Thank you for standing by. My name is Dina, and I will be your conference operator for today. At this time, I would like to welcome everyone to the Thorne HealthTech Inc. second quarter 2023 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Thank you. Now, I would like to turn the call over to Thomas Wilson, VP of Investor Relations. Good afternoon, everyone. Thank you for joining Thorne HealthTech's second quarter 2023 earnings call. With me today are Paul Jacobson, our CEO, Saloni Varma, our CFO, and Tom McKenna, our COO. Before we begin, please note that today's discussion contains forward-looking statements that are subject to risks and uncertainties. Actual results may differ materially from those indicated by our forward-looking statements. More information about potential risk factors can be found in our 2022 annual report on Form 10-K and first quarter 2023 Form 10-Q, as well as our upcoming Form 10-Q, which we anticipate filing in the next couple of days, as well as other SEC filings. Today, in addition to US GAAP reporting, we will be discussing financial measures that do not conform to GAAP. We believe these non-GAAP measures enhance the understanding of our performance because they are more representative of how we internally measure the business. Non-GAAP financial measures should not be considered in isolation from or as a substitute for GAAP measures. A reconciliation of GAAP to non-GAAP results is available in the earnings press release we issued after market close and in a supplemental investor presentation posted to our IR website. With that, I'll turn the call over to Paul. Good afternoon. Thanks everyone for joining the call. Today, I'll briefly touch on our second quarter financial results and operating performance. I'll discuss our key accomplishments during the quarter. I'll provide updates for a few select products, and then I will turn to our updated 2023 guidance. Finally, Saloni will provide a detailed review of our second quarter 2023 financials, and we'll open up the call for questions after that. After posting a very strong first quarter, I'm pleased to report that our business momentum continued into the second quarter. We reported record sales of $72.7 million in Q2 on solid growth across all our sales channels, which represents year-over-year growth of 33.1%. Our direct-to-consumer business generated sales of $36.8 million, an increase of 39.3% over the second quarter of 2022. Our professional and business-to-business revenues came in at $35.9 million and grew 27.3% year-over-year. On balance, our total portfolio continues to grow across our diversified customer base, which underscores the strength of our science-backed product offerings and trust in our high-quality brand. The strong top-line performance was driven mainly by our direct-to-consumer or D2C business, which continues to perform well and exceed our internal expectations. Over the last several quarters, the strength of Thorne's D2C portfolio has enabled us to increasingly shift into a more predictable sales model. We continue to acquire new customers efficiently with an LTV to CAC ratio of 4.0, and our Net Promoter Score of 68 remains well above industry norms. Through the success, we've experienced strong growth in subscription volumes. Thorne.com subscriptions are up approximately 60% on a year-over-year basis from strength in both daily foundation products, as well as more unique and targeted products for sports performance and metabolic health. We also continue to see healthy retention rates, which is not surprising, as the more often a customer uses our wellness products, the more likely they are to remain with us. I'm also pleased to note that we are starting to see growth in our Asia-Pac business. While Asia-Pac remains a nascent part of our overall sales mix, there is no question that this region is poised to become an increasingly important component of our growth, and we'll be making appropriate investments where necessary to capitalize on this long-term opportunity. These dynamics underlie our strong top-line performance as we generate a sustainable and more predictable income stream from a growing, loyal customer base around the globe. In addition to strong sales growth, we also saw a nice improvement in our margins. Second quarter gross margin of 55.9% represents a more than 100 basis point improvement over Q2 of last year. That expansion was driven by one-time benefits of lower overhead and some better channel mix favoring our direct-to-consumer business, leading to favorable impacts from pricing. We have made it a strategic priority at Thorne to invest in technology and manufacturing that should enable us to realize improved gross margins over time. We've explained 2023 is a big investment year. As mentioned on prior calls, we expect our new manufacturing facility to be partially operational in the fourth quarter of this year and fully operational sometime during the first quarter of next year. Following completion of the build, we think this new facility will enable us to improve gross margins by another 500-600 basis points over the next several years, which would have a significantly positive impact to our overall