Thorne HealthTech raises FY23 adjusted EPS view to 26c-32c from 25c-31c

Narrows FY23 revenue view to $285M-$290M from $280M-$290M. Consensus is for FY23 EPS 29c and for revenue $282.14M. The Company’s updated full-year guidance assumes the following: Marketing expenses of between 14%-15% of net sales, an increase from the prior range of between 13%-15%, with the highest spend expected during the third quarter in connection with the Company’s recently launched marketing campaign. Adjusted diluted EPS guidance also assumes: depreciation and amortization of approximately 2.5% of net sales, with cost recognition expected to gradually increase during the year from the facility expansion, interest expense of approximately 1% of sales, an updated estimated full-year adjusted tax rate of 22.9%, a reduction from the prior estimate of 26% and diluted weighted-average shares outstanding of 54M as of December 31. Sees FY23 Capital expenditures $35M-$38M primarily related to plant expansion.