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Thorne Healthtech, Inc. (THRN) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

Thorne Healthtech, Inc.

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CIK: 1844280 Ticker: THRN

Exhibit 99.1

img146843573_0.jpg 

 

Thorne HealthTech Reports Fourth Quarter and Full-Year 2021 Results

Provides Full-Year 2022 Guidance

NEW YORK, Mar. 14, 2022 /PRNewswire/ -- Thorne HealthTech, Inc. (“Thorne HealthTech” 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 fourth quarter and full-year ended December 31, 2021.

Fourth Quarter Highlights:

•
Net sales grew 37.8% to $49.9 million, with direct-to-consumer (“DTC”) sales growth of 56.1%
•
Gross profit grew 47.5% to $25.7 million; gross margin of 51.5% increased 340 basis points
•
Net income attributable to common stockholders of $3.3 million; adjusted EBITDA of $5.4 million
•
Diluted earnings per share of $0.01; adjusted diluted earnings per share of $0.07

Full-Year Highlights:

•
Net sales grew 33.8% to $185.2 million, with DTC sales growth of 37.7%
•
Gross profit grew 50.3% to $97.4 million; gross margin of 52.6% increased 580 basis points
•
Net income attributable to common stockholders of $3.7 million; adjusted EBITDA of $20.6 million
•
Diluted earnings per share of $0.10; adjusted diluted earnings per share of $0.27

Full-Year 2022 Outlook:

•
Net sales of $240 million to $250 million; adjusted EBITDA of $30 million to $35 million; adjusted EPS of $0.28 to $0.30

“Our strong results reflect the successful execution of our strategies, which we expect to continue driving outperformance in the growing wellness market,” said Paul Jacobson, Thorne HealthTech’s chairman and CEO. “Our full-year growth rates of 34 percent for both net sales and adjusted EBITDA were underpinned by the expanding base of consumers and health professionals who trust our integrated platform that combines education, testing and premium supplements in a simple, personalized and engaging approach to wellness and peak performance. In addition, with our ongoing mix shift to subscriptions, expanding portfolio of science-backed solutions and marketing campaign ramp to heighten brand awareness, we are well positioned for continued momentum.”

Net Sales

The following tables provide a summary of sales by channel for the three and year ended December 31, 2021, respectively, compared to the three months and year ended December 31, 20201:

 

 

Three Months Ended December 31,

 

 

Amounts

 

Year-Over-Year

 

As % of Net Sales

(dollars in thousands)

 

2021

 

2020

 

$ Change

 

% Change

 

2021

 

2020

DTC

 

$ 19,117

 

$ 12,246

 

$ 6,871

 

56.1%

 

38.3%

 

33.8%

Professional/B2B

 

 30,746

 

 23,931

 

 6,815

 

28.5%

 

61.7%

 

66.2%

Net sales

 

$ 49,863

 

$ 36,177

 

$ 13,686

 

37.8%

 

100.0%

 

100.0%

 

 

 

Year Ended December 31,

 

 

Amounts

 

Year-Over-Year

 

As % of Net Sales

(dollars in thousands)

 

2021

 

2020

 

$ Change

 

% Change

 

2021

 

2020

DTC

 

$ 73,875

 

$ 53,653

 

$ 20,221

 

37.7%

 

39.9%

 

38.8%

Professional/B2B

 

 111,371

 

 84,802

 

 26,570

 

31.3%

 

60.1%

 

61.2%

Net sales

 

$ 185,246

 

$ 138,455

 

$ 46,791

 

33.8%

 

100.0%

 

100.0%

 

1 In the above tables, DTC means direct-to-consumer; Professional is generally in reference to our network of health professionals; and B2B is generally in reference

to business-to-business customers.

As of December 31, 2021, the Company’s number of active subscriptions grew 65.5% to approximately 257,000, compared to approximately 155,000 as of December 31, 2020. The Company continues to experience high customer retention, recurring purchases

The following information was filed by Thorne Healthtech, Inc. (THRN) on Monday, March 14, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Thorne Healthtech, Inc.'s financial trajectory

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Assess how Thorne Healthtech, Inc.'s management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
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Thorne Healthtech, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

