Business
ChromaDex Corporation Reports Third Quarter 2020 Financial Results
Revenue for the Three-Month Period Ended September 30, 2020 Totals $14.2 Million, up 18% Year-over-Year, with Gross Margin of 59.6%, and Lower Operating
About this update from Niagen Bioscience, Inc.
[{"type":"text","content":"\nRevenue for the Three-Month Period Ended September 30, 2020 Totals $14.2 Million, up 18% Year-over-Year, with Gross Margin of 59.6%, and Lower Operating Expenses\n\n LOS ANGELES--(BUSINESS WIRE)--\nChromaDex Corp. (Nasdaq:CDXC) today reported third quarter financial results.\n\n2020 Third Quarter and Recent Highlights\n\n\nTotal net sales of $14.2 million, up 18% from $12.1 million from the year ago quarter.\n\n\nTru Niagen® net sales of $11.9 million, a 22% increase from the year ago quarter.\n\n\nNet loss was ($4.2) million or ($0.07) per share, an improvement of $0.05 per share year-over-year.\n\n\nAdjusted EBITDA excluding total legal expense, a non-GAAP measure, was a loss of ($0.1) million, a $1.7 million improvement year-over-year.\n\n\nAnnounced Phase 2 results from study in Turkey showing nutritional protocol including nicotinamide riboside (“NR”) plus local standard of care reduced recovery time in COVID-19 patients by nearly 30%.\n\n\nGrowing body of clinical research suggests that nicotinamide riboside (Niagen®) may support areas of human health with broad addressable markets, including cardiovascular and immune health, with additional studies underway.\n\n\nNestlé Health Science’s new Celltrient™ Cellular Energy products featuring Tru Niagen® launched in the United States, following the launch of Tru Niagen® capsules on Persona, a Nestlé Health Science company and leading personalized vitamin subscription program, earlier this year.\n\n\n“We delivered strong third quarter sales of Tru Niagen with sequential growth in our e-commerce business and with Watsons, and our partner Nestlé Health Science released their new product line Celltrient, featuring Tru Niagen,” says ChromaDex CEO Rob Fried. “Our scientists and research partners also published important new data furthering our understanding of increased NAD+ levels and immune health, including research on COVID-19.”\n\nResults of operations for the three months ended September 30, 2020\n\nFor the three months ended September 30, 2020 (“Q3 2020”), ChromaDex reported net sales of $14.2 million, up 18% compared to $12.1 million in the third quarter of 2019 (\"Q3 2019\"). The increase in Q3 2020 revenues was driven by growth in sales of Tru Niagen.\n\nGross margin increased by 360 basis points to 59.6% in Q3 2020 compared to 56.0% in Q3 2019. The increase in gross marg...