StockSelector.com
  Research, Select, & Monitor Thursday, September 20, 2018 10:10:32 AM ET  
Trade Ideas The Market Industries Stocks Portfolio

 
Ticker Lookup
Chromadex Corp$3.78$.133.56%

  Quote | Ranking | Chart | Valuations | Sentiment | Industry | News | Earnings | Analysts | More...

Your Target?

 ChromaDex Corporation Reports 2017 Financial Results   
   Thursday, March 08, 2018 4:01:00 PM ET

IRVINE, Calif., March 08, 2018 (GLOBE NEWSWIRE) -- ChromaDex Corporation (NASDAQ:CDXC), a science-based, integrated nutraceutical company devoted to improving the way people age, announced today fourth quarter and full year 2017 financial results.

Results of operations for the three months ended Dec. 30, 2017

For the three months ended Dec. 30, 2017 (“Q4 2017”), ChromaDex reported net sales from continuing operations of $7.5 million, up 69% compared to $4.5 million from continuing operations in the fourth quarter of 2016. The increase in fourth quarter revenues was driven by growth in sales of TRU NIAGEN®.

Gross profit improved in the fourth quarter of 2017 to 50.9% as compared to 45.1% for the same period in 2016. We experienced better margins due to the positive impact of TRU NIAGEN® consumer product sales, which we anticipate will continue.

Operating expenses were $12.6 million in the fourth quarter of 2017, compared to $4.2 million from continuing operations in the same period for 2016. The increase in operating expenses for fourth quarter was the result of our strategic decision to invest in marketing to build out the TRU NIAGEN brand, as well as legal costs associated with ongoing litigation and higher stock-based compensation expense.

The net loss attributable to common stockholders for the fourth quarter of 2017 was $8.8 million or ($0.17) per share as compared to a net loss of $2.1 million or ($0.06) per share for Q4 2016. The higher losses in the fourth quarter were the result of the strategic decision to invest ahead of growth, higher legal fees associated with ongoing litigation and higher stock-based compensation expense, partially offset by higher sales volume and gross profits.   

For the fourth quarter of 2017, the reported loss from continuing operations was negatively impacted by a non-cash charge of $3.4 million related to stock-based compensation.

Adjusted EBITDA, a non-GAAP measure, was ($5.2) million for Q4 2017, compared to adjusted EBITDA of ($1.7) million for Q4 2016. ChromaDex defines Adjusted EBITDA as net income (loss) adjusted for income tax, interest, depreciation, amortization and non-cash stock compensation costs. The Basic and Diluted Adjusted EBITDA per share for Q4 2017 was ($0.10) versus ($0.05) for Q4 2016.

We also ended the fourth quarter of 2017 with a solid balance sheet with quarter-end cash of $45.4 million.

“We continue to see validation from the research community, as evidence builds through peer-reviewed publications,” said Frank Jaksch, Jr., CEO and co-founder of ChromaDex. “Our undisputed leadership in NAD research will be the foundation of continued growth for TRU NIAGEN.”

Rob Fried, President and Chief Operating Officer commented: “It has been less than a year since we made the strategic decision to focus on TRU NIAGEN and NAD. We are very pleased with the increase in gross margin which reflects the growing value of the TRU NIAGEN brand. Our strategy is thus far playing out ahead of plan.”

Results of operations for the year ended Dec. 30, 2017

For full year 2017, net revenues were $21.2 million from continuing operations, down 2% compared to $21.7 million from continuing operations for full year 2016 as the Company shifted to an integrated global consumer product nutraceutical company.

Gross profit improved in the full year 2017 to 49.4% as compared to 48.0% for the same period in 2016.  We experienced slightly better margins due to the positive impact of TRU NIAGEN consumer product.

For full year 2017, operating expenses from continuing operations were $26.9 million, compared to $13.3 million from continuing operations for full year 2016 as we invested in marketing expenditures to build out the TRU NIAGEN brand. The increase in operating expenses was also due to legal costs associated with ongoing litigation and higher stock-based compensation expense.

The net loss attributable to common stockholders for full year 2017 was $11.4 million or ($0.26) per share as compared to a net loss of $2.9 million or ($0.08) per share for full year 2016. 

Adjusted EBITDA a non-GAAP measure, was ($5.9) million for 2017, compared to adjusted EBITDA of ($0.9) million for 2016. The Basic and Diluted Adjusted EBITDA per share for 2017 was ($0.13) versus ($0.03) for 2016.

Outlook

For 2018, the Company expects to show significant growth in sales driven by our U.S. ecommerce and Watsons business and the launch of TRU NIAGEN in new international markets.  We expect the growth to be skewed toward the second half of the year. We will continue to invest in marketing expenditures to build out the TRU NIAGEN brand, infrastructure, and new capabilities to support growth. 

