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ChromaDex Reports First Quarter 2017 Financial Results

Changes in Q1 and new investor set the foundation for success with NIAGEN®

IRVINE, Calif., May 11, 2017 (GLOBE NEWSWIRE) -- ChromaDex Corp. (NASDAQ:CDXC), an innovator of proprietary health, wellness and nutritional ingredients, that creates science-based solutions to dietary supplement, food and beverage, skin care, sports nutrition, and pharmaceutical products, announced today the financial results for the quarter ended April 1, 2017.

“I am very excited about the changes we have made the past few months,” commented Frank Jaksch, Jr., CEO and co-founder of ChromaDex. “As the science and research continues to validate the effectiveness of NIAGEN®, we are setting the foundation to take full advantage of this extraordinary ingredient opportunity.”

“We fully recognize the value of NIAGEN® and its vital impact on energy metabolism and aging,” said Rob Fried, President and Chief Strategy Officer of ChromaDex. “This is an exciting time for ChromaDex as we focus our strategy on bringing NIAGEN® and our NAD+ precursor platform to market.”

Results of operations for the three months ended April 1, 2017

For the three months ended April 1, 2017 (“Q1 2017”), ChromaDex reported net sales of $4.4 million, a decrease of 39% as compared to $7.3 million for the three months ended April 2, 2016 (“Q1 2016”), largely due to decreased sales in its ingredients business segment, as a result of dropping our largest customer for fiscal year 2016.   The ingredients segment generated net sales of $2.1 million for Q1 2017, a decrease of 55%, compared to $4.6 million for Q1 2016.

The core standards and services segment posted a 13% decline in net sales to $2.4 million for Q1 2017, compared to $2.7 million for Q1 2016.  Since the year ended December 31, 2016, ChromaDex has made operational changes to merge its scientific and regulatory consulting segment into the core standards and services segment.

The net loss attributable to common stock holders for Q1 2017 was $1.9 million or ($0.05) per share as compared to a net income of $0.3 million or $0.01 per share for Q1 2016.  Adjusted EBITDA, a non-GAAP measure, was ($1.4 million) for Q1 2017, compared to adjusted EBITDA of $0.9 million for Q1 2016.  The Basic and Diluted Adjusted EBITDA per share for Q1 2017 was ($0.04) versus $0.02 for Q1 2016.

/EIN News/ -- Recent Company highlights include:             

Investor Conference Call
             
ChromaDex management will host an investor conference call to discuss the year end results and provide a general business update on Thursday, May 11, at 4:30 p.m. ET.

Participants should call in at least 10 minutes prior to the call. The dial-in information is as follows:

U.S. Toll-Free Number:  (866) 327-8118
International Dial-In Number:  (678) 509-7526
Conference ID:  18237041
Webcast link:  http://edge.media-server.com/m/p/t8in2vhy/lan/en

The webcast replay will be available after the completion of the call on the Investor Relations section of the Company website, www.chromadex.com.

The earnings press release, and its accompanying financial exhibits, will be available on the Investor Relations section of the Company website, www.chromadex.com.

About Non-GAAP Financial Measures

ChromaDex’s non-GAAP financial measures exclude interest, tax, depreciation, amortization and share-based compensation. ChromaDex used these non-GAAP measures when evaluating its financial results as well as for internal resource management, planning and forecasting purposes. These non-GAAP measures should not be viewed in isolation from or as a substitute for ChromaDex’s financial results in accordance with GAAP. A reconciliation of GAAP to non-GAAP measures is attached to this press release.

About ChromaDex:

ChromaDex leverages its complementary business units to discover, acquire, develop and commercialize patented and proprietary ingredient technologies that address the dietary supplement, food, beverage, skin care and pharmaceutical markets. In addition to our ingredient technologies unit, we also have business units focused on natural product fine chemicals (known as "phytochemicals"), chemistry and analytical testing services, and product regulatory and safety consulting. As a result of our relationships with leading universities and research institutions, we are able to discover and license early stage, IP-backed ingredient technologies. We then utilize our in-house chemistry, regulatory and safety consulting business units to develop commercially viable ingredients. Our ingredient portfolio is backed with clinical and scientific research, as well as extensive IP protection. Our portfolio of patented ingredient technologies includes NIAGEN® nicotinamide riboside; pTeroPure® pterostilbene; PURENERGY®, a caffeine-pTeroPure® co-crystal; IMMULINA, a spirulina extract; and AnthOrigin, anthocyanins derived from a domestically-produced, water-extracted purple corn. To learn more about ChromaDex, please visit www.ChromaDex.com.

Forward-Looking Statements:

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended including statements related to financial results, financial representations, statements related to the anticipated proceeds to be received in the private placement, success of Horizons Ventures’ investments, Horizons Ventures’ ability to support future ChromaDex developments in the global marketplace, the innovative qualities of NIAGEN®, results of the NIAGEN® studies and their significance, whether nicotinamide riboside may be an effective therapy in relieving CIPN in humans and the anti-aging capabilities of nicotinamide riboside. Statements that are not a description of historical facts constitute forward-looking statements and may often, but not always, be identified by the use of such words as "expects", "anticipates", "intends", "estimates", "plans", "potential", "possible", "probable", "believes", "seeks", "may", "will", "should", "could" or the negative of such terms or other similar expressions. More detailed information about ChromaDex and the risk factors that may affect the realization of forward-looking statements is set forth in ChromaDex's Annual Report on Form 10-K for the fiscal year ended December 31, 2016, ChromaDex's Quarterly Reports on Form 10-Q and other filings submitted by ChromaDex to the SEC, copies of which may be obtained from the SEC's website at www.sec.gov. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and actual results may differ materially from those suggested by these forward-looking statements. 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.


