Thorne HealthTech, Inc (NASDAQ:THRN) Q2 2023 Earnings Conference Call August 8, 2023 5:00 PM ET

Company Participants

Thomas Wilson - Vice President, Investor Relations

Paul Jacobson - Chief Executive Officer

Saloni Varma - Chief Financial Officer

Tom McKenna - Chief Operating Officer

Conference Call Participants

Susan Anderson - Canaccord Genuity

Patrick McNally - Evercore

Operator

Thank you for standing by. My name is Dina, and I will be your conference operator for today. At this time, I would like to welcome everyone to the Thorne HealthTech, Inc. Second Quarter 2023 Earnings Conference Call. [Operator Instructions] Thank you.

Now, I would like to turn the call over to Thomas Wilson, VP of Investor Relations.

Thomas Wilson

Good afternoon, everyone. Thank you for joining Thorne HealthTech’s second quarter 2023 earnings call. With me today are Paul Jacobson, our CEO; Saloni Varma, our CFO; and Tom McKenna, our COO.

Before we begin, please note that today’s discussion contains forward-looking statements that are subject to risks and uncertainties. Actual results may differ materially from those indicated by our forward-looking statements. More information about potential risk factors can be found in our 2022 Annual Report on Form 10-K and First Quarter 2023 Form 10-Q, as well as our upcoming Form 10-Q, which we anticipate filing in the next couple of days as well as other SEC filings.

Today, in addition to U.S. GAAP reporting, we will be discussing financial measures that do not conform to GAAP. We believe these non-GAAP measures enhance the understanding of our performance because they are more representative of how we internally measure the business. Non-GAAP financial measures should not be considered in isolation from or as a substitute for GAAP measures. A reconciliation of GAAP to non-GAAP results is available in the earnings press release we issued after market close and in the supplemental investor presentation posted to our IR website.

With that, I’ll turn the call over to Paul.

Paul Jacobson

Good afternoon. Thanks, everyone, for joining the call. Today, I’ll briefly touch on our second quarter financial results and operating performance. I’ll discuss our key accomplishments during the quarter. I’ll provide updates for a few select products, and then I will turn to our updated 2023 guidance. Finally, Saloni will provide a detailed review of our second quarter 2023 financials, and we’ll open up the call for questions after that.

After posting a very strong first quarter, I am pleased to report that our business momentum continued into the second quarter. We reported record sales of $72.7 million in Q2 on solid growth across all our sales channels, which represents year-over-year growth of 33.1%. Our direct-to-consumer business generated sales of $36.8 million, an increase of 39.3% over the second quarter of 2022.