Last night, USNA pre-announced 3Q:25 results. The company expects revenue of $214 million (we had expected $224.1 million), due to lower brand partner productivity amid changes to compensation plans, along with softer sales of Hiya Health products. With an unusually large tax expense of $8.5 million, USNA expects to post an adjusted loss of $0.15 per share versus our prior EPS estimate of $0.47. While we expect improved brand partner productivity and some rebound in sales for Hiya Health in 2026, given our now more cautious stance for revenue and margins, we reduce our 2025 and 2026 EPS estimates to $1.70 and $2.60 respectively (from $2.62 and $3.40). Our updated $39 price target is now based on 15x our lowered 2026 EPS forecast of $2.60, or about 12x excluding net cash of $8.16 at the end of 2Q:25. Our former $61 price target was based on 18x our prior 2026 EPS estimate of $3.40. We note that subtracting out net cash of $8.16 per share (at the end of 2Q:25), based on yesterday's closing price, USNA shares trade at less than 7x our revised 2026 EPS estimate. We assign a moderate risk rating given the company's strong balance sheet and healthy free cash flows.