ChromaDex Corp Reports Second Quarter 2024 Financial Results
Intellectia.AI2024-08-08
ChromaDex Corp. Reports Second Quarter 2024 Financial Results
ChromaDex Corp. (NASDAQ: CDXC) reported its financial results for the second quarter ended June 30, 2024. Below is a detailed breakdown of the key financial metrics and performance across major segments.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | YoY Change | Wall St. Consensus | Q1 2024 | QoQ Change |
|---|---|---|---|---|---|---|
| Total Revenue | $22.7M | $20.3M | +12% | $23.44M | $20.6M | +10.2% |
| EPS | $0.00 | -$0.03 | N/A | -$0.02 | -$0.02 | +$0.02 |
| Gross Margin | 60.2% | 60.8% | -60 bps | N/A | 59.8% | +40 bps |
| Adjusted EBITDA | $1.6M | $0.2M | N/A | N/A | $1.2M | +33.3% |
Interpretation : ChromaDex posted total revenue of $22.7 million, a 12% increase year-over-year, although it fell slightly short of Wall Street's consensus estimate of $23.44 million. The company achieved approximately breakeven earnings per share, an improvement from a $0.03 loss per share in the same quarter last year. Adjusted EBITDA also improved to $1.6 million from $0.2 million in the prior year quarter.
Revenue Performance Across Major Segments
| Segment | Q2 2024 Revenue | Q2 2023 Revenue | YoY Change | Q1 2024 Revenue | QoQ Change |
|---|---|---|---|---|---|
| Tru Niagen® | $18.6M | $16.9M | +10% | $17.0M | +9.4% |
| Other Segments | $4.1M | $3.4M | +20.6% | $3.6M | +13.9% |
Interpretation : The Tru Niagen® segment generated $18.6 million in revenue, up 10% year-over-year and nearly 9.4% quarter-over-quarter. Other segments showed a robust 20.6% yearly increase and a 13.9% quarterly increase.
Financial Performance Summarized:
- Operating expenses decreased by $0.7 million or 5% year-over-year, primarily due to lower general and administrative costs.
- Net cash inflow from operating activities was approximately breakeven, compared to a net cash inflow of $6.1 million in the prior year.
Comments from Company Officers
"We delivered solid financial results in the second quarter, with $22.7 million in revenue and lower operating expenses resulting in virtually breakeven net loss and operating cash flows, as well as positive Adjusted EBITDA of $1.6 million," said ChromaDex CEO Rob Fried. He also emphasized the significance of the newly launched Niagen+ product line aimed at healthcare practitioners and clinics.
Forward Guidance
For the full year 2024, ChromaDex expects 10%-15% revenue growth year-over-year. The company anticipates a slight improvement in gross margin and plans targeted investments to drive brand awareness and market launches while maintaining efficiency.
Stock Price Movement
The stock price declined by approximately 6.74% following the earnings release.
To listen to the webcast discussing ChromaDex's second-quarter financial results, visit ChromaDex Investors , with the investor call replay available until 11:59 p.m. Eastern time on August 14, 2024.
The report has been organized into a clear and concise format suitable for investors.
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