Q1 2023 23andMe Holding Co. Earnings Call

August 8, 2022

Good morning and welcome to 23andMe fiscal 2020.

management 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 Board 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 discussion of numerous factors that may impact our future performance.

We also discussed certain non-GAT measures, important information on our use of these measures, and reconciliation to USGAT, and maybe found they're not hurting to release.

Joining us on our call today are Anne Wojcicki, our Chief Executive Officer and co-founder, and Steve Shook, our Chief Financial Officer. Kenneth Hillen, our Chief Diabetics Officer, will join us for Q&A.

And 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 genotypes customers.

In this last quarter, we added three new genetic risk reports for our 23 and E plus subscribers. Glaucoma, Saraiasis, and Rosasia. This brings the number of health reports in our product 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 where 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. The service is designed to integrate genetic health risk information into care

We're happy to announce two important new hires in the area of genomic health. In the area of genomic health.

Recently we hired Nora Abouh Pussin and Amy Sturm to strengthen our leadership in genomic medicine.

Dr. Abu Al-Hussain is our new Vice President of Genomic Health.

She is a physician scientist who's 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 Genetic 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 Icon 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 was 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 genomics screening, cardiovascular genetics, and genomics, and digital health technologies.

Dr. Aboul, Hussain, and Amy are bringing critical leadership and experience in the delivery of genomic medicine to the broad population. Dr. Aboul, Hussain, and Amy are bringing critical leadership to the broad population. Dr. Aboul, Hussain, and Amy are bringing critical leadership

We look forward to you hearing from them in the near future.

With therapeutic 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 1 clinical child.

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.

And with that, I'll turn the call over to Steve to review our financial results for the quarter.

Thanks, Pam.

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 therapeutics 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 into 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 Lemonade 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.4

Looking at the composition of our revenue,

Consumer services revenue represented approximately 87% of total revenue for the three months into 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 into June 30, 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 mixed percentage 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 into June 30th, 2022 was $90 million compared to 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.

Oil adjusted EBITDA for the three months into June 30, 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 EVA. deficit was driven primarily by the increase in operating expenses mentioned previously.

Looking specifically at the adjusted EBITDA for the three months into June 30, 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 EVA.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 to $280 million.

and a net loss in the range of $350 million to $370 million.

The full year adjusted EBITDA deficit is projected to be in the range of $195 million to $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.

And 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 Lemonade's telehealth business into our consumer business.

Third, we are executing on our plans to offer a new genomic health service.

we have started the fifth and final year of our exclusive Target Discovery collaboration with GSK.

And 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 Foth with Credit Suisse. Your line is open.

All right, 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 does it impact on unit economics or things like that that you can provide at this moment. And just briefly on the therapeutic side, I'm just curious if you can provide any qualitative comment on 610 enrollment, how that's progressing, when we might see some initial data for that asset. Thank you.

Thanks, Tiago. Good question. So, the Genomic Health Service is obviously, it's a top priority for the consumer team. And 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 and making sure that we get it right in terms of how we're going to price it, what it's going to look like, making sure that the healthcare

the team that we'll be able to execute on a genomic health service and thinking very specifically about what is, you know, what are those first, what is it going to initially look like and how do we make sure we have the appropriate kind of rollout. I can just say like one of the things that we did say when we acquired Lemonade.

that continues to be really important to me is the fact that Lemonade has a pharmacy.

And when you think about something that, you know, everyone takes medications at some point, you know, pharmacogenomics has huge potential for every single person. So 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.

So 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 like timeline on the Genomic Health Service as well as on being able to spend more time with them.

So for question number two, let me point to Kenneth.

Yeah, thanks, Anne. Thanks, Diego. Thanks for your interest in 23-ME610. Obviously, something we continue to follow very closely. It's a high priority. As you know, that program just initiated clinical trials for Phase 1 in January earlier this year. So, it's really still too early to forecast when we would expect to have Phase 1 data. What I can say is we continue to make good progress.

continue to open up additional sites for enrollment. And so Jennifer Lowe and her team, Jennifer, who leads the development organization at 23andMe, 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 our phase one 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 Dan.

