ChromaDex Corp Reports Second Quarter 2024 Financial Results

authorIntellectia.AI2024-08-08
8
CDXC.O
Illustration by Intellectia.AI

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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