Natural products company ChromaDex has announced its financial results for the quarter ended March 29, 2014.
For the three months ended March 29, 2014 , the company reported net sales of $3,074,138, an increase of approximately 32% as compared to $2,334,566 for the three months ended March 30, 2013. This increase, said ChromaDex, was largely due to increased sales in the proprietary ingredient segment which grew to $1,136,309, an increase of 97% as compared to ingredient sales of $577,953in Q1 2013.
The net loss attributable to common stock holders for Q1 2014 was $1,848,016 or ($0.02) per share as compared to a net loss of $1,424,072 or ($0.02) per share for Q1 2013.
"Over the past three years, we have spent considerable capital and resources to commercialize what we believe are valuable, patented ingredient technologies - such as our NIAGEN nicotinamide riboside and PURENERGY caffeine alternative. The 97% increase in ingredient sales was largely a result of the first order we received from 5LINX for NIAGEN and PURENERGY. Based on visibility of sales activity from both our existing customers and our business development pipeline, we anticipate steady growth in our ingredient segment to continue for the foreseeable future."
"Media outlets are starting to highlight peer reviewed research studies from esteemed institutions on the potential health benefits of NAD+ precursors, such as nicotinamide riboside ("NR"). We expect new research will continue to be published which will further validate the health benefits of NR. We plan to add to that research by beginning our first clinical study on NIAGEN in the second quarter."
In January 2014, the company announced it entered into a four year ingredient supply and brand licensing agreement valued at approximately $62 million, with 5LINX. 5LINX was granted marketing rights for ChromaDex's patented NIAGEN nicotinamide riboside ingredient for use in dietary supplements exclusively in the network marketing sales channel in the United States, Canada and Philippines.
