Full Press Release Details
ChromaDex Reports First Quarter 2017 Financial Results
- Changes in Q1 and new investor set the foundation for success
IRVINE, Calif., May 11, 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 quarter ended April
am very excited about the changes we have made the past few
months, commented Frank Jaksch, Jr., CEO and co-founder of
ChromaDex. As the science and research continues to validate
the effectiveness of NIAGEN , we are
setting the foundation to take full advantage of this extraordinary
ingredient opportunity.
We fully recognize the value of NIAGEN and its vital impact on energy metabolism and
aging, said Rob Fried, President and Chief Strategy Officer
of ChromaDex. This is an exciting time for ChromaDex as we
focus our strategy on bringing NIAGEN
and our NAD+ precursor platform to
Results of operations for the three months ended April 1,
three months ended April 1, 2017 ( Q1 2017 ), ChromaDex
reported net sales of $4.4 million, a decrease of 39% as compared
to $7.3 million for the three months ended April 2, 2016 ( Q1
2016 ), largely due to decreased sales in its ingredients
business segment, as a result of dropping our largest customer for
fiscal year 2016. The ingredients segment generated net sales of
$2.1 million for Q1 2017, a decrease of 55%, compared to $4.6
million for Q1 2016.
core standards and services segment posted a 13% decline in net
sales to $2.4 million for Q1 2017, compared to $2.7 million for Q1
2016. Since the year ended December 31, 2016, ChromaDex has made
operational changes to merge its scientific and regulatory
consulting segment into the core standards and services
loss attributable to common stock holders for Q1 2017 was $1.9
million or ($0.05) per share as compared to a net income of $0.3
million or $0.01 per share for Q1 2016. Adjusted EBITDA, a non-GAAP
measure, was ($1.4 million) for Q1 2017, compared to adjusted
EBITDA of $0.9 million for Q1 2016. The Basic and Diluted Adjusted
EBITDA per share for Q1 2017 was ($0.04) versus $0.02 for Q1
Recent Company highlights include:
Company announced that it entered into a
securities purchase agreement, pursuant to which the Company sold
$3.5 million of its common stock, with the possibility of selling
up to an additional $21.5 million of its common stock in future
tranches, in a private placement led by Hong Kong business leader
Mr. Li Ka-shing with Horizons
Company acquired all the outstanding equity interests of Healthspan
Research, LLC and its only product TRUNIAGEN. The product is a
standalone nicotinamide riboside NIAGEN supplement
currently being sold direct-to-consumer ( DTC ) in the
US through the website www.truniagen.com.
Robert Fried, a member of the Company's board of directors
since July 2015, was appointed President and Chief Strategy Officer
Company announced that Steven D. Rubin, J.D.
joined the Company's board of directors. Mr. Rubin has
served as OPKO Health's Executive Vice President
Administration since May 2007 and a director since February 2007.
Mr. Rubin is a member of The Frost Group, LLC, a private investment
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 NIAGEN
nicotinamide riboside
ameliorates chemotherapy-induced peripheral neuropathy
( CIPN ) in an animal model. Results from this
study suggest that nicotinamide riboside 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 terminated the purchase agreements of one of its former
customers and filed suit to collect payment owed under the
Investor Conference Call
management will host an investor conference call to discuss the
year end results and provide a general business update on Thursday,
May 11, at 4:30 p.m. ET.
should call in at least 10 minutes prior to the call. The dial-in
information is as follows:
| U.S. Toll-Free Number: | (866) 327-8118 |
| International Dial-In Number: | (678) 509-7526 |
| Conference ID: | 18237041 |
| Webcast link: | http://edge.media-server.com/m/p/t8in2vhy/lan/en |
webcast replay will be available after the completion of the call
on the Investor Relations section of the Company website,
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
non-GAAP financial measures exclude interest, tax, depreciation,
amortization and share-based compensation. ChromaDex used
these non-GAAP measures when evaluating its financial results as
well as for internal resource management, planning and forecasting
purposes. These non-GAAP measures should not be viewed in isolation
from or as a substitute for ChromaDex's financial results in
accordance with GAAP. A reconciliation of GAAP to non-GAAP measures
is attached to this press release.
its complementary business units to discover, acquire, develop and
commercialize patented and proprietary ingredient technologies that
address the dietary supplement, food, beverage, skin care and
pharmaceutical markets. In addition to our ingredient technologies
unit, we also have business units focused on natural product fine