Sign in

    Chasen Bender

    Vice President and Equity Research Analyst at Citigroup

    Chasen Bender is a Vice President and Equity Research Analyst at Citigroup, specializing in the coverage of leisure and consumer goods companies. He actively covers firms such as Yeti and Herbalife, providing actionable investment insights backed by detailed market analysis, and has issued Buy ratings with accurate price targets leading to strong investor returns. Bender began his career in equity research in the late 2010s and has established a track record of well-received calls, particularly highlighted by recommendations that outperform market expectations. He is FINRA registered with applicable securities licenses, underpinning a solid analytical background and recognized expertise in his coverage sectors.

    Chasen Bender's questions to HERBALIFE (HLF) leadership

    Chasen Bender's questions to HERBALIFE (HLF) leadership • Q2 2025

    Question

    Chasen Bender of Citigroup inquired about the monetization strategy for the new Protocol app, its potential bundling with supplements, and whether its unit economics differ from the core portfolio. He also asked about the competitive landscape and the company's pricing strategy amid consumer value-seeking behavior.

    Answer

    CEO Stephan Gratziani explained that Protocol will support the existing business and also attract a new customer segment, shifting the model from transactional to transformational. CFO John DeSimone added that the economic model is slightly different due to a subscription basis and a different 'earn base' for distributors. DeSimone noted that very little sales contribution from Protocol is included in Q4 guidance, representing potential upside. Regarding pricing, he stated that increases are aligned with the market, and the company has not seen a negative impact on volume trends, which continue to improve.

    Ask Fintool Equity Research AI

    Chasen Bender's questions to HERBALIFE (HLF) leadership • Q2 2025

    Question

    Chasen Bender asked about the monetization strategy for the Protocol app upon its Q4 commercial release, including its bundling with the new healthy lifespan supplement, its unit economics compared to the existing portfolio, and the sales contribution assumed in the full-year guidance.

    Answer

    CEO Stephan Gratziani explained that Protocol will serve as both a value-add tool for the existing $5 billion business and a way to attract a new customer segment with a premium offering. CFO John DeSimone added that the economic model is slightly different due to a new 'earn base' and a subscription model, and clarified that very little sales contribution from Protocol is currently factored into guidance, representing mostly upside potential.

    Ask Fintool Equity Research AI

    Chasen Bender's questions to HERBALIFE (HLF) leadership • Q2 2025

    Question

    Chasen Bender from Citi inquired about the monetization strategy for the Protocol app upon its commercial release, the unit economics of the bundled healthy lifespan supplement, and the sales contribution assumed in Q4 guidance. He also asked about Herbalife's pricing strategy and competitive positioning amidst consumer value-seeking behavior.

    Answer

    CEO Stephan Gratziani explained that Protocol is designed both as a value-add tool to support the existing $5 billion business and as a way to attract a new, more digitally-oriented customer segment. CFO John DeSimone noted the product's economic model is slightly different due to its subscription basis and earn base, but not materially so. He confirmed that very little sales contribution from Protocol is included in the Q4 guidance, viewing it mostly as upside. Regarding pricing, DeSimone stated the strategy is to remain commensurate with the market, and the company has not seen a negative impact on volume trends from its price increases.

    Ask Fintool Equity Research AI

    Chasen Bender's questions to HERBALIFE (HLF) leadership • Q2 2025

    Question

    Chasen Bender asked about the monetization strategy for the Protocol app, the unit economics of its bundled supplement, and the expected sales contribution in Q4 guidance. He also inquired about Herbalife's pricing strategy and competitive price gaps amid a value-seeking consumer environment.

    Answer

    CEO Stephan Gratziani explained that Protocol will serve as a value-add tool for the existing business and also help attract a new premium customer segment. CFO John DeSimone noted the economic model is only slightly different and that minimal contribution from the Protocol launch is included in Q4 guidance, representing mostly upside. DeSimone also stated that the company's pricing strategy is to remain aligned with the market, and they have not observed negative impacts from recent price increases.

