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Share Name | Share Symbol | Market | Type |
---|---|---|---|
ChromaDex Corporation | NASDAQ:CDXC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.10 | 2.73% | 3.76 | 3.68 | 3.80 | 3.85 | 3.62 | 3.69 | 154,737 | 00:47:07 |
Revenue for the Three-Month Period Ended December 31, 2020 Totals $15.4 Million, up 18% Year-over-Year, with Gross Margin of 61.0%, and Lower Operating Expenses. Full Year Revenue of $59.3 Million, with $47.1 Million from Tru Niagen®.
ChromaDex Corp. (NASDAQ:CDXC) today reported fourth quarter and full year 2020 financial results.
Fourth Quarter 2020 and Recent Highlights
Full Year 2020 Highlights
“ChromaDex’s philosophy of focusing on business fundamentals with a science-based strategic approach continued in 2020,” said ChromaDex CEO Rob Fried. “In 2021, we will further our position as the world's leading NAD+ company by growing the Tru Niagen® brand, extending partnerships and furthering scientific advancements with world-leading scientists."
Results of operations for the three months ended December 31, 2020
For the three months ended December 31, 2020 (“Q4 2020”), ChromaDex reported net sales of $15.4 million, up 18% compared to $13.1 million in the fourth quarter of 2019 ("Q4 2019"). The increase in Q4 2020 revenues was driven by growth in sales of Tru Niagen® and Niagen® ingredient revenues.
Gross margin percentage improved by 400 basis points to 61.0% in Q4 2020 compared to 57.0% in Q4 2019. The improvement in gross margin percentage was driven by the positive impact of increased Tru Niagen® consumer product sales and product cost savings initiatives.
Operating expenses decreased by $0.8 million to $15.5 million in Q4 2020, compared to $16.3 million in Q4 2019. The decrease in operating expenses was driven by a decrease of $1.9 million in general and administrative expense, and a decrease of $0.1 million of R&D expense, partially offset by $1.2 million of higher selling and marketing expenses. The decrease in general and administrative expense was driven by the absence of $2.2 million of bad debt expense related to the write-off of an Elysium receivable in Q4 2019.
The net loss for Q4 2020 was ($6.1) million or ($0.10) per share as reported compared to a net loss of ($8.9) million or ($0.15) per share for Q4 2019 as reported. Non-GAAP net loss per share in Q4 2019 was ($0.11) excluding a $2.2 million, or $0.04 per share, non-cash charge related to the write-off of the Elysium receivable as bad debt.
Adjusted EBITDA excluding total legal expense, a non-GAAP measure, was a loss of ($1.1) million for Q4 2020, compared to a loss of ($2.1) million for Q4 2019, a $1.0 million improvement.
ChromaDex defines Adjusted EBITDA excluding total legal expense as net income or (loss) which is adjusted for interest, income tax, depreciation, amortization, non-cash stock compensation costs, severance and restructuring expense, bad debt expense related to Elysium Health and total legal expense.
For Q4 2020, the net cash flow from operating activities was at break-even, versus ($0.6) million used in Q4 2019.
Results of operations for the year ended December 31, 2020
For the full year ended December 31, 2020 (“FY 2020”), ChromaDex reported net sales of $59.3 million, up 28% compared to $46.3 million in the full year ended December 31, 2019 ("FY 2019"). The increase in FY 2019 revenues was driven by growth in sales of Tru Niagen®.
Gross margin percentage improved by 390 basis points to 59.5% in FY 2020 compared to 55.7% in FY 2019. The improvement in gross margin percentage was driven by the positive impact of increased Tru Niagen® consumer product sales and product cost savings initiatives.
Operating expenses decreased by $1.9 million to $55.1 million in FY 2020, compared to $57.1 million in FY 2019. The decrease in operating expenses was driven by a decrease of $3.9 million in general and administrative expense, and a decrease of $0.7 million of R&D expense, partially offset by $2.7 million of higher selling and marketing expense. The decrease in general and administrative expense was driven by lower legal costs of $2.7 million and the absence of $2.2 million of bad debt expense related to the write-off of an Elysium receivable in 2019.
The net loss for FY 2020 was ($19.9) million or ($0.33) per share as reported compared to a net loss of ($32.1) million or ($0.56) per share for FY 2019 as reported. For FY 2020, the reported loss was negatively impacted by a non-cash charge of $6.9 million related to stock-based compensation.
Adjusted EBITDA excluding total legal expense, a non-GAAP measure, was a loss of ($1.0) million for FY 2020, compared to a loss of ($8.8) million for FY 2019, a $7.8 million improvement. The $7.8 million improvement was primarily driven by higher sales and gross margins, partially offset by higher marketing and selling expense.
For full year 2020, the net cash used in operating activities was ($10.6) million versus ($20.4) million for the same period in the prior year. The Company ended the year of 2020 with cash of $16.7 million.
2021 Outlook
Looking forward, the Company expects continued, steady revenue growth driven by its global ecommerce business, as well as growth with existing and new strategic partners. The Company expects continued gross margin improvement to slightly better than 60%, and roughly flat selling and marketing and R&D expense as a percentage of net sales year-over-year. The Company expects slightly higher general and administrative expense, excluding severance, restructuring and legal expense. The Company plans to increase investments and resources to drive brand awareness and accelerate its R&D pipeline to capitalize on growth in the NAD+ market globally.
Investor Conference Call
ChromaDex management will host an investor conference call to discuss the fourth quarter results and provide a general business update on Wednesday, March 10, at 4:30pm ET.
Participants should call in at least 10 minutes prior to the call. The dial-in information is as follows:
Date: Wed., March 10, 2021 Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time) Toll-free dial-in number: 1-833-979-2703 International dial-in number: 236-714-2223 Conference ID: 8433848 Webcast link: ChromaDex Fourth Quarter 2020 Earnings Conference Call
The conference call will be broadcast live and available for replay here and via the investor relations section of the Company’s website at www.chromadex.com.
A replay of the conference call will be available after 7:30 p.m. ET.
Toll-free replay number: (800) 585-8367 Replay ID: 8433848
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:
Adjusted EBITDA excluding total legal expense excludes interest, income tax, depreciation, amortization, non-cash share-based compensation costs, severance and restructuring expense, bad debt expense related to Elysium Health, and total legal expense. ChromaDex used these non-GAAP measures when evaluating its financial results as well as for internal resource management, planning and forecasting purposes. ChromaDex believes the presentation of its non-GAAP financial measures enhances the overall understanding of the company’s historical financial performance. These non-GAAP measures should not be viewed in isolation from or as a substitute for ChromaDex’s financial results in accordance with GAAP. Reconciliation of GAAP to non-GAAP measures are attached to this press release.
About ChromaDex:
ChromaDex Corp. is a global bioscience company dedicated to healthy aging. The ChromaDex team, which includes world-renowned scientists, is pioneering research on nicotinamide adenine dinucleotide (NAD+), levels of which decline with age. ChromaDex is the innovator behind NAD+ precursor nicotinamide riboside (NR), which is protected by ChromaDex’s patent portfolio along with other NAD+ precursors. ChromaDex maintains a website at www.chromadex.com to which ChromaDex regularly posts copies of its press releases as well as additional and financial information about the Company.
Important Note on 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. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Such statements include the quotation from ChromaDex’s Chief Executive Officer, and statements related to the company’s 2021 financial outlook, including the impact of COVID-19. Other risks that contribute to the uncertain nature of the forward-looking statements are reported in our most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K as filed with the SEC. 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 Consolidated Statements of Operations Three Months Ended December 31, 2020 and December 31, 2019 (In thousands, except per share data) Three Months Ended Dec. 31, 2020 Dec. 31, 2019 Sales, net$
15,445
$
13,089
Cost of sales
6,024
5,624
Gross profit
9,421
7,465
Operating expenses: Sales and marketing
6,319
5,108
Research and development
991
1,139
General and administrative
8,192
10,078
Operating expenses
15,502
16,325
Operating loss
(6,081
)
(8,860
)
Nonoperating income (expense): Interest income (expense), net
(16
)
7
Nonoperating income (expense):
(16
)
7
Net loss
(6,097
)
(8,853
)
Basic and diluted loss per common share:$
(0.10
)
$
(0.15
)
Basic and diluted weighted average common shares outstanding
61,869
59,650
See Notes to Consolidated Financial Statements in Part II Item 8 of ChromaDex's Annual Report on Form 10-K to be filed with Securities and Exchange Commission. ChromaDex Corporation and Subsidiaries Consolidated Statements of Operations Years Ended December 31, 2020 and December 31, 2019 (In thousands, except per share data)
2020
2019
Sales, net
$
59,257
$
46,291
Cost of sales
