Chromadex Corp (OTCMKTS:CDXC) a prominent natural products firm that provides proprietary ingredients and science-based offerings to the cosmetic, pharmaceutical, food and beverage, and dietary supplement industries, reported the financial summary for the fiscal ended January 3, 2015.
In FY2014, Chromadex recorded net sales of $15.3 million, a growth of 51% from $10.2 million in last year. The sharp increase can be credited to higher sales in main ingredients business division, supported by ‘NIAGEN®’ branded nicotinamide riboside. Chromadex’s ingredients segment net sales stood at $6.9 million for FY2014, a sharp jump of 182% from $2.4 million for FY2013. The core standards and services unit also posted a 13% growth as it recorded net sales of $7.5 million against $6.6 million for FY2013.
The scientific and regulatory consulting segment net sales plunged 16% to $969,000 for FY2014 from $1.1 million last year, as fewer consulting projects ended during fiscal. The net loss for was $5.4 million versus a net loss of $4.4 million last year. The non-cash, stock-based compensation came at $2.9 million. The adjusted net loss for ‘share based compensation’ mitigated the Chromadex’s net loss in the year to $2.5 million. The cash/cash equivalents plus marketable securities stood at $4.0 million.
The expert view
Frank Jaksch, Jr., the CEO stated that FY2014 was a vital inflexion point for Chromadex as it witnessed extraordinary sales growth in ingredients unit as well as extended inclusion of proprietary ingredients in a mounting number of consumer products. The company anticipates these positive trends to continue in current fiscal. It recently informed that the initial data of the first human clinical trial of its NIAGEN® NR had met primary endpoint. It indicates that a single dose accounted for statistically considerable growth in the co-enzyme NAD+ in fit human volunteers.