Chromadex Corp (OTCMKTS:CDXC) announced the financial results for the fiscal year ended January 3, 2015. The net sales surged 51% to $15.3 million from $10.2 million in FY2013. The sales of ingredients business segment was robust due to its key product NIAGEN® branded nicotinamide riboside. It was the prime reason behind strong revenue of Chromadex in FY2014. The sales of mentioned division surged 182% to $6.9 million compared to $2.4 million in the comparable period.
The financials
Chromadex reported that the core standards and services sales also surged 13% and recorded net sales of $7.5 million in FY2014. The net sales of core standards and services division stood at $6.6 million in FY2013. The disappointing segment was the scientific and regulatory consulting as net sales decreased by 16% to $969,000 in FY2014. The company was able to conclude fewer projects compared to FY2013 in FY2014. Chromadex recorded net loss attributable to shareholders in FY2014 at $0.05 per share compared to a net loss of $0.04 per share in FY2013.
The other numbers
Chromadex Corp (OTCMKTS:CDXC) stated that the non-cash stock-based compensation costs associated with stock options and other related compensation in FY2014 came at $2.9 million. As of January 3, 2015, the company had marketable securities, cash and cash equivalents of $4.0 million. Frank Jaksch, Jr., the CEO and co-founder commented that 2014 was a key inflexion point for the company. The ingredients segment posted robust sales growth. There was increased inclusion of patented ingredients in a increasing count of consumer products.
The expectations
Jaksch said that the ongoing trend of strong sales is expected to continue in FY2015. The company recently highlighted the initial findings of the first human clinical study for “NIAGEN® NR.” The study met its primary endpoint. The next stage trials of NR are expected to begin in FY2015. In 2014, over six new consumer products were launched that had NIAGEN® as the key ingredient.
