Business
ChromaDex Corporation Reports Second Quarter 2024 Financial Results
Total net sales of $22.7 million, up 12% year-over-year, gross margin of 60.2%, lower operating expenses, resulting in approximately breakeven net loss and
About this update from Niagen Bioscience, Inc.
[{"type":"text","content":"\nTotal net sales of $22.7 million, up 12% year-over-year, gross margin of 60.2%, lower operating expenses, resulting in approximately breakeven net loss and positive Adjusted EBITDA of $1.6 million for the three months ended June 30, 2024.\n\n\n LOS ANGELES--(BUSINESS WIRE)--\nChromaDex Corp. (NASDAQ:CDXC) today announced financial results for the second quarter of 2024.\n\n\nSecond Quarter 2024 Financial and Recent Operational Highlights\n\n\n\nTotal net sales were $22.7 million, with $18.6 million from Tru Niagen®, up 12%, and 10%, respectively, from the prior year quarter.\n\n\n\nSolid gross margin of 60.2% and a $0.7 million reduction in total operating expenses from the prior year quarter.\n\n\n\nNet loss and loss per share were approximately breakeven, a $2.2 million and $0.03 per share improvement from the prior year quarter.\n\n\n\nAdjusted EBITDA, a non-GAAP measure, improved to $1.6 million from $0.2 million in the prior year quarter.\n\n\n\nIn June 2024, ChromaDex announced U.S. FDA Orphan Drug Designation and Rare Pediatric Disease Designation for nicotinamide riboside chloride, ChromaDex’s product candidate for the treatment of Ataxia Telangiectasia (AT). AT is a rare, progressive disease that typically presents in early childhood and affects the function of the nervous system, the immune system, and several other body systems. Plans are underway to file an Investigational New Drug application with the U.S. FDA in anticipation of conducting human clinical trials. If the application is approved, ChromaDex will pursue grant funding or other non-dilutive financing for the human clinical trials.\n\n\n\nIn June 2024, ChromaDex unveiled Niagen+, a product line featuring pharmaceutical-grade Niagen® (patented nicotinamide riboside chloride or NRC). U.S. FDA-registered 503B outsourcing facilities will compound and distribute pharmaceutical-grade Niagen®, which will be available in intravenous (IV) and injectable forms exclusively at clinics with prescription. Beginning this month, Niagen IV and injections will debut at select IV clinics. Clinical study results(1) support Niagen IV offering a 75% shorter infusion time, a higher and faster rise in NAD+ blood levels three hours post-infusion, based on dried blood spot analysis, and is well-tolerated as compared to the common alternative, NAD+ IV.\n\n\n\nIn July 2024, ChromaDe...