I guess my first question would be if you could comment about the strengths of your recent prime day in July and how that would be recognized in the second quarter.

Steve, you want to 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 as kind of represented in reaffirming our guidance. And that includes, you know, the revenue guidance. So, you know, it's safe to say that overall we're, things are progressing as we expected them to when we first set out that guidance. And so, you know, we don't really break out results. And of course, timing wise, the way that Prime Day, you know, sort of fell this year versus fell last year.

you know, you would not have, last year you might've 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. And if, you know, we would expect it to follow a pattern which has become reasonably consistent over time about how those get returned, but it's reflected in our expectations for revenue.

Thank you for that. With respect to Lemonade, 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?

And then also, 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 we 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 asked And 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 or their behavior changes they can do Something like chronic kidney disease, you know, are there apoL1 variant?

are the things that you can do. And so what I'd say the team is really looking at doing is identifying what is a specific kind of area that we can hone in on and really have a meaningful clinical product for our customers. And you can imagine something like type 2 diabetes, people find out their higher risk, what are the next things that they're gonna wanna do? And a lot of people, for instance, don't know.

that there's 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. So 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, and some things are going to be...

you know, very specific to the genetic knowledge, like really knowing that, you know, for examples in chronic kidney disease, what are the things that you can really do to mitigate any of those risks?

And what I find is that 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 a patient in this case with a higher risk.

So I don't have specifics. I mean, I think that we can definitely say we have plans about where we wanna be by end of the year and we would be enthused for more customers, 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. When you think about what are we doing right now, integrations, especially technical integrations on the back end are complicated. So 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 some better insights into what we are planning for the Genomic Health, the Genomic Health Checkup.

Thank you for that. One last question. On 6-10, what type of data could we actually see in the first update? What type of data could we actually see in the first update?

And do you want me to take that? Yeah, yeah, sorry Kenneth. Sorry, you take it. Yep, sure. You know, I think the primary purpose of a Phase 1 study is about safety and decay, 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 pointing clues about where you would go next.

We've shared previously that at the end of the dose escalation, phase 1, when we've selected our dose, our go-forward dose, we plan to dose five additional cohorts of patients with tumor types that we think from a scientific perspective, and from a genetic perspective, there would be basis to think that CD200R1 therapy may help those patients. So I think the first stage is all about safety and PKA, getting that dose selected to move forward into those five.

And so I'm going to ask those questions at this point in time. The first question that we have is, when is the first joint product with a major firm expected to launch?

And I can take that if you want. Definitely.

Yeah, so thank you, Wade, from the retail side. The most advanced program that's come from the GSK collaboration is GSK608 that we spoke about on the call. This is a program that is currently under study in phase one. You know, this timing of development is 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 so they'll be responsible for communicating their plans. And so I just refer you to GSK for future updates on GSK608.

Thanks.

Thanks, Guy.

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. We, I kind of look at it in two areas. One, the Genomic Health Service gives us opportunities to expand in a number of areas. So one, we see

real interest in the transition from, you know, genetics being associated with ancestry to genetics being associated with health. And with that, 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.

And so I think all of that I see as opportunity. I think the healthcare opportunity we've always seen as a bigger opportunity than ancestry, as well as the additional services is a real area for us to continue to grow.

on, you know, we talked about the fifth year of GSK and that does open the door for us to expand research services again to something that we are spending a fair amount of time thinking about is, you know, a post GSK world and what that is going to look like with research services.

The next question, any plans to get into therapeutics as you're sitting on the largest DNA data ever collected?

I can take that out if you like.

Yes, great. Yeah, so I really couldn't agree with the person who asked the question more. And I hope as you heard from Ann 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, GSK608 and also 23 and B610 now both being in Phase 1 stages of clinical development in immuno-oncology indications.

And then, as you've heard, behind those programs, we have over 50 programs that have come from the collaboration with GSK. So it's an exciting time. It does take time from going from the database to moving a molecule forward into Phase I and beyond, but we continue to be enthusiastic about 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, and 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. So how we structure the database, for instance, keeping your your genetic information separate from your...

and their choices.

