ChromaDex Corp. (NASDAQ: CDXC) reported a strong third quarter for 2024 with total net sales of $25.6 million, an increase of 31% year-over-year, driven by growth in Tru Niagen® and Niagen® ingredient sales. Key highlights include record net income and adjusted EBITDA, improved gross margins, and a notable expansion in their Niagen+ product line.
Key Financial Highlights:
Revenue: $25.6 million, a 31% YoY increase.
Tru Niagen® Sales: $18.1 million, up 4% from the prior year.
Niagen® Ingredient Sales: $6.7 million, a 368% YoY growth.
Gross Margin: Improved to 63.5%, up 210 basis points YoY.
Sales and Marketing Expense: Reduced to 27.5% of net sales, down from 31.0%.
Net Income: Achieved $1.9 million, or $0.02 per share, marking a $2.8 million improvement.
Adjusted EBITDA: Reached a record $2.9 million, an increase of $2.4 million YoY.
Operational Updates:
Product Expansion: In September 2024, ChromaDex expanded Niagen+ to over 100 wellness clinics across the U.S., with continued expansion anticipated.
Milestone: Celebrated its 25th anniversary, reinforcing its scientific reputation with over 275 research agreements and 30 human clinical studies on Niagen®.
FDA Discussions: Initiating talks to pursue an Investigational New Drug (IND) application for using nicotinamide riboside (NR) in treating Ataxia Telangiectasia, a rare progressive disease.
These results reflect ChromaDex's focus on innovative product expansion and maintaining high scientific standards, positioning the company for continued growth.
Key Financial Highlights:
Revenue: $25.6 million, a 31% YoY increase.
Tru Niagen® Sales: $18.1 million, up 4% from the prior year.
Niagen® Ingredient Sales: $6.7 million, a 368% YoY growth.
Gross Margin: Improved to 63.5%, up 210 basis points YoY.
Sales and Marketing Expense: Reduced to 27.5% of net sales, down from 31.0%.
Net Income: Achieved $1.9 million, or $0.02 per share, marking a $2.8 million improvement.
Adjusted EBITDA: Reached a record $2.9 million, an increase of $2.4 million YoY.
Operational Updates:
Product Expansion: In September 2024, ChromaDex expanded Niagen+ to over 100 wellness clinics across the U.S., with continued expansion anticipated.
Milestone: Celebrated its 25th anniversary, reinforcing its scientific reputation with over 275 research agreements and 30 human clinical studies on Niagen®.
FDA Discussions: Initiating talks to pursue an Investigational New Drug (IND) application for using nicotinamide riboside (NR) in treating Ataxia Telangiectasia, a rare progressive disease.
These results reflect ChromaDex's focus on innovative product expansion and maintaining high scientific standards, positioning the company for continued growth.