Business
ChromaDex Corporation Reports First Quarter 2022 Financial Results
Total net sales of $17.3 million for the three months ended March 31, 2022, up 18% from the prior year, with $14.9 million from Tru Niagen® and gross margin
About this update from Niagen Bioscience, Inc.
[{"type":"text","content":"\nTotal net sales of $17.3 million for the three months ended March 31, 2022, up 18% from the prior year, with $14.9 million from Tru Niagen® and gross margin of 61.0% for the quarter.\n\n LOS ANGELES--(BUSINESS WIRE)--\nChromaDex Corp. (NASDAQ:CDXC) today announced financial results for the first quarter of 2022.\n\nFirst Quarter 2022 and Recent Highlights\n\n\nTotal net sales were $17.3 million, up 18% from the prior year quarter.\n\n\nTru Niagen® net sales were $14.9 million, a 20% increase from the prior year quarter.\n\n\nIn April 2022, the ChromaDex External Research Program (CERP) achieved its 250th material transfer agreement since 2013, resulting in over 100 peer-reviewed preclinical and clinical studies, many including the study of Niagen® and its impact on healthy aging.\n\n\nClinical study published in Cell Metabolism revealed NR as a potential neuroprotective therapy for Parkinson’s Disease (PD) patients, warranting further investigation in additional trials. Two additional studies are underway, including a 400 patient study at 1,000 milligrams per day, and a 20 patient study at 3,000 milligrams per day.\n\n\nLaunched new consumer product, Tru Niagen® Immune, a first-of-its kind combination of immune-boosting nutrition with ChromaDex’s proprietary NAD+ boosting ingredient Niagen®, beginning April 2022.\n\n\nGranted additional U.S. continuation patent to protect the novel manufacturing process of NR and its various salt forms, which now cover NR Chloride, NR Malate, and NR Tartrate salts, through 2037.\n\n\n“We delivered solid financial results in the first quarter, while strengthening our patent portfolio, and announcing dramatic new scientific research on Niagen(R),” said CEO, Rob Fried. “Following the quarter, we launched Tru Niagen(R) Immune and ramped up our new TV campaign to encouraging early results.”\n\nResults of operations for the three months ended March 31, 2022 compared to the prior year quarter\n\nFor the three months ended March 31, 2022 (“Q1 2022”), ChromaDex reported net sales of $17.3 million, up $2.6 million or 18% compared to the first quarter of 2021 (“Q1 2021”). The increase in Q1 2022 revenues was largely driven by growth in sales of Tru Niagen® (primarily e-commerce) paired with slight growth in ingredient sales.\n\nGross margin percentage declined to 61.0% in Q1 2022 compared to 62.9% in Q1 ...