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 those countries but in a good number. We're always evaluating options. Each country comes with its own set of regulatory restrictions so it's something that we're always evaluating and considering but right now we're really focused on maximizing those 66 countries. Thank you.

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, 90, you know, 98% of individuals are not going to learn anything additional from a whole genome, but it's substantially more expensive. So we can definitely, and we do recommend it for individuals who are not, who have, you know, a family health history or have a specific risk.

and they're looking for it that we are not the, you know, the ideal provider for them and that there's other services. But as a screen, we are, you know, we believe that the genotyping array that we have is phenomenal. So 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?

Steve, I'll turn that to you. Yes, thank you. Always a good question. So, yeah, mostly I would point you to two things that we disclosed. So we disposed at the end of the first quarter that we had $479 million in cash.

And we also then reaffirmed our guidance on adjusted EBITDA, which is our proxy for operating cash flow. And so when you look at that, those two figures, the range on adjusted EBITDA is 195 to 215. If you kind of take the average of that and look at that cash balance, you can get a sense of kind of what the runway is, and it's a reasonably good period of time and will give us....

is that the personal genetics service in particular among all of our businesses, it is a consumer discretionary. So you could imagine that in a severe recession, maybe some consumers at the increment choosing not to buy. When we look at our other businesses, they're a little bit more independent of kind of a general recession. So we don't really have an experience.

at this kind of volume in the past few years when we've been at greater than a 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. And our last question is, are there any significant leadership changes planned in the coming quarters?

Well, I think some, you know, the two people that we announced today are some of the most important changes that I have been.

that I've been recruiting for and anticipating. And having that kind of leadership is pivotal for us for the next phase of this company.

So 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 Nora and Amy 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.

shortly. To raise your hand during Q&A, you can dial star 1-1.

I have.

But.

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 Walk, Vice President of Investor Relations, to lead off the call. Thank you. A warm welcome.

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. Thank you.

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 also discussed certain non-GAAP measures. Important information on our use of these measures and reconciliation to US 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 Shook, our Chief Financial Officer. Kenneth Hillen, our Chief Therapeutics Officer, will join us for Q&A.

And now I'd like to turn the call over to Ann.

Thank you, Wade.

During our first fiscal quarter, we continue 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 genotype customers.

In this last quarter, we added three new genetic risk reports for our 23andMe plus subscribers. Glaucoma, psoriasis, and rosacea. This brings the number of health reports in our product 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 Nora Abul-Hussain and Amy Sturm to strengthen our leadership in genomic medicine. Dr. Abul-Hussain 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

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. This Championshipsov-B leadership group is awesome forrough Slav Alv Amir and Wey Fishing upbeative toolsi. I would also love for Jason

Dr. Abul Hasan 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 1 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 options for a fifth year is a priority.

EIR further demonstrates the value of our unique database for discovering novel targets for drug development. EIR further demonstrates the value of our unique database for discovering novel targets

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.

And with that, I'll turn the call over to Steve to review our financial results for the quarter.

Thanks, Pam.

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 therapeutics pipeline.

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 into 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 Lemonade 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. There are differences from these increases.

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 into June 30, 2022 was $25 million, representing a 17% decrease over the same period in the prior year.

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.

Looking at the bottom line, net loss for the three months ended June 30, 2022 was $90 million compared to 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 into June 30, 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 EVA. deficit was driven primarily by the increase in operating expenses mentioned previously.

We ended the quarter with $479 million in cash.

which gives us an ample horizon to deliver on our longer term business goals.

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 to $280 million.

and a net loss in the range of $350 million to $370 million.

The full year adjusted EBITDA deficit is projected to be in the range of $195 million to $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.

And 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 Lemonade'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.

And 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 Thiago Foth with credit tweets. Your line is open.

