November 08, 2012 at 08:40 AM EST
ChromaDex® Reports Financial Results for the Third Quarter 2012
- Quarter Marked with Significant Milestones, Including Results of pTeroPure® Pterostilbene Clinical Trial -

IRVINE, Calif., Nov. 8, 2012 /PRNewswire/ -- ChromaDex® Corporation (OTCQB: CDXC), an innovative natural products company that provides proprietary, science-based solutions and ingredients to the dietary supplement, food & beverage, animal health, cosmetic and pharmaceutical industries, and marketer of its branded, patented pterostilbene, pTeroPure®, announced today financial results for the third quarter ended September 29, 2012.

For the three months ended September 29, 2012, ChromaDex reported record revenue of $3,632,244, an increase of 99% as compared to $1,827,568 for the same period in 2011. The increase in sales is largely due to an increase in sales of the Company's BluScience™ line of dietary supplements. The net loss attributable to common stockholders for the quarter ended September 29, 2012 was $1,538,034, or ($0.02) per share as compared to a net loss of $2,404,912, or ($0.03) per share for the same period in 2011. The non-cash, share-based compensation expense related to stock options and other share-based compensation for the third quarter of 2012 was $925,393. Excluding non-cash, share-based compensation expense, which is a "non-GAAP measure," would have the effect of decreasing the Company's net loss for the third quarter of 2012 to $612,641. As of September 29, 2012, cash, cash equivalents and marketable securities totaled approximately $1.2 million and inventories totaled approximately $5.4 million.

Third quarter highlights include:

  • In September, the Company's nutritional ingredient pTeroPure (pterostilbene) was highlighted at the American Heart Association's High Blood Pressure Research 2012 Scientific Sessions by investigators from the University of Mississippi Medical Center. The findings showed that, in a Phase 2/3 clinical trial, the ingredient showed statistically significant results for blood pressure in adults.
  • In July, the Company announced a distribution agreement for pTeroPure with Glanbia Nutritionals (NA), Inc., a global ingredient and micronutrient premix company, whereby Glanbia will serve as the exclusive distributor of pTeroPure in North America to the food, beverage and dietary supplement industries. 
  • In July, the Company licensed from Dartmouth College exclusive rights to several patents related to the recently discovered vitamin found in milk, Nicotinamide Riboside (NR). The licensed intellectual property (IP) includes protection for human uses of NR as well as methods to produce NR. This license, coupled with previous IP rights for NR acquired from Cornell University, helps position ChromaDex as a leader in the commercialization of this novel 'no flush' version of niacin.

"The developments we saw transpire in the third quarter, including the acquisition of what we believe is the most relevant and valuable IP pertaining to the commercialization of NR, may prove to be one of the best opportunities yet for ChromaDex to create shareholder value," said Frank Jaksch, Jr., CEO and co-founder of ChromaDex.

"On the heels of the positive clinical results for pTeroPure, we recently began a public relations and media tour to educate trade and consumers on its multiple health benefits. Moreover, with the presentation of the clinical results, we have initiated various discussions with respect to potential licensing and partnering opportunities for pTeroPure."

Mr. Jaksch concluded, "We continue to execute on our unique business strategy of identifying novel ingredient technologies, securing intellectual property rights, developing commercially viable production processes, validating with clinical proof, and most importantly, executing on a commercialization and licensing strategy. Lastly, the pipeline of potential novel ingredient technologies remains active, and we anticipate being able to add to our current portfolio in the fourth quarter."

About ChromaDex®:

ChromaDex, Inc. is an innovative natural products company that provides proprietary, science-based solutions and ingredients to the dietary supplement, food & beverage, animal health, cosmetic and pharmaceutical industries. ChromaDex's pipeline of proprietary products includes patented pTeroPure® pterostilbene, which was named the 2010 North American Most Promising Ingredient of the Year by the independent research company Frost & Sullivan. The company has also launched ProC3G™, a natural black rice extract containing 40% cyanidin-3-glucoside and is in the process of developing Nicotinamide Riboside, a novel next-generation B-vitamin. All products are backed with extensive scientific research and intellectual property. For more information about pTeroPure, visit www.pteropure.com or call 949-600-9694.

