Yesterday, USNA announced that Kevin Guest, age 63, is back as CEO of the company after a nearly three-year absence from the top leadership role, during which time he was executive chairman. Mr. Guest succeeds Jim Brown, who was CEO since July 2023 and previously was part of the management team for more than 15 years. Mr. Brown will remain as an advisor to USNA for a yet to be defined period. Mr. Guest was co-CEO from August 2015 and was then named CEO in November 2016, a position he held until June 2023. During his prior tenure leading the company, USNA achieved record results in revenue (2018) and EPS (2020). We expect Mr. Guest's primary objective to be to return the company to sustainable growth by reversing recent trends in its core direct selling business. At the same time, we expect management to be focused on further diversifying revenue through continued growth of Hiya (acquired in 2024) and Rise Bar (acquired in 2022), as well as pursuing potential additional acquisitions, which are not included in our financial projections. All in all, with Mr. Guest being employed by USNA full time since February 2004 in various roles, we think his deep and extensive knowledge of the company will result in a seamless transition. We maintain our $39 price target, based on 14x our 2027 EPS estimate of $2.76. Our moderate risk rating on USNA factors in the company's strong balance sheet and ample free cash flow generation, which we expect to average about $2 per share annually in 2026-2027.