ChromaDex Corporation (CDXC) Bundle
An Overview of ChromaDex Corporation (CDXC)
An Overview of ChromaDex Corporation (CDXC)
ChromaDex Corporation (CDXC) is a science-based company that focuses on developing and commercializing innovative dietary supplements and ingredients. Founded in 1999, the company is best known for its flagship product, Tru Niagen®, which contains nicotinamide riboside, a form of vitamin B3 that supports cellular health by increasing levels of NAD+ (nicotinamide adenine dinucleotide). As of 2024, ChromaDex operates primarily through three segments: Consumer Products, Ingredients, and Analytical Reference Standards and Services. The company has established a strong market presence, particularly in the dietary supplement industry, with significant sales generated from its proprietary ingredients and products.
As of 2024, ChromaDex has reported net sales of approximately $70.5 million for the nine months ending September 30, 2024, marking a 13% increase from $62.4 million in the same period of 2023. The Consumer Products segment contributed $54.1 million in sales, while the Ingredients segment brought in $14.1 million.
Company's Financial Performance in the Latest Financial Reports
In its latest financial report for the third quarter of 2024, ChromaDex Corporation reported total net sales of $25.58 million, an increase of 31% compared to $19.5 million in the same quarter of 2023. This growth was driven primarily by a 4% increase in the Consumer Products segment, which generated $18.1 million, and a staggering 369% increase in the Ingredients segment, which accounted for $6.67 million.
| Segment | Q3 2024 Net Sales (in thousands) | Q3 2023 Net Sales (in thousands) | % Change |
|---|---|---|---|
| Consumer Products | $18,123 | $17,400 | 4% |
| Ingredients | $6,673 | $1,424 | 369% |
| Analytical Reference Standards and Services | $784 | $671 | 17% |
| Total Net Sales | $25,580 | $19,495 | 31% |
For the nine months ended September 30, 2024, ChromaDex reported a net income of $1.37 million, recovering from a net loss of $5.05 million in the same period in 2023. Earnings per share for the nine months were $0.02, compared to a loss of $0.07 in the prior year.
Introduction to Company as One of the Leaders in the Industry
ChromaDex Corporation has positioned itself as a leading player in the dietary supplement industry, particularly with its innovative product offerings centered around NAD+ precursors. The company has achieved significant market penetration due to its robust e-commerce strategies and partnerships with key distributors. Its proprietary ingredients, particularly Niagen®, have gained traction among health-conscious consumers and healthcare practitioners alike. As of September 30, 2024, ChromaDex holds cash and cash equivalents of approximately $32.4 million, which includes $152,000 in restricted cash, and has no outstanding borrowings under its credit facility.
ChromaDex's commitment to research and development, alongside its strategic marketing initiatives, underscores its potential for continued growth and success in the rapidly evolving dietary supplement market. The company’s innovative approach and strong financial performance make it a noteworthy entity in the industry.
Mission Statement of ChromaDex Corporation (CDXC)
Mission Statement of ChromaDex Corporation (CDXC)
The mission statement of ChromaDex Corporation (CDXC) is pivotal in steering the company's strategic direction and long-term objectives. As a global bioscience company dedicated to healthy aging, ChromaDex focuses on delivering high-quality products and innovative solutions centered around nicotinamide adenine dinucleotide (NAD+), a crucial molecule for cellular metabolism. The mission statement encapsulates the core purpose of the company, reflecting its commitment to improving health and longevity through scientific innovation.
Core Component 1: Innovation
ChromaDex emphasizes innovation as a cornerstone of its mission. The company is recognized for its flagship product, Niagen®, a patented NAD+ precursor, which has been shown to elevate NAD+ levels in the body. The commitment to innovation is evident in the significant allocation of resources towards research and development. For instance, in the nine months ended September 30, 2024, ChromaDex spent approximately $4.7 million on research and development activities. This focus on innovation not only drives product development but also enhances the company's competitive edge in the dietary supplement industry.
Core Component 2: Quality
Quality is a fundamental aspect of ChromaDex’s mission. The company is dedicated to providing high-quality products that meet stringent safety and efficacy standards. In the nine months ending September 30, 2024, ChromaDex reported net sales of $70.5 million, a 13% increase from the previous year, reflecting consumer trust in the quality of its products. The company’s commitment to quality is further demonstrated by its adherence to regulatory standards and its collaborations with reputable organizations in the health and wellness sector.
Core Component 3: Sustainability
ChromaDex recognizes the importance of sustainability in its operations and product offerings. The company is committed to minimizing environmental impacts through responsible sourcing and sustainable practices. In the third quarter of 2024, ChromaDex entered into a supply agreement with W.R. Grace & Co., committing to purchase approximately $4.8 million of inventory, which aligns with its sustainability goals. This strategic focus not only supports the company's mission but also meets the growing consumer demand for sustainable products.
| Financial Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Net Sales | $25,580,000 | $19,495,000 | 31% |
| Net Income (Loss) | $1,878,000 | ($959,000) | N/A |
| Earnings Per Share (Basic) | $0.02 | ($0.01) | N/A |
| Research and Development Expenses | $1,290,000 | $1,241,000 | 4% |
ChromaDex’s mission statement, characterized by its focus on innovation, quality, and sustainability, reflects its commitment to advancing health and wellness through scientific advancement. The company's financial performance in recent quarters further underscores its effectiveness in aligning its operational strategies with its core mission.
