Chromadex Corp
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Health Care : Life Sciences Tools & Services | Small Cap Growth
Company profile

ChromaDex Corp. is a global bioscience company, which is engaged in research on nicotinamide adenine dinucleotide (NAD+), levels of which decline with age. NAD+ is a coenzyme and a regulator of cellular metabolism. It operates through three segments: Consumer products, Ingredients, and Analytical reference standards and services segment. The Consumer products segment provides finished dietary supplement products that contain the ingredients directly to consumers as well as to distributors. The Ingredients segment develops and commercializes ingredient technologies and supplies these ingredients as raw materials to the manufacturers of consumer products. The Analytical reference standards and services segment supplies phytochemical reference standards and other research and development services. Its ingredients include Tru Niagen and Immulina. The Tru Niagen is a form nicotinamide riboside (NR). NR is a member of the vitamin B3 family. Immulina is a spirulina extract.

Closing Price
$3.01
Day's Change
-0.09 (-2.90%)
Bid
--
Ask
--
B/A Size
--
Day's High
3.12
Day's Low
2.96
Volume
(Heavy Day)
Volume:
646,244

10-day average volume:
412,533
646,244

ChromaDex Corporation Reports Third Quarter 2021 Financial Results

4:02 pm ET November 3, 2021 (BusinessWire) Print

ChromaDex Corp. (NASDAQ:CDXC) today announced financial results for the third quarter of 2021.

Third Quarter 2021 and Recent Highlights

Total net sales were $17.3 million, up 22% from the prior year quarter. Tru Niagen(R) net sales were $14.8 million, a 24% increase from the prior year quarter. Gross margin was 61.1%, a 150 basis point increase from the prior year quarter. Net loss was $(8.9) million or $(0.13) per share, a decline of $0.06 per share from the prior year quarter. Adjusted EBITDA excluding total legal expense, a non-GAAP measure, was a loss of $(0.6) million, a $0.5 million decline from the prior year quarter. Announced partnership with Sinopharm Xingsha, a subsidiary of one of China's largest pharmaceutical companies, to conduct cross-border sales of Tru Niagen in Mainland China, and collaborate to secure Health Food Registration. Study published in September 2021 on nicotinamide riboside (NR) supplementation in children with Ataxia-Telangiectasia (AT), a prematurely aging population, showed improvement in ataxia scores and increased antibodies in immune-compromised patients. Clinical study published in October 2021 in Molecular Systems Biology finds nutritional protocol including nicotinamide riboside (NR) significantly decreases liver fat and improves liver function.

"This quarter marks an inflection point for ChromaDex," said CEO, Rob Fried. "With the litigation largely behind us, we are focusing more resources, both human and financial, on building the Tru Niagen(R) brand, furthering our science, and developing our global partnerships. We recently partnered with Sinopharm Xingsha, one of the most prestigious healthcare companies in China, which will enable us to capitalize on the tremendous opportunity for Tru Niagen(R) in that market."

Results of operations for the three months ended September 30, 2021

For the three months ended September 30, 2021 ("Q3 2021"), ChromaDex reported net sales of $17.3 million, up $3.1 million or 22% compared to the third quarter of 2020 ("Q3 2020"). The increase in Q3 2021 revenues was largely driven by growth in sales of Tru Niagen(R) paired with slight growth in Niagen(R) and other ingredient sales.

Gross margin percentage improved by 150 basis points to 61.1% in Q3 2021 compared to 59.6% in Q3 2020. The improvement in gross margin percentage was driven by the positive impact of increased Tru Niagen(R) consumer product sales and product cost savings initiatives.

Operating expenses increased by $6.8 million to $19.4 million in Q3 2021, compared to $12.7 million in Q3 2020. The increase in operating expenses was driven by $2.0 million of higher selling and marketing expenses and a $4.6 million increase in general and administrative expense. The increase in general and administrative expense was primarily driven by $3.7 million of higher legal expense.

