Le Lézard
Classified in: Health, Science and technology, Business
Subjects: ERN, ERP

Thorne HealthTech Reports Second Quarter 2022 Results


Revises Full-Year 2022 Guidance

NEW YORK, Aug. 9, 2022 /PRNewswire/ -- Thorne HealthTech, Inc. ("Thorne HealthTech", "Thorne" or the "Company") (NASDAQ: THRN), a leader in developing personalized, innovative solutions to help people live healthier, longer lives, today announced its financial results for the second quarter ended June 30, 2022.

Second Quarter Highlights:

"I am pleased to report record quarterly net sales, which grew 30.7% over the second quarter of last year, with continued gross margin expansion to 55.9% for the quarter," said Paul Jacobson, Thorne HealthTech's chairman and CEO. "We completed our largest marketing campaign to date to drive brand awareness and strengthen our long-term positioning as a leading provider of personalized solutions and supplements that empower individuals to live healthier longer and achieve peak performance."

Mr. Jacobson added, "While sales performance was solid across our portfolio, we have continued to experience disruptions in international end markets, mostly from the conflict in Ukraine and Russia. As a result, we no longer anticipate fully offsetting the disruptions with new business this year and are therefore reducing net sales and adjusted EBITDA guidance. Importantly, we expect our gross margin profile, the return of marketing spend to normal levels and SG&A leverage in the second half of 2022 to result in strong adjusted EBITDA growth, as reflected in our revised full-year guidance."

Net Sales

The following tables provide a summary of sales by channel for the three and six months ended June 30, 2022, compared to the three and six months ended June 30, 2021:



Three Months Ended June 30,




Amounts



Year-Over-Year



As % of Net Sales




2022



2021



$ Change



% Change



2022



2021


(dollars in thousands)



















DTC


$

28,883



$

17,032



$

11,851




69.6

%



51.5

%



39.7

%

Professional/B2B (1)



27,185




25,858




1,327




5.1

%



48.5

%



60.3

%

Net sales


$

56,068



$

42,890



$

13,178




30.7

%



100.0

%



100.0

%






















Six Months Ended June 30,




Amounts



Year-Over-Year



As % of Net Sales




2022



2021



$ Change



% Change



2022



2021


(dollars in thousands)



















DTC


$

54,693



$

36,436



$

18,257




50.1

%



49.4

%



41.7

%

Professional/B2B (1)



56,043




50,938




5,105




10.0

%



50.6

%



58.3

%

Net sales


$

110,736



$

87,374



$

23,362




26.7

%



100.0

%



100.0

%



(1)

"Professional" is generally in reference to the Company's network of health professionals; and "B2B" is generally in reference to business-to-business customers.

As of June 30, 2022, the number of active subscriptions grew 54.0% to 300,031, compared to 194,778 as of June 30, 2021.

For the three months ended June 30, 2022, the Company's annual life-time value (LTV) to customer acquisition cost (CAC) ratio was 1.8x, compared to 4.6x for the three months ended June 30, 2021. For the six months ended June 30, 2022, the Company's LTV to CAC ratio was 2.7x, compared to 5.2x for the six months ended June 30, 2021. The increases in CAC and resulting decreases in the LTV to CAC ratios for the three and six months ended June 30, 2022 were primarily due to increased marketing expenses from the Company's Redefining Healthy Aging Campaign that occurred during the second quarter of 2022.

