24/7 Market News Snapshot 31 October, 2024 – ChromaDex Corporation (NASDAQ:CDXC)

October 31, 2024

DENVER, Colo., 31 October, 2024 (247marketnews.com) – (NASDAQ:CDXC) are discussed in this article.
ChromaDex Corporation has made headlines with a robust performance, marked by significant stock momentum and impressive financial results. Opening at $3.57 today, the company’s shares have surged by 14.25%, currently trading at $4.09, reflecting a strong investor interest and a trading volume of 621.13K shares. This rise indicates a positive market sentiment potentially fueled by recent developments and strategic initiatives. Traders are encouraged to keep an eye on resistance levels around $4.20, with support likely forming near the opening price.

In its latest financial report for the third quarter of 2024, ChromaDex revealed a remarkable 31% year-over-year increase in total net sales, achieving $25.6 million. Contributing significantly to this growth was Tru Niagen®, which accounted for $18.1 million of the revenue. Notably, the company’s sales of Niagen® ingredients soared by 368% compared to the previous year, reaching $6.7 million, while gross margin improved to 63.5%, highlighting effective cost management.

CEO Rob Fried expressed pride in achieving a net income of $1.9 million, marking a significant turnaround. With a solid cash position of $32.4 million and an adjusted EBITDA of $2.9 million, ChromaDex is well-prepared for future growth. The company has further expanded its product offerings by introducing Niagen+ to an additional 14 wellness clinics, aiming for revenue growth by partnering with over 100 clinics.

Demonstrating its commitment to research, ChromaDex is engaged in discussions about the potential applications for nicotinamide riboside in treating Ataxia Telangiectasia with regulatory bodies. As ChromaDex celebrates its 25th anniversary, it continues to establish itself as a leader in scientific rigor and product quality, supported by over 275 research agreements and more than 175 peer-reviewed publications, positioning itself favorably within the bioscience sector.

Related news for (CDXC)

NASDAQ and NYSE quotes and data are delayed 15 minutes unless indicated otherwise. Market data and exchange information are provided for informational purposes only and is not intended for trading purposes. Neither 24/7 Market News Editors, 247 Market News, or data and content providers shall be liable for any errors or omissions, delays, misquotes or other market information relayed in any press materials. You should Use Realtime data to conduct due diligence before investing or trading, and trading in any stock is risky you could lose all your money.