extensive strategy process earlier this year, when we look at conditions and categories for competitive reasons. We haven’t really disclosed which are those other categories but what I would say is, if anyone has the premium brand similar to kind of an Airborne or MegaRed either you have an incredible technology similar to BC30 or it allow us to expand our channel footprint, we’re opened really to most ideas if it fits one of those three areas.

Unidentified Analyst

Okay. And could you update us more on the progress of the Airborne integration and then if either also [just spot] emergency, is there any reason this area some of these so high or…

Tarang Amin

So I can talk about our own perspective. We went through the strategy process probably we want to identify earlier conditions that we’re here to stay that has major consumer needs then we foresaw continued growth particularly now, these days with interconnectivity of the world, the whole immune support category we think is one of these really important category that has a lot of growth potential within it. Once we identify the category, we basically looked at what are the brands and there is only two scale brands there one was Airborne and the other one was emergency.

And so for us, our ability kind of get in and say how much, where does the Airborne stand, what this consumer following, can we grow it, what’s probably the main criteria. I can’t really talk to Pfizer kind of the motivations in that space. But what I can tell you is we compete extremely well against big company. MegaRed, when we launch MegaRed I think everyone from MBTY to bear to Pfizer to, I mean you name it everyone came after some MegaRed and in that time we’ve actually expanded our market share leadership. So, we think this space is big enough there is enough growth for both of them.

Unidentified Analyst

Okay and then in the past you mentioned that CME and the product category offers huge potential for further innovation. What sort of innovation that you are talking about and when could we start to see those innovations take place? And then also what piece all following over the Airborne umbrella?

Tarang Amin

So when we announced the acquisition, we mentioned one potential area of innovation. So I mentioned our BC30 Probiotic Technology, we are actually doing a clinical trial right now with Dr. Glenn Gibson at the University of Reading in the UK. He’s actually giving a, in this trial he’s basically giving BC30 to help the elderly, a lot of people who trialed with (inaudible) and seeing the benefit of the immune system, a lot of immune activity actually comes from kind of the GI system and a healthy GI track and other benefits. And so that’s just one example being able to take BC30, prior to our reading brand Airborne, we’ve got some number of ideas that we’re quite interested.

Unidentified Analyst

I feel a little bit (inaudible) earlier. In regards to the gummy, the manufacturing of that that seems to be a consumer trend is popped up more and more in all sorts of different products. Is that something available to your full spectrum of products or and you are working in that direction and what do you see about that?

Tarang Amin

Yeah now we’ve definitely seen in the marketplace, there is some good manufacturers of that Santa Cruz and number of others who done quite well in gummy space, and we’ve seen from a consumer standpoint, gummy use to be associated with business for kids. I’ve seen very few kids eat gummies as much I have with some my friends. And our biggest problem internally is when we have that probiotic gummy that to tell people like pay attention to the usage instruction, this is very hard to see one or two.

So I think, I tell you broadly speaking or you’re stepping back further, what we find is particularly with the aging of the population, real issues and just what called traditional (inaudible) whether it would be one of our big item this year on Move Free where we introduced the smallest joint care pill on the market, and Move Free ultra and it’s been a huge success because it’s moved. If anybody here it takes joint care products easily take these two large glucosamine chondroitine tablets.

But unfortunately that’s not the only thing you’re taking, if you’re taking pills and so in its whole pill city whether would be gummies, which we do have across in number of our different items, whether it would be really small pills are very pleasant to take like our MegaRed or Move Free Ultra or even, on our prosthetic business we have choose, we have other forms, one of our other brands is Tiger’s Milk which is a nutrition bar particularly for kids.

We find those forms, its actually was one of the big reasons we acquired Airborne was what we saw kind of how much loyalty and how much kind of passion their consumers had in terms of that effervescent form is the great way of kind of taking a new support.

I think you are continue to see a trend of people want, people want to take these supplements to meet big consumer needs, but they also want to use this experience to be more pleasant and I think the things that can do that and really a lot of our portfolio, its focused on our intersection of efficacy plus kind of what I call the overall consumer experience. We’ll continue, we’ll be in the category growth in every one of our businesses, and I think it would be part of it is, because we have a better product.

Unidentified Analyst

So it appears that the company has deemphasized its store brand manufacturing is that right? And secondly, given that your customers are large retailers and retailers typically tend to make more dollars on store brands. Do you get strong request to make store brands for them on, let’s say a MegaRed?

Tarang Amin

Yeah, so [Bill] what I tell you is historically are we only make private label for three customers, our top three customers Costco, Wal-Mart and Sam’s and we’ll only do, we’re pretty disciplined about, we’ll only do it if we can make money, that’s not the case with everyone out there. That’s a more than de-emphasize on store brands or private label is an emphasize on brands, and so a lot of what you’re seeing here is, yeah, we did walk away since private label business we didn’t think we can money on. But more importantly, the growth trajectory as I showed up there in terms of our 16% and 19% top line growth that’s been primarily driven by even a higher increase in terms of our branded business and then a decline in private label.

