ChromaDex® Reports Ingredient Sales Grew 160% in the Third Quarter
IRVINE, Calif., Nov. 6, 2014 /PRNewswire/ -- ChromaDex® Corp. (OTCQB: CDXC), an innovative natural products company that provides proprietary, ingredients and science-based solutions to the dietary supplement, food and beverage, cosmetic and pharmaceutical industries, announced today the financial results for the quarter ended September 27, 2014.
For the three months ended September 27, 2014 ("Q3 2014"), the Company reported net sales of $4,139,710, an increase of approximately 52% as compared to $2,718,207 for the three months ended September 28, 2013 ("Q3 2013"). This increase was largely due to increased sales in the proprietary ingredient segment, which grew to $2,031,250, an increase of 160% as compared to the sales of $780,489 in Q3 2013. The proprietary ingredient segment has grown 141% year-to-date as compared to 2013.
The net loss attributable to common stock holders for Q3 2014 was $659,653 or ($0.01) per share as compared to a net loss of $1,250,263 or ($0.01) per share for Q3 2013. The non-cash, stock-based compensation expense related to stock options and other stock-based compensation in Q3 2014 was $431,451. Excluding non-cash, share-based compensation expense, which is a "non-GAAP measure," would have the effect of decreasing the Company's net loss for the three months ended September 27, 2014 to $228,202. As of September 27, 2014, cash, cash equivalents and marketable securities totaled approximately $1,203,758.
In September 2014, ChromaDex announced that it closed on a $5.0 million growth capital debt financing from Hercules Technology Growth Capital. The financing will provide ChromaDex with additional working capital to support its rapidly-growing ingredient business and accelerate the Company's research and development efforts.
Frank Jaksch, Jr., CEO and co-founder of ChromaDex, commented: "We are pleased to report that the increase in sales we experienced in the first half of the year in our ingredient segment continued into our third quarter and we expect this sales momentum to continue through the end of the year. New consumer products that include our patented ingredients continue to be introduced to the market."
Jaksch continued: "Separate clinical trials of both our NIAGEN™ nicotinamide riboside and PURENERGY™ caffeine alternative have been completed and data is currently being compiled and analyzed. Coupled with other active collaborations with numerous leading universities and research institutes, we anticipate the results of these studies to be an incredible driver of consumer awareness for both ingredients."
Recent Company highlights include:
- In July 2014, ChromaDex announced the initiation of the first human clinical study for NIAGEN™ which is designed to determine the pharmacokinetics (PK) and bioavailability of NR as well as provide information about an effective dose range in humans. Most importantly, this study aims to confirm earlier animal studies conducted by various universities and research institutes, which showed that oral dosing of the compound results in an increased level of nicotinamide adenine dinucleotide (NAD+) and NAD+ metabolites in the body.
- In July 2014, ChromaDex announced it had appointed Nobel Laureate Roger Kornberg to chair the Company's newly formed Scientific Advisory Board. The SAB will be comprised of leading researchers, chemists, biochemists and nutritionists, with an emphasis on those with expertise in nicotinamide riboside.
- In July 2014, ChromaDex announced a materials transfer and research agreement with Murdoch Children's Research Institute, the preeminent child health research institute in Australia, whereby ChromaDex will provide quantities of its proprietary NIAGEN™ nicotinamide riboside ingredient for research use.
- In September 2014, ChromaDex announced it had appointed Dr. Charles Brenner, Dr. Rob Beudeker, and Dr. Bruce German to the Company's Scientific Advisory Board. Dr. Brenner is the Roy J. Carver Chair and Head of Biochemistry at the University of Iowa. Dr. Beudeker is the Vice President of Innovation, Human Nutrition & Health, at DSM Nutritional Products. Dr. German is currently a professor at the Department of Food Science & Technology at the University of California.
- In September 2014, ChromaDex announced that it has entered into an ingredient supply agreement with Healthy Directions, a direct-to-consumer nutritional supplement retailer and wholly-owned subsidiary of Helen of Troy Limited.
- In September 2014, ChromaDex announced the completion of an animal skincare study of pterostilbene by researchers at the University of California, Irvine (UCI). Related to this study, ChromaDex licensed from UCI exclusive rights to several patent applications for the use of pterostilbene in topical skin care applications, including the use of pterostilbene in the prevention of UV skin damage.
- In October 2014, Life Extension announced the launch of NAD+ Cell Regenerator™, an innovative nutritional supplement that boosts vitality and supports healthy aging. NAD+ Cell Regenerator™ features ChromaDex's NIAGEN™.
About ChromaDex:
ChromaDex is an innovative natural products company that discovers, acquires, develops and commercializes proprietary-based ingredient technologies through its unique business model that utilizes its wholly owned synergistic business units, including ingredient technologies, natural product fine chemicals (known as "phytochemicals"), chemistry and analytical testing services, and product regulatory and safety consulting (as Spherix Consulting). The company provides seamless science-based solutions to the nutritional supplement, food and beverage, animal health, cosmetic and pharmaceutical industries. The ChromaDex ingredient technologies unit includes products backed with extensive scientific research and intellectual property. Its ingredient portfolio includes pTeroPure® pterostilbene; ProC3G®, a natural black rice containing cyanidin-3-glucoside; PURENERGY™, a caffeine-pTeroPure co-crystal; and NIAGEN™, its recently launched branded nicotinamide riboside, a novel next-generation B vitamin. To learn more about ChromaDex, visit www.chromadex.com.
