ChromaDex Corporation reported a significant improvement in its financial performance for the fiscal year ending December 31, 2024, with net sales reaching approximately $99.6 million, a 19% increase from $83.6 million in 2023. The company's gross profit also rose to $61.6 million, up from $50.8 million the previous year, reflecting a gross margin of 61.8%. This growth was primarily driven by a 10% increase in sales of its flagship product, Tru Niagen®, and a substantial 78% rise in ingredient sales, particularly from the launch of its pharmaceutical-grade Niagen®.
The company achieved a net income of approximately $8.6 million in 2024, a notable turnaround from a net loss of $4.9 million in 2023. This shift to profitability was attributed to increased sales, effective cost management, and a significant reduction in general and administrative expenses, which fell by 26% to $18.4 million. The reversal of previously accrued royalties and a recovery of credit losses also contributed positively to the financial results.
Strategically, ChromaDex has made several key developments, including the launch of its Niagen Plus product line aimed at healthcare practitioners and clinics. The company also terminated its joint venture with Hong Kong's Taikuk Group due to the expiration of the Blue Hat registration period, regaining full ownership of its operations in the region. Additionally, ChromaDex amended its At Market Issuance Sales Agreement to include new sales agents, enhancing its capital-raising capabilities.
Operationally, ChromaDex reported an increase in trade receivables to $7.8 million, reflecting the timing of customer orders, while inventory levels decreased to $9.2 million, indicating improved inventory management. The company maintained a strong cash position with approximately $44.7 million in cash and cash equivalents as of December 31, 2024. Looking ahead, ChromaDex anticipates continued growth driven by its expanding product offerings and market presence, although it acknowledges the need for additional financing to support long-term strategic objectives.
About Niagen Bioscience, Inc.
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