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Inside Thorne Healthtech, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Convertible Preferred Stock And Stockholders' Equity (Deficit)
Consolidated Statements Of Convertible Preferred Stock And Stockholders' Equity (Deficit) (Parenthetical)
Consolidated Statements Of Operations
Basic And Diluted Net Income (Loss) Per Share
Basic And Diluted Net Income (Loss) Per Share (Additional Information) (Details)
Basic And Diluted Net Income (Loss) Per Share (Tables)
Basic And Diluted Net Income (Loss) Per Share - Schedule Of The Calculate Net Income (Loss) Per Share (Details)
Basic And Diluted Net Income (Loss) Per Share - Schedule Of The Calculate Net Income (Loss) Per Share (Parenthetical) (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Additional Information (Detail)
Commitments And Contingencies - Schedule Of Future Annual Minimum Commitments (Detail)
Consolidated Variable Interest Entities
Consolidated Variable Interest Entities (Tables)
Consolidated Variable Interest Entities - Additional Information (Details)
Consolidated Variable Interest Entities - Schedule Of Variable Interest Entities (Details)
Convertible Preferred Stock And Stockholders' Deficit
Convertible Preferred Stock And Stockholders' Deficit - Additional Information (Detail)
Debt
Debt (Tables)
Debt - Additional Information (Details)
Debt - Schedule Of Aggregate Maturities Of Long-Term Debt (Details)
Debt - Summary Of Long Term Debt (Detail)
Debt - Summary Of Long Term Debt (Parenthetical) (Detail)
Employee Compensation Plans
Employee Compensation Plans - Additional Information (Detail)
Equity-Method Investments (Tables)
Equity-Method Investments - Additional Information (Details)
Equity-Method Investments - Schedule Of Equity-Method Investments (Details)
Equity-Method Investments - Summary Of Income (Loss) Of Equity-Method Investees (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Table)
Goodwill And Intangible Assets - Additional Information (Details)
Goodwill And Intangible Assets - Schedule Of Finite Lived Intangible Asset Weighted Average Remaining Life (Details)
Goodwill And Intangible Assets - Schedule Of Finite-Lived Intangible Assets (Details)
Goodwill And Intangible Assets - Schedule Of Finite-Lived Intangible Assets, Future Amortization Expense (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Detail)
Income Taxes - Schedule Of Components Of Income Tax Expense (Detail)
Income Taxes - Schedule Of Deferred Tax Assets And Liabilities (Detail)
Income Taxes - Schedule Of Effective Tax Rate Differs From Statutory Federal Tax Rate (Detail)
Inventories, Net (Tables)
Inventories, Net - Summary Of Inventories (Details)
Inventories,Net
Investments
Investments - Additional Information (Details)
Investments - Equity Method
Leases
Leases (Tables)
Leases - Additional Information (Detail)
Leases - Summary Of Lease Expense (Detail)
Leases - Summary Of Maturities Of Operating And Finance Lease Liabilities (Detail)
Leases - Summary Of Operating And Finance Leases (Detail)
Mergers And Acquisitions
Mergers And Acquisitions (Tables)
Mergers And Acquisitions - Additional Information (Detail)
Mergers And Acquisitions - Summary Of The Assets And Liabilities Acquired Based On Their Fair Value (Detail)
Organization And Nature Of Operations
Organization And Nature Of Operations - Additional Information (Details)
Property And Equipment, Net
Property And Equipment, Net (Table)
Property And Equipment, Net - Additional Information (Detail)
Property And Equipment, Net - Components Of Property And Equipment (Detail)
Related Party Transactions
Related Party Transactions (Tables)
Related Party Transactions - Additional Information (Detail)
Related Party Transactions - Summary Of Loan Amounts, Options Purchased, Loan Repayment Amounts (Detail)
Related Party Transactions - Summary Of Loans To Certain Executives Officers To Pay The Amt Associated (Details)
Share-Based Compensation
Share-Based Compensation (Tables)
Share-Based Compensation - Additional Information (Details)
Share-Based Compensation - Schedule Of Disclosure Of Share-Based Compensation Arrangements By Share-Based Payment Award (Details)
Share-Based Compensation - Schedule Of Non Vested Restricted Stock Shares Activity (Details)
Share-Based Compensation - Schedule Of Share Based Compensation Shares Authorized Under Stock Option Plans By Exercise Price Range (Details)
Share-Based Compensation - Summary Of Rsus (Details)
Share-Based Compensation - Summary Of Stock Options Outstanding (Details)
Subsequent Events
Subsequent Events (Additional Information) (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Detail)
Summary Of Significant Accounting Policies - Concentrations Of Risk (Details)
Summary Of Significant Accounting Policies - Property And Equipment (Details)
Summary Of Significant Accounting Policies - Summary Of Revenue Disaggregated By Geography (Details)
Summary Of Significant Accounting Policies - Summary Of Revenues Based Upon Sales Channel (Detail)
Warrants
Warrants (Tables)
Warrants - Additional Information (Detail)
Warrants - Schedule Of Fair Value, Assets And Liabilities Measured On Recurring Basis (Details)
Warrants - Summary Of Change In Fair Value, As Determined By Level 3 Inputs, For All Assets And Liabilities (Details)
Warrants -Schedule Fair Value Measurement Inputs And Valuation Techniques (Details)
Ticker: THRN
CIK: 1844280
Form Type: 10-K Annual Report
Accession Number: 0000950170-22-003967
Submitted to the SEC: Wed Mar 16 2022 5:17:25 PM EST
Accepted by the SEC: Wed Mar 16 2022
Period: Friday, December 31, 2021
Industry: Pharmaceutical Preparations

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