The net loss for Q3 2021 was $(8.9) million or $(0.13) per share as reported compared to a net loss of $(4.2) million or $(0.07) per share for Q3 2020 as reported. Adjusted EBITDA excluding total legal expense, a non-GAAP measure, was a loss of $(0.6) million for Q3 2021, compared to a loss of $(0.1) million for Q3 2020, a $0.5 million decline. See "Reconciliation of Non-GAAP Financial Measures" for a reconciliation of non-GAAP Adjusted EBITDA excluding total legal expense to net loss, the most directly comparable GAAP measure.

For Q3 2021, the net cash outflow from operating activities was $(5.9) million, compared to $(3.8) million in Q3 2020.

2021 Full Year Outlook

Looking forward, for the full year, the Company expects continued, steady revenue growth driven by its global e-commerce business, as well as growth with existing and new strategic partners. The Company expects slightly better than 60% gross margin and slightly higher general and administrative expense, excluding severance, restructuring and legal expense, for full year 2021. The Company plans to increase investments and resources to drive brand awareness and accelerate its research and development pipeline to capitalize on growth in the nicotinamide adenine dinucleotide (NAD+) market globally. Accordingly, the Company expects higher research and development expense and higher selling and marketing expense as a percentage of net sales year-over-year.

Investor Conference Call

A live webcast will be held Wednesday, November 3, 2021 at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss ChromaDex's third-quarter financial results and provide a general business update.

To listen to the webcast, or to view the earnings press release and its accompanying financial exhibits, please visit the Investors Relations section of ChromaDex's website at http://chromadex.com. The toll-free dial-in information for this call is 1-888-510-2008 with Conference ID: 4126168.

The webcast will be recorded, and will be available for replay via the website from 7:30 p.m. Eastern time on November 3, 2021 to 11:59 p.m. Eastern time on November 10, 2021. The replay of the call can also be accessed by dialing 800-770-2030, using the Replay ID: 4126168.

Important Note on Forward Looking Statements:

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. 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. Such statements include the quotation from ChromaDex's Chief Executive Officer, and statements related to the company's 2021 financial outlook. More detailed information about ChromaDex and the risk factors that may affect the realization of forward-looking statements is set forth in ChromaDex's Annual Report on Form 10-K for the fiscal year ended December 31, 2020, ChromaDex's Quarterly Reports on Form 10-Q and other filings submitted by ChromaDex 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, and actual results may differ materially from those suggested by these forward-looking statements. All forward-looking statements are qualified in their entirety by this cautionary statement and ChromaDex undertakes no obligation to revise or update this release to reflect events or circumstances after the date hereof.

About ChromaDex:

ChromaDex Corporation is a global bioscience company dedicated to healthy aging. The ChromaDex team, which includes world-renowned scientists, is pioneering research on nicotinamide adenine dinucleotide (NAD+), levels of which decline with age. ChromaDex is the innovator behind NAD+ precursor nicotinamide riboside (NR), commercialized as the flagship ingredient Niagen(R). Nicotinamide riboside and other NAD+ precursors are protected by ChromaDex's patent portfolio. ChromaDex delivers Niagen(R) as the sole active ingredient in its consumer product Tru Niagen(R) available at www.truniagen.com and through partnerships with global retailers and distributors. Follow us on Twitter @ChromaDex and subscribe to our latest news via our website accessible at www.chromadex.com to which ChromaDex regularly posts copies of its press releases as well as additional updates and financial information about the Company.

                                                                                                                         ChromaDex Corporation and Subsidiaries
                                                                                                                Unaudited Condensed Consolidated Statements of Operations
                                                                                                                                  
 
                                                                                                            Three Months Ended                                                                                 Nine Months Ended
                                                                                                               September 30,                                                                                                        September 30,
                                                                      --------------------------------------------------------------------------------------                              ----------------------------------------------------------------------------------------
 
