As we see it, 2Q:25 was a better-than-expected quarter, with the sales outperformance largely attributable to higher-than-anticipated sales from Greater China. In addition, adjusted June-quarter EPS of $0.74 came in well ahead of our forecast of $0.54 as USNA posted better margins than we expected. For 2025, USNA maintained its annual sales and EPS guidance, with management noting that 3Q:25 will likely experience temporary operating margin pressure due to higher promotional and advertising costs. Ahead of the 11:00am ET conference call (866-405-1201), we bump up our 2025 and 2026 EPS estimates to $2.62 and $3.40, respectively (from $2.61 and $3.39). We maintain our $61 price target, which is based on 18x our fine-tuned 2026 EPS forecast of $3.40 (was $3.39). We assign a moderate risk rating given the company's strong balance sheet, ample free cash flow and expected earnings recovery.