    Ask Fintool Equity Research AI

    Chasen Bender's questions to HERBALIFE (HLF) leadership • Q2 2025

    Question

    Chasen Bender asked about the monetization strategy for the Protocol app's commercial release, its potential bundling with the new healthy lifespan supplement, and whether its unit economics differ from the existing portfolio. He also sought clarification on the sales contribution from Protocol assumed in the Q4 guidance.

    Answer

    CEO Stephan Gratziani explained that Protocol will serve both as a value-add tool to support the existing $5 billion business and as a way to attract a new customer segment with a premium offering. CFO John DeSimone added that the economic model is slightly different due to a new 'earn base' and a subscription model with variable shipment costs. He confirmed that the Q4 guidance includes very little contribution from Protocol, viewing it as mostly upside.

    Ask Fintool Equity Research AI

    Chasen Bender's questions to HERBALIFE (HLF) leadership • Q1 2025

    Question

    Chasen Bender asked about the monetization strategy and ROI for the new Pro2col platform, its potential impact on U.S. Nutrition Club conversions, recent weakness in North America KPIs, and the rationale for the reduced full-year constant currency sales guidance.

    Answer

    President and incoming CEO Stephan Gratziani explained that while it's early, Pro2col is expected to drive conversions from the nearly 4 million U.S. Nutrition Club consumers. CFO John DeSimone detailed three value components: app revenue, incremental product sales (personalized, Pro2col-specific, and core Herbalife), and new distributor/customer acquisition. DeSimone also noted that North America finished Q1 strong after a weak February and is expected to improve, and the guidance adjustment reflects Q1 performance and caution around China and parts of APAC.

    Ask Fintool Equity Research AI

    Chasen Bender's questions to HERBALIFE (HLF) leadership • Q3 2024

    Question

    Chasen Bender asked about the distributor churn in North America, where active non-sales leaders remain below new additions, and sought confidence that the new distributor cohort will be more productive than those in the past.

    Answer

    President Stephan Gratziani acknowledged the need to work through residual attrition after a multi-year decline. He expressed confidence that new distributors will be more productive due to a strong focus on supporting proven and effective business models, citing a highly successful, high-productivity model in the UK as an example of what the company aims to replicate and teach globally.

    Ask Fintool Equity Research AI

    Chasen Bender's questions to NU SKIN ENTERPRISES (NUS) leadership

    Chasen Bender's questions to NU SKIN ENTERPRISES (NUS) leadership • Q3 2024

    Question

    Chasen Bender from Citigroup inquired about the timeline for stabilizing the core Nu Skin business, the growth drivers within the Rhyz segment, and the reasons behind lagging gross margin improvements despite cost-saving efforts.

    Answer

    President and CEO Ryan Napierski explained that the near-term focus is on operational simplification, with transformational growth initiatives being more mid-to-long term. He and CFO James Thomas attributed gross margin pressure to significant geographic mix shifts away from high-margin markets like China, which has overshadowed cost-saving wins. Napierski also highlighted the strong performance of the Mavely affiliate platform within the Rhyz segment and the strategic value of its manufacturing arm for market insights.

    Ask Fintool Equity Research AI

    Chasen Bender's questions to NU SKIN ENTERPRISES (NUS) leadership • Q3 2024

    Question

    Chasen Bender of Citigroup inquired about the timeline for stabilizing the core Nu Skin business, the growth drivers for the Rhyz segment, and the reasons for persistent pressure on core gross margins despite cost-saving initiatives.

    Answer

    President and CEO Ryan Napierski stated that stabilizing the core business is a mid-to-long-term goal, with the immediate focus on operational efficiency. He attributed Rhyz's success to strategic investments like Mavely and insights from its omnichannel brands. Regarding profitability, both Napierski and CFO James Thomas explained that significant geographic mix shifts away from high-margin markets like China have masked the benefits of cost-cutting, but they anticipate 150-200 basis points of core gross margin improvement by the end of 2025 as more impactful SKUs are rationalized.

    Ask Fintool Equity Research AI