Cost of Sales and Gross Profit

The following tables provide a summary of cost of sales and gross profit for the three and six months ended June 30, 2022, compared to the three and six months ended June 30, 2021:



Three Months Ended June 30,




Amounts



Year-Over-Year



As % of Net Sales




2022



2021



$ Change



% Change



2022



2021


(dollars in thousands)



















Net sales


$

56,068



$

42,890



$

13,178




30.7

%



100.0

%



100.0

%

Cost of sales



24,704




19,994




4,710




23.6

%



44.1

%



46.6

%

Gross profit


$

31,364



$

22,896



$

8,468




37.0

%



55.9

%



53.4

%

 



Six Months Ended June 30,




Amounts



Year-Over-Year



As % of Net Sales




2022



2021



$ Change



% Change



2022



2021


(dollars in thousands)



















Net sales


$

110,736



$

87,374



$

23,362




26.7

%



100.0

%



100.0

%

Cost of sales



49,255




41,241




8,014




19.4

%



44.5

%



47.2

%

Gross profit


$

61,481



$

46,133



$

15,348




33.3

%



55.5

%



52.8

%

 

Operating Expenses

The following tables provide a summary of select operating expenses for the three and six months ended June 30, 2022, compared to the three and six months ended June 30, 2021:



Three Months Ended June 30,




Amounts



Year-Over-Year



As % of Net Sales




2022



2021



$ Change



% Change



2022



2021


(dollars in thousands)



















Research and development


$

1,744



$

1,136



$

608




53.5

%



3.1

%



2.6

%

Marketing



17,267




5,046




12,221




242.2

%



30.8

%



11.8

%

Selling, general and administrative



18,506




12,334




6,172




50.0

%



33.0

%



28.8

%

Write-off of acquired Drawbridge in-process research and development



?




1,563




(1,563)




(100.0)

%



0.0

%



3.6

%

 



Six Months Ended June 30,




Amounts



Year-Over-Year



As % of Net Sales




2022



2021



$ Change



% Change



2022



2021


(dollars in thousands)



















Research and development


$

3,711



$

2,043



$

1,668




81.6

%



3.4

%



2.3

%

Marketing



22,998




9,285




13,713




147.7

%



20.8

%



10.6

%

Selling, general and administrative



36,143




23,571




12,572




53.3

%



32.6

%



27.0

%

Write-off of acquired Drawbridge in-process research and development



?




1,563




(1,563)




(100.0)

%



0.0

%



1.8

%

 

For the three and six months ended June 30, 2022, the increase in marketing expense as a percentage of sales over the comparable prior year periods was due to planned spend associated with the Company's Redefining Healthy Aging Campaign that occurred during the second quarter of 2022.

Net Income (Loss) and Diluted Earnings (Loss) Per Share

The following tables provide a summary of net income (loss) attributable to common stockholders, adjusted EBITDA, adjusted net income (loss), diluted earnings (loss) per share and adjusted diluted earnings (loss) per share for the three and six months ended June 30, 2022, compared to the three and six months ended June 30, 2021:



Three Months Ended June 30,




Amounts



Year-Over-Year




2022



2021



$ Change



% Change2


(dollars in thousands, except per share amounts)













Net income (loss) attributable to common stockholders


$

(5,591)



$

-



$

(5,591)



n.m.


Adjusted EBITDA



(1,443)




5,719




(7,162)




(125.2)

%

Adjusted net income (loss)



(2,698)




3,925




(6,623)




(168.7)

%

Diluted earnings (loss) per share


$

(0.11)



$

-



$

(0.11)



n.m.


Adjusted diluted earnings (loss) per share


$

(0.05)



$

0.22



$

(0.27)




(122.7)

%
















Six Months Ended June 30,




Amounts



Year-Over-Year




2022



2021



$ Change



% Change2


(dollars in thousands, except per share amounts)













Net income (loss) attributable to common stockholders


$

(612)



$

-



$

(612)



n.m.


Adjusted EBITDA



7,209




14,069




(6,860)




(48.8)

%

Adjusted net income (loss)



3,853




10,299




(6,446)




(62.6)

%

Diluted earnings (loss) per share


$

(0.01)



$

-



$

(0.01)



n.m.


Adjusted diluted earnings per share


$

0.07



$

0.58



$

(0.51)




(87.9)

%



(2)

Not meaningful (n.m.) year-over-year comparison as it relates to the percentage change due to net loss in the current period and no comparative in the prior period.

