Business
ChromaDex Corporation Reports First Quarter 2020 Financial Results
First Quarter 2020 Highlights vs. First Quarter 2019 Strong growth in net sales to $14.3 million, higher gross margins, and significantly improved marketing
About this update from Niagen Bioscience, Inc.
[{"type":"text","content":"\nFirst Quarter 2020 Highlights vs. First Quarter 2019\n\n\n\nStrong growth in net sales to $14.3 million, higher gross margins, and significantly improved marketing efficiency year-over-year.\n\n\nTru Niagen net sales of $11.1 million, a 50% increase year-over-year.\n\n\nNet loss was ($5.9) million or ($0.10) per share, an improvement of $0.05 per share year over year. Adjusted EBITDA excluding total legal expense, a non-GAAP measure, was a loss of ($0.3) million, a $2.4 million improvement year-over-year.\n\n\nLaunched Tru Niagen online in Australia with distribution partner, Matakana Health Limited, and online through Persona, a Nestlé Health Science company and leading personalized vitamin subscription program.\n\n\nExpanded global retail partnership with A.S. Watson Group in April, launching Tru Niagen in 200 Superdrug U.K. stores and introducing a new product, Tru Niagen Beauty, in 230 Watsons Hong Kong stores.\n\n\nCommenced preclinical studies exploring the potential impact of increasing NAD+ with nicotinamide riboside on coronavirus infection.\n\n\n LOS ANGELES--(BUSINESS WIRE)--\nChromaDex Corp. (NASDAQ:CDXC) today reported first quarter 2020 financial results.\n\n\n“We had a strong first quarter with total net sales of $14.3 million and further global expansion,” says ChromaDex CEO Rob Fried. “We made swift, targeted adjustments to the business, streamlining costs, updating marketing messages, and prioritizing scientific research focused on viral stress on immune response at the cellular level.”\n\n\nResults of operations for the three months ended March 31, 2020\n\n\nFor the three months ended March 31, 2020 (“Q1 2020”), ChromaDex reported net sales of $14.3 million, up 43% compared to $10.0 million in the first quarter of 2019 (\"Q1 2019\"). The increase in Q1 2020 revenues was driven by growth in sales of Tru Niagen and Niagen ingredient revenues.\n\n\nGross margin increased by 520 basis points to 57.9% in Q1 2020 compared to 52.8% in Q1 2019. The increase in gross margin was largely driven by the positive impact of increased Tru Niagen consumer product sales and product cost saving initiatives, while Q1 2019 gross margin had a negative impact of 250 basis points with a charge related to the wind down of Purple Corn ingredient sales.\n\n\nOperating expenses increased by $0.5 million to $14.2 million in Q1 2020, com...