LOS ANGELES - ChromaDex Corp. (NASDAQ:CDXC), a company specializing in nicotinamide adenine dinucleotide (NAD+) research and products for healthy aging, has announced the expansion of its Niagen (nicotinamide riboside chloride) distribution. Wells Pharma of Houston, an FDA-registered 503B outsourcing facility, will compound and distribute Niagen IV and injections to 14 additional wellness clinics across the United States.
This move follows the initial introduction of Niagen IV and injections at select clinics last month, which marked the first phase of the product's rollout. The new clinics, including locations in Chicago, Los Angeles, and New York, will offer these formulations to patients with a prescription.
Niagen, ChromaDex’s flagship ingredient, is clinically proven to elevate NAD+ levels, essential for cellular health, energy production, and DNA repair. The IV and injectable forms are designed to deliver Niagen more efficiently than oral supplements. In a pilot clinical study, Niagen IV showed a 20% increase in whole blood NAD+ levels three hours post-infusion, with superior tolerability and a 75% shorter infusion time compared to NAD+ IV.
Several medical professionals from the participating clinics have expressed optimism about the potential of Niagen IV to enhance healthspan and wellness optimization. They highlight Niagen IV's ability to support cellular repair and mitochondrial function with fewer side effects than traditional NAD+ infusions.
ChromaDex aims to make Niagen more accessible to those seeking health solutions, with the new clinics expected to begin offering the product in the coming weeks. Consumers can sign up for updates on product availability and locate clinics offering Niagen IV and injections through the company's website.
The company's press release also contains forward-looking statements regarding the potential benefits and expansion of Niagen IV. However, these statements are subject to various risks, including the ability to secure pharmaceutical-grade quantities and distribution arrangements, as well as maintaining necessary FDA listings and intellectual property protections.
This expansion represents a significant step in ChromaDex's mission to provide innovative health solutions, with Niagen IV expected to contribute to the global intravenous hydration therapy and spa markets. The information for this article is based on a press release statement from ChromaDex Corp.
In other recent news, ChromaDex Corporation has reported a year-over-year revenue increase of 12% to $22.7 million for the second quarter of 2024. The company also announced a successful launch of its Niagen Plus product line and plans for market expansion through strategic partnerships and product enhancements. E-commerce sales remained steady at $13 million for the quarter, and the company revised its 2024 outlook to anticipate a 10-15% year-over-year growth. ChromaDex also reported a near breakeven net loss of $15,000 for the quarter. Strategic partnerships with entities like Watsons, Nestle Health Science, and Pure Encapsulations are expected to improve brand awareness and market penetration. The company is also optimistic about Niagen IV's potential in the GLP-1 market and among Parkinson's patients. These are among the recent developments for ChromaDex.
InvestingPro Insights
As ChromaDex Corp. (NASDAQ:CDXC) continues to expand its distribution of Niagen IV and injections, investors and consumers alike may be interested in the company's financial health and stock performance. According to InvestingPro data, ChromaDex currently holds a market capitalization of $256.46 million. Despite not being profitable over the last twelve months, analysts are optimistic, predicting that the company will turn a profit this year. This forecast aligns with the company's strategic moves to increase the accessibility of its flagship product, Niagen.
InvestingPro Tips indicate that ChromaDex has more cash than debt on its balance sheet, which is a positive sign for stakeholders and potential investors considering the company's expansion efforts. Additionally, the company's stock price has experienced a notable uptick, with a robust 95.93% six-month price total return and an even more impressive year-to-date price total return of 135.66%. This momentum is a testament to the market's reception of the company's strategic initiatives and its potential for future growth.
For those looking to delve deeper into ChromaDex's financials and stock performance, InvestingPro offers additional insights. There are currently 10 more InvestingPro Tips available, which can provide a comprehensive analysis of the company's prospects. These tips can be found at https://www.investing.com/pro/CDXC, offering a valuable resource for informed decision-making.
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