By Sabela Ojea

Shares of ChromaDex rose after the company said it expects revenue to rise about 15% this year amid views for growth in its e-commerce business and the launch of its vitamin product line Niagen+.

The stock was up 15% to $4.00 in post-market trading. Through Thursday's close the stock has more-than-doubled this year.

The dietary supplement and food ingredient company, which had previously guided for revenue growth of 10% to 15% in 2024, said it also expects its gross margin to improve slightly this year despite booking higher selling and marketing expenses to drive brand awareness and support new market launches.

ChromaDex's outlook comes after a swing to a profit in what Chief Executive Rob Fried described as the company's best quarter to date following a significant increase in sales.

The company logged third-quarter net profit of $1.9 million, or 2 cents a share, compared with a loss of $959,000, or 1 cent a share, for the same period a year earlier.

Sales jumped 31% to $25.6 million. The third quarter also marked the first sales of ChromaDex's Niagen+ vitamin products, Fried said.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

October 31, 2024 19:00 ET (23:00 GMT)

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