So and in terms of customer kind of penetration, we do get request then we will bid on private label. We’ll continue to bid on some private label, but our clear focus and put a long before I got to the company has been on the branded side and we’d like that business better for our own perspective in terms of our margin structure, our ability to kind of invest in the type of model I showed. But private label place it well I mean it does cover some fixed overheads, it does help to make some of our alliance run better and we’ll look on a case-by-case basis, still I don’t know, if you have anything to add on that.

Joseph W. Baty

No of course, did you also have a question regards to our manufacturing.

Unidentified Analyst

(Inaudible)

Joseph W. Baty

Oh! Okay.

Unidentified Analyst

Where your sales and marketing spend will go as a percent of sales over time and how long it will take to get there, what the progression looks like?

Tarang Amin

Sure, so we haven’t, we will guide towards our FY '13 and once we announced our Q4 earnings in July. So, we haven’t meet any prognosis going forward, but what I would tell you is, there is nothing magic in my mind of what the actual percentage is, it's more of what the ROI we’re seeing on that investment is, I think as we showed on one of the tables our current operating margins are in the high, we got it toward the high single digits.

Joe and I are not going to be satisfied, if those are our operating margins going forward. So I think over time there is probably leverage in that lines as we get greater scale, but first and foremost its going to be what kind of return are we seeing, so for example, we put advertising on MegaRed, I can see it almost exact next week in terms of our POS data and so long as its responsive, we’ll invest but there, we don’t have, had that there is some magic kind of threshold we need to get to, other than what the innovation, what the awareness and trial is anything that Joe.

Joseph W. Baty

(Inaudible)

Tarang Amin

Absolute dollar.

Joseph W. Baty

As far as our selling the marketing, well, again as Tarang noted this year Schiff take 24% that’s what we’ve guided to as a percent of net sales. All right, and on a go forward basis, do we anticipate a major increase there not necessarily the first and foremost, we want to provide the support behind the brands to grow. We clearly expect long-term there to be synergies there sort of quantify, so there’s been using a percent, I will tell you that when we talk selling and marketing were primarily talking the advertising support right which is primarily TV, we goes behind each of these four brands, I don’t anticipate that ever eclipsing say 30% of total net sales, but you see some volatility there a little bit in the mid 20s probably long-term, but again as Tarang noted we expect synergies in the long-term sense and they also noted neither one of us are going to be compensated at the right level if we don’t see some synergy long-term there.

Unidentified Analyst

What kind of pricing power do you have in the industry that common that you can continue to increase prices or let’s say the same for a long time and you might get a price increase here and there?

Tarang Amin

Yeah, what I say is our, we have a pretty good track record there mainly through our strategy, which is premium brand. So MegaRed for example has at least 64% price premium to premium Fish Oil. So it comes at a pretty significant premium. Move Free is a pretty significant premium against regular glucosamine chondroitine products. I think, what we’re guided by is that premium helps really drive the innovation and the advertising that we put behind these brands.

We’ve kind of balancing that with consumer value and it’s still a good value. Our consumers will tell us that MegaRed is a incredible value, if I don’t have to take those two big pills, if I don’t have to brought back, I’ll pay even more and by the way we’ve been taking pricing frankly has been through our innovation, so the Move Free Ultra that I talked about that’s actually in the premium even to our regular Move Free, does that that small pill that different technology we have in it.

So, we’ve seen a pretty good track record of our ability to taking price up. We don’t have a stated policy, if we want to keep taking prices up by this month, just because we want to make sure, we’re staying to what the consumer finds a good value.

Unidentified Analyst

And Tarang, historically you’ve seen a lot of price promotion in some of these markets and shifts been a little bit unique and switching towards advertising, would you anticipate that your competitors would start to file a suit.

Tarang Amin

Yeah. I haven’t seen it yet, one of the big things that we did this year, to the question was we stepped away from doing a lot a buy one get one free bonus bottles and really put that money into our advertising, Lot of our competitors continue to price promote, I think, what’s going to happen over time, what I tell people is our joint care business where price promotion is probably most prevalent just because there wasn’t a much innovation for a number of years in that category. Our business is up 25%, the category is up one, after while I think even our competitors will look and say, maybe there is the better strategy here and we don’t actually have to give away to category.

Unidentified Analyst

What were the acquisition multiples for your last year acquisitions?

Tarang Amin

The acquisition probably our acquisition we disclosed are announced or consummated in June of 2011, we didn’t disclose the EBITDA multiple. I will tell in reference to the Airborne acquisition okay, we have disclosed further trailing financial statements and actually you can see it in the pro forma EBITDA schedule we have here in the deck. We paid $150 million business for a company doing post synergies, okay, about 19 million. All right and we expect as we also disclose a near two of that acquisition that will pick up an additional $3 million to $4 million in synergies. So use the math, I mean it’s a 7 or 8 kind of range.