profitability, resulting in a longer-term gross margin target of approximately 60% for the overall business. Turning to operating profit for the second quarter, we reported Adjusted EBITDA of $12.5 million, a significant increase over the prior year period loss of $1.3 million, which was driven mainly by improved gross margin, efficient marketing spend, and operating leverage. adjusted diluted EPS for Q2 was $0.15 versus a loss of $0.05 per share in the second quarter of last year. Now I'd like to highlight some of our second quarter accomplishments. In June, we announced that our NanoDrop device received the CE Mark certification after successfully fulfilling the European Union's relevant performance, safety, and product requirements. NanoDrop, which is already integrated into Thorne's OneDraw blood collection system, is a virtually painless blood collection device that we believe has the potential to significantly decentralize clinical trials and at-home diagnostic testing. NanoDrop is a clinical-grade device that uses Thorne's novel dual nano lancet technology to obtain capillary whole blood samples. We believe NanoDrop's CE Mark certification will open up new testing applications for Thorne by allowing individuals to use the device in their home. Also in June, our 510(k) application for NanoDrop was successfully accepted by the FDA. Soon thereafter, with no comments, we received notice from the agency that it was recommended for substantive review. Our interactions so far have been encouraging, and we expect to have a completed review by August 11th. Although even if clearance is granted, we will not be allowed to publicly announce anything until it goes live on the FDA website. This news, together with the clearance of OneDraw in Japan earlier this year, brings us one step closer to being able to achieve broad application across end markets around the globe. As a reminder, OneDraw is an FDA-cleared, small, lightweight, single-use device that attaches to the upper arm with hydrogel adhesive and vacuum. By pressing two buttons on the device, a virtually painless capillary blood sample is collected on a cartridge within OneDraw's blood collection device, which uses advanced technology to preserve the sample without requiring cold chain processing and storage. The stable, dry blood sample within the cartridge is then mailed to an independent third party, CLIA and CAP-certified lab, for analysis, and the results, insights, and recommendations can be viewed on our health intelligence platform by the individual and their healthcare practitioner. OneDraw enables better health for individual consumers and patients by removing the obstacles that prevent people from taking better control of their health, ultimately offering an improved experience. We are obviously very excited about OneDraw technology and believe this highly innovative product has the opportunity to bring significant upside to our future sales growth. We are not alone in this assessment of OneDraw's technology. In May, we announced that OneDraw won the prestigious 2023 MedTech Breakthrough Award for Best Overall Medical Device. With competition from nearly 4,000 other product nominations globally, we couldn't be more pleased to be recognized among such a large number of cutting-edge technologies and new innovations. Also in May, we announced a research and development partnership agreement with Arome Science, a leader in metabolomics, to develop a next-generation metabolomics wellness test. We have seen nice sales growth in metabolism-related offerings and believe that metabolomics is fast becoming one of the most valuable measurements to assess the overall health status of an individual on a real-time basis. Initially, we plan on conducting a series of validation studies and will collect additional data using our OneDraw device. If successful, this research will be used to support the development of metabolomics commercial test that can be offered across our entire customer base. In early April, we announced significant positive findings from a randomized double-blind trial that studied the effects of the dietary supplement SynaQuell on brain function and structure in Junior A ice hockey players. SynaQuell is a nutrient blend that has been co-developed with neurologists at the Mayo Clinic for supporting brain health structure and function, especially for athletes and other individuals engaged in high-contact activities. The study results provided clear clinical evidence that our patented multi-ingredient nutritional supplement, SynaQuell, can support healthy brain structure and cognitive function. Developing products that support brain health remains a core focus at Thorne, and we continue to work collaboratively with the Mayo Clinic and HealthTech Connex to further advance SynaQuell's development. We expect to devote significant marketing efforts to this product beginning in 2024. On July 25th, we kicked off our Build to Last marketing campaign, which is our first-ever global campaign and features three-time NBA champion, philanthropist, and entrepreneur, Dwyane Wade, along with his son and professional basketball player, Zaire Wade. The three-month campaign