- Net sales reached $25.6 million, marking a 31% increase YoY, with $18.1 million from Tru Niagen®.
- Niagen® ingredient sales grew significantly, totaling $6.7 million, a 368% YoY increase.
- Gross margin improved to 63.5%, a 210-basis-point increase from Q3 2023.
- Reduced sales and marketing expenses as a percentage of net sales to 27.5%.
- Achieved a record net income of $1.9 million ($0.02 per share), and an Adjusted EBITDA of $2.9 million, up from $0.5 million in Q3 2023.
Operational Milestones:
- Expanded Niagen+ availability to over 100 wellness clinics as of October 2024.
- Marked 25 years of operation, supporting over 275 research agreements worldwide, with 175+ peer-reviewed studies on NAD+.
- Initiated FDA discussions for an Investigational New Drug (IND) application for nicotinamide riboside in treating Ataxia Telangiectasia.
2024 Full-Year Outlook:
ChromaDex anticipates ~15% revenue growth, continued e-commerce expansion, and steady margins. It plans to invest in brand awareness and research while managing costs.
Investor Call Information:
An investor webcast was held on October 31, 2024, and a replay is available on the ChromaDex website.
About ChromaDex:
ChromaDex, a leader in NAD+ research, delivers Tru Niagen® and pharmaceutical-grade Niagen®, supporting cellular health and aging research globally.
Non-GAAP Financial Information:
To supplement ChromaDex’s unaudited financial data presented in accordance with generally accepted accounting principles (GAAP), the Company has presented Adjusted EBITDA, a non-GAAP financial measure. ChromaDex believes the presentation of this non-GAAP financial measure provides important supplemental information to management and investors and enhances the overall understanding of the Company’s historical and current financial operating performance. The Company believes disclosure of the non-GAAP financial measure has substance because the excluded expenses are infrequent in nature, are variable in nature or do not represent current cash expenditures. Further, such non-GAAP financial measure is among the indicators the Company uses as a basis for evaluating the Company’s financial performance as well as for planning and forecasting purposes. Accordingly, disclosure of this non-GAAP financial measure provides investors with the same information that management uses to understand the Company’s economic performance year-over-year.
Adjusted EBITDA is defined as net income (loss) before (a) interest, (b) depreciation, (c) amortization, (d) non-cash share-based compensation costs and (e) severance and restructuring expense. While ChromaDex believes that this non-GAAP financial measure provides useful supplemental information to investors, there are limitations associated with the use of such measure. This measure is not prepared in accordance with GAAP and may not be directly comparable to similarly titled measures of other companies due to potential differences in the method of calculation. Management compensates for these limitations by relying primarily on the Company’s GAAP results and by using Adjusted EBITDA only supplementally and by reviewing the reconciliation of the non-GAAP financial measure to its most comparable GAAP financial measure.
Non-GAAP financial measures are not prepared in accordance with, or an alternative for, generally accepted accounting principles in the United States. The Company’s non-GAAP financial measure is not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with GAAP.