Vision Statement of ChromaDex Corporation (CDXC)
Vision Statement Overview
The vision statement of ChromaDex Corporation (CDXC) emphasizes its commitment to pioneering research and development in the field of healthy aging, particularly through its proprietary ingredient, Niagen®. This vision aligns with the company's overarching goal of improving the health and longevity of individuals worldwide.
Focus on Healthy Aging
ChromaDex aims to be a leader in the healthy aging sector by leveraging innovative science to enhance consumer well-being. The company's flagship product, Tru Niagen®, is central to this vision. In the nine months ended September 30, 2024, the company reported net sales of approximately $54.1 million from its consumer products segment, primarily driven by Tru Niagen®.
Commitment to Innovation
Innovation is a core component of ChromaDex's vision. The company invests significantly in research and development, allocating about $4.7 million to R&D in the nine months ended September 30, 2024. This commitment is reflected in the launch of new products and the expansion of its ingredient technologies, including both food-grade and pharmaceutical-grade Niagen®.
Global Reach and Accessibility
ChromaDex envisions making its products accessible globally. As of September 30, 2024, the company reported cash and cash equivalents of approximately $32.4 million, allowing for potential international expansion and marketing efforts. The company has established partnerships to distribute its ingredients effectively across various markets.
| Financial Data (Q3 2024) | Consumer Products | Ingredients | Analytical Reference Standards | Total |
|---|---|---|---|---|
| Net Sales (in thousands) | $18,123 | $6,673 | $784 | $25,580 |
| Cost of Sales (in thousands) | $6,512 | $2,176 | $652 | $9,340 |
| Gross Profit (in thousands) | $11,611 | $4,497 | $132 | $16,240 |
| Operating Income (in thousands) | $1,602 | $(193) | $132 | $1,602 |
Partnerships and Collaborations
ChromaDex's vision includes fostering partnerships that enhance product development and market reach. The company has engaged with major distributors, which contributed to a significant increase in ingredient sales—up 70% year-over-year for the nine months ended September 30, 2024. Such collaborations are crucial for ChromaDex to maintain its competitive edge in the market.
Focus on Sustainability
As part of its vision, ChromaDex is committed to sustainable practices in its operations. The company seeks to minimize its environmental impact while maximizing the health benefits of its products. This focus is increasingly important in today's market, where consumers are more aware of sustainability issues.
Future Growth and Expansion
Looking ahead, ChromaDex envisions continued growth in the healthy aging market. The company plans to expand its product lines and enhance its scientific research capabilities. With a net income of $1.4 million for the nine months ended September 30, 2024, ChromaDex is positioned to reinvest in its growth strategies.
Core Values of ChromaDex Corporation (CDXC)
Core Values of ChromaDex Corporation (CDXC)
Integrity
The core value of integrity emphasizes honesty and transparency in all business dealings. ChromaDex Corporation is committed to maintaining high ethical standards and ensuring accountability across its operations.
In 2024, ChromaDex demonstrated its commitment to integrity by actively engaging in legal matters to protect its intellectual property. The company spent approximately $0.5 million in legal expenses during the third quarter of 2024 to support its Niagen+ launch and related litigation matters.
Innovation
Innovation is central to ChromaDex's mission of advancing healthy aging through scientific research. The company invests significantly in research and development (R&D) to create new products and improve existing ones.
For the nine months ended September 30, 2024, ChromaDex reported R&D expenses of approximately $4.7 million, a notable increase from $3.8 million in the same period the previous year. This investment underlines ChromaDex's dedication to innovation in the nutritional supplements market.
Quality
Quality is a non-negotiable core value that ChromaDex adheres to in all aspects of its business. This commitment ensures that the products meet rigorous standards for safety and efficacy.
ChromaDex's flagship product, Tru Niagen®, is produced with food-grade Niagen® and pharmaceutical-grade Niagen® ingredients. Sales of Tru Niagen® increased to approximately $54.1 million for the nine months ended September 30, 2024, reflecting a 4% growth compared to $51.9 million for the same period in 2023. This growth in sales demonstrates the market's recognition of the quality and effectiveness of ChromaDex's offerings.
Customer Focus
ChromaDex places a strong emphasis on understanding and responding to customer needs. This value drives the company to enhance customer satisfaction and loyalty.
In 2024, the company expanded its e-commerce capabilities, resulting in e-commerce sales growth of approximately $2.1 million in the third quarter alone. This strategic focus on customer engagement highlights ChromaDex's commitment to providing exceptional service and support.
Collaboration
Collaboration is essential for fostering innovation and achieving business objectives. ChromaDex actively collaborates with various stakeholders, including health care professionals and research institutions.
In 2024, ChromaDex established new partnerships to enhance its product offerings and expand its market reach. The company recognized $0.7 million in revenue from deferred revenue during the third quarter, attributed to collaborative projects with key partners. This collaboration is vital for the continued success and growth of the company.
| Core Value | Description | 2024 Examples |
|---|---|---|
| Integrity | Commitment to ethical standards and accountability. | Legal expenses of $0.5 million for IP protection. |
| Innovation | Advancing through scientific research and product development. | R&D expenses of $4.7 million, up from $3.8 million. |
| Quality | Ensuring products meet high safety and efficacy standards. | Tru Niagen® sales increased to $54.1 million, a 4% growth. |
| Customer Focus | Understanding and responding to customer needs. | E-commerce sales growth of $2.1 million in Q3. |
| Collaboration | Working with stakeholders to foster innovation. | $0.7 million recognized from collaborative projects. |
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Article updated on 8 Nov 2024
Resources:
- ChromaDex Corporation (CDXC) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of ChromaDex Corporation (CDXC)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View ChromaDex Corporation (CDXC)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.