showcases an inspirational, no-shortcuts approach to lifelong wellness, supported by Thorne's highly tested premium products that are capable of enriching lives at every age and life stage. With our efficient marketing engine, we expect the campaign and our partnership with the Wade family to scale up our brand and product awareness in major markets across the globe. Turning to our outlook, we expect continued momentum across our business as we enter the second half of the year. This momentum is driven by the launch of additional innovative products, an expansion to our sales force that is producing more business wins, a growing international presence, and increasing brand awareness of Thorne. Based on the strength of our first half results, we are raising the low ends of our full year 2023 guidance ranges for both net sales and gross margin. With these increases to the guidance midpoints, our updated full-year guidance range for net sales is $285 million-$290 million, and our updated full-year guidance range for gross margin is between 50%-52%. We are also increasing the midpoint of our guidance for marketing costs, raising the prior range of between 13%-15% of net sales to a range of between 14%-15% of net sales. The increase is consistent with our prior commentary, which indicated that marketing costs may approach the high end of the range due to increased investment this year, including from anticipated spend for the Build to Last marketing campaign. Rounding out our guidance with increased marketing spend, natural growth in selling and distribution costs to meet demand, as well as hiring into our plant expansion, we are maintaining our guidance for full-year Adjusted EBITDA of between $30 million and $32 million. However, we are raising our full-year adjusted diluted EPS of $0.26-$0.32 per share from an update to our estimated and annual tax rate in Q2, which Saloni will cover in more detail. We remain confident that based on our continued strength in our business, we can achieve this updated guidance. With that, I'll turn the call over to Saloni for her prepared remarks on our financial results and capital deployment priorities for the rest of the year. Thank you, Paul. Good afternoon, everyone. Today, I'll walk you through our results for the second quarter, provide details on our planned expansion and related financing activities, and share some additional commentary on our expectations for the remainder of the year. Our second quarter results exceeded our internal expectations. On the top line, Q2 net sales of $72.7 million represent our highest quarterly sales on record, resulting in growth of 33.1% year-over-year. We continue to see strength in our B2C business, which represented over 50% of net sales for the second consecutive quarter. B2C growth was primarily driven by favorable pricing increases, product rationalization, and our ever-expanding customer base. With the strength of our generally higher-end consumer continuing to hold thus far, it's clear that while there has been pullback in spending on discretionary items at the macro level, spending on products that people depend on for their health and wellness goals has stayed more insulated. Our strong sales performance continues to be underpinned by healthy growth in unique new customers, which increased approximately 86% over Q2 of last year, with the number of active subscriptions up over 60%. Those increases helped to drive 39.3% sales growth in our B2C channel, which was also up 8.8% on a sequential quarter basis. Professional and B2B channel sales were up 27.3% year-over-year. Our ability to use digital marketing and build out on the direct sales force of a traditionally small base has helped deliver growth across the customer groups captured in the professional and B2B channel. More importantly, our acquisition of new customers continues to be extremely efficient, with a healthy LTV to CAC ratio of four for the second quarter. Our Net Promoter Score of 68 went back up closer to historical norms, mainly from having worked through backorder positions for certain products. Once our new world-class production facility is fully operational in Q1 2024, the capacity constraints we experience from time to time are not expected to be an ongoing hurdle. Our second quarter gross margin of 55.9% increased by more than 100 basis points year-over-year. As Paul mentioned, that was largely a function of one-time benefits from lower overheads, favorable channel mix, as our high growth margin channels continued to deliver significant growth along with the impact of our price increases taken earlier this year. Some of these benefits were offset with higher raw material costs as we sell through the last of our higher-priced raw materials from 2022. Looking ahead, in H2, we expect some margin compression from incremental labor and overhead as we work through capacity constraints that will require temporary use of co-manufacturing to help keep pace with demand while we complete the expansion over the next few quarters. Turning to operating expenses, R&D costs decreased 13.6% to $1.5 million, representing 2.1% of net sales. That decrease was driven by incurring higher costs in