Unidentified Analyst

So looking at MegaRed, do you think you recently you are linking the Omega-3 use to other health benefits besides our house would you guys consider expanding into these other categories? And then also, over the kind of [movies] who probably appear in a few years, how do you think that would affect the growth of your MegaRed franchise?

Tarang Amin

So on MegaRed, we actually, while it’s primarily related to heart health, we have been expanding in other areas. So earlier this quarter, we announced we’d get attached with Costco, and actually starting this shift at Walgreens, the MegaRed Joint. It’s a unique product that has Krill Oil (inaudible) and AG, and an incredible clinical behind it. And that product is actually doing very well, Costco that actually and as well as Walgreens. So we’ll continue to test that’s how far we can take MegaRed, but I tell you the primary focus will continue to be kind of heart health and then their other benefits where the technology makes sense we’ll pursue.

And then on the [Lovaza], what I tell you there is, we see a lot of questions, on hey when you look RX side, how do you think about that relative to – I go back to the category, if you look at Omega-3, Omega-3 has been growing at about on the supplement side, almost 20% a year even after all that. I think the more consumer awareness there is on Omega-3, whether it would be on the RX side, or whether it would be on the supplement side the better it is. And so the reality is going to be whether there is a OTC Lovaza or not. MegaRed will still be a better product proposition. You won’t get the bar back, you won’t get, you get much smaller pill and so we’re highly confident and our ability to continue grow that business.

Unidentified Analyst

Okay. In terms of geographic expansion, are you using the standard channel, Joe how is existing clients there, would you offer to be opened to some sort of external deal?

Joseph W. Baty

Our primary focus on geographic expansion is easy for our lead customers. So most of our international businesses today really comes from volume Costco, when they open up the new market, one of the first products they want to move free for that Wal-mart, as we continue to build our business there, similar kind of thing.

Second is, we have about 25% of the company is, 25% of our shares are owned by TPG private equity company, they have a number of portfolio companies internationally where we can collaborate with another portfolio company from their perspective. I think it gives us the ability to kind of enter some markets without the type of investment that typically is required to build the infrastructure.

Unidentified Analyst

Is that a sweet spot in terms of the cash outlay required for future acquisitions, and could you book-in the low end and high end in terms of ranges which you could go to?

Joseph W. Baty

From a cash flow?

Unidentified Analyst

From let’s say you are going to buy something in the future, what kind of range is terms of price stage would you look at?

Joseph W. Baty

As cheap as we can get for as far as much we can get, will be our short answer but...

Tarang Amin

Well, you heard my response couple of minutes, because you hear to the questions as far as the multiples that we look at, what we paid for Airborne right. But suffice to say, we don’t have the specific multiple in mind. I mean, clearly the expectation is whatever we pay that the ROI or the IRR everyone evaluated, is very solid and in a recently short period of time the acquisition are more in favor so.

Unidentified Analyst

Okay. I guess, we have time for one or two more questions. So the joint care market it seems softness in past quarters. Do you see growth ever rebounding in the overall category, and what would it takes to do?

Tarang Amin

Yeah. I think what is going to take is, what we’ve been doing, which is start leading the innovation, and put more behind the consumer. We’ve actually seen, joint care if you look back a couple of years with all the price promotion that was going on was actually down 12%.

Even last year it was down 12%, as I just showed you it starting to flatten out. And as we continue to grow, we are one of the leaders. I believe, there is no reason why there’s shouldn’t be growth in joint care, either demographic trends, as you age, if you are going to stay active your joint are going to hurt, you are going to meet the joint care product and glucosamine chondroitine, some of the other technologies out there, basically lubricate the joints and cartilage, and have major benefits. So, I think probably the biggest thing I’ll take is, some of our competitors stop price promoting so aggressively. And, because when you look at pill count it’s actually pretty good, it’s more what are they giving it away out.

Unidentified Analyst

Going along with this innovation and thought leadership. So when you form the Scientific Advisory Board, did you sort of form it with the idea that eventually Schiff would be a thought leader and be a market maker in a sense?

Tarang Amin

So, I mean very much I think we have a good track record of innovation, we believe we can continue to lead the innovation the category. In order to do that, we need to bring even greater science to the space. I mean, it’s an incredible space and if you combine it with kind of leading experts, what we can access from them. For example, one of our SAB members is Dr. Charles Serhan at Harvard Medical School, he is the body of research on information and resolve which is incredible.

Unidentified Analyst

Okay. Thanks for that. We will conclude the session today.

Tarang Amin

Great, thank you.

Joseph W. Baty

Thank you.

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Source: Schiff Nutrition International's CEO Presents at Bank of America Merrill Lynch 2012 Health Care Conference (Transcript)

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