Forward-Looking Statements:
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. Statements that are not a description of historical facts constitute forward-looking statements and may often, but not always, be identified by the use of such words as "expects", "anticipates", "intends", "estimates", "plans", "potential", "possible", "probable", "believes", "seeks", "may", "will", "should", "could" or the negative of such terms or other similar expressions. Actual results may differ materially from those set forth in this release due to the risks and uncertainties inherent in the Company's business. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 28, 2013, the Company's Quarterly Reports on Form 10-Q and other filings submitted by the Company to the SEC, copies of which may be obtained from the SEC's website at www.sec.gov. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement and the Company undertakes no obligation to revise or update this release to reflect events or circumstances after the date hereof.
ChromaDex Media Inquiries:
Beckerman PR
Jerry Schranz
201-465-8020
[email protected]
ChromaDex Company Contact:
Laura Kelly, Executive Assistant
949-419-0288
[email protected]
| ChromaDex Corporation and Subsidiaries |
||
| Condensed Consolidated Statements of Operations (Unaudited) |
||
| For the Three Month Periods Ended September 27, 2014 and September 28, 2013 |
||
| September 27, 2014 |
September 28, 2013 |
|
| Sales, net |
$ 4,139,710 |
$ 2,718,207 |
| Cost of sales |
2,616,764 |
1,968,020 |
| Gross profit |
1,522,946 |
750,187 |
| Operating expenses: |
||
| Sales and marketing |
518,662 |
505,068 |
| General and administrative |
1,651,718 |
1,453,611 |
| Loss from investment in affiliate |
- |
33,281 |
| Operating expenses |
2,170,380 |
1,991,960 |
| Operating loss |
(647,434) |
(1,241,773) |
| Nonoperating income (expense): |
||
| Interest income |
230 |
179 |
| Interest expense |
(12,449) |
(8,669) |
| Nonoperating expenses |
(12,219) |
(8,490) |
| Net loss |
$ (659,653) |
$ (1,250,263) |
| Basic and Diluted loss per common share |
$ (0.01) |
$ (0.01) |
| Basic and Diluted weighted average common shares outstanding |
106,610,400 |
101,309,939 |
| See Notes to Condensed Consolidated Financial Statements. |
||
| Quantitative Reconciliation of the differences between the non-GAAP measure and the associated comparable GAAP measure |
||
| Consolidated Statements of Operations |
||
| (US GAAP) |
||
| For the Three Months Ended September 27, 2014 and September 28, 2013 |
||
| September 27, 2014 |
September 28, 2013 |
|
| Sales, net |
$ 4,139,710 |
$ 2,718,207 |
| Cost of sales |
2,616,764 |
1,968,020 |
| Gross profit |
1,522,946 |
750,187 |
| Operating expenses: |
||
| Sales and marketing |
518,662 |
505,068 |
| General and administrative |
1,651,718 |
1,453,611 |
| Loss from investment in affiliate |
- |
33,281 |
| Operating expenses |
2,170,380 |
1,991,960 |
| Operating loss |
(647,434) |
(1,241,773) |
| Nonoperating income (expense): |
||
| Interest income |
230 |
179 |
| Interest expense |
(12,449) |
(8,669) |
| Nonoperating expense |
(12,219) |
(8,490) |
| Net loss |
$ (659,653) |
$ (1,250,263) |
| Basic and Diluted loss |
||
| per common share |
$ (0.01) |
$ (0.01) |
| Basic and Diluted weighted |
||
| average common shares outstanding |
106,610,400 |
101,309,939 |
| Effects of Non-cash Charges associated with |
||
| Share-based Compensation Expense |
||
| For the Three Months Ended September 27, 2014 and September 28, 2013 |
||
| September 27, 2014 |
September 28, 2013 |
|
| Sales |
$ - |
$ - |
| Cost of sales |
- |
- |
| Gross profit |
- |
- |
| Operating expenses: |
||
| Sales and marketing |
- |
- |
| General and administrative |
(431,451) |
(331,304) |
| Loss from investment in affiliate |
- |
- |
| Operating expenses |
(431,451) |
(331,304) |
| Operating income |
431,451 |
331,304 |
| Nonoperating income: |
||
| Interest income |
- |
- |
| Interest expense |
- |
- |
| Nonoperating income |
- |
- |
| Net income |
$ 431,451 |
$ 331,304 |
| Basic and Diluted loss |
||
| per common share |
$ 0.00 |
$ 0.00 |
| Basic and Diluted weighted |
||
| average common shares outstanding |
106,610,400 |
101,309,939 |
| Consolidated Statements of Operations |
||
| Excluding Share-based Compensation (Non-GAAP Presentation) |
||
| For the Three Months Ended September 27, 2014 and September 28, 2013 |
||
| September 27, 2014 |
September 28, 2013 |
|
| Sales |
$ 4,139,710 |
$ 2,718,207 |
| Cost of sales |
2,616,764 |
1,968,020 |
| Gross profit |
1,522,946 |
750,187 |
| Operating expenses: |
||
| Sales and marketing |
518,662 |
505,068 |
| General and administrative |
1,220,267 |
1,122,307 |
| Loss from investment in affiliate |
- |
33,281 |
| Operating expenses |
1,738,929 |
1,660,656 |
| Operating loss |
(215,983) |
(910,469) |
| Nonoperating income (expense): |
||
| Interest income |
230 |
179 |
| Interest expense |
(12,449) |
(8,669) |
| Nonoperating expense |
(12,219) |
(8,490) |
| Net loss |
$ (228,202) |
$ (918,959) |
| Basic and Diluted loss |
||
| per common share |
$ (0.00) |
$ (0.01) |
| Basic and Diluted weighted |
||
| average common shares outstanding |
106,610,400 |
101,309,939 |
SOURCE ChromaDex Corp.
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