LOS ANGELES - ChromaDex Corp. (NASDAQ:CDXC), a company specializing in NAD+ research and products for healthy aging, has announced the launch of its Niagen+ NAD+ Test Kit, designed for healthcare practitioners (HCPs) to measure patient blood NAD+ levels. The test kit, which employs dried blood spot (DBS) assay technology, is now available exclusively through ChromaDex's HCP channel.
The Niagen+ NAD+ Test Kit is intended to help HCPs develop personalized treatment protocols using ChromaDex's NAD+-boosting products, Tru Niagen® and Niagen+. These products are based on Niagen (nicotinamide riboside or NR), a patented NAD+ precursor.
Rob Fried, CEO of ChromaDex and Founder of Tru Niagen, expressed that the introduction of the test kit is in response to demand from healthcare practitioners for a reliable method to monitor blood NAD+ levels.
The new test card technology in the Niagen+ NAD+ Test Kit is designed to maintain the stability of NAD+ during transport, ensuring precise and accurate results. This is in contrast to other kits that may require a fixer solution to stabilize NAD+, which can degrade during the drying process.
The company cautions that the Niagen+ NAD+ Test Kit is not intended to diagnose, prevent, or treat any condition and is solely for informational and educational purposes to support general health and wellness. It has not been tested on individuals with health conditions and is not cleared or approved by the U.S. Food and Drug Administration.
Recently, ChromaDex Corporation has seen a series of significant developments. It has launched Niagen+, a pharmaceutical-grade NIAGEN product, which has earned the company a Buy rating from H.C. Wainwright.
ChromaDex's financial performance remains solid, with Q1 revenues of $22.2 million and a positive adjusted EBITDA of $0.7 million. The company's e-commerce sector, witnessing a 5% sales increase year over year, has been a key revenue driver.
Despite reporting an operating loss of $0.7 million, ChromaDex maintains a solid financial position with no debt and a cash reserve of $27.6 million. The company also plans to ramp up its research and development efforts, with expectations of at least 16% revenue growth for the year.
InvestingPro Insights
In light of ChromaDex Corp.'s (NASDAQ:CDXC) recent announcement regarding the launch of its Niagen+ NAD+ Test Kit, investors and healthcare practitioners alike may be interested in the company's financial health and market performance. According to InvestingPro data, ChromaDex currently holds a market capitalization of $224.85 million. While the company's revenue has seen a growth of 7.52% in the last twelve months as of Q1 2023, it's important to note that analysts do not expect the company to be profitable this year.
One InvestingPro Tip for ChromaDex is that the company's stock price has experienced significant volatility, which could be a factor for investors with an eye on market trends. Additionally, ChromaDex's price to book ratio stands at 7.77, indicating that the stock might be trading at a premium compared to the company's book value. This could be of interest to investors who pay close attention to valuation metrics.
Despite challenges in profitability, with a gross profit margin of 60.98%, ChromaDex appears to maintain a strong gross profit in its operations. Moreover, the company's liquid assets surpass short-term obligations, suggesting a healthy liquidity position. This could provide some reassurance to investors concerned about the company's ability to meet its short-term liabilities.
For those looking to delve deeper into ChromaDex's financials and market prospects, InvestingPro offers additional insights. There are currently 6 more InvestingPro Tips available for ChromaDex, which can be accessed at https://www.investing.com/pro/CDXC. To enhance your investment strategy with these insights, use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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