ChromaDex Corporation reported significant financial improvements in its third quarter and the first nine months of 2024 compared to the same periods in 2023. For Q3 2024, net sales reached $25.6 million, a 31% increase from $19.5 million in Q3 2023. For the nine months ended September 30, 2024, net sales totaled $70.5 million, reflecting a 13% rise from $62.4 million in the prior year. The growth was driven primarily by the Ingredients segment, which saw a remarkable 369% increase in Q3 sales, totaling $6.7 million, and a 70% increase for the nine months, reaching $14.1 million.
Gross profit for Q3 2024 was $16.2 million, up 36% from $12.0 million in Q3 2023, while gross profit for the nine months increased 15% to $43.4 million from $37.8 million. The company achieved operating income of $1.6 million in Q3 2024, a turnaround from an operating loss of $1.1 million in Q3 2023. Net income for Q3 2024 was $1.9 million, compared to a net loss of $959,000 in the same quarter of 2023. For the nine months, net income was $1.4 million, a significant recovery from a net loss of $5.1 million in the prior year.
ChromaDex's total assets increased to $56.5 million as of September 30, 2024, up from $55.0 million at the end of 2023. Total liabilities decreased to $22.2 million from $26.5 million, contributing to a rise in total stockholders' equity to $34.4 million, compared to $28.5 million at the end of 2023.
The company continues to focus on its flagship product, Niagen®, and has recently launched Niagen+, a pharmaceutical-grade product line. E-commerce sales have been a significant contributor to revenue growth, particularly in the Tru Niagen® product line. However, sales to A.S. Watson, a former related party, have declined, impacting overall sales figures.
ChromaDex is also navigating legal challenges, including a recent judgment requiring Elysium Health to pay $2.5 million, although appeals are ongoing. The company has received two warning letters from the FDA and FTC regarding marketing claims but does not anticipate these issues will materially affect its operations.
As of September 30, 2024, ChromaDex had cash and cash equivalents of $32.4 million, with management confident that current resources will meet financial obligations for at least the next twelve months. However, the company may seek additional capital to support its strategic objectives.
About ChromaDex Corp.
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