ChromaDex Expects to Report Record Fourth Quarter as Revenue Increased Approximately 29%
Q4 2016 Revenue is Expected to be Approximately $5.6 Million with Full-Year 2016 Revenue of Approximately $26.8 million
IRVINE, Calif., Feb. 14, 2017 (GLOBE NEWSWIRE) -- ChromaDex Corp. (NASDAQ:CDXC), an innovator of proprietary health, wellness and nutritional ingredients, that creates science-based solutions for dietary supplement, food and beverage, skin care, sports nutrition, and pharmaceutical products, announced today preliminary and unaudited revenue for the fourth quarter ended December 31, 2016 (“Q4 2016”).
The Company expects to report revenue of approximately $5.6 million for Q4 2016, representing an increase of approximately 29% as compared to $4.4 million for the fourth quarter ended January 2, 2016. The increase was primarily driven by ingredient revenue, led by sales of the Company’s patented NIAGEN®brand nicotinamide riboside. No single customer accounted for more than 11% of total expected revenue in Q4 2016.
Full-year 2016 revenue is expected to be approximately $26.8 million, an increase of approximately 22% as compared to $22.0 million for the full-year 2015.
Frank Jaksch, Jr., CEO and co-founder of ChromaDex, commented, “We enter 2017 with outstanding momentum executing on our business plan and strategy. We have entered into more than 100 collaborative pre-clinical and human studies using NIAGEN® with prestigious universities and research institutes. Many of these have commenced or will be starting in 2017.”
Mr. Jaksch continued, “We are now approaching an exciting period where we expect positive results from several pivotal animal and human studies to be published in top-tier scientific journals. Results from these studies, which deepen the validation of NIAGEN®, its function, applications and efficacy, will be a key driver in ChromaDex attracting media attention, building consumer awareness for nicotinamide riboside, and stimulating new business development discussions with large consumer product companies.”