Important disclosures about, and reconciliations of, non-GAAP measures to their most directly comparable GAAP measures, including adjusted EBITDA, adjusted net income (loss) and adjusted diluted earnings (loss) per share are provided in the "Non-GAAP Financial Measures" section of this press release.

Financial Position

As of June 30, 2022, the Company had $27.8 million in unrestricted cash and cash equivalents and $2.1 million of debt outstanding, inclusive of $0.7 million attributable to finance lease liabilities.

Financial Guidance

In connection with reporting its first quarter results, the Company disclosed it was (i) impacted by higher than anticipated exposure of certain U.S. based distribution partners to end consumers in Ukraine and Russia and (ii) that its guidance assumed then-existing global business conditions would not further deteriorate. Since reporting first quarter results, the Company has experienced incremental disruptions in international end markets which are not expected to be fully offset by contributions from new business or improved international conditions this year. As a result, the Company is revising its full-year guidance ranges downward for each of net sales and adjusted EBITDA while reaffirming its previously issued gross margin guidance.

The following table presents the Company's (i) prior guidance, (ii) revised guidance, and (iii) the corresponding growth rates over full-year 2021 results at the low and high ends of the revised guidance ranges for each measure:



Revised Guidance



Prior Guidance



Low - High


Low - High (Y/Y%)



Low - High

Net sales


$235 million - $242 million


26.9% - 30.6%



$ 240 million - $250 million

Gross margin


53% - 55%


?



53% - 55%

Adjusted EBITDA


$28 million - $32 million


36.1% - 55.6%



$30 million - $35 million

Adjusted EPS


$0.36 - $0.39


n.m.



$0.28 - $0.30

 

The Company's revised guidance assumes the following:

Webcast and Conference Call Details

The Company will host a conference call on Wednesday, August 10, 2022, at 8 a.m. (U.S. Eastern Time) to discuss its second quarter 2022 financial results. A live webcast of the call can be accessed by logging onto the investors section of the Thorne HealthTech website at https://investors.thornehealthtech.com. A replay will be available on the same website after the call.

In addition, the conference call can be accessed over the phone by dialing +1 844 200 6205 for U.S. callers, or +1 929 526 1599 for international callers, approximately 10 minutes prior to the start time. An audio replay will be available for 7 days following the call. To access the replay, dial +1 866 813 9403 (U.S.) or +44 204 525 0658 (International). The access code for the live call and replay is 713206.

About Thorne HealthTech

Thorne HealthTech is a leader in developing innovative solutions for delivering personalized approaches to health and wellness. As a science-driven wellness company that empowers individuals with the support, education, and solutions they need to achieve healthy aging ? living healthier longer ? Thorne utilizes testing and data to create improved product efficacy and to deliver personalized solutions to consumers, health professionals, and corporations. Predicated on the power of the individual, Thorne leverages artificial intelligence models to provide insights and personalized data, products, and services that help individuals take a proactive and actionable approach to improve and maintain their health over a lifetime. Thorne is the only supplement manufacturer that collaborates with Mayo Clinic on health and wellness research and content, and is trusted by more than five million customers, 46,000+ health-care professionals, thousands of professional athletes, and more than 100 professional sports teams and U.S. National Teams. For more information, visit Thorne.com.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this news release, including, without limitation, statements regarding the conditions of our industry, our future results of operations and financial position, business strategy, development plans, expected research and development costs, regulatory strategy, product and service development, sales and marketing activities, international expansion efforts, timing and likelihood of success, as well as plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "guidance," "may," "will," "should," "would," "expect," "plan," "anticipate," "could," "intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential" or "continue" or the negative of these terms or other similar expressions. Forward-looking statements contained in this news release include, but are not limited to, statements regarding financial guidance, market opportunity, ability to penetrate the market, expanded product offerings and expectations for growth. We have based these forward-looking statements largely on our current expectations and projections about our business, the industry in which we operate and financial trends that we believe may affect our business, financial condition, results of operations and prospects, and these forward-looking statements are not guarantees of future performance or development. These forward-looking statements are current only as of the date of this news release and are subject to a number of risks, uncertainties and assumptions described in the section titled "Risk Factors" and elsewhere in Thorne HealthTech's filings made with the Securities and Exchange Commission, including our Annual Report on Form 10-K filed on March 16, 2022 and Quarterly Report on Form 10-Q, which we plan to file on or about August 10, 2022, and other SEC filings, copies of which are available free of charge on the SEC website at www.sec.gov. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events or otherwise.

