In a recent filing with the Securities and Exchange Commission, ChromaDex Corp. (NASDAQ:CDXC), a company specializing in medicinal chemicals and botanical products that has delivered an impressive 343% return over the past year according to InvestingPro data, announced a change in its certifying accountant. Effective December 13, 2024, Crowe LLP will take over as the independent registered public accounting firm for the fiscal year ending December 31, 2024.
ChromaDex, previously known as CODY RESOURCES, INC., has not consulted with Crowe on any accounting principles or transactions in the two most recent fiscal years or the subsequent interim period leading up to the appointment. With a healthy current ratio of 2.95 and moderate debt levels, the company maintains strong financial discipline. Furthermore, there were no disagreements or reportable events between the company and its former accountant that would necessitate the change.
The appointment of Crowe aligns with ChromaDex's commitment to maintaining robust financial discipline and transparency in its operations. The company, headquartered in Los Angeles, California, is incorporated in Delaware and has its fiscal year-end on December 31. InvestingPro analysis reveals the company's strong financial health, with 14 additional key insights available to subscribers through their comprehensive Pro Research Report.
In other recent news, ChromaDex has reported a 31% increase in total net sales, reaching $25.6 million in its third-quarter financial report, primarily due to the sales of its flagship product TRU NIAGEN and NIAGEN ingredient. Following this growth, H.C. Wainwright upgraded the 12-month price target for ChromaDex to $8.00, maintaining a Buy rating on the stock. In addition, ChromaDex has amended its agreement with Dartmouth College, leading to a waiver of $3.5 million in previously accrued licensing and royalty fees.
In response to a patent infringement case against Elysium Health, Inc., ChromaDex is required to post an Appeal bond matching the judgment fees. Roth/MKM maintains a Buy rating on ChromaDex, considering these developments to be beneficial for the company.
Among other recent developments, ChromaDex has expanded the availability of its advanced NAD+ therapy, Niagen IV, to over 200 Restore Hyper Wellness locations across the US. The company also welcomed a new CFO, Ozan Pamir, and announced a change in its certifying accountant due to Marcum LLP's upcoming merger with CBIZ Inc (NYSE:CBZ).
Lastly, ChromaDex successfully launched the Niