Good morning, and welcome to 23andMe's fiscal 2022 first quarter financial results conference call. As a reminder, this call is being recorded. At this time, all participants are in listen-only mode. After the prepared remarks, there will be a question and answer session. I would like to hand the call over to Wade Walke, Vice President of Investor Relations, to lead off the call. Thank you. Please go ahead. 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 quarter. A replay of today's webcast will also be available on our website for a limited time within 24 hours after the event. 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 of 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 reconciliation 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 Steve Schoch, our Chief Financial Officer. Kenneth Hillan, our Chief Therapeutics Officer, will join us for Q&A. Now I'd like to turn the call over to Anne. Thank you, Wade. During our first fiscal quarter, we continued to make progress developing our genomic health service for customers and advancing our pipeline in the therapeutics business. In the consumer business, we continue to grow our customer base, which is now over 13 million genotyped customers. In this last quarter, we added three new genetic risk reports for our 23andMe+ subscribers, glaucoma, psoriasis, and rosacea. This brings the number of health reports in our products to over 60. We are able to provide new insights to our customers on a regular basis, thanks to the unmatched size of our consented database for genetic research. Developing our genomic health service for our customers remains a high priority for our consumer business. This service is designed to integrate genetic health risk information into care with the goal of preventing or better managing disease. We are happy to announce two important new hires in the area of genomic health. Recently, we hired Noura Abul-Husn and Amy Sturm to strengthen our leadership in genomic medicine. Dr. Abul-Husn is our new Vice President of Genomic Health. She is a physician scientist whose work aims to uncover the clinical impact of human genetic variation in diverse populations and drive the large-scale equitable implementation of genomic medicine. She previously served as Director of Translational Genetics at the Regeneron Genetics Center, and most recently was the Founding Chief of the Division of Genomic Medicine and Clinical Director of the Institute for Genomic Health at the Icahn School of Medicine at Mount Sinai. Amy Sturm is our Director of Population Health Genomics. Amy was most recently a professor at Geisinger Genomic Medicine Institute and Director of the MyCode Genomic Screening and Counseling Program and Cardiovascular Genomic Counseling Program. Amy, who is a past president of the National Society of Genetic Counselors, has over 20 years of experience in leadership, clinical care, research, program development, and implementation in areas that include population genomic screening, cardiovascular genetics and genomics, and digital health technologies. Dr. Abul-Husn and Amy are bringing critical leadership and experience in the delivery of genomic medicine to the broad population. We look forward to you hearing from them in the near future. In our therapeutics efforts, we continue to use our research platform to create a pipeline of more than 50 programs backed by human genetic data, with two now in phase I clinical trials. We also just started the fifth year of our exclusive target discovery collaboration with GSK. Our collaboration with GSK has been very productive, and we believe GSK's decision to exercise their option for a fifth year further demonstrates the value of our unique database for discovering novel targets for drug development. We believe the new therapeutics that come out of our discovery engine will eventually play a significant role in helping people benefit from the human genome. With that, I'll turn the call over to Steve to review our financial results for the quarter. Thanks, Anne. We are off to a solid start to fiscal 2023, with revenue growing by 9% and overall financial performance consistent with our expectations. While our existing lines of revenue continue to progress, as Anne mentioned, the work on developing our genomic health service continues to be a top priority, as is the continued investment in progressing our genetically validated therapeutic pipeline. On the research services side, as of late July, we entered into the fifth year of our exclusive GSK agreement, and we look forward to continuing to work with GSK to turn genetically validated targets into potential new medicines. As a reminder, in January, GSK elected to exercise its right for that fifth-year option under the terms of our collaboration agreement for an additional payment of $50 million. Now let us turn to our first quarter financial performance. Our revenue for the three months ended June 30th, 2022, was $65 million, representing an increase of 9% over the same period the prior year. First quarter revenue growth was primarily due to the addition of telehealth revenue from the recent acquisition of Lemonaid Health and an increase in our subscription revenue. These increases were partially offset by lower revenue in the other areas of consumer and research services. Looking at the composition of our revenue, consumer services revenue represented approximately 87% of total revenue for the three months ended June 30th, 2022, and research services revenue, which was substantially all from the GSK collaboration, accounted for approximately 13% of total revenue. Our gross profit for the three months ended June 30th, 2022, was $25 million, representing a 17% decrease over the same period in the prior year. The year-over-year decline was driven primarily by an increased mix of telehealth revenues, which carries a lower gross margin, as well as increased overall labor costs affecting cost of sales across the consumer and research services segment. Operating expenses for the three months ended June 30th, 2022, were $115 million compared to $72 million for the same period in the prior year. The increase in operating expenses was primarily attributable to labor costs and the addition of sales and marketing expenses from the previously acquired telehealth business. These increases were partially offset by lower R&D expenses due to decreasing spend on the GSK'608 program, following the company's election to adopt the royalty option for the program versus the previous cost-sharing arrangement with GSK on development costs. Looking at the bottom line, net loss for the three months ended June 30th, 2022, was $90 million compared with the net losses for the same period in the prior year of $42 million. The increase in net loss was primarily driven by the higher operating expenses noted earlier. Now, let's look at our Adjusted EBITDA. For details on how we define Adjusted EBITDA as well as the corresponding reconciliations to GAAP, please see our earnings press release. Total Adjusted EBITDA for the three months ended June 30th, 2022, was a deficit of $50 million, compared to a deficit for the same period in the prior year of $27 million. The increase in total Adjusted EBITDA deficit was driven primarily by the increase in operating expenses mentioned previously. Looking specifically at the Adjusted EBITDA for the three months ended June 30th, 2022, for the Consumer and Research Services segment, we saw a deficit of $17 million compared to a deficit for the same period in the prior year of $1 million. The higher current period Adjusted EBITDA deficit in this segment was driven primarily by the increase in operating expenses discussed previously, which reflect the impact from inclusion of our acquired telehealth results. We ended the quarter with $479 million in cash, which gives us an ample horizon to deliver on our longer term business goals. We continue to be disciplined in our execution as we strive for efficiencies across all activities, with a focus on advancing the development of our genomic health services and on advancing our therapeutics programs, both of which represent key future growth opportunities. As I mentioned earlier, our first quarter results were consistent with our expectations and thus, we are confirming our previous full fiscal year 2023 guidance. As a reminder, this included revenue in the range of $260 million-$280 million and a net loss in the range of $350 million-$370 million. The full year adjusted EBITDA deficit is projected to be in the range of $195 million-$215 million. Of note, this guidance includes the full year impact of the consolidation of our acquired telehealth business into the company's overall consumer business, as well as the current and anticipated effects of general inflation on certain of our costs. Now I'll turn the call back over to Anne. Thank you, Steve. I'm very proud of all the progress the team has made to start off our fiscal year. To reiterate a few highlights. First, our database, the largest of its kind in the world, continues to grow, now with over 13 million genotype customers. Second, we are making good progress with our integration of Lemonaid's telehealth business into our consumer business. Third, we are executing on our plans to offer a new genomic health service. Fourth, we have started the fifth and final year of our exclusive target discovery collaboration with GSK. Last, we continue to make progress with our 50-plus therapeutic targets through genetic-based drug discovery. With that, let's now open it up for further questions. Our first question comes from Tiago Fale with Credit Suisse. Your line is open. Oh, great. Thanks for taking the question. So just two for me. I would love to hear more about the new genomic health services. I know you started beta testing a couple of months ago. I don't know if it's too early to talk about any specific learnings or how that may impact the future of the telehealth business, how any impact on unit economics or things like that you can provide at this moment. Just briefly on the therapeutic side, I'm just curious if you can provide any qualitative comment on 23ME-00610 enrollment, how that's progressing, and when we might see some initial data for that asset. Thank you. Thanks, Tiago. Good questions. The genomic health service is obviously a top priority for the consumer team. I think one of the things that we've really identified is that there's lots of players in telehealth and primary care, but we're the only ones really owning a complete genomic health experience. Making sure that we get it right in terms of, you know, how we're gonna price it, what it's going to look like, making sure that, you know, the healthcare providers we have are trained