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On January 3, 2023, the U.S. Circuit Court of Appeals upheld the invalidation of U.S. Patent No. 8,383,086, previously challenged by Thorne HealthTech (NASDAQ: THRN). This patent, owned by Dartmouth College and licensed to ChromaDex, covered nicotinamide riboside, granting broad protection regardless of source. Dartmouth withdrew its appeal, confirming the patent's invalid status. Thorne intends to expand its product line featuring nicotinamide riboside hydrogen malate, which is known for its high safety profile and is involved in several clinical trials focused on healthy aging and performance.
Thorne HealthTech (NASDAQ: THRN) announced that its OneDraw Blood Collection Device will be utilized in the Department of Defense's PROMETHEUS initiative, part of President Biden's Cancer Moonshot 2.0 project. This initiative aims to develop preventative and early-detection approaches for cancer in service members, employing multi-omics technologies alongside the OneDraw device. The device, already FDA-approved and recently certified in Japan, allows nearly pain-free blood draws, enhancing health monitoring for U.S. servicemen and women.
Thorne HealthTech (NASDAQ: THRN) announced its participation in the Evercore ISI HEALTHCONx Conference on November 30, 2022, at 1:50 p.m. EST. During the event, the company will engage in a fireside chat and connect with investors. A live webcast of the discussion will be accessible through the investor section of its website. Thorne, a leader in personalized health solutions, collaborates with the Mayo Clinic for wellness research and is trusted by over five million customers and 46,000 health professionals.
Thorne HealthTech (THRN) reported a 21.7% increase in net sales for Q3 2022, reaching $58.4 million, with a 47.2% growth in direct-to-consumer (DTC) sales. Gross profit rose 10.3% to $28.2 million, though gross margin declined by 500 basis points to 48.2%. Net income surged to $3.7 million and adjusted EBITDA increased to $8.3 million. The company revised its full-year guidance, projecting net sales of $235-$242 million and adjusted EPS of $0.36-$0.39, amid strategic efforts to enhance product availability and maintain customer trust.
Thorne HealthTech, Inc. (NASDAQ: THRN) announced a collaboration with GenTegra to develop a next-generation whole blood DNA collection cartridge and extraction kit. This partnership aims to incorporate GenTegra's patented Active Chemical Protection technology with Thorne's OneDraw device to enhance DNA preservation and extraction capabilities. The OneDraw device is already certified in Japan and holds FDA approval as a Class II medical device, showing promising potential in precision medical research and various healthcare fields.
Thorne HealthTech (NASDAQ: THRN) will announce its third quarter 2022 financial results on November 9, 2022, after market close. A conference call to discuss these results is scheduled for November 10, 2022, at 8 a.m. ET. Investors can access the call via phone or online webcast through the company's website. Thorne is recognized for its personalized health solutions and collaborates with Mayo Clinic on wellness research, catering to a broad audience, including over five million customers and more than 46,000 healthcare professionals.
Thorne HealthTech (NASDAQ: THRN) has partnered with Team Liquid, a leading esports organization, to enhance health and wellness for athletes and gamers. This multi-year collaboration aims to provide personalized health solutions, including quizzes and nutritional supplements, focusing on optimizing performance and recovery. Thorne's science-driven products will support both professional esports athletes and casual gamers. The partnership also involves influential Team Liquid members promoting Thorne's offerings, with plans for a co-authored case study on product efficacy in esports.
Thorne HealthTech (NASDAQ: THRN) announced that its OneDraw™ Blood Collection Device has received PMDA certification in Japan as a medical device. This certification is significant, given the PMDA's stringent requirements, and will enhance healthcare accessibility through convenient, contamination-free blood collection. OneDraw is already FDA-approved and has a European Conformity mark. The company sees potential for global expansion and further applications of OneDraw, which aligns with its focus on healthy aging and precision wellness.
Thorne HealthTech (NASDAQ: THRN) reported a 30.7% increase in net sales for Q2 2022, reaching $56.1 million, alongside a gross profit rise of 37.0% to $31.4 million, boosting gross margin to 55.9%. However, the company faced a net loss of $5.6 million and adjusted EBITDA loss of $1.4 million. Full-year guidance was revised downwards, now projecting net sales of $235-$242 million and adjusted EBITDA of $28-$32 million due to international market disruptions. Active subscriptions increased by 54% to 300,031, reflecting growth despite ongoing challenges.
Thorne HealthTech (NASDAQ: THRN) has announced a two-year extension of its collaboration with AstraZeneca to enhance drug discovery through Thorne's AI disease discovery platform. This system integrates biological and chemical data to identify new product development opportunities in nutrition and pharmaceuticals. CEO Paul Jacobson emphasized the partnership's potential to better understand complex disease mechanisms. AstraZeneca's Mike Snowden noted that this data-driven approach could accelerate the delivery of life-saving treatments.