the second quarter of 2022, associated with OneDraw ahead of our FDA submission, as well as finalizing the relaunch of our Gut Health Test with its first-in-market wide technology. While we did not have the same magnitude of R&D activities in Q2 2023, our core R&D engine remains efficient and flexible, as demonstrated by our continued high volume of ongoing clinical studies and product launches born out of AI-driven insights from our expanding pool of clinical data. Our marketing spend for the second quarter was $10 million, down 36.6% and representing 13.8% of Q2 net sales. We have optimized our marketing spend as we continuously evaluate the benefits of our spend on our various businesses. As stated on prior calls, while we intend to deploy marketing dollars more evenly than in the past, we will continue to hold large marketing campaigns to visibility, like our Cardician launch, digital campaign during weigh, weigh and diet weight. Our goal of the campaign is to inspire customers to supported by Thorne for a lifetime by a high quality of offerings born from and then bring innovation. With this campaign, we are deploying marketing spend in a different way, with emphasis focus at the product and health area levels. In addition, we know more visibility from brand. We will also utilize different strategies, which high impact influencers will best fit our attention, higher engagement with customers, elevate the brand, and drive customer acquisition and scale. Second quarter SG&A expense of $22.5 million actually 21.4% year-over-year, represented 39% of sales, a decrease of three data points year-over-year. Most of the $40 million increase over two to last year was from higher selling costs, including our growing sales force, increased investment in distribution and services, and our commission expense. On balance, our main cost on their own continuity of the investment and the main benefit of economic scale where and when possible. Turning to the balance sheet, specifically our structural liquidity, we ended the quarter with unrestricted cash at $18.1 million. We had another $18.2 million of restricted cash that is tied to our product plant expansion. As a result of our total cash position of $32.3 million as of June 30th, slightly above our total outstanding borrowings of $27.9 million, inclusive of finance obligations. The plant expansion creates a little more norm for our total liquidity this year before it anticipated steadily dropping next year. As of 30, we had more than $30.1 million available to us on our revolver with a potential to expand by additional $10 million. As a reminder, we broke ground on the expansion of our manufacturing facility in South Carolina in quarter of 2022, after final traffic flow following the relocation of our operation to South Carolina in 2018. We expect construction to be largely complete by the end of this year, and that the expanded area of the facility will be fully operational by June of 2024. Upon completion, our facility will be run and stocked by globally among our customers in terms of manufacturing space and sales activity. By doubling the size of our sales force of $7 million, we will be able to economic scale at far superior levels while expanding our production facilities and land space in support of our early operation and product development. In addition to the manufacturing plant expansion, to be completed with the expansion of our warehouse housing facilities too, which is now fully operational. That expansion is key to our current operations in South Carolina and will drive long-term intellectual efficiency in our product completion, warehousing, and fulfillment. The total cost of our facility expansion is expected to be approximately $16 million. We continue to make progress on our manufacturing facility by driving purchase machinery for double product retention, expanding the delivery by an additional 72,000 sq ft. We are funding all our capital needs with mixed internal cash from operations, increased financing, the ongoing, and potentially being allowed by the expanded lot. Of the total capital of $15 million, $14 million has been incurred as of June 2023. We anticipate funding of $19 million, with $15 million of strict cash value sheet and $8 million in total allowance. With no other significant capital in the pipeline, upon completing construction, the extra work will negatively cash flow that has been included in the project. With the cost we have been today and our new capital spend, our full year capital guidance of approximately $58 million is supplemental to our updated 2023 guidance that calls for net sales between $285 million-$290 million, up from the prior guidance range of $280 million-$290 million. Gross margins of between 50%-52%, up from the prior guidance range of 49%-52%. Adjusted EBITDA of $30 million-$32 million, which remains unchanged, and adjusted EPS of $0.26-$0.32, a slight increase to the low and high ends of the range solely from updating our tax rate to ring Q2. In addition to the above updated guidance, we are also updating our guidance for marketing spend to a range between 14%-15% of net sales, up from our prior range of 13%-15% of net