23andMe Holding Co. (NASDAQ:ME) Q2 2025 Earnings Conference Call November 12, 2024 4:30 PM ET

Company Participants

Katie Watson - Vice President, Communications
Anne Wojcicki - Chief Executive Officer & Co-Founder
Joe Selsavage - Chief Financial Officer & Chief Accounting Officer

Conference Call Participants

Operator

Good day, and thank you for standing by. Welcome to the 23andMe Fiscal Year 2025 Second Quarter Earnings Call. At this time, all participants are in a listen only mode. Please be advised that this call is being recorded.

I would now like to turn the conference over to your speaker for today, Katie Watson, Vice President of Communications. Please go ahead.

Katie Watson

Thank you. Before we begin, I encourage everyone to go to investors.23andme.com to find the press release we issued earlier today reporting our financial results for the second quarter of fiscal 2025. A replay of today's webcast will also be available on our website. Please note that certain statements made during this call regarding matters that are not historical facts, including, but not limited to, management's outlook or predictions for future periods are forward-looking statements. These statements are based solely on information that is now available to us. We encourage you to review the section entitled Forward-Looking Statements in our press release, which applies to this call. Also, please refer to our SEC filings, which can be found on our website and the SEC's website for a discussion of numerous factors that may impact our future performance. We also discuss certain non-GAAP measures. Important information on our use of these measures and reconciliations to U.S. GAAP may be found in our earnings release.

Joining us on our call today are Anne Wojcicki, our Chief Executive Officer and Co-Founder; and Joe Selsavage, our Chief Financial and Accounting Officer.

I'd now like to turn the call over to Anne.

Anne Wojcicki

Thanks, Katie. Hello, everyone. I'd like to start today's call by addressing recent developments at the company, and then we'll get into the second quarter. In late October, 23andMe reconstituted our Board of Directors with the appointment of 3 new independent directors. We are pleased that these accomplished and experienced executives who are committed to our mission could jump in immediately. We have fulfilled our obligations as a public company and regained compliance with the NASDAQ listing standards by reconstituting our Board and executing a reverse stock split.

In addition, yesterday, we announced that 23andMe is undertaking a business restructuring to streamline operations, reduce costs and position the company for long-term success. Under this restructuring, we are discontinuing further development of all therapeutic programs and reducing our workforce by approximately 40%. Joe will discuss the financial impact of the restructuring in his prepared remarks.