ChromaDex Corporation, an innovative natural products company that provides proprietary, science-based solutions and ingredients to the dietary supplement, food and beverage, cosmetic and pharmaceutical industries, announced its financial results for the first quarter of 2012.
ChromaDex announced total revenues, prepared in accordance with United States Generally Accepted Accounting Principles ("GAAP"), of approximately $1.8 million and a net loss attributable to common stockholders of $0.05 per share for the three-month period ended March 31, 2012. As of March 31, 2012, cash, cash equivalents and marketable securities totaled over $5.8 million.
"In the first quarter we launched our BluScience line of dietary supplements into a major drug chain and a specialty health and nutrition chain," stated Jeffrey Himmel, CEO of ChromaDex. "In addition, we initiated distribution of our BluScience products to a national pharmaceutical distributor and a leading online retailer."
"During the first quarter, we began to supply our patented pTeroPure ingredient to the equine supplement market. This is another step in achieving our goal to build ChromaDex into a leader in the natural products industry," said Frank Jaksch, chief scientific officer of ChromaDex.
Additional financial results and notes
ChromaDex recorded revenue of $1,785,006 during the first quarter of 2012 as compared to $2,539,245 for the same period in 2011. The net loss attributable to common stockholders for the quarter ended March 31, 2012, was $4,431,853 as compared to a net loss of $1,156,385 for the same period in 2011. The net loss in the first quarter of 2012 was largely impacted by promotions and discounts related to the launch of the Company's BluScience products. In addition, ChromaDex initiated a national advertising campaign through television and radio in support of the launch of its BluScience products, which resulted in additional marketing expenses. The non-cash, share-based compensation expense related to the stock options and other share-based compensation for the first quarter of 2012 was $65,987. The effect of this, which is a "non-GAAP measure," decreased the net loss for the first quarter of 2012 to $4,365,866.