Full Press Release Details
ChromaDex Reports 2016 Record Revenue as Ingredient Sales Grew
-Q4 Total Revenue Increased 29% and 2016 Total Revenue Increased
IRVINE, Calif., March 16, 2017 ChromaDex Corp.
(NASDAQ: CDXC), an innovator of
proprietary health, wellness and nutritional ingredients, that
creates science-based solutions to dietary supplement, food and
beverage, skin care, sports nutrition, and pharmaceutical products,
announced today the financial results for the year ended Dec. 31,
finished 2016 on a strong note, generating 29% year over year
revenue growth during the fourth quarter, commented Frank
Jaksch, Jr., CEO and co-founder of ChromaDex. We achieved
record full year revenue of $26.8 million in 2016, driven by
continued adoption of NIAGEN branded
nicotinamide riboside (NR). While our ingredient sales continue to
grow, we are still in the early phase of our growth and only
reaching the early adopters of our platform ingredient
continued, As we enter 2017, we should benefit from business
development activity with large multi-national companies as both
preclinical and clinical research validating the health benefits of
NR continues to publish as the year progresses. NR is an
exceptional ingredient within our portfolio and we believe it
deserves a unique strategy to optimize its value within our
Results of operations for the year ended Dec. 31, 2016
year ended Dec. 31, 2016 ( FY 2016 ), ChromaDex
reported net sales of $26.8 million, an increase of 22% as compared
to $22.0 million for the year ended Jan. 2, 2016 ( FY
2015 ). This increase was largely due to increased sales in
its ingredients business segment, led by its NIAGEN
nicotinamide riboside (NR). The ingredients segment generated net
sales of $16.8 million for FY 2016, an increase of 34%, compared to
$12.5 million for FY 2015.
core standards and services segment posted an 11% growth as it
generated net sales of $9.4 million for FY 2016, compared to $8.4
million for FY 2015. Net sales for the scientific and regulatory
consulting segment decreased by 37%, from $1.1 million for FY 2015
to $0.7 million for FY 2016, primarily due to a further emphasis on
intercompany work supporting our ingredients segment.
loss attributable to common stock holders for FY 2016 was $2.9
million or $0.08 per share as compared to a net loss of $2.8
million or $0.08 per share for FY 2015. Adjusted EBITDA a non-GAAP
measure, was $0.9 million for 2016, compared to adjusted EBITDA of
$0.2 million for 2015. ChromaDex defines Adjusted EBITDA as net
income (loss) adjusted for income tax, interest, depreciation,
amortization and non-cash stock compensation costs. The Basic and
Diluted Adjusted EBITDA per share for 2016 was $0.03 versus $0.00
for 2015. The decline in adjusted EBITDA and adjusted EBITDA per
share for 2016, when compared to the prior year, primarily reflects
increased expenses related to planned research and development
investment and increased legal expenses.
Results of operations for the three months ended Dec. 31,
three months ended Dec. 31, 2016 ( Q4 2016 ), ChromaDex
reported net sales of $5.6 million, an increase of 29% as compared
to $4.4 million for the three months ended Jan. 2, 2016 ( Q4
2015 ), largely due to increased sales in its ingredients
business segment, led by its NIAGEN
nicotinamide riboside. The ingredients segment generated net sales
of $3.3 million for Q4 2016, an increase of 42%, compared to $2.3
million for Q4 2015.
core standards and services segment also posted a 21% growth as it
generated net sales of $2.3 million for Q4 2016, compared to $1.9
million for Q4 2015. Net sales for the scientific and regulatory
consulting segment decreased by 40%, from $0.2 million for Q4 2015
to $0.1 million for Q4 2016, primarily due to a further emphasis on
intercompany work supporting our ingredients segment.
loss attributable to common stock holders for Q4 2016 was $2.1
million or ($0.06) per share as compared to a net loss of $1.4
million or ($0.04) per share for Q4 2015. Adjusted EBITDA, a
non-GAAP measure, was ($1.8 million) for Q4 2016, compared to
adjusted EBITDA of ($0.8 million) for Q4 2015. The Basic and
Diluted Adjusted EBITDA per share for Q4 2016 was ($0.05) versus
($0.02) for Q4 2015.
2016 and recent 2017 Company highlights include:
the Company announced that University of Iowa
researchers published a study in the prestigious Journal of the
International Association for the Study of Pain (PAIN) showing that
nicotinamide riboside
ameliorates chemotherapy-induced peripheral neuropathy (CIPN) in an
animal model. Results from this study suggest that NR may be
an effective therapy in relieving CIPN in humans.
the Company opened a new
state-of-the-art research and development center in Longmont,
Colorado. The 10,000-square-foot research and development
center is an important milestone for ChromaDex to continue its
global leadership in the identification and development of NAD+
the Company announced the results of the
Pre-IND meeting with the U.S. Food and Drug Administration (FDA)
for nicotinamide riboside for Cockayne Syndrome. During the meeting, ChromaDex and the
FDA discussed the development plan for nicotinamide riboside for
Cockayne Syndrome, which is a rare pediatric orphan disease that
results in a significantly shortened lifespan in affected
the Company named Dr. Matthew Roberts as
a new scientific advisory board member. Dr. Roberts is an accomplished
innovation executive with over 25 years of success at the
industry's major companies.
the Company appointed Kurt Gustafson to the
Company's board of directors bringing over 25 years of
diverse experience in corporate finance.
the Company announced that nicotinamide riboside plays a critical
role in the most efficient path to cellular energy production.
additional study published in the prestigious journal, Nature