Executive Summary

Record Q4: revenue $29.1M (+37% YoY), gross margin 62.5% (+150 bps YoY), net income $7.2M ($0.09 EPS), and Adjusted EBITDA $3.4M; full-year 2024 revenue $99.6M (+19%), net income $8.6M, operating cash flow $12.1M, cash $44.7M, no debt .
Mix tailwinds and one-offs: outsized e-commerce and ingredient growth (food-grade +67% YoY; pharma-grade launched) drove scale and margin expansion; G&A fell $4.4M in Q4 on $3.5M royalty reversal and $1.3M credit loss recovery from Elysium settlement, boosting profitability .
2025 outlook: ~18% revenue growth, slight gross margin improvement; S&M and R&D up in dollars but stable as % of sales; G&A up $5–6M on growth investments and absence of 2024 one-time reversals .
Strategic catalysts: NIAGEN+ (IV/injectables) availability at ~500 clinics with supply chain issues resolved and growth expected to re-accelerate from 2H-2025; corporate rebrand announced as forthcoming; AT (orphan) IND work ongoing and Parkinson’s Phase III completion in 2025 a potential upside catalyst .

What Went Well and What Went Wrong

What Went Well
- Broad-based growth: Q4 total sales +37% YoY with e-commerce +30% YoY, Watsons/other B2B +26%, food-grade Niagen +67%, and pharma-grade contribution; gross margin rose to 62.5% on mix and overhead utilization .
- Operating leverage: Operating income swung to $7.1M from a $(0.2)M loss as G&A decreased $4.4M (royalty reversal $3.5M; $1.3M credit loss recovery) and S&M leverage improved to 29.9% of sales .
- Management tone on strategic posture: “your company is healthy… well positioned for the future,” highlighting clinic expansion (~500), growth in e-commerce/awareness, and name change to align with strategy .
What Went Wrong
- NIAGEN+ ramp delays: Pharma-grade supply chain hiccups delayed availability 2–3 months, softening initial run-rate; management expects normalization by Q2/Q3 with re-acceleration in 2H-2025 .
- External headwinds: Continued market noise from infringing/mislabeled NAD/NMN competitors; management pushing marketplaces/regulators to police claims, implying ongoing brand protection costs/efforts .
- 2025 opex inflection: G&A guided +$5–6M in 2025 on growth investments and lack of 2024 one-offs, a headwind to EBITDA despite revenue growth .

Financial Results

Overall P&L progression (oldest → newest)

Metric	Q2 2024	Q3 2024	Q4 2024
Revenue ($M)	$22.7	$25.6	$29.1
Gross Margin (%)	60.2%	63.5%	62.5%
Operating Income ($M)	$(0.3)	$1.6	$7.1
Net Income ($M)	$(0.015)	$1.9	$7.179
Diluted EPS ($)	$0.00	$0.02	$0.09
Adjusted EBITDA ($M)	$1.6	$2.888	$3.371

Q4 2024 vs Q4 2023 (mix and operating drivers)

Metric	Q4 2023	Q4 2024	YoY
Net Sales ($M)	$21.196	$29.125	+37%
Gross Margin (%)	61.0%	62.5%	+150 bps
S&M ($M, % sales)	$6.520 (30.8%)	$8.716 (29.9%)	Leverage 90 bps
R&D ($M)	$1.159	$1.315	+$0.156
G&A ($M)	$5.426	$1.055	$(4.371) (reversal/settlement)
Operating Income ($M)	$(0.168)	$7.111	+$7.279
Net Income ($M)	$0.114	$7.179	+$7.065
Adj. EBITDA ($M)	$1.247	$3.371	+$2.124

Q4 2024 segment/channel details

Category	Q4 2024 ($M)	YoY %
Tru Niagen (consumer)	$22.7	+29%
E-commerce	$17.3	+30%
Watsons & Other B2B	$5.4	+26%
Niagen Ingredient – Food-grade	$4.5	+67%
Niagen Ingredient – Pharma-grade	$0.8	N/A (launch)
Analytical Reference Standards & Services	$0.7	+2%
Other Ingredients	$0.4	+157%
Total Net Sales	$29.1	+37%

KPIs and balance sheet

KPI	Q4 2024
Clinics carrying NIAGEN+ (approx.)	~500 clinics
Cash & Equivalents	$44.7M
Operating Cash Flow (FY)	$12.1M
Adjusted EBITDA (Q4/FY)	$3.371M / $8.504M
Tru Niagen as % of Net Sales (Q4)	78%
Niagen-related sales as % of Net Sales (Q4)	96%

Non-GAAP and one-time items

Adjusted EBITDA excludes interest, taxes, D&A, SBC, severance/restructuring, and infrequent items (royalty reversal, credit loss recovery) .
Q4 G&A benefited from $3.5M royalty/license fee reversal and $1.3M credit loss recovery tied to Elysium; these are non-recurring and inform the 2025 G&A step-up guide .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue Growth	FY 2025	N/A	~18% YoY growth	New
Gross Margin	FY 2025	N/A	Slight improvement YoY	New
S&M Expense	FY 2025	N/A	Up in dollars; stable % of sales (29.6% in FY24)	New
R&D Expense	FY 2025	N/A	Up in dollars; stable % of sales (~6%)	New
G&A Expense	FY 2025	N/A	Up $5–6M YoY (no 2024 reversals)	New
Revenue Growth	FY 2024	~15% YoY (Q3 call)	19% actual	Exceeded
Gross Margin	FY 2024	Slight improvement YoY	61.8% (+100 bps YoY)	Met/Exceeded
S&M % Sales	FY 2024	Stable as % sales	29.6% (improved 200 bps YoY)	Better
G&A Expense	FY 2024	Down ~$1.5M YoY	Down $6.6M YoY (incl. reversals)	Better

Earnings Call Themes & Trends

Topic	Q2 2024 (Prior-2)	Q3 2024 (Prior-1)	Q4 2024 (Current)	Trend
NIAGEN+ (IV/injectables)	Launch announced; initial batches constrained; target clinics expanding; higher-margin vs corporate	Initial pharma-grade sales; >100 clinics; plan to 300 in weeks; supply is main constraint; halo to e-comm	~500 clinics; supply chain hiccups resolved; expect re-acceleration 2H; at-home injection targeted 3Q25	Improving availability; scaling
E-commerce	Stable YoY; shifting to influencer/social; no large promo comps	Stronger trends on Amazon and own site; Shopify improvements; awareness rising	Robust +30% YoY; mostly new-to-brand; Shopify/Amazon both improving	Strengthening
Ingredient partners	Food-grade growth; Nestlé PE reformulations; partners marketing on Amazon	Food-grade drove +$4.3M; pharma-grade launch	Food-grade +67% YoY; steady partner demand	Strong, consistent
Regulatory/legal	Orphan/RPD (AT); IND planning; NMN illegal in US; Blue Hat China difficult	Continued AT IND planning; NMN market noise persists	Dartmouth royalty reversal; Elysium settlement recovery; NMN enforcement posture reiterated	Legal tailwinds realized; ongoing vigilance
China / Tariffs	Blue Hat still unlikely near term; cross-border NMN crackdown hasn’t yet benefited NIAGEN	Watsons stable but HK macro soft; partners working marketing	Tariffs expected minimal impact; Canada supplements unaffected	Neutral to modest risk
R&D pipeline	PAD, brain NAD studies; Parkinson’s patent progress; AT IND prep	NO-PARK Phase III complete in 1H25; rebrand forthcoming	NO-PARK last subject complete by June; results/readout timing uncertain; AT IND work continues	Potential 2H25+ catalyst
Rebrand	—	Indicated 2025 positioning	Name change “in coming weeks” to reflect strategy	Near-term brand event

Management Commentary

“In the fourth quarter, we delivered record revenues of $29.1 million, a 37% increase year-over-year and net income of $7.2 million… ended the year with $44.7 million in cash and no debt.”
“Q4… e-commerce… $17.3 million, a 30% increase… food grade and pharmaceutical grade NIAGEN… $5.3 million, a 96% increase year-over-year.”
On NIAGEN+ supply chain: “The launch started off very strong… we were delayed 2 to 3 months… We have now since resolved these issues.”
On at-home injectables: “We do [have timing]… circling third quarter.”
On rebrand: “In the coming weeks, we will be making an announcement that we are changing the company’s name…”

Q&A Highlights

NIAGEN+ supply and ramp: Pharma-grade delays created a trough; management expects ~Q2–Q3 normalization with stronger 2H trajectory; BOD (expiry dating) dynamics slowed clinic ordering; ~500 clinics now, aiming to at least double by year-end .
E-commerce drivers: Amazon remains strong; Shopify improvements, SEO, localized ads; growth mostly new-to-brand rather than recurring .
G&A and one-offs: 2024 G&A benefited from $3.5M royalty reversal and $1.3M Elysium recovery; 2025 G&A +$5–6M on investment and absence of those items; second Elysium payment expected by end of March .
Margins and product economics: NIAGEN IV higher margin than corporate average; at-home injectables likely lower margin than IV but still attractive .
Tariffs: Minimal expected impact given U.S.-based production mix; Canadian measures exclude supplements .

Estimates Context

S&P Global/Capital IQ consensus for Q4 2024 EPS and revenue was not retrievable for CDXC via our estimates tool; therefore, we do not present a vs-consensus beat/miss for this quarter. Internal guideposts were exceeded for FY 2024 (revenue growth +19% vs ~15% outlook; GM +100 bps; S&M % improved; G&A down $6.6M vs down ~$1.5M outlook) .

Key Takeaways for Investors

Quality of beat (vs internal): Q4 strength was broad-based with clear operating leverage; however, G&A tailwinds included non-recurring items that will reverse in 2025; adjust your normalized EBITDA expectations accordingly .
Mix shift is favorable: Ingredient momentum (food-grade +67% YoY) and early pharma-grade contribution, coupled with e-commerce acceleration, support sustained mid-teens revenue growth in 2025 and slight GM expansion per guide .
NIAGEN+ is a multi-year option: Supply constraints appear resolved; clinic count and new at-home injectable in 3Q25 can expand TAM and carry higher-than-corporate margins (IV higher margin; home injection somewhat lower) .
Legal/regulatory cleanup adds durability: Royalty reversal and Elysium settlement boost liquidity and validate IP posture; continued enforcement against NMN/NAD mislabeling should favor compliant incumbents .
2025 expense step-up is the watch item: G&A +$5–6M plus brand investments for rebrand could cap EBITDA expansion near-term despite revenue growth; tracking NIAGEN+ inflection and marketing ROI is critical .
Pipeline optionality: NO-PARK Phase III completion (June 2025) and AT IND work offer asymmetric upside if data are positive; timing of disclosures/publication may lag completion .
Balance sheet strength: $44.7M cash, no debt, and $12.1M operating cash flow in 2024 provide flexibility to fund growth and manage variability in ingredient/clinic channels .

Notes and Sources: All figures, guidance, and commentary are drawn from ChromaDex’s Q4 2024 8-K and press release, the accompanying earnings presentation, and Q2–Q4 2024 earnings call transcripts .

ChromaDex Corp. (CDXC)·Q4 2024 Earnings Summary