appropriately, putting together the protocols is really sort of like it's the thick of it of how we are currently focused on, you know, what we're building and how we're gonna roll it out. I don't have specifics for you in terms of timelines of exactly when we're promising that you're going to see something, but it is, you know, hiring Amy and Nora was a key part of making sure we have the team that will be able to execute on a genomic health service and thinking very specifically about what is, you know, what is it gonna initially look like, and how do we make sure we have the appropriate kind of rollout. I can just say, like one of the few things that we did say when we acquired Lemonaid that continues to be really important to me is the fact that Lemonaid has a pharmacy. When you think about something that, you know, everyone takes medications at some point, you know, pharmacogenomics has huge potential for every single person. How is it that we can appropriately leverage all of our resources, leverage the 13 million customers, and make sure that we can empower people to get access to, you know, the right medication for them. We will definitely, Amy and Nora are two individuals I'd love for you to meet at some point, and we will definitely keep following up with a timeline on the Genomic Health service as well as on being able to spend more time with them. For question number 2, let me point to Kenneth. Yeah. Thanks, Anne. Thanks, Tiago. Yep, thanks for your interest in 23ME-00610. Obviously something we continue to follow very closely. It's a high priority. As you know, that program just initiated clinical trials for phase I in January earlier this year. It's really still too early to forecast when we would expect to have phase I data. What I can say is we continue to make good progress, continue to open up additional sites for enrollment. Jennifer Low and her team, Jennifer, who leads the development organization at 23andMe, you know, are continuing to make, as I said, good progress, but it's too early to be specific about when we'd anticipate being able to share phase I data. Got it. No. Fair on both questions. Thanks a lot. Our next question comes from Daniel Grosslight with Citi. Your line is open. Hello, this is David Liebowitz on for Daniel. I guess my first question would be if you could comment about the strengths of your recent Prime Day that in July and how that would be recognized in the second quarter. Steve, you wanna take that? Yeah, I can take that. So I guess I'd start with the general messaging we've given is that how we see the year playing out is kind of represented in reaffirming our guidance, and that includes the revenue guidance. It's safe to say that overall things are progressing as we expected them to when we first set out that guidance. We don't really break out results. Of course, timing-wise, the way that Prime Day sort of fell this year versus fell last year, you would not have Last year, you might have snuck a little revenue into the first quarter because Prime Day occurred in June, in sort of early mid-June, but not much. This year it fell in July, so all of that would be forward recognition. It, you know, we would expect it to follow a pattern which has become, you know, reasonably consistent over time about how those get returned. It'll, you know, it's reflected in our expectations for revenue. Okay. Thank you for that. With respect to Lemonaid, could you first comment on the nature of what these consultations actually include? Obviously examination of their genetic risk profile and potential for next steps. Could you elaborate on, to this point with the beta testing, what types of cases you've had that, I guess, could illustrate for us what those next steps patients are actually taking? As far as the cadence for how that beta program might actually ramp up, over time. I think I caught all your questions here. You know, one of the main things that we have a history of, you know, we have a very substantial customer care team, and we have a history of lots of questions that people have. I can point to all kinds. You know, people can get a BRCA variant and not necessarily know who to go to. People can get an APOE4 variant with Alzheimer's, not know, like, are there preventative things they can do? Are there behavior changes they can do? Something like chronic kidney disease, you know, are there APOL1 variant, are there things that you can do? What I'd say the team is really looking at doing is identifying, you know, what is a specific kind of area that we can, you know, hone in on and really have a meaningful, you know, clinical product for our customers. You could imagine something like type 2 diabetes. People find out they're higher risk. What are the next things that they're gonna wanna do? A lot of people, for instance, don't know that there is a blood test, you know, going and testing your hemoglobin A1c and seeing what should you do. You know, are you high? Do you essentially need to be more proactive about how you're managing it? There's some of that kind of basic advice I think that we can start to be able to deliver to people, like understanding what the information means, what are some of the follow-up steps. Some things are gonna be, you know, very specific to the genetic knowledge, like really knowing that, you know, for example in chronic kidney disease, what are the things