Analyst Summary:
ChromaDex Corp (NASDAQ:CDXC) has announced fourth-quarter and fiscal year 2022 financial results. The company's net sales for Q4 2022 were $21.1 million compared to $17.8 million in the prior year quarter. Selling and marketing expenses improved to 29% versus 48% in the prior year quarter, and the net loss per share for Q4 2022 was $0.06 compared to $0.40 in the prior year quarter. ChromaDex's CEO, Rob Fried, said, “We are pleased to have achieved an important operational milestone as we reposition ChromaDex for growth with profitability in mind during these turbulent economic times."
ChromaDex also provided an outlook for 2023, expecting gross margin to remain stable year-over-year due to cost savings initiatives, and further optimization coupled with new and focused customer acquisition strategies are expected to result in reduced selling and marketing expense as a percentage of net sales. The company projects revenue growth, with the potential for significantly greater growth this year.
The company made significant progress in building its patent portfolio. It was also granted two new US patents to protect the novel manufacturing process of NR and its various salt forms, which now cover NR Chloride, NR Malate, and NR Tartrate salts through 2037.
ChromaDex CEO also highlighted that "In January 2023, a clinical study published in the peer-reviewed journal Science Advances finds that NR oral supplementation increased muscle mitochondrial biogenesis. This study demonstrates the potential of NR as an effective approach for treating age-associated muscle loss, a condition that affects millions of Americans every year."
Important Note on Forward Looking Statements: ChromaDex's outlook reflects prevailing macroeconomic uncertainty and only considers recurring, steady revenue growth from the e-commerce business and established partnerships. However, potential upside lies in new partnerships, channels, and products. All forward-looking statements are qualified in their entirety by this cautionary statement, and ChromaDex undertakes no obligation to revise or update this release to reflect events or circumstances after the date hereof.