Non-GAAP Financial Measures

To provide investors with additional information regarding its financial results, the Company has provided certain financial measures that are not recognized under U.S. generally accepted accounting principles (GAAP) in this press release, including: earnings or loss before interest, taxes, depreciation and amortization (EBITDA), EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, adjusted net income and adjusted diluted earnings (loss) per share.

The Company calculates EBITDA, a non-GAAP financial measure, as net income or loss excluding depreciation and amortization, interest expense and income taxes. EBITDA margin represents EBITDA as a percentage of net sales. The Company calculates adjusted EBITDA, a non-GAAP financial measure, by further excluding non-cash items for stock-based compensation expenses, change in fair value of warrant liability, loss on Drawbridge step acquisition, loss on Drawbridge Transaction, guarantee fees, income or loss from equity interests in unconsolidated affiliates and transaction costs related to mergers and acquisitions. Adjusted EBITDA margin represents Adjusted EBITDA as a percentage of net sales. The Company calculates adjusted net income or loss, a non-GAAP financial measure, as net income or loss excluding (i) stock-based compensation expenses, change in fair value of warrant liability, loss on Drawbridge step acquisition, loss on Drawbridge transaction, guarantee fees, income or loss from equity in unconsolidated affiliates and transaction costs related to mergers and acquisitions and (ii) utilizing an adjusted provision for income taxes based on the Company's estimate of applicable statutory rates.

EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, adjusted net income (loss) and adjusted diluted earnings (loss) per share should be viewed as measures of operating performance that are supplements to, and not substitutes for, operating income or loss, net income or loss and other GAAP measures of income and loss. The Company has included EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, adjusted net income or loss and adjusted diluted earnings (loss) per share in this press release because they are key measures used by the Company's management to evaluate and compare the Company's financial and operational performance over multiple periods, identifying trends affecting the Company's business, formulating business plans and making strategic decisions. In particular, the exclusion of certain expenses or income in calculating adjusted EBITDA and adjusted net income (loss) facilitates operating performance comparability across reporting periods by removing the effect of non-cash expenses and certain non-recurring variable charges. In addition, the Company believes that providing each of EBITDA and adjusted EBITDA and adjusted net income or loss, together with a reconciliation of net income or loss to each such measure, helps investors make comparisons between Thorne HealthTech and other companies that may have different capital structures, different tax rates and different forms of employee compensation. Each of EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, adjusted net income or loss and adjusted diluted earnings (loss) per share has inherent limitations because of the excluded items, and may not be directly comparable to similarly titled metrics used by other companies.

The Company has not reconciled the forward-looking adjusted EBITDA and adjusted diluted earnings (loss) per share guidance included in this press release to the most directly comparable GAAP measures because this cannot be done without unreasonable effort due to the variability and low visibility with respect to certain costs, the most significant of which are incentive compensation (including stock-based compensation), certain fair value measurements, acquisition transactions and integration, tax items and others that may arise during the year, each of which are potential adjustments to future earnings. The Company expects the variability of these items to have a potentially unpredictable, and a potentially significant, impact on our future GAAP financial results.

 

Thorne HealthTech, Inc.        