that you can really do to mitigate any of those risks? What I find is that the having genomic health experts really allows us to have that edge, to be able to work then in tandem, either with specialists or with primary care providers about what is the latest that is out there about how you actually manage, you know, a patient in this case with a higher risk. I don't have specifics. I mean, I think that we can definitely say we have, you know, plans about where we wanna be by end of the year and, you know, we would be enthused for, you know, more customers, you know, for us to be able to update you certainly on next earnings. What was your second question again? On cadence of the beta program and ramping up. Well, on the cadence of it, I mean, I'd say there's a lot of internal structure. Like when you think about, like, what are we doing right now, integrations, especially technical integrations on the back end, are complicated. There's a lot of that infrastructure work coming together, and I think you can imagine us, like I said, by end of the year having, you know, some better insights into what we are planning for the genomic health or the genetic health checkup. Thank you for that. One last question on six ten, what type of data could we actually see in the first update? Anne, you want me to take that? Yeah, yeah. Sorry, Kenneth. Sorry. You take it. Yep, sure. You know, I think the primary purpose of the phase one study is about safety and PK, so clearly you should expect updates on that. Of course, you know, given that the indications are in oncology, there's always the potential to see some evidence of activity, and that can be something that may help you in terms of providing clues about where you would go next. We've shared previously that at the end of the dose escalation phase one, when we've selected our dose, our go-forward dose, we plan to dose 5 additional cohorts of patients with tumor types that we may, you know, we think from a scientific perspective, from a genetic perspective, there would be basis to think that, you know, CD200R1 therapy may be helpful to those patients. I think the first stage is all about safety and PK, getting that dose selected to move forward into those five cohorts. You know, I think from there that would be when I think, you know, we would have a data update that we could provide. Thanks so much for taking our questions. I have some questions here from our retail investors that have come in on the Say Technologies platform. I'm gonna ask those questions at this point in time. The first question that we have is, when is the first joint product with a major pharma expected to launch? I can take that if you want. Yeah, yeah. Definitely. Thank you, Wade, from the retail side. The most advanced program that's come from the GSK collaboration is GSK'608 that we spoke about on the call. This is a program that is currently under study in phase I. You know, at this timing of development, it's really too early to speculate of timing of any potential future launch date and of course, only if the program is successful. The other thing is I would say, you know, GSK, as we've publicly announced, is now solely responsible for the continued development of this program, and they'll be responsible for communicating their plans. I would just refer you to GSK for future updates on GSK'608. Thanks. Thanks, Kenneth. The next question we have is, to what other areas are you expanding your business, and where do you expect to generate growth? I'll take that one. I kind of look at it in two areas. One, the genomic health service gives us opportunities to expand in a number of areas. One, we see real interest in the transition from, you know, genetics being associated with ancestry to genetics being associated with health. With that also then allows us to expand into the telehealth services and providing follow-up and care and guidance, pharmacy services as well as in labs. I think all of that I see as this opportunity. I think the healthcare opportunity we've always seen as the bigger opportunity than ancestry as well as the additional services is a real area for us to continue to grow. On, you know, we talk about the fifth year of GSK, and that does open the door for us to expand Research Services again. Something that we are spending a fair amount of time thinking about is, you know, a post-GSK world and what that is gonna look like with Research Services. Thanks, Anne. The next question, any plans to get into therapeutics as you're sitting on the largest DNA data ever collected? I can take that, Anne, if you like. Yes, great. Yeah. I really couldn't agree with the person who asked the question more. I hope as you heard from Anne today, we've actually made significant progress already in the therapeutics business segment at 23andMe. It's true, we have the world's largest crowdsourced platform from genetic research, and as you saw in our latest updates, the database continues to grow. This database really has been the foundation for the collaboration with GSK, and this has resulted in two product candidates, GSK 608, and also 23andMe 610, now both being in phase I stages of clinical development in immuno-oncology indications. As you've heard behind those programs, we have over 50 programs that have come from the collaboration with GSK. It's an exciting time. It does take time from going from the