USNA's total 4Q:25 revenue of $226.2 million came in about as expected and was broadly consistent with the company's January 12 press release. By segment, the core direct selling segment posted sales of $191.6 million (as expected), Hiya sales were $30.1 million (we anticipated $30.2 million), and Rise Wellness revenue was $4.5 million (versus our $4.2 million forecast). While the gross margin was just below our forecast, adjusted EPS of $0.60 easily beat our forecast of $0.41, mainly due to lower than expected operating expenses (excluding a cost realignment and impairment charge and other expenses), partly offset by a higher than expected tax rate. For 2026, USNA's revenue guidance of $925 million to $1.0 billion was also consistent with its January 12 press release. On a brighter note, for adjusted EPS, the company's initial 2026 guidance is $1.95-$2.29; we had previously anticipated EPS of $1.84. With more clarity on assumed gross margins and operating expenses, we expect to raise our 2026 EPS estimate and provide additional comments after the company's 11:00am ET conference call: 866-405-1201. We maintain our $39 price target, which is based on 14x our 2027 EPS estimate of $2.77. Our moderate risk rating on USNA factors in the company's strong, cash rich balance sheet and good free cash flow prospects (expected to average about $2 per share annually in 2026 and 2027).