Investor Conference Call



ChromaDex management will host an investor conference call to discuss the year end results and provide a general business update on Thurs., March 8, at 4:30pm ET.

Participants should call in at least 10 minutes prior to the call. The dial-in information is as follows:

U.S. Toll-Free Number:(866) 327-8118
International Dial-In Number:   (678) 509-7526
Conference ID:9787028
Webcast link:https://edge.media-server.com/m6/p/8kcvfrii


The webcast replay will be available after the completion of the call on the Investor Relations section of the Company website, www.chromadex.com .

The earnings press release, and its accompanying financial exhibits, will be available on the Investor Relations section of the Company website, www.chromadex.com .

About Non-GAAP Financial Measures

ChromaDex’s non-GAAP financial measures exclude interest, tax, depreciation, amortization and share-based compensation. ChromaDex used these non-GAAP measures when evaluating its financial results as well as for internal resource management, planning and forecasting purposes. These non-GAAP measures should not be viewed in isolation from or as a substitute for ChromaDex’s financial results in accordance with GAAP. A reconciliation of GAAP to non-GAAP measures is attached to this press release.

About ChromaDex:

ChromaDex Corp.  is an integrated, global nutraceutical company devoted to improving the way people age. ChromaDex scientists partner with leading universities and research institutions worldwide to uncover the full potential of NAD and identify and develop novel, science-based ingredients. Its flagship ingredient, NIAGEN®  nicotinamide riboside, sold directly to consumers as TRU NIAGEN® , is backed with clinical and scientific research, as well as extensive IP protection. TRU NIAGEN® is helping the world AGE BETTER®. To learn more about ChromaDex, please visit www.ChromaDex.com .

Important Note on Forward Looking Statements and 2017 Financial Results:

Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Such statements include statements regarding the Company’s fourth quarter and full year 2017 financial results, continued growth in revenue and gross profits and continued validation of our science. The financial information included herein for the fourth quarter and full year 2017 are preliminary, unaudited results and may change materially, including as a result of the finalization of financial statements for the Company’s fourth quarter and full year ended December 30, 2017, completion of the Company’s audit by the Company’s independent registered public accounting firm and other factors and adjustments related to the Company’s financial reporting process. Other risks that contribute to the uncertain nature of the forward-looking statements are reported in our most recent Forms 10-Q and 10-K as filed with the SEC. There can be no assurance that our final results for the year will not differ from these estimates and that such changes will not be material; accordingly, these statements should not be viewed or relied upon as a substitute for complete audited financial statements to be prepared in accordance with GAAP (Generally Accepted Accounting Principles) or as a measure of our actual performance. The Company plans to file its 2017 Annual Report on Form 10-K with the SEC on or around March 15, 2018.  The 2017 Annual Report on Form 10-K will include audited financial statements for the year ended December 30, 2017.   

ChromaDex Investor Relations Contact:

Andrew Johnson, Director of Investor Relations

949-419-0288

andrewj@chromadex.com

ChromaDex Public Relations Contact:

Breah Ostendorf, Director of Marketing

949-537-4103

breaho@chromadex.com


 

ChromaDex Corporation and Subsidiaries  
Consolidated Statements of Operations  
Three Months Ended December 30, 2017 and December 31, 2016 
   
 Q4 2017Q4 2016
   
Sales, net$  7,530,836 $  4,452,783 
Cost of sales   3,695,837    2,442,714 
   
Gross profit   3,834,999    2,010,069 
   
Operating expenses:  
Sales and marketing   2,401,046    368,200 
Research and development   1,452,668    534,171 
General and administrative   8,759,068    3,279,624 
Operating expenses   12,612,782    4,181,995 
   
Operating loss   (8,777,783)   (2,171,926)
   
Nonoperating income (expense):  
Interest expense, net   (44,033)   (18,360)
Nonoperating expenses   (44,033)   (18,360)
   
Loss before income taxes   (8,821,816)   (2,190,286)
Provision for income taxes   -    3,500 
   
Loss from continuing operations   (8,821,816)   (2,186,786)
   
Income from discontinued operations   -    40,033 
   
Net loss$  (8,821,816)$  (2,146,753)
   
Basic and diluted earnings (loss) per common share:  
  Loss from continuing operations$  (0.17)$  (0.06)
  Earnings from discontinued operations$  -   $  0.00 
   
Basic and diluted loss per common share$  (0.17)$  (0.06)
   
Basic and diluted weighted average common shares outstanding   51,178,664    37,904,534 
   


ChromaDex Corporation and Subsidiaries  
Consolidated Statements of Operations  
Years Ended December 30, 2017 and December 31, 2016  
   
 20172016
   
Sales, net$  21,201,482 $  21,664,648 
Cost of sales   10,724,177    11,274,114 
   
Gross profit   10,477,305    10,390,534 
   
Operating expenses:  
Sales and marketing   4,459,224    1,558,213 
Research and development   4,007,381    2,522,768 
General and administrative   17,641,889    9,214,763 
Other   745,773    - 
Operating expenses   26,854,267    13,295,744 
   
