ChromaDex(CDXC) - 2024 Q4 - Annual Results

Financial Performance - Full year net sales reached $99.6 million, a 19% increase from the prior year, with a gross margin of 61.8% and net income of$ 8.6 million[1][5][11] - Fourth quarter net sales were $29.1 million, up 37% year-over-year, with a gross margin of 62.5% and net income of$ 7.2 million, a significant improvement from $0.1 million in the prior year quarter[1][5][9] - Tru Niagen® sales contributed$ 22.7 million to fourth quarter net sales, reflecting a 29% increase from the prior year quarter[6][7] - Adjusted EBITDA for the full year was $8.5 million, a$ 6.6 million improvement from the previous year, while fourth quarter adjusted EBITDA was $3.4 million, up$ 2.1 million year-over-year[1][10][13] - Net sales for Q4 2024 reached $29,125,000, a 37.5% increase from$ 21,196,000 in Q4 2023[27] - Gross profit for Q4 2024 was $18,197,000, up 40.5% from$ 12,937,000 in Q4 2023[27] - Operating income for Q4 2024 was $7,111,000, compared to a loss of$ 168,000 in Q4 2023[27] - Net income for Q4 2024 was $7,179,000, a significant increase from$ 114,000 in Q4 2023[27] - Adjusted EBITDA for the full year 2024 was $8,504,000, compared to$ 1,900,000 in 2023, reflecting a substantial improvement[33] - The company reported a basic net income per share of $0.09 for Q4 2024, compared to a loss of$ 0.07 per share in Q4 2023[27] Cash and Assets - The company ended the year with $44.7 million in cash and no debt, with operating cash flows of$ 12.1 million, compared to $7.1 million in the prior year[1][14] - Cash and cash equivalents at the end of 2024 were$ 44,660,000, up from $27,325,000 in 2023, marking a 63.8% increase[31] - Total current assets increased to$ 64,102,000 in 2024 from $49,534,000 in 2023, representing a 29.3% growth[29] - Total liabilities decreased to$ 17,948,000 in 2024 from $20,622,000 in 2023, a reduction of 12.9%[29] Expenses and Projections - General and administrative expenses decreased by$ 6.6 million year-over-year, primarily due to lower royalty expenses and credit loss recoveries[1][16] - Selling and marketing expenses are expected to increase in absolute dollars but remain stable as a percentage of net sales, reflecting strategic investments in brand awareness[1][17] - Research and development expenses for the full year 2024 were $6,016,000, an increase from$ 4,958,000 in 2023[27] - For 2025, the company projects approximately 18% year-over-year revenue growth, with slight improvements in gross margin and increased general and administrative expenses of $5.0 to$ 6.0 million[1][17] Product Development and Regulatory - In 2024, ChromaDex launched Niagen Plus, a new product line featuring pharmaceutical-grade Niagen®, now available at over 475 wellness clinics in the U.S.[1][6] - The company received Orphan Drug and Rare Pediatric Disease Designations from the U.S. FDA for NR, and is advancing its Investigational New Drug application for Ataxia Telangiectasia[1][6]