23,983
20,522
Gross profit
35,274
25,769
Operating expenses: Sales and marketing
20,948
18,216
Research and development
3,732
4,420
General and administrative
30,448
34,308
Other
-
125
Operating expenses
55,128
57,069
Operating loss
(19,854
)
(31,300
)
Nonoperating expense: Interest expense, net
(71
)
(847
)
Nonoperating expenses
(71
)
(847
)
Net loss
(19,925
)
(32,147
)
Basic and diluted loss per common share:$
(0.33
)
$
(0.56
)
Basic and diluted weighted average common shares outstanding
61,067
57,056
See Notes to Consolidated Financial Statements in Part II Item 8 of ChromaDex's Annual Report on Form 10-K to be filed with Securities and Exchange Commission. ChromaDex Corporation and Subsidiaries Consolidated Balance Sheets December 31, 2020 and December 31, 2019 (In thousands, except per share data) Dec. 31, 2020 Dec. 31, 2019 Assets Current Assets Cash, including restricted cash of $0.2 million and $0.2 million, respectively
$
16,697
$
18,812
Trade receivables, net of allowances of $0.2 million and $2.8 million, respectively; Receivables from Related Party: $0.9 million and $0.8 million, respectively
2,694
2,175
Inventories
11,683
11,535
Prepaid expenses and other assets
1,145
996
Total current assets
32,219
33,518
Leasehold Improvements and Equipment, net
3,206
3,765
Intangible Assets, net
1,082
1,311
Right of Use Assets
1,226
891
Other Long-term Assets
625
762
Total assets
$
38,358
$
40,247
Liabilities and Stockholders' Equity Current Liabilities Accounts payable
$
9,445
$
9,626
Accrued expenses
6,133
4,415
Current maturities of operating lease obligations
589
595
Current maturities of finance lease obligations
31
258
Customer deposits
278
169
Total current liabilities
16,476
15,063
Deferred Revenue
4,441
3,873
Operating Lease Obligations, Less Current Maturities
997
848
Finance Lease Obligations, Less Current Maturities
20
18
Total liabilities
21,934
19,802
Commitments and Contingencies Stockholders' Equity Common stock, $.001 par value; authorized 150,000 shares; issued and outstanding December 31, 2020 61,881 shares and December 31, 2019 59,562 shares
62
60
Additional paid-in capital
158,190
142,285
Accumulated deficit
(141,825
)
(121,900
)
Cumulative translation adjustments
(3
)
-
Total stockholders' equity
16,424
20,445
Total liabilities and stockholders' equity
$
38,358
$
40,247
See Notes to Consolidated Financial Statements in Part II Item 8 of ChromaDex's Annual Report on Form 10-K to be filed with Securities and Exchange Commission.
ChromaDex Corporation and Subsidiaries Reconciliation of Non-GAAP Financial Measures 1. Adjusted EBITDA Year ended December 31, 2020 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Full Year 2020 (In thousands) Net loss, as reported
$
(5,902
)
$
(3,711
)
$
(4,215
)
$
(6,097
)
$
(19,925
)
Adjustments: Interest expense
12
24
19
16
71
Depreciation
214
218
220
219
871
Amortization of intangibles
62
60
60
61
243
Amortization of right of use assets
92
95
97
115
399
Share-based compensation
1,873
1,711
1,574
1,778
6,936
Severance and restructuring
953
284
224
329
1,790
Adjusted EBITDA
$
(2,696
)
$
(1,319
)
$
(2,021
)
$
(3,579
)
$
(9,615
)
Total legal expense
2,380
1,844
1,896
2,468
8,588
Adjusted EBITDA excluding total legal expense
$
(316
)
$
525
$
(125
)
$
(1,111
)
$
(1,027
)
Year ended December 31, 2019 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Full Year 2019 (In thousands) Net loss, as reported$
(8,337
)
$
(7,755
)
$
(7,202
)
$
(8,853
)
$
(32,147
)
Adjustments: Interest (income) expense
(35
)
575
314
(7
)
847
Depreciation
173
190
196
203
762
Amortization of intangibles
61
61
62
62
246
Amortization of right of use assets
138
141
144
92
515
Share-based compensation
2,029
1,759
1,687
1,697
7,172
Severance and restructuring
-
-
-
200
200
Elysium-related bad debt expense
-
-
-
2,233
2,233
Adjusted EBITDA
$
(5,971
)
$
(5,029
)
$
(4,799
)
$
(4,373
)
$
(20,172
)
Total legal expense
3,250
2,926
2,944
2,226
11,346
Adjusted EBITDA excluding total legal expense
$
(2,721
)
$
(2,103
)
$
(1,855
)
$
(2,147
)
$
(8,826
)
2. Net loss per share 3 Months Ended Year Ended Dec. 31, 2019 Dec. 31, 2019 Net loss per share, as reported$
(0.15
)
$
(0.56
)
Net loss per share related to $2.2 million write-off of the Elysium receivable as bad debt
(0.04
)
(0.04
)
Net loss per share, excluding $2.2 million write-off of the Elysium receivable as bad debt$
(0.11
)
$
(0.52
)
View source version on businesswire.com: https://www.businesswire.com/news/home/20210310005755/en/
ChromaDex Investor Relations Contact: Brianna Gerber, Vice President of Finance and Investor Relations 949-419-0288 ext. 127 briannag@chromadex.com ChromaDex Media Contact: Alex Worsham, Vice President of Global Marketing & Communications 310-388-6706 ext. 689 alexw@chromadex.com
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