Thorne HealthTech Reports Fourth Quarter and Full-Year 2022 Results

NEW YORK, March 30, 2023 /PRNewswire/ -- Thorne HealthTech, Inc. (“Thorne HealthTech”, “Thorne” or the “Company”) (NASDAQ: THRN), a leader in delivering innovative solutions for a personalized approach to health and wellness, today announced its financial results for the fourth quarter and full-year ended December 31, 2022.

Fourth Quarter 2022 Highlights:

• Net sales grew 27.7% year-over-year to $63.0 million, with direct-to-consumer (“DTC”) sales growth of 46.1%
• Gross profit grew 14.1% year-over-year to $28.7 million; gross margin decreased 544 basis points year-over-year to 45.5%
• Net income attributable to common stockholders grew to $12.5 million; adjusted EBITDA grew to $9.0 million
• Diluted earnings per share (“EPS”) of $0.24; adjusted diluted EPS of $0.13

Full-Year 2022 Highlights:

Net sales grew 24.1% year-over-year to $228.7 million, with DTC sales growth of 44.3% Gross profit grew 19.2% year-over-year to $114.9 million; gross margin decreased 206 basis points year-over-year to 50.2% Net income attributable to common stockholders grew to $15.7 million; adjusted EBITDA grew to $24.5 million Diluted EPS of $0.30; adjusted diluted EPS of $0.32

Full-Year 2023 Outlook:

• Net sales of $280 million - $290 million; adjusted EBITDA of $30 million - $32 million; adjusted EPS of $0.37 - $0.39

"Our strong fourth quarter performance completes a solid year in which we achieved sales growth of 24% and adjusted EBITDA growth of 19%, despite a headwind from the conflict in Ukraine early in the year,” said Paul Jacobson, CEO. “We entered 2022 with a packed agenda that included releasing new premium supplement products in key health areas and launching our new gut health test with a first-to-market microbiome wipe that revolutionizes the user experience for testing. We also started working with regulators to achieve clearance our cutting-edge OneDraw blood sampling device for unsupervised medical use in the U.S., which we see as a catalyst for significant new growth opportunities across our end markets.” Mr. Jacobson continued, “The science-backed, consumer-centric approach we deploy is paying dividends, with Thorne’s recent recognition in Fast Company’s Top 10 Most Innovative Companies in Wellness of 2023. Looking ahead, we expect to further increase our value proposition as a total system for wellness as we drive towards another year of above-market growth, as reflected in our 2023 guidance."

Fourth Quarter and Full-Year 2022 Results for Thorne HealthTech can be found in the full press release on our Investor Relations website.