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SEC Filings

8-K
CHROMADEX CORP. filed this Form 8-K on 03/07/2019
Entire Document
 
exhibit 99.1
 
Exhibit 99.1
 
CHROMADEX CORPORATION REPORTS 2018 FINANCIAL RESULTS
 
- Full Year 2018 Net Revenues Increased by 49% to $31.6 Million and Fourth Quarter 2018 Net Revenues Increased by 20% to $9.1 Million -
 
Fourth Quarter 2018 Highlights vs. Fourth Quarter 2017
 
Entered into a global license and supply agreement with Nestlé Health Science (“NHSc”), which provides NHSc with the exclusive right to include TRU NIAGEN® in its branded medical nutrition products and co-exclusive rights to include TRU NIAGEN in its protein based ready to drink or loose powder beverages;
Received regulatory approval to sell TRU NIAGEN across all channels in Canada, with initial launch on www.truniagen.ca and to healthcare practitioners at Fullscript Canada; and
Net sales for the fourth quarter of 2018 were $9.1 million, an increase of 20% compared to $7.5 million in the fourth quarter of 2017.
 
Full Year 2018 Highlights vs. Full Year 2017
 
Net sales for the full year 2018 were a record $31.6 million, an increase of 49% compared to $21.2 million for the full year 2017;
TRU NIAGEN net sales for the full year 2018 were $18.5 million, an increase of 238% compared to $5.5 million for the full year 2017; and
United States Patent Trademark Office confirmed the validity of the patents company exclusively licenses for NIAGEN®, and company is prepared to vigorously prosecute its pending infringement action.
 
LOS ANGELES, March 7, 2019 (GLOBE NEWSWIRE) - ChromaDex Corp. (NASDAQ:CDXC) today reported fourth quarter and full year 2018 financial results.
 
“Our momentum continues with another strong quarter, and a strong year overall. In 2018, we successfully focused on the fundamentals, continuing to grow our business and strengthen our patents, while assembling a visionary leadership team, enhancing brand awareness, expanding our global reach, and securing a supply and license agreement with another great global partner, Nestlé Health Science,” said Rob Fried, ChromaDex Chief Executive Officer.
 
Results of operations for the three months ended December 31, 2018
 
For the three months ended December 31, 2018 (“Q4 2018”), ChromaDex reported net sales of $9.1 million, up 20% compared to $7.5 million in the fourth quarter of 2017 ("Q4 2017"). The increase in Q4 2018 revenues was driven by growth in sales of TRU NIAGEN.
 
Gross margin as a percentage of net sales improved by 110 basis points to 52.0% for Q4 2018 compared to 50.9% versus the prior year. We experienced better gross margins due to the positive impact of TRU NIAGEN consumer product sales, which was partially offset by a negative impact of 140 basis points related to our decision to wind down sales for two ingredients in our ingredients segment.
 
 
 
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