database to moving a molecule forwards into phase I and beyond, but we continue to be enthusiastic about, you know, what the database can provide and the opportunities for patients. Thanks, Kenneth. I think it's an exciting opportunity. The next question, how can you ensure that 23andMe will keep all of the samples of DNA safe from hackers? Great question, something that since the inception of the company has been a top priority for us. Everything that we do from how we think about, you know, how we collect the sample to how the database is structured, has really been with doing everything we can to, you know, empower the individual with, you know, choice, as well as to make sure that we are protecting those choices once they've made them. How we structure the database, for instance, keeping your genetic information separate from your personally identifying information, and making sure that, you know, all of the various privacy controls in terms of whether you're sharing or whether you're opting in are all within the power of the consumer. It's always a top priority for us, something that we remain incredibly vigilant about. We have a, you know, a Chief Security Officer who spends day and night making sure that we are doing all we can to protect our customers and their choices. Thanks, Anne. The next question we have is, do you have any plans to expand your health service to other countries in the following months? Also another great question. We get that quite a bit, asking about additional countries, and we actually are already selling right now in 66 countries. That does not include health in all of those countries, but in a good number. We're always evaluating options. Each country comes with its own set of regulatory, you know, restrictions, so it's something that we're always evaluating and considering, but right now we're really focused on maximizing those 66 countries. Thanks, Anne. The next one is, do you have any plans to start offering full genome analysis? That is also a great question that we get quite a bit. People are you know when we've talked to customers and when you look at what you get from a whole genome versus what you get from 23andMe, for the majority of the population, 98% of individuals are not gonna learn anything additional from a whole genome, but it's substantially more expensive. We can definitely, and we do recommend it for individuals who have you know a family health history or have a specific risk, and they're looking for it that we are not you know the ideal provider for them and that there's other services. As a screen, we are you know we believe that the genotyping array that we have is phenomenal. We do definitely think about in the future, are there opportunities for us to offer panels or whole genome for individuals where it makes sense. Definitely something that we're always considering and staying on our radar. Thanks, Anne. The next question is a financial one. Do you have enough cash on hand to become profitable? Yeah, I can. Steve, I'll turn that to you. Yes. Thank you. Always a good question. Yeah, you know, I mostly would point you to two things that we disclosed. We disclosed at the end of the first quarter that we had $479 million in cash. We also then reaffirmed our guidance on our Adjusted EBITDA, which is our proxy for operating cash flow. When you look at that, you know, those two figures, you know, the range on Adjusted EBITDA is $195 million-$215 million. You know, if you kinda take the average of that and look at that cash balance, you can get a sense of kind of what the runway is. It's a reasonably good period of time and will give us the ability to execute a lot of the things that Anne has talked about on the consumer side and that Kenneth is working on with our portfolio of therapeutics. Thanks, Steve. The next question is, will the U.S. recession cause any financial troubles for 23andMe in the coming year? Steve, you again. Yeah. I mean, the main thing is that the personal genetic service, in particular, among all of our businesses, it is a consumer discretionary. You could imagine that in a severe recession, you know, maybe some consumers at the margin choosing not to buy. When we look at our other businesses, they're kind of, you know, a little bit more independent of kind of a general recession. We don't really have an experience at this kind of volume in the past few years when we've been at greater than one million units a year. We just don't have any experience with a deep recession, so we can't say for sure, but I would say that's probably how to think about it. Thanks, Steve. Our last question is: Are there any significant leadership changes planned in the coming quarters? Well, I think, you know, the two people that we announced today are some of the most important changes that I've been, you know, recruiting for and anticipating. Having that kind of leadership is pivotal for us for the next phase of this company. There's nothing, you know, we have not announced any other sort of, you know, strategic changes, but it's something that we are, you know, we are always evaluating talent that we need, and I am thrilled to have Noura Abul-Husn and Amy Sturm be joining us. Thanks, Anne, and thanks everyone for joining us today. I think that wraps up our Q&A portion of the call. This concludes the program. You may now disconnect. Everyone, have a great day.