Full Press Release Details
ChromaDex Corporation Reports First Quarter 2021 Financial
Tru Niagen Revenue for the Three-Month Period Ended March 31,
2021 Totals $12.4 Million, up 12% Year-over-Year, with Total
Company Revenue of $14.7 Million and Gross Margin of
LOS ANGELES, May 6, 2021 (GLOBE NEWSWIRE) - ChromaDex Corp. (NASDAQ:CDXC)
reported first quarter 2021 financial results.
First Quarter 2021 and Recent Highlights
Total net sales of $14.7 million, up 2% from $14.3 million in the
Tru Niagen net sales of $12.4 million, a 12% increase from
the year ago quarter.
Gross margin of 62.9%, a 500 basis point increase from the year ago
Net loss was ($7.4) million or ($0.12) per share, down $0.02 per
share year-over-year.
excluding total legal expense, a non-GAAP measure, was a loss of
($0.7) million, a $0.4 million decline year-over-year.
distribution of Tru Niagen in Walmart stores across
the United States beginning in June 2021.
supply agreement with Health & Happiness Group (H&H), a
global leader in premium health, human and pet nutrition and
personal care brands to sell Niagen in its exclusively
formulated Swisse products.
supply agreement with Ro, a healthcare technology company, to sell
Niagen in specially-formulated Roman products.
executive, Fadi Karam as Chief Marketing
L. Katz, a globally recognized authority on lifestyle medicine, to
the ChromaDex Scientific Advisory Board.
has been an incredible year for ChromaDex strategically,
said ChromaDex CEO, Rob Fried. We signed three
important deals with Walmart, H&H, and Ro. We also
strengthened our balance sheet with a $25 million capital raise and
announced the results of exciting scientific research on
Niagen . We had some short-term supply chain disruptions
that impacted first quarter sales, but the long-term prospects look
Results of operations for the three months ended March 31,
three months ended March 31, 2021 ( Q1 2021 ),
ChromaDex reported net sales of $14.7 million, up 2% compared to
$14.3 million in the first quarter of 2020 ("Q1 2020"). The
increase in Q1 2021 revenues was driven by growth in sales of Tru
Niagen , largely offset by lower
Niagen and other ingredient sales.
margin percentage improved by 500 basis points to 62.9% in Q1 2021
compared to 57.9% in Q1 2020. The improvement in gross margin
percentage was driven by the positive impact of increased Tru
product sales and product cost savings initiatives.
expenses increased by $2.4 million to $16.6 million in Q1 2021,
compared to $14.2 million in Q1 2020. The increase in operating
expenses was driven by $1.8 million of higher selling and marketing
expenses, and an increase of $0.7 million in general and
administrative expense, partially offset by $0.1 million of lower
research and development expense. The increase in general and
administrative expense was driven by $2.6 million of higher legal
expense, partially offset by $1.0 million of lower severance and
restructuring expenses and $0.8 million of lower shares-based
compensation expense.
loss for Q1 2021 was ($7.4) million or ($0.12) per share as
reported compared to a net loss of ($5.9) million or ($0.10) per
share for Q1 2020 as reported. Adjusted EBITDA excluding total
legal expense, a non-GAAP measure, was a loss of ($0.7) million for
Q1 2021, compared to a loss of ($0.3) million for Q1 2020, a $0.4
defines Adjusted EBITDA excluding total legal expense as net income
or (loss) which is adjusted for interest, income tax, depreciation,
amortization, non-cash stock compensation costs, severance and
restructuring expense, bad debt expense related to Elysium Health
and total legal expense.
2021, the net cash flow from operating activities was ($5.4)
million, versus ($5.2) million in Q1 2020.
forward, for the full year, the Company expects continued, steady
revenue growth driven by its global ecommerce business, as well as
growth with existing and new strategic partners, and that the
growth rate will accelerate beginning in the second quarter.
The Company expects continued gross margin improvement to slightly
better than 60%, roughly flat R&D expense and slightly higher
selling and marketing expense as a percentage of net sales
year-over-year. The Company expects slightly higher general and
administrative expense, excluding severance, restructuring and
legal expense. The Company plans to increase investments and
resources to drive brand awareness and accelerate its R&D
pipeline to capitalize on growth in the NAD+ market
Investor Conference Call
ChromaDex management will host an investor conference call to
discuss the first quarter results and provide a general business
update on Thurs., May 6, at 4:30 p.m. ET.
Participants should call in at least 10 minutes prior to the call.
The dial-in information is as follows:
Date: Thurs., May 6, 2021
Time: 4:30 p.m. ET (1:30 p.m. Pacific
Toll-free dial-in number: 1-833-979-2703
International dial-in number: 236-714-2223
Conference ID: 8991456
Webcast link: ChromaDex First
Quarter 2021 Earnings Conference Call
The conference call will be broadcast live and available for
via the investor relations section of the Company's website
A replay of the conference call will be available after 7:30
Toll-free replay number: 800-585-8367
earnings press release, and its accompanying financial exhibits,
will be available on the Investor Relations section of the Company
website, www.chromadex.com.
About Non-GAAP Financial Measures: