ChromaDex® Corp., an innovative natural products company that provides proprietary, science-based solutions and ingredients to the dietary supplement, food and beverage, animal health, cosmetic and pharmaceutical industries, announced today financial results for the second quarter ended June 30, 2012.
For the three months ended June 30, 2012, ChromaDex reported record revenue of $2,670,611, an increase of 37 percent as compared to $1,937,976 for the same period in 2011. The net loss attributable to common stockholders for the quarter ended June 30, 2012 was $3,993,957, or ($0.04) per share as compared to a net loss of $1,842,569, or ($0.03) per share for the same period in 2011. The net loss in the second quarter of 2012 was largely impacted by advertising and marketing expenses relating to the Company's BluScience™ line of dietary supplements. The non-cash, share-based compensation expense related to stock options and other share-based compensation for the second quarter of 2012 was $1,198,537. The effect of excluding non-cash, share-based compensation expense, which is a "non-GAAP measure," decreases the net loss for the second quarter of 2012 to $2,795,420. As of June 30, 2012, cash, cash equivalents and marketable securities totaled over $2.2 million and inventories totaled over $5.2 million.
The Company also reported its core ingredient and laboratory business posted record sales in the month of June. The increase in portfolio ingredient sales includes additional new customers who have adopted pTeroPure® and ProC3G™ into their formulations, as well as increased efforts in sales, marketing and trade relations. BluScience, which was launched earlier this year, continues to expand and is now available in more than 17,000 outlets in the U.S, including national drugstore chains, wholesalers, mass channel and internet distributors. The novel ingredient in BluScience is ChromaDex's proprietary, patented pterostilbene, branded as pTeroPure, which was named the 2010 North American Most Promising Ingredient of the Year by the independent research company Frost & Sullivan.
Frank Jaksch, Jr., CEO and co-founder of ChromaDex, commented, "The first half of 2012 was extremely positive and productive for ChromaDex. The record monthly sales in June in our ingredient and laboratory business, as well as the current pipeline of our proprietary novel ingredients, gives us reason to be very enthusiastic about our business strategy of identifying early novel compounds, securing intellectual property, investing in clinical data, developing commercially viable production processes and executing a commercial business plan. In parallel, the successful launch of the BluScience line has achieved our goal of increasing the awareness of pTeroPure as a novel ingredient. We are currently looking at potential strategic partners for further development of the BluScience brand. Given these strategic initiatives, the Company should have sufficient capital to meet its operational needs through the foreseeable future."