ChromaDex Corp. (OTCQB: CDXC), a provider of proprietary, science-based solutions and ingredients, has announced financial results for the first quarter.
For the three months ended March 30, 2013, ChromaDex reported revenue of $2,334,566, an increase of 31 percent as compared to $1,785,006 for the same period in 2012. The net income attributable to common stockholders for the quarter ended was $1,468,525, or $0.02 per basic share and $0.01 per diluted share, as compared to a net loss of $4,431,853, or $0.05 per basic and diluted share, for the same period in 2012.
The net income for the quarter ended March 30, 2013, is largely due to a gain realized on the sale of the company's BluScience consumer product line to NeutriSci International Inc. The non-cash, share-based compensation expense related to stock options and other share-based compensation for the first quarter of 2013 was $351,590.
The company close the sale in March. The total sale transaction value was approximately $6 million, which consisted of a combination of cash, senior secured debt and an ownership interest in NeutriSci.
"The sale of the BluScience line will allow ChromaDex to focus on growing sales in our ingredient business, as well as accelerate the development of our novel ingredients pipeline," said Frank Jaksch Jr., CEO and co-founder of ChromaDex.
The company will continue to generate revenue through a royalty on 6% of future net sales of BluScience products, as well as a supply agreement with NeutriSci for the company's patented pTeroPure pterostilbene.
Other products in the ChromaDex's portfolio include: pTeroPure pterostilbene; ProC3G, a natural black rice containing cyanidin-3-glucoside; nutraGac, a gac fruit powder; and curcumin.