Business
ChromaDex Corporation Reports Second Quarter 2023 Financial Results
Strong quarter with total net sales of $20.3 million, a gross margin of 60.8% and a net loss of $2.2 million while achieving a positive Adjusted EBITDA of
About this update from Niagen Bioscience, Inc.
[{"type":"text","content":"\nStrong quarter with total net sales of $20.3 million, a gross margin of 60.8% and a net loss of $2.2 million while achieving a positive Adjusted EBITDA of $0.2 million and positive operating cash flows for the three months ended June 30, 2023.\n\n\n LOS ANGELES--(BUSINESS WIRE)--\nChromaDex Corp. (NASDAQ:CDXC) today announced financial results for the second quarter of 2023.\n\n\nSecond Quarter 2023 and Recent Highlights\n\n\n\nTotal net sales were $20.3 million, with $16.9 million from Tru Niagen®, up 21% and 16% from the prior year quarter, respectively.\n\n\n\n\nStrong gross margin of 60.8% and a $1.8 million reduction in operating expenses.\n\n\n\n\nSales and marketing expense as a percentage of net sales was 29.6%, an improvement of 1,830 basis points, compared to 47.9% from the prior year quarter.\n\n\n\n\nNet loss was $2.2 million or $(0.03) per share, an improvement of $4.2 million, or $0.06 per share, from the prior year quarter.\n\n\n\n\nAdjusted EBITDA, a non-GAAP measure, was a positive $0.2 million, a $4.9 million improvement from the prior year quarter.\n\n\n\n\nTwo published abstracts, originally presented in April 2023, highlighted the significance of NAD+ in glaucoma patients and that supplementation with nicotinamide riboside, NR, shows promising effects.(1)\n\n\n\n\nChromaDex External Research Program (CERP™) celebrated its 10th anniversary, signing more than 275 global research agreements with over 235 independent, expert investigators to uncover the full potential of NAD+ with Niagen®. This research has shown that the health benefits of Niagen® translate from preclinical models to human clinical studies for brain, heart and muscle health with remarkable consistency. Looking to the next 10 years, there is great anticipation for emerging benefits in sensory, infant, maternal and reproductive health to be translated from preclinical to human studies.\n\n\n\n“This was another excellent quarter, delivering 21% year-over-year revenue growth, positive Adjusted EBITDA of $0.2 million and positive operating cash flows for the second consecutive quarter,” said ChromaDex Chief Executive Officer, Rob Fried. “We are again raising our 2023 revenue outlook by 2.5% to at least 15% growth, underscoring our commitment to consistent profitable growth.”\n\n\n(1) Refers to two independent clinical study abstracts originally pr...