Highlights include increased revenues by 31% over prior year, the launch of first novel ingredient, expansion of executive team and over $2 million cash on hand
IRVINE, CALIF., March 16, 2011 – ChromaDex Corporation, (OTCBB: CDXC) an innovative natural products company that provides proprietary, science-based solutions and ingredients to the dietary supplement, food & beverage, cosmetic and pharmaceutical industries, today announced financial results of its Fiscal Year ending January 1, 2011. On a reported basis and calculated in accordance with U.S. Generally Accepted Accounting Principles (U.S. GAAP), ChromaDex announced total revenues of approximately $7.6 million and a net loss attributable to common stockholders of $0.04 per share for the one year period ended January 1, 2011. As of January 1, 2011, cash, cash equivalents, and marketable securities totaled over $2.2 million.
“2010 was a landmark year for ChromaDex as we launched our new pterostilbene ingredient, pTeroPure, into the market in September and strengthened our senior management team in several ways, including the hiring of Bill Spengler as President,” said Frank Jaksch, CEO and co-founder of ChromaDex. “Going into 2011, we are now poised to leverage our unique product and service offerings and at the same time capture rapidly growing revenues related to pTeroPure and other novel ingredients. We expect this combination to further solidify ChromaDex as a leader in the natural products industry.”
Additional Financial Results & Notes
On a reported basis, ChromaDex recorded revenue during 2010 of $7,566,370 as compared to $5,777,865 in 2009, representing year on year growth in excess of 31%. The net loss attributable to common stockholders for the year January 1, 2011, was $2,051,676 as compared to a net loss of $907,568 in 2009. The increased net loss in 2010 as compared to the same period in 2009 was largely due to share-based compensation expense related to the stock options that were granted following the May 20, 2010 Private Placement. When the net loss is adjusted to exclude the effects of non-cash charges associated with share-based compensation expense, a “non-GAAP” presentation, the net loss for 2010 is $789,605 and the loss per share for 2010 is $0.02.
ChromaDex is a leader in the development of phytochemical and botanical reference standards, as well as analytical tools and services to meet product regulatory, quality, efficacy and safety standards. ChromaDex discovers, develops and markets novel, natural ingredients that fill unmet needs in the dietary supplement, food and beverage, cosmetic or pharmaceutical markets. Through a combination of licensed technology and its own R&D, ChromaDex utilizes plants and natural products to develop innovative ingredients. The company has an impressive pipeline of new ingredients, including its pTeroPure™ pterostilbene on which it has worldwide, exclusive patent rights. ChromaDex has initiated a clinical study on this new product, pTeroPure™ pterostilbene (http://www.pteropure.com/). For more information, visit www.ChromaDex.com or follow ChromaDex on Twitter @ChromaDex.
ChromaDex Forward-Looking StatementsAny statements that are not historical facts contained in this release are forward-looking statements. Actual results may differ materially from those projected or implied in any forward-looking statements. Such statements involve risks and uncertainties, including but not limited to those relating to product and customer demand, market acceptance of our products, the effect of economic conditions both nationally and internationally, ability to protect our intellectual property rights, impact of any litigation or infringement actions brought against us, competition from other providers and products, risks in product development, our ability to raise capital to fund continuing operations, the ability to complete transactions, and other factors discussed from time to time in the Company’s Securities and Exchange Commission filings. The Company undertakes no obligation to update or revise any forward-looking statement for events or circumstances after the date on which such statement is made except as required by law.
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