IRVINE, Calif., Aug. 11, 2011 /PRNewswire/ -- ChromaDex Corporation (OTCBB: CDXC), an innovative natural products company that provides proprietary, science-based solutions and ingredients to the dietary supplement, food & beverage, cosmetic and pharmaceutical industries, today announced financial results for the second quarter of 2011. On a reported basis and calculated in accordance with U.S. Generally Accepted Accounting Principles (U.S. GAAP), ChromaDex announced total revenues of approximately $1.9 million and a net loss attributable to common stockholders of $0.03 per share for the three-month period ended July 2, 2011. As of July 2, 2011, cash, cash equivalents, and marketable securities totaled over $2.0 million.
“We made substantial strides related to pTeroPure in the recent quarter, continuing to build a very strong foundation for the business expansion that is underway,” stated Frank Jaksch, CEO and co-founder of ChromaDex. “Our results for the quarter did not yet reflect the business building accomplishments we achieved during the period, but we believe the foundation created, with pTeroPure achieving GRAS (generally recognized as safe) status, the upcoming launch of BluScience at GNC, as well as our licensing agreement with beverage industry giant Cott, places ChromaDex in a very strong position from which to grow long-term shareholder value. Beyond pTeroPure, we remain committed to growing our product and service offerings to include other novel ingredients with large market potential in the rapidly growing natural products industry. The recently announced in-license of intellectual property from Cornell, related to the unique Nicotinamide Riboside compound, is evidence of that continued focus.”
Additional Financial Results & Notes
On a reported basis, ChromaDex recorded revenue of $1,937,976 during the second quarter of 2011 as compared to $2,033,861 for the same period in 2010. The net loss attributable to common stockholders for the quarter ended July 2, 2011 was $1,842,569 as compared to a net loss of $303,529 for the same period in 2010. The net loss in the second quarter of 2011 was significantly impacted by an increase in non-cash, share-based compensation expense related to the stock options that were granted following the May 20, 2010 private placement and the restricted stock that was issued to certain employees and consultants. When the net loss is adjusted to exclude the effects of non-cash charges associated with share-based compensation expense, a “non-GAAP” presentation, the net loss for the second quarter of 2011 is $1,073,864 and the loss per share for the second quarter of 2011 is $0.02.
About ChromaDex
ChromaDex is an innovative natural products company that provides proprietary, science-based solutions and ingredients to the dietary supplement, food & beverage, cosmetic and pharmaceutical industries. The company has an impressive pipeline of new ingredients, including its pTeroPure brand on which it has worldwide, exclusive patent rights.
ChromaDex Forward-Looking Statements
Any statements that are not historical facts contained in this release are forward-looking statements. Actual results may differ materially from those projected or implied in any forward-looking statements. Such statements involve risks and uncertainties, including but not limited to those relating to product and customer demand, market acceptance of our products, the effect of economic conditions both nationally and internationally, ability to protect our intellectual property rights, impact of any litigation or infringement actions brought against us, competition from other providers and products, risks in product development, our ability to raise capital to fund continuing operations, the ability to complete transactions, and other factors discussed from time to time in the Company’s Securities and Exchange Commission filings. The Company undertakes no obligation to update or revise any forward-looking statement for events or circumstances after the date on which such statement is made except as required by law.
