We look for 3Q:25 sales of $262.4 million, up 9.4% year over year, and adjusted EPS of $1.36, ahead of consensus of $258 million and $1.31, respectively, reflecting continued broad-based strength across the portfolio. By segment, we project Human Nutrition & Health (HNH) sales of $166 million, up 9.0% year over year, Animal Nutrition & Health (ANH) sales of $58.3 million, up 10.1% year over year, and Specialty Products sales of $36.6 million, up 10.4% year over year. We project free cash flow of $47.8 million ($1.46 per share) for the quarter, consistent with our full year 2025 estimate of $146.8 million ($4.49 per share). Management maintained a constructive outlook for the second half of 2025 on the 2Q:25 call, pointing to sustained growth in key nutrient platforms, solid demand in the ruminant and monogastric markets, and the EU's decision to impose provisional anti-dumping duties on Chinese choline imports, which should support pricing and volume in the coming quarters. Balchem's supply chain structure continues to provide resilience in a volatile operating environment. With approximately 85% of products manufactured and sold within the same geographic region, a well-established U.S. manufacturing base, and minimal reliance on China, the company is well equipped to offset rising input costs and navigate trade volatility. The balance sheet remains a source of strength. Balchem ended 2Q:25 with $65.4 million in cash, $125 million in net debt, and a 0.5x leverage ratio. We maintain our $220 price target on BCPC shares, which is based on an intact 40x multiple to our 2026 adjusted EPS estimate of $5.50. Although the stock has underperformed recently amid a more uncertain backdrop, we remain confident in the company's earnings power and long-term trajectory. Our moderate risk rating reflects BCPC's historical and projected earnings expansion, solid balance sheet and strong free cash flow generation.