                                                                                      2021                                   2020                                    2021                                    2020
                                                                      --------------------------------                          --------------------------------                          ---------------------------------                          ---------------------------------
(In thousands, except per share data)                                                                                               
Sales, net                                                            $      17,308       $      14,180       $       49,690       $       43,812  
Cost of sales                                                                 6,730               5,726               19,068               17,959  
                                                                      ------------  --------------------                        ------------  --------------------                        -------------  --------------------                        -------------  --------------------
                                                                             10,578               8,454               30,622               25,853  
  Gross profit
                                                                      ------------  --------------------                        ------------  --------------------                        -------------  --------------------                        -------------  --------------------
Operating expenses:                                                                                                                 
                                                                              7,221               5,223               19,711               14,629  
  Sales and marketing
                                                                                996                 841                2,787                2,545  
  Research and development
                                                                             11,202               6,586               29,881               22,452  
  General and administrative
                                                                      ------------  --------------------                        ------------  --------------------                        -------------  --------------------                        -------------  --------------------
                                                                             19,419              12,650               52,379               39,626  
    Total operating expenses
                                                                      ------------  --------------------                        ------------  --------------------                        -------------  --------------------                        -------------  --------------------
Operating loss                                                               (8,841 )                               (4,196 )                               (21,757 )                               (13,773 )
                                                                      ------------  --------------------                        ------------  --------------------                        -------------  --------------------                        -------------  --------------------
                                                                                                                 
Interest expense, net                                                           (15 )                                  (19 )                                   (46 )                                   (55 )
                                                                      ------------  --------------------                        ------------  --------------------                        -------------  --------------------                        -------------  --------------------
Net loss                                                              $      (8,856 )                        $      (4,215 )                        $      (21,803 )                        $      (13,828 )
                                                                      ====== ====== ====================                        ====== ====== ====================                        ====== ======= ====================                        ====== ======= ====================
                                                                                                                 
Basic and diluted loss per share attributable to common stockholders: $       (0.13 )                        $       (0.07 )                        $        (0.33 )                        $        (0.23 )
                                                                      ====== ====== ====================                        ====== ====== ====================                        ====== ======= ====================                        ====== ======= ====================
                                                                                                                 

See Notes to Consolidated Financial Statements in Part I Item 1 of ChromaDex's Quarterly Report on Form 10-Q to be filed with Securities and Exchange Commission on November 3, 2021.

                                                                                                                    ChromaDex Corporation and Subsidiaries
                                                                                                                Unaudited Condensed Consolidated Balance Sheets
 
                                                                                                                                                                        Sep 30, 2021                           Dec 31, 2020
                                                                                                                                                                               ----------------------------------                        ----------------------------------
(In thousands except par values, unless otherwise indicated)
Assets
Current assets:                                                                                                                                                                                     
                                                                                                                                                                               $        33,102     $        16,697  
  Cash, including restricted cash of $0.2 million for both periods
                                                                                                                                                                                         5,295               2,694  
  Trade receivables, net of allowances of $37 and $189, respectively; Including receivables from Related Party of: $2.3 million and $0.9 million, respectively.
                                                                                                                                                                                        12,676              11,683  
  Inventories
                                                                                                                                                                                         1,762               1,145  
  Prepaid expenses and other assets
                                                                                                                                                                               --------------  --------------------                      --------------  --------------------
                                                                                                                                                                                        52,835              32,219  
    Total current assets
                                                                                                                                                                               --------------  --------------------                      --------------  --------------------
                                                                                                                                                                                 
Leasehold improvements and equipment, net                                                                                                                                                3,084               3,206  
Intangible assets, net                                                                                                                                                                     908               1,082  
Right-of-use assets                                                                                                                                                                      3,049               1,226  
Other long-term assets                                                                                                                                                                     576                 625  
                                                                                                                                                                               --------------  --------------------                      --------------  --------------------
                                                                                                                                                                               $        60,452     $        38,358  
    Total assets
                                                                                                                                                                               ======= ======= ====================                      ======= ======= ====================
Liabilities and Stockholders' Equity                                                                                                                                                                
Current liabilities:                                                                                                                                                                                
                                                                                                                                                                               $        10,804     $         9,445  
  Accounts payable
                                                                                                                                                                                         6,331               6,133  
  Accrued expenses
                                                                                                                                                                                           447                 589  
  Current maturities of operating lease obligations
                                                                                                                                                                                            13                  31  
  Current maturities of finance lease obligations
                                                                                                                                                                                           175                 278  
  Customer deposits
                                                                                                                                                                               --------------  --------------------                      --------------  --------------------
                                                                                                                                                                                        17,770              16,476  
    Total current liabilities
                                                                                                                                                                               --------------  --------------------                      --------------  --------------------
Deferred revenue                                                                                                                                                                         4,346               4,441  
Operating lease obligations, less current maturities                                                                                                                                     2,876                 997  
Finance lease obligations, less current maturities                                                                                                                                          11                  20  
                                                                                                                                                                               --------------  --------------------                      --------------  --------------------
                                                                                                                                                                                        25,003              21,934  
    Total liabilities
                                                                                                                                                                               --------------  --------------------                      --------------  --------------------
                                                                                                                                                                                 