Operating loss   (16,376,962)   (2,905,210)
   
Nonoperating income (expense):  
Interest expense, net   (152,784)   (333,286)
Loss on debt extinguishment   -    (313,099)
Nonoperating expenses   (152,784)   (646,385)
   
Loss from continuing operations   (16,529,746)   (3,551,595)
   
Income (loss) from discontinued operations   (315,140)   623,410 
Gain on sale of discontinued operations   5,467,268    - 
   
Income from discontinued operations, net   5,152,128    623,410 
   
Net loss$  (11,377,618)$  (2,928,185)
   
Basic and diluted earnings (loss) per common share:  
  Loss from continuing operations$  (0.37)$  (0.10)
  Earnings from discontinued operations$  0.11 $  0.02 
   
Basic and diluted loss per common share$  (0.26)$  (0.08)
   
Basic and diluted weighted average common shares outstanding   44,598,879    37,294,321 
   


Consolidated Statements of Operations, Unaudited Effects of Charges associated with Interest, Tax, Depreciation,  Consolidated Statements of Operations, Adjusted EBITDA
 (US GAAP) Amortization and Share-based Compensation Expense Excluding Interest, Tax, Depreciation, Amortization and
    Share-based Compensation (Non-GAAP Presentation)
Three Months Ended December 30, 2017 and December 31, 2016 Three Months Ended December 30, 2017 and December 31, 2016 Three Months Ended December 30, 2017 and December 31, 2016
           
 Q4 2017Q4 2016  Q4 2017Q4 2016  Q4 2017Q4 2016
           
Sales, net$  7,530,836 $ 4,452,783  Sales, net$  - $  -  Sales, net$  7,530,836 $  4,452,783 
Cost of sales   3,695,837    2,442,714  Cost of sales   (58,546)   (18,405) Cost of sales   3,637,291    2,424,309 
           
Gross profit   3,834,999   2,010,069  Gross profit   58,546    18,405  Gross profit   3,893,545    2,028,474 
           
Operating expenses:   Operating expenses:   Operating expenses:  
Sales and marketing   2,401,046    368,200  Sales and marketing   (1,857)   -  Sales and marketing   2,399,189    368,200 
Research and development   1,452,668    534,171  Research and development   (41,654)   (10,494) Research and development   1,411,014    523,677 
General and administrative   8,759,068    3,279,624  General and administrative   (3,464,320)   (294,518) General and administrative   5,294,748    2,985,106 
Operating expenses   12,612,782    4,181,995  Operating expenses   (3,507,831)   (305,012) Operating expenses   9,104,951    3,876,983 
           
Operating loss  (8,777,783) (2,171,926) Operating income   3,566,377    323,417  Operating loss  (5,211,406)  (1,848,509)
           
Nonoperating income (expense):   Nonoperating income (expense):   Nonoperating income (expense):  
Interest expense, net   (44,033)   (18,360) Interest expense, net   44,033    18,360  Interest expense, net   -    - 
Nonoperating expenses   (44,033)   (18,360) Nonoperating income   44,033    18,360  Nonoperating expenses   -    - 
           
Loss before income taxes  (8,821,816)  (2,190,286) Income before income taxes   3,610,410    341,777  Loss before income taxes  (5,211,406)  (1,848,509)
Provision for income taxes   -    3,500  Provision for income taxes   -    (3,500) Provision for income taxes   -    - 
           
Loss from continuing operations  (8,821,816)  (2,186,786) Income from continuing operations   3,610,410    338,277  Loss from continuing operations  (5,211,406)  (1,848,509)
           
Income from discontinued operations   -    40,033  Income from discontinued operations   -    70,352  Income from discontinued operations   -    110,385 
           
Net loss$ (8,821,816)$ (2,146,753) Effects of adjusted EBITDA$  3,610,410 $  408,629  Adjusted EBITDA$ (5,211,406)$ (1,738,124)
           
Basic and diluted earnings (loss) per common share:   Effects of adjusted EBITDA per common share:   Basic and diluted adjusted EBITDA per common share: 
  Loss from continuing operations$  (0.17)$  (0.06)   From continuing operations$  0.07 $  0.01    From continuing operations$  (0.10)$  (0.05)
  Earnings from discontinued operations$  - $  0.00    From discontinued operations$  - $  0.00    From discontinued operations$  - $  0.00 
           
Basic and diluted loss per common share$  (0.17)$  (0.06) Effects of adjusted EBITDA per common share$  0.07 $  0.01  Basic and diluted adjusted EBITDA per common share$  (0.10)$  (0.05)
           