Condensed Consolidated Balance Sheets




June 30,



December 31,




2022



2021




(unaudited)





Assets







Current Assets







Cash and cash equivalents


$

27,810,526



$

51,100,915


Accounts receivable, net



10,313,916




5,285,321


Related party receivables



32,685




366,590


Inventories, net



60,471,468




41,012,124


Prepaid expenses and other current assets



1,951,700




3,494,473


Total current assets



100,580,295




101,259,423









Restricted cash



4,900,000




4,900,000


Property and equipment, net



30,764,406




27,030,400


Operating lease right-of-use assets, net



16,203,487




17,836,756


Finance lease right-of-use assets



716,402




883,076


Intangible assets, net



16,089,408




6,592,316


Goodwill



16,541,041




14,440,683


Investments



1,400,000




400,000


Equity-method investments



994,534




963,685


Other related party receivables



151,300




?


Other assets



1,045,460




993,538


Total assets


$

189,386,333



$

175,299,877


 

Thorne HealthTech, Inc.

Condensed Consolidated Balance Sheets




June 30,



December 31,




2022



2021




(unaudited)





Liabilities, Convertible Preferred Stock and Stockholders' Equity







Current Liabilities







Accounts payable


$

25,693,495



$

16,889,756


Accrued payroll



2,927,550




2,526,917


Other accrued expenses



2,573,760




1,144,573


Related party payable



874,870




1,634,775


Current portion of operating lease liabilities



1,599,190




2,633,236


Current portion of finance lease liabilities



391,003




413,487


Current portion of long-term debt



508,844




494,173


Total current liabilities



34,568,712




25,736,917


Long-term Liabilities







Operating lease liabilities, net of current portion



27,026,923




27,605,739


Finance lease liabilities, net of current portion



348,352




482,544


Long-term debt, net of current portion



825,488




1,083,634


Warrant liability



1,529,586




2,058,566


Total liabilities



64,299,061




56,967,400









Series E convertible preferred stock; par value $0.01, 0 shares authorized as of June 30, 2022
and December 31, 2021; 0 shares issued and outstanding as of June 30, 2022 and December 31, 2021



?




?


Stockholders' Equity







Common stock; par value $0.01, 200,000,000 shares authorized as of June 30, 2022 and
December 31, 2021, respectively; 52,733,269 and 52,554,214 issued and outstanding as
of June 30, 2022 and December 31, 2021, respectively



527,333




525,542


Common stock, Class B; no par value, 0 shares authorized as of June 30, 2022 and
December 31, 2021; 0 shares issued and outstanding as of June 30, 2022 and December 31, 2021



?




?


Additional paid-in capital



255,557,384




250,163,984


Accumulated deficit



(132,769,662)




(132,158,016)


Accumulated other comprehensive loss



(186,200)




?


Total stockholders' equity ?Thorne HealthTech, Inc.



123,128,855




118,531,510


Non-controlling interest



1,958,417




(199,033)


Total stockholders' equity



125,087,272




118,332,477


Total liabilities, convertible preferred stock and stockholders' equity


$

189,386,333



$

175,299,877


 

Thorne HealthTech, Inc.

Condensed Consolidated Statements of Operations

(unaudited)




Three Months Ended June 30,



Six Months Ended June 30,




2022



2021



2022



2021


Net sales


$

56,067,826



$

42,889,965



$

110,736,024



$

87,373,705


Cost of sales



24,704,294




19,994,229




49,254,885




41,240,751


Gross profit



31,363,532




22,895,736




61,481,139




46,132,954


Operating expenses:













Research and development



1,743,812




1,135,771




3,711,478




2,042,941


Marketing



17,267,461




5,045,945




22,997,714




9,284,962


Selling, general and administrative



18,505,610




12,333,837




36,143,291




23,571,140


Write-off of acquired Drawbridge in-process research and development



?




1,563,015




?




1,563,015


Income (loss) from operations



(6,153,351)




2,817,168




(1,371,344)




9,670,896


Other income (expense), net:













Interest expense, net



(31,514)




(81,256)




(61,671)




(363,901)


Guarantee fees



?




(140,407)




?