Thanks, Tiago. Good question. So, the Genomic Health Service is obviously a top priority for the consumer team. And 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. And making sure that we get it right in terms of how we're going to price it, what it's going to look like, making sure that...

making sure we have the team that we'll be able to execute on a genomic health service and thinking very specifically about what is, you know, what are those first, what is it, what is it going to initially look like and how do we make sure we have the appropriate kind of rollout. I can just say like one of the things that we did say when we acquired Lemonade.

that continues to be really important to me is the fact that Lemonade has a pharmacy.

And when you think about something that, you know, everyone takes medications at some point, you know, pharmacogenomics has huge potential for every single person. So 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? So we will definitely, Amy and Noor are two individuals I'd love for you to meet at some point, and we will definitely keep following up with like timeline.

So it's really still too early to forecast when we would expect to have phase one data. What I can say is we continue to make good progress, continue to open up additional sites for enrollment. And so Jennifer Lowe and her team, Jennifer who leads the development organization at 23andMe, 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 one data.

Got it. No, fair on both questions. Thanks a lot.

Our next question comes from Daniel Grosslight with Citi. Your line is open. Your line is open.

I guess my first question would be if you could comment about the strengths of your recent prime day in July and how that would be recognized in the second quarter. I'm not sure how that would be recognized in the second quarter.

Steve, you want to 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 as kind of represented in reaffirming our guidance. And that includes the revenue guidance. So it's safe to say that overall things are progressing as we expected them to when we first set out that guidance. And so we don't really break out results. And 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. And we would expect it to follow a pattern which has become reasonably consistent over time about how those get returned. But it's reflected in our expectations for revenue.

Thank you for that. With respect to lemonade, 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?

And then also, 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 asked. And 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 APOE1 variant? Are there things that you can do?

And so 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. And you can imagine something like type 2 diabetes, people find out they're higher risk, what are the next things that they're going to want to do? And a lot of people, for instance, don't know that there's a blood test, you know, going and testing your hemoglobin A1c and saying, what should you do?

you know, are you high? Do you essentially need to be more proactive about how you're managing it? So 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, and some things are gonna be, um.

And what I find is that 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 a patient in this case with a higher risk. So I don't have specifics. I mean, I think that we can definitely say we have plans about where we want to be by end of the year, and, you know, we would be enthused for...

more customers, for us to be able to update you certainly on next earnings.

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. When you think about what are we doing right now, integrations, especially technical integrations on the back end, are complicated. So there's a lot of that infrastructure work coming together. And I think you can imagine that, like I said, by end of the year having some better insights into what we are planning for the Genomic Health, the Genomic Health Checkup.

Thank you for that. One last question. On 610, what type of data could we actually see in the first update? DA Elizabeth

And do you want me to take that? Yeah, yeah, sorry Kenneth. Sorry, you take it. Yep, sure. You know, I think the primary purpose of a Phase 1 study is about safety and decay. So clearly you should expect updates on that. Of course, 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 finding clues about where you would go next. We shared previously that the end of the dose escalation…

into those five cohorts. And then, 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 SAIT technology platform and so I'm going to ask those questions at this point in time. The first question that we have is when is the joint product with a major firm expected to launch?

And I can take that if you want. Yeah, definitely. Yeah, so thank you, Wade, from the retail side. The most advanced program that's come from the GSK collaboration is GSK608 that we spoke about on the call. This is a program that is currently under study in phase one. You know, this timing of development is 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 GSK, as we've publicly announced, is now solely responsible for the continued development of this program. And so they'll be responsible for communicating their plans. And so I would just refer you to GSK for future updates on GSK 608.

Thanks.

Thanks, Guy.

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. So one, we see

And so 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 talked about the fifth year of GSK and that does open the door for us to expand research services again to something that we are spending a fair amount of time thinking about is you know a post GSK world and what that is going to 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?

Any plans to get into therapeutics as you're sitting on the largest DNA data ever collected? I can take that out if you like.

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, GSK608 and also 23-MES-610 now both being in Phase 1 stages of clinical development in immuno-oncology indications. And then as you've heard behind those programs, we have over 50 programs that have come from there.

collaboration with GSK. So it's an exciting time. It does take time from going from the database to moving a molecule forwards into phase one and beyond. But we continue to be enthusiastic about 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, and 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. So how we structure the database, for instance, keeping your genetic information separate from...