Weighted average common shares outstanding   Weighted average common shares outstanding   Weighted average common shares outstanding  
  Basic and diluted  51,178,664   37,904,534    Basic and diluted  51,178,664   37,904,534    Basic and diluted  51,178,664   37,904,534 
           


Consolidated Statements of Operations Effects of Charges associated with Interest, Tax, Depreciation,  Consolidated Statements of Operations, Adjusted EBITDA
 (US GAAP) Amortization and Share-based Compensation Expense Excluding Interest, Tax, Depreciation, Amortization and
    Share-based Compensation (Non-GAAP Presentation)
Years Ended December 30, 2017 and December 31, 2016 Years Ended December 30, 2017 and December 31, 2016 Years Ended December 30, 2017 and December 31, 2016
           
 20172016  20172016  20172016
           
Sales, net$ 21,201,482 $ 21,664,648  Sales, net$  - $  -  Sales, net$ 21,201,482 $ 21,664,648 
Cost of sales  10,724,177   11,274,114  Cost of sales   (178,109)   (42,589) Cost of sales  10,546,068   11,231,525 
           
Gross profit  10,477,305   10,390,534  Gross profit   178,109    42,589  Gross profit  10,655,414   10,433,123 
           
Operating expenses:   Operating expenses:   Operating expenses:  
Sales and marketing   4,459,224    1,558,213  Sales and marketing   (2,381)   -  Sales and marketing   4,456,843    1,558,213 
Research and development   4,007,381    2,522,768  Research and development   (132,285)   (10,493) Research and development   3,875,096    2,512,275 
General and administrative  17,641,889    9,214,763  General and administrative  (4,838,865)  (1,305,505) General and administrative  12,803,024    7,909,258 
Other   745,773    -  Other   -    -  Other   745,773    - 
Operating expenses  26,854,267   13,295,744  Operating expenses  (4,973,531)  (1,315,998) Operating expenses  21,880,736   11,979,746 
           
Operating loss  (16,376,962)  (2,905,210) Operating income   5,151,640    1,358,587  Operating loss  (11,225,322)  (1,546,623)
           
Nonoperating income (expense):   Nonoperating income (expense):   Nonoperating income (expense):  
Interest expense, net   (152,784)   (333,286) Interest expense, net   152,784    333,286  Interest expense, net   -    - 
Loss on debt extinguishment   -    (313,099) Loss on debt extinguishment   -    -  Loss on debt extinguishment   -    (313,099)
Nonoperating expenses   (152,784)   (646,385) Nonoperating income   152,784    333,286  Nonoperating expenses   -    (313,099)
           
Loss from continuing operations  (16,529,746)  (3,551,595) Loss from continuing operations   5,304,424    1,691,873  Loss from continuing operations  (11,225,322)  (1,859,722)
           
Income (loss) from discontinued operations   (315,140)   623,410  Income from discontinued operations   193,889    291,121  Income (loss) from discontinued operations   (121,251)   914,531 
Gain on sale of discontinued operations   5,467,268    -  Gain on sale of discontinued operations   -    -  Gain on sale of discontinued operations   5,467,268    - 
           
Income from discontinued operations, net   5,152,128    623,410  Income from discontinued operations, net   193,889    291,121  Income from discontinued operations, net   5,346,017    914,531 
           
Net loss$ (11,377,618)$ (2,928,185) Effects of adjusted EBITDA$  5,498,313 $  1,982,994  Adjusted EBITDA$  (5,879,305)$  (945,191)
           
Basic and diluted earnings (loss) per common share:   Effects of adjusted EBITDA per common share:   Basic and diluted adjusted EBITDA per common share:  
  Loss from continuing operations$  (0.37)$  (0.10)   From continuing operations$  0.12 $  0.05    From continuing operations$  (0.25)$  (0.05)
  Earnings from discontinued operations$  0.11 $  0.02    From discontinued operations$  0.00 $  0.00    From discontinued operations$  0.12 $  0.02 
           
Basic and diluted loss per common share$  (0.26)$  (0.08) Effects of adjusted EBITDA per common share$  0.12 $  0.05  Basic and diluted adjusted EBITDA per common share$  (0.13)$  (0.03)
           
Weighted average common shares outstanding   Weighted average common shares outstanding   Weighted average common shares outstanding  
  Basic and diluted   44,598,879   37,294,321    Basic and diluted  44,598,879   37,294,321    Basic and diluted   44,598,879   37,294,321 
           

 

Primary Logo

Source: ChromaDex Corporation


Register |  Password |  Feedback |  Copyright |  Usage Agreement |  Privacy Policy |  Advertising |  About Us |  Contact Us |  FAQ 

Past performance is not indicative of future results

StockSelector.com, the StockSelector.com logo, and News Selects are trademarks of StockSelector.com.
Copyright © 1998 - 2018 StockSelector.com. All rights reserved.