(279,271)


Change in fair value of warrant liability



594,899




317,725




528,980




(1,310,026)


Loss on Drawbridge Transaction



?




(165,998)




?




(165,998)


Other income (expense), net



(13,761)




38,143




44,094




38,143


Total other income (expense), net



549,624




(31,793)




511,403




(2,081,053)


Income (loss) before income taxes and loss from equity interests in unconsolidated affiliates



(5,603,727)




2,785,375




(859,941)




7,589,843


Income tax expense



174,553




3,008




207,098




43,538


Net income (loss) before loss from equity interests in unconsolidated affiliates



(5,778,280)




2,782,367




(1,067,039)




7,546,305


Gain (loss) from equity interests in unconsolidated affiliates



11,037




(3,115,658)




11,037




(3,173,106)


Net income (loss)



(5,767,243)




(333,291)




(1,056,002)




4,373,199


Net loss ? non-controlling interest



(176,538)




(245,061)




(444,356)




(245,061)


Net income (loss) attributable to Thorne HealthTech, Inc.



(5,590,705)




(88,230)




(611,646)




4,618,260


Undistributed earnings (loss) attributable to Series E convertible preferred stockholders



?




(88,230)




?




4,618,260


Net income (loss) attributable to common stockholders


$

(5,590,705)



$

?



$

(611,646)



$

?















Earnings (loss) per share:













Basic


$

(0.11)



$

?



$

(0.01)



$

?


Diluted


$

(0.11)



$

?



$

(0.01)



$

?


Weighted average common shares outstanding:













Basic



52,731,604




17,650,035




52,648,653




17,650,035


Diluted



52,731,604




17,650,035




52,648,653




17,650,035


 

Thorne HealthTech, Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited)




Six Months Ended June 30,




2022



2021


Cash Flows from Operating Activities







Net income (loss)


$

(1,056,002)



$

4,373,199


Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:







Depreciation and amortization



2,865,599




2,261,969


Change in fair value of warrant liability



(528,980)




1,310,026


Non-cash lease expense



1,852,780




2,953,727


Stock-based compensation



5,151,248




534,665


Non-cash interest expense



1,285




?


Change in inventory and receivable reserves



(164,045)




(62,462)


(Gain) loss from equity interests in unconsolidated affiliates



(11,037)




3,173,106


Loss on Drawbridge Transaction



?




165,998


Write-off of acquired Drawbridge in-process research and development



?




1,563,015


Other non-cash



(38,628)




?


Change in operating assets and liabilities







Accounts receivable



(5,007,492)




(3,607,072)


Related party receivables



182,605




(618,575)


Related party payables



(759,905)




401,509


Inventories



(19,321,200)




(11,411,154)


Prepaid expenses and other assets



1,515,266




(611,863)


Accounts payable and accrued liabilities



9,923,479




3,704,343


Operating lease liabilities



(1,612,862)




(3,244,257)


Net cash provided by (used in) operating activities



(7,007,889)




886,174


Cash Flows from Investing Activities







Purchase of property and equipment



(2,226,073)




(1,136,975)


Acquisition of Nutrativa, net of cash acquired



(14,862,287)




?


Acquisition of Drawbridge Health assets, net of cash acquired



?




(1,412,279)


Purchase of investment in unconsolidated subsidiaries



(1,000,000)




?


Purchase of license agreements



(375,000)




(563,470)


Net cash used in investing activities



(18,463,360)




(3,112,724)


Cash Flows from Financing Activities







Payments on long-term debt and finance leases



(452,989)




(324,938)


Payment of deferred offering costs



?




(2,990,760)


Debt issuance costs



(25,700)




?


Proceeds from issuance of ownership interest in consolidated subsidiary



2,601,806




?


Proceeds from exercise of stock options



243,943




?


Net cash provided by (used in) financing activities



2,367,060




(3,315,698)









Effect of exchange rate changes on cash and restricted cash



(186,200)




?