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 restrictions so it's something that we're always evaluating and considering but right now we're really focused on maximizing those 66 countries. Thank you.

Thanks, Sam. 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 going to learn anything additional from a whole genome, but it's substantially more expensive. So we can definitely, and we do recommend it for individuals who are not, who have a family health history or have a specific risk.

Thanks, Ian. The next question is a financial one. Do you have enough cash on hand to become profitable?

And we also then reaffirmed our guidance on our adjusted EBITDA, which is our proxy for operating cash flow. And so when you look at that, those two figures, the range on adjusted EBITDA is 195 to 215. If you kind of take the average of that and look at that cash.

you can get a sense of kind of what the runway is. And it's a reasonably good period of time and will give us the ability to execute a lot of things that Anne has talked about on the consumer side and that Kenneth is working on with our portfolio of therapeutics. Thanks, Steve.

Will the US 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. So you could imagine that in a severe recession, maybe some consumers at the increment choosing not to buy.

when we look at our other businesses, they're kind of, you know, they're a little bit more independent of kind of a general recession. So we don't really have an experience at this kind of volume in the past few years when we've been at greater than a 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, Niamh. And our last question is, are there any significant leadership changes planned in the coming quarters? Well I think some, you know, the two people that we announced today are some of the most important changes that I have been...

that I've been recruiting for and anticipating. And having that kind of leadership is pivotal for us for the next phase of this company.

Thanks, Anne, and thanks everyone for joining us today. I think that wraps up our Q&A portion of the call.

Everyone have a great day.

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Ate health business to the companyies overall consumer business, as well as the current and in ipated fect of general ination on certain of our cost. And now turn the call back over to and thank you the very priou of all the progress the teen made the start off our fiscal year re few highlights. First our database. The large est of in the world continue to now with over 13 million Gen customers. We are making good progress with our in integr of lemonated TE health business, our consumer business. We are executing on our planans to offer a new genomic health service COUR. We have started the fif fin year of our clud target discovery collaboration G's K and last we continue to make progress with our 50 put target genetic basase? U discovery. 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We continue to make progress developing our genomic health service customers and advancing our pipeline in the business. In the consumer bus we continue to our custo AB which is now 13 mill Gen customers. In the last courtter we added three new genetic court or 2, 23 priers coma and reation. This brings the number of health COUR in our proct two over 60. we are able to prov new INC to our customers on regular abase to the of our sented database for genetic research. Developing our genomic health service for customers remain a high priority for our consumer business. The services designed integrate genet health information two care with the preventing or better managing DISE. We are happy to nounced two importantt new highers in the area of genomic health. 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Our revenue for the threemonths June thousand twent two was 60, five million dollars, representing an crease of 9% over the same period the prior year. First courtter revenue primarily due be addition of TE ATE health revenue from the recent acquition of leminate health and increase in our subscription revenue. The increase were partially by lower revenue in the other areaas of consumer and research services. Looking at the composition of our revenue, consumer services revenue represented approxim 87% total revenue for the months je Ty twentthousand 20, two and research serv revenue, which was stionally all from the's case collaboration, count for approximately 13% reven. Our COUR proofit for thethreemonths une 30 of twentthousand Y two was two Y five million dollars, representing sesevenventeteen percent decrease over the same period in the prior year year. 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I don't have specific three terms of timeline of exactly when promis going two C some thing. It is highing Amy or with a of making we have the teen that will be able two execute on genomic health service and in specificically about is know one of first was initi look like and how we make sure we have pri. I just say one of the fif that we did when we quired relemin that continue to be really important to the fact that leminate health armacy and when you think about somethinging that you every one medication, the some point you formm genomic is tentional for every sing personion, how that we appropriately ver allof reoures of 30, nine customers that we can power people to get Act to two you the right medication for them. So we will definitely or our, our two individual somepoint we 20 iling up with timeline on on the the he servress dollars on the time with them. For question number 2, the point to ten.

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