ChromaDex Corporation and Subsidiaries  
                 
Condensed Consolidated Statements of Operations (Unaudited)  
For the Three Month Periods Ended April 1, 2017 and April 2, 2016  
                 
              April 1, 2017
  April 2, 2016
                       
Sales, net             $    4,449,122     $ 7,331,945  
Cost of sales                 2,696,469       3,880,526  
                 
Gross profit                 1,752,653       3,451,419  
                 
Operating expenses:                
Sales and marketing                 596,162       544,722  
Research and development                 664,190       464,072  
General and administrative                 2,383,146       1,988,559  
Operating expenses                 3,643,498       2,997,353  
                 
Operating income (loss)                 (1,890,845 )     454,066  
                 
Nonoperating income (expense):                
Interest income                 2       794  
Interest expense                 (37,912 )     (188,495 )
Nonoperating expenses                 (37,910 )     (187,701 )
                 
Income (loss) before income taxes                 (1,928,755 )     266,365  
Provision for income taxes                 -        (10,740 )
                 
Net income (loss)             $    (1,928,755 )   $ 255,625  
                 
Basic earnings (loss) per common share             $    (0.05 )   $ 0.01  
                 
Diluted earnings (loss) per common share             $    (0.05 )   $ 0.01  
                 
Basic weighted average common shares outstanding                 38,030,688       36,414,041  
                 
Diluted weighted average common shares outstanding                 38,030,688         37,472,579  
                 
See Notes to Condensed Consolidated Financial Statements in Part I of ChromaDex's Quarterly Report on Form 10-Q filed with Securities and Exchange Commission on May 11, 2017. 

 

Condensed Consolidated Statements of Operations (Unaudited) 
(US GAAP)
  Effects of Charges associated with Interest, Tax, Depreciation, Amortization and Share-based
Compensation Expense

  Condensed Consolidated Statements of Operations, 
Adjusted EBITDA 
Excluding Interest, Tax, Depreciation, Amortization and Share-based Compensation
(Non-GAAP Presentation)

   
                     
For the Three Month Periods Ended April 1, 2017
and April 2, 2016

  For the Three Month Periods Ended April 1, 2017
and April 2, 2016

  For the Three Month Periods Ended April 1, 2017
and April 2, 2016
                           
    Q1 2017 Q1 2016       Q1 2017 Q1 2016       Q1 2017 Q1 2016
                           
Sales   $    4,449,122   $ 7,331,945     Sales   $    -    $ -     Sales   $    4,449,122   $ 7,331,945
Cost of sales       2,696,469     3,880,526     Cost of sales       (95,008 )   (73,703 )   Cost of sales       2,601,461     3,806,823
                           
Gross profit       1,752,653     3,451,419     Gross profit       95,008     73,703     Gross profit       1,847,661     3,525,122
                           
Operating expenses:     Operating expenses:     Operating expenses:  
Sales and marketing       596,162     544,722     Sales and marketing       -      -     Sales and marketing       596,162     544,722
Research and development       664,190     464,072     Research and development       -      -     Research and development       664,190     464,072
General and administrative       2,383,146     1,988,559     General and administrative       (378,127 )   (344,149 )   General and administrative       2,005,019     1,644,410
Operating expenses       3,643,498     2,997,353     Operating expenses       (378,127 )   (344,149 )   Operating expenses       3,265,371     2,653,204
                           
Operating income (loss)        (1,890,845 )   454,066     Operating income       473,135     417,852     Operating income (loss)        (1,417,710 )   871,918
                           
Nonoperating income (expense):        Nonoperating income:             Nonoperating income (expense):         
Interest income       2      794     Interest income       (2 )   (794 )   Interest income       -      -
Interest expense       (37,912 )   (188,495 )   Interest expense       37,912     188,495     Interest expense       -      -
Nonoperating expense       (37,910 )   (187,701 )   Nonoperating income       37,910     187,701     Nonoperating expense       -      -
                           
Income (loss) before taxes       (1,928,755 )   266,365     Income before taxes       511,045     605,553     Income (loss) before taxes       (1,417,710 )   871,918
Provision for taxes       -      (10,740 )   Provision for taxes       -      10,740     Provision for taxes       -      -
                           
Net income (loss)   $    (1,928,755 ) $ 255,625     Effects of adjusted EBITDA   $    511,045   $ 616,293     Adjusted EBITDA   $    (1,417,710 ) $ 871,918
                           
Basic earnings (loss) per common share   $    (0.05 ) $ 0.01     Basic effects of adjusted EBITDA per common share   $    0.01   $ 0.02     Basic adjusted EBITDA per common share   $    (0.04 ) $ 0.02
Diluted earnings (loss) per common share   $    (0.05 ) $ 0.01     Diluted effects of adjusted EBITDA per common share   $    0.01   $ 0.02     Diluted adjusted EBITDA per common share   $    (0.04 ) $ 0.02
                           
Weighted average common shares outstanding               Weighted average common shares outstanding                 Weighted average common shares outstanding            
Basic     38,030,688     36,414,041     Basic     38,030,688     36,414,041     Basic     38,030,688     36,414,041
Diluted     38,030,688     37,472,579     Diluted     38,030,688     37,472,579     Diluted     38,030,688     37,472,579
                                                 
ChromaDex Investor Relations Contact:
                    Andrew Johnson, Director of Investor Relations
                    949-419-0288
                    andrewj@chromadex.com
                    
                    ChromaDex Public Relations Contact:
                    Breah Ostendorf, Director of Marketing
                    949-537-4103
                    breaho@chromadex.com

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