Chromadex Corp (OTCMKTS:CDXC) recorded higher sales in its fiscal 2014 compared to fiscal 2013. Ingredient segment led the way with 182% increase in sales. The management noted that there was an increase in the inclusion of their patented ingredients in more consumer products in 2014, a trend that is expected to continue this year.
Chromadex Corp (OTCMKTS:CDXC) reported its fiscal 2014, which ended on January 3, 2015. The company said total sales in the year rose 51% to $15.3 million. Sales in the year were primarily supported by the robust performance of the ingredient business, especially the NIAGEN line of ingredients that include nicotinamide riboside (NR). Ingredient segment recorded 182% uptick in sales in fiscal 2014 to $6.9 million.
Other business segments
Coming to the standards and services unit, the company posted 13% increase in sales to $7.5 million. However, Chromadex Corp (OTCMKTS:CDXC) suffered a setback in its scientific and regulatory consulting division. Revenue in the segment was down 16% to just about $969,000 in fiscal 2014. The impact in the segment was linked to the fewer consulting projects completed in the year.
Wider loss in fiscal 2014
Despite sales gains in two of its largest business segments – ingredients and standards and services, ChromaDex posted a wider loss of $5.4 million or $0.05 per share in fiscal 2014 compared to a loss of $4.4 million or $0.04 per share in fiscal 2013. The adjusted net loss for fiscal 2014 was $2.5 million.
ChromaDex disclosed that it finished fiscal 2014 with cash and equivalents of $4 million.
According to Chromadex Corp (OTCMKTS:CDXC)’s CEO, Frank Jaksch, Jr., they are excited by the continuing adoption of their patented ingredient as the active component in consumer products. Additionally, he said that the company will continue its collaboration deals for various study projects to bolster their product portfolio.
Chromadex Corp (OTCMKTS:CDXC) recently announced the appointed of Steve Allen, formerly of Nestle, as the chairman of its board.