Forward-Looking Statements:

Any statements that are not historical facts contained in this release are "forward-looking statements" as that term is defined under the Private Securities Litigation Reform Act of 1995 (PSLRA), which statements may be identified by words such as "expects," "plans," "projects," "will," "may," "anticipates," "believes," "should," "intends," "estimates," and other words of similar meaning. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements. These factors include those described in the companies' filings with the Securities and Exchange Commission, and risks inherent in funding, developing and obtaining regulatory approvals of new, commercially-viable and competitive products and treatments. In addition, forward-looking statements may also be adversely affected by general market factors, competitive product development, product availability, federal and state regulations and legislation, the regulatory process for new products and indications, manufacturing issues that may arise, patent positions and litigation, among other factors. The forward-looking statements contained in this press release speak only as of the date the statements were made, and the companies do not undertake any obligation to update forward-looking statements. We intend that all forward-looking statements be subject to the safe-harbor provisions of the PSLRA.

ChromaDex Investor Contact:

The Del Mar Consulting Group, Inc.
Robert B. Prag, President
858-794-9500
bprag@delmarconsulting.com

or

Alex Partners, LLC
Scott Wilfong, President
425-242-0891
Scott@alexpartnersllc.com

ChromaDex Contact:

Laura Carney, Executive Assistant
949-419-0288
laurac@chromadex.com

 

ChromaDex Corporation and Subsidiaries


Condensed Consolidated Statements of Operations (Unaudited)

For the Three Month Periods Ended September 29, 2012 and October 1, 2011





September 29, 2012

October 1, 2011




Sales

$           3,632,244

$     1,827,568

Cost of sales

2,377,991

1,361,101




Gross profit

1,254,253

466,467




Operating expenses:



Sales and marketing

802,171

650,516

General and administrative

1,983,720

2,213,636

Operating expenses

2,785,891

2,864,152




Operating loss

(1,531,638)

(2,397,685)




Nonoperating income (expense):



Interest income

469

295

Interest expense

(6,865)

(7,522)

Nonoperating expenses

(6,396)

(7,227)




Net loss

$          (1,538,034)

$    (2,404,912)







Basic and Diluted loss per common share

$                   (0.02)

$            (0.03)







Basic and Diluted weighted average common shares outstanding

92,364,418

70,625,913




 

 

 

Quantitative Reconciliation of the differences between the non-GAAP measure and the associated comparable GAAP measure









Condensed Consolidated Statements of Operations


Effects of Non-cash Charges associated with 


Condensed Consolidated Statements of Operations 

(Unaudited, US GAAP)


Share-based Compensation Expense


Excluding Share-based Compensation (Non-GAAP Presentation) 

For the Three Month Periods Ended September 29, 2012 and October 1, 2011


For the Three Month Periods Ended September 29, 2012 and October 1, 2011


For the Three Month Periods Ended September 29, 2012 and October 1, 2011













September 29, 2012

October 1, 2011



September 29, 2012

October 1, 2011



September 29, 2012

October 1, 2011












Sales

$   3,632,244

$   1,827,568


Sales

$                -

$              -


Sales

$   3,632,244

$   1,827,568

Cost of sales

2,377,991

1,361,101


Cost of sales

-

-


Cost of sales

2,377,991

1,361,101












Gross profit

1,254,253

466,467


Gross profit

-

-


Gross profit

1,254,253

466,467












Operating expenses:




Operating expenses:




Operating expenses:



Sales and marketing

802,171

650,516


Sales and marketing

-

-


Sales and marketing

802,171

650,516

General and administrative

1,983,720

2,213,636


General and administrative

(925,393)

(964,104)


General and administrative

1,058,327

1,249,532

Operating expenses

2,785,891

2,864,152


Operating expenses

(925,393)

(964,104)


Operating expenses

1,860,498

1,900,048












Operating loss 

(1,531,638)

(2,397,685)


Operating income

925,393

964,104


Operating loss 

(606,245)

(1,433,581)












Nonoperating income (expense):




Nonoperating income:




Nonoperating income (expense):



Interest income

469

295


Interest income

-

-


Interest income

469

295

Interest expense

(6,865)

(7,522)


Interest expense

-

-


Interest expense

(6,865)

(7,522)

Nonoperating expense

(6,396)

(7,227)


Nonoperating income

-

-


Nonoperating expense

(6,396)

(7,227)












Net loss

$   (1,538,034)

$   (2,404,912)


Net income

$   925,393

$   964,104


Net loss

$   (612,641)

$   (1,440,808)












Basic and Diluted loss per common share

$            (0.02)

$            (0.03)


Basic and Diluted income per common share

$          0.01

$   0.01


Basic and Diluted loss per common share

$          (0.01)

$            (0.02)












Basic and Diluted weighted average common shares outstanding

92,364,418

70,625,913


Basic and Diluted weighted average common shares outstanding

92,364,418

70,625,913


Basic and Diluted weighted average common shares outstanding

92,364,418

70,625,913

 

 

SOURCE ChromaDex Corporation

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