Net decrease in cash and restricted cash



(23,290,389)




(5,542,248)


Cash, cash equivalents and restricted cash, beginning of period



56,000,915




15,262,094


Cash, cash equivalents and restricted cash, end of period


$

32,710,526



$

9,719,846









 

Thorne HealthTech, Inc.

Reconciliations of Non-GAAP Financial Measures

(unaudited)




Three Months Ended June 30,



Six Months Ended June 30,




2022



2021



2022



2021


Net income (loss) attributable to common stockholders


$

(5,590,705)



$

?



$

(611,646)



$

?


Undistributed earnings (loss) attributable to Series E convertible preferred stockholders



?




(88,230)




?




4,618,260


 Net income (loss) attributable to Thorne HealthTech, Inc.



(5,590,705)




(88,230)




(611,646)




4,618,260


 Net loss ? non-controlling interest



(176,538)




(245,061)




(444,356)




(245,061)


 Net income (loss)


$

(5,767,243)



$

(333,291)



$

(1,056,002)



$

4,373,199















EBITDA and Adjusted EBITDA Reconciliation













Net income (loss)


$

(5,767,243)



$

(333,291)



$

(1,056,002)



$

4,373,199


Net income (loss) margin



(10.3)

%



(0.8)

%



(1.0)

%



5.0

%

Depreciation and amortization



1,523,749




1,276,568




2,865,599




2,261,969


Interest expense, net



31,514




81,256




61,671




363,901


Income tax expense



174,553




3,008




207,098




43,538


EBITDA



(4,037,427)




1,027,541




2,078,366




7,042,607


EBITDA margin



(7.2)

%



2.4

%



1.9

%



8.1

%

Adjustments:













Stock-based compensation



3,141,836




24,143




5,151,248




534,665


Change in fair value of warrant liability



(594,899)




(317,725)




(528,980)




1,310,026


Write-off of acquired Drawbridge in-process research and development



?




1,563,015




?




1,563,015


Loss on Drawbridge Transaction



?




165,998




?




165,998


Guarantee fees



?




140,407




?




279,271


(Gain) loss from equity interests in unconsolidated affiliates



(11,037)




3,115,658




(11,037)




3,173,106


Acquisition costs



58,825




?




519,236




?


Adjusted EBITDA


$

(1,442,702)



$

5,719,037



$

7,208,833



$

14,068,688


Adjusted EBITDA margin



(2.6)

%



13.3

%



6.5

%



16.1

%














Adjusted Net Income (Loss) Reconciliation













 Net income (loss)


$

(5,767,243)



$

(333,291)



$

(1,056,002)



$

4,373,199


Income tax expense



174,553




3,008




207,098




43,538


Stock-based compensation



3,141,836




24,143




5,151,248




534,665


Change in fair value of warrant liability



(594,899)




(317,725)




(528,980)




1,310,026


Write-off of acquired Drawbridge in-process research and development



?




1,563,015




?




1,563,015


Loss on Drawbridge Transaction



?




165,998




?




165,998


Guarantee fees



?




140,407




?




279,271


(Gain) loss from equity interests in unconsolidated affiliates



(11,037)




3,115,658




(11,037)




3,173,106


Acquisition costs



58,825




?




519,236




?


Adjusted net income (loss) before adjusted tax expense



(2,997,965)




4,361,213




4,281,563




11,442,818


Adjusted income tax expense (benefit)



(299,797)




436,121




428,156




1,144,282


Adjusted net income (loss)


$

(2,698,169)



$

3,925,092



$

3,853,407



$

10,298,536















Diluted weighted-average shares outstanding (1)



53,860,506




17,650,035




53,285,128




17,650,035


Adjusted diluted earnings (loss) per share


$

(0.05)



$

0.22



$

0.07



$

0.58




(1)

Inclusive of 1,128,902 and 636,475 dilutive shares used in the calculation of adjusted diluted earnings (loss) per share for the three and six months ended June 30, 2022, respectively.

 

SOURCE Thorne HealthTech, Inc.


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