Commitments and Contingencies                                                                                                                                                                       
                                                                                                                                                                                 
Equity                                                                                                                                                                                              
ChromaDex Corporation and subsidiaries stockholders' equity:                                                                                                                                        
                                                                                                                                                                                            68                  62  
  Common stock, $0.001 par value; authorized 150,000 shares; 68,094 shares and 61,881 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively.
                                                                                                                                                                                       199,011             158,190  
  Additional paid-in capital
                                                                                                                                                                                      (163,628 )                             (141,825 )
  Accumulated deficit
                                                                                                                                                                                            (2 )                                   (3 )
  Cumulative translation adjustments
                                                                                                                                                                               --------------  --------------------                      --------------  --------------------
                                                                                                                                                                                        35,449              16,424  
    Total stockholders' equity
                                                                                                                                                                               --------------  --------------------                      --------------  --------------------

See Notes to Consolidated Financial Statements in Part I Item 1 of ChromaDex's Quarterly Report on Form 10-Q to be filed with Securities and Exchange Commission on November 3, 2021.

                                                                                                                                  ChromaDex Corporation and Subsidiaries
                                                                                                                          Unaudited Reconciliation of Non-GAAP Financial Measures
 
Adjusted EBITDA                                                                                                  
                                   Q3 2021                              Q2 2021                              Q1 2021                              Q4 2020                              Q3 2020
                                        --------------------------------                        --------------------------------                        --------------------------------                        --------------------------------                        --------------------------------
(In thousands)                                                                                                   
Net loss, as reported                   $      (8,856 )                      $      (5,566 )                      $      (7,381 )                      $      (6,097 )                      $      (4,215 )
                                                                                                                 
  Adjustments:
                                                   15                12                19                16                19  
    Interest expense, net
                                                  232               226               221               219               220  
    Depreciation
                                                   53                61                60                61                60  
    Amortization of intangibles
                                                  131               128               126               115                97  
    Amortization of right of use assets
                                                1,822             1,616             1,284             1,778             1,574  
    Share-based compensation
                                                  342                13               (10 )                                329               224  
    Severance and restructuring
                                        ------------  --------------------                      ------------  --------------------                      ------------  --------------------                      ------------  --------------------                      ------------  --------------------
Adjusted EBITDA                         $      (6,261 )                      $      (3,510 )                      $      (5,681 )                      $      (3,579 )                      $      (2,021 )
                                        ------ ------ --------------------                      ------ ------ --------------------                      ------ ------ --------------------                      ------ ------ --------------------                      ------ ------ --------------------
                                                                                                            
                                                5,640             4,150             5,010             2,468             1,896  
  Total legal expense
                                                                                                            
                                        --------------------------------                        --------------------------------                        --------------------------------                        --------------------------------                        --------------------------------

Non-GAAP Financial Information:

ChromaDex discloses adjusted EBITDA excluding (a) interest, (b) depreciation, (c) amortization, (d) non-cash share-based compensation costs, (e) severance and restructuring expense and (f) total legal expense. ChromaDex uses this non-GAAP measure when evaluating its financial results as well as for internal resource management, planning and forecasting purposes. ChromaDex believes the presentation of its 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 adjusted EBITDA has substance because the excluded expenses are infrequent in nature, are variable in nature or do not represent current cash expenditures. Non-GAAP measures should not be viewed in isolation from or as a substitute for ChromaDex's financial results in accordance with GAAP.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211103006150/en/

SOURCE: ChromaDex Corporation">

Investor Relations 
Brianna Gerber
Vice President of Finance and Investor Relations
949-419-0288 ext. 127
briannag@chromadex.com

Media Relations 
Alex Worsham
Vice President of Global Marketing & Communications
310-388-6706 ext. 689
alexw@chromadex.com
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