sales. We are reaffirming other prior guidance measures for 2023, including depreciation and amortization of approximately 2.5% of sales, gradually increasing as new assets come online over the course of the year. Interest expense of approximately 1% of sales and diluted weighted average shares outstanding of 54 million. As mentioned, during the second quarter, we updated our estimated full year tax rate based on applicable jurisdictional rates, which reduced our full year expected tax rate from 26% to 22.9%, which results in a mathematical lift to EPS from application that lower rate. In summary, we expect our pace of innovation and investment in our product portfolio will continue to drive growth and lasting value across our end markets. We are pleased with our Q2 results across the board, which were in line with our internal expectations. We are still expecting a sales ramp in second half of the year. We also still expect that our margins and free cash flow will be compressed relative to historical norms during our plant expansion, before gradually increasing once expansion is complete. I look forward to updating you on our progress. With that, I'll open the lines for your questions. Operator? At this time, I would like to remind everyone that in order to ask a question, press star, then the one on your telephone keypad. We will pause for just a moment to compile the Q&A roster. All right, your first question comes from Susan Anderson, Canaccord Genuity. Susan, please go ahead. Hi, good evening. Nice job on the quarter. I was wondering if you could talk about the, I think it was 400 or 500 basis points of margin, gross margin expansion longer term, which would get you to that high 50% range. I guess, I don't know if you could bucket maybe just kind of the drivers to get you there? Hi. Susan. Good afternoon. This is Saloni Varma. Happy to walk through that. A lot of it is coming from efficiency gains. As we anticipate growing, we are going to double our production capacity. We will go up to $750 million in revenue. What has happened is this year, because of some capacity constraints, we have had to do co-manufacturing, and going forward, we expect the benefit of that. That, that will help us significantly, and it will be an immediate benefit in the next two years. Beyond that, it would be labor and overheads. Our lease accounting, the new standards that are in place, make us amortize rent evenly over the course of next the time period of the lease. However, as we ramp up capacity, the absorption in that works differently, and our cost of production will come down significantly. From a capacity perspective, our labor cost, while we will be looking to ramp it up slowly, however, full utilization by year four will lead to much better overhead absorption. There is some level of product mix in this, but majority of this would come through efficiencies in volume, scale, and some level of product mix benefits. Okay, great. Susan, you're referring to the margin in this quarter, right? Not the long or the long term? Oh, no, longer term. Yeah, I know. Okay, fine. Yeah, correct. Okay. Yeah. Good. Yeah, that, that was really helpful. If I could just add one more. I think the growth in subscriptions, it looks like it did accelerate a bit, about 60% now. Maybe you could just talk about what you think the drivers were in that acceleration? Yeah, I think again, it's just the... Go ahead, you want to go? All right. Go. No, I think, Susan, what, what we have done this year is we have consistently invested in the brand and the, and communicating the benefits behind the science and the quality of our products. Last year in H2, we were not looking to spend as much, and this year we, you know, as one of the big reasons is we have increased our marketing forecast for this year. Originally, it was around 13%-15%. Now we're looking at 14%-15% because we do want to invest in consumer education. One of the biggest drivers is the consistent, consistent investment across all channels. It's not just in, on Thorne.com, but even on Amazon. Targeting digital marketing for our HCP professionals has definitely helped, communicate the message across all channels. Great. That's really great. Thanks so much, you guys. Good luck the rest of the year. Thank you. Reminder, to ask a question, press star, then the number one on your telephone keypad. Your next question comes from Elizabeth Anderson, Evercore. Elizabeth, please go ahead. Hi, this is Patrick on for Elizabeth. Congrats on the quarter, guys. Are there any changes or new macro developments we should be considering for the remainder of the year besides those mentioned? Whether it be Russia, Ukraine, those impacts extending or anything else high level? Thanks. No, I don't think so. You know, everything is, for us right now, is more on a micro basis. It's, it's, we're focused on a lot of new product launches, both device and, and product that will be coming out later on this year. We're not particularly concerned about the macro stuff right now. We've already taken the hit. I don't see the Russia-Ukraine situation turning around positively. Got it. Thank you. Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.