Chromadex Corp (OTCMKTS:CDXC) a leading natural products firm that offers proprietary ingredients and science-based offerings to the food and beverage, dietary supplement, pharmaceutical and cosmetic industries, announced the financial results for the fiscal ended January 3, 2015.
In FY2014, Chromadex posted net sales of $15.3 million, up 51% from $10.2 million in FY2013.This increase was due to higher sales in its ingredients business division, driven by ‘NIAGEN®’ branded nicotinamide riboside. The ingredients division net sales came at $6.9 million for FY 2014, up 182% from $2.4 million for FY2013. The main standards and services division also recorded a 13% growth as it achieved net sales of $7.5 million for FY2014 against $6.6 million for FY 2013.
The scientific and regulatory consulting division net sales declined 16% to $969K for FY 2014 from $1.1 million for FY2013, as fewer consulting projects were finished during fiscal. The net loss for FY 2014 was $5.4 million compared to a net loss of $4.4 million in FY2013. The non-cash, stock-based compensation expense in FY 2014 were $2.9 million. The net loss adjusted for ‘share based compensation’0, decreased the Company’s net loss for FY2014 to $2.5 million. The cash/cash equivalents and marketable securities came at $4.0 million.
The management view
Frank Jaksch, Jr., the CEO of Chromadex said that FY2014 was a vital inflexion point for the company. There was robust sales growth recorded in ingredients division as well as extended inclusion of patented ingredients in a rising number of consumer products. The management is pleased to state that the company expects these positive trends to continue in FY2015. The company recently disclosed that the initial findings of the first human clinical trial for the NIAGEN® NR had achieved its primary endpoint, reflecting that a single dose resulted in statistically considerable rise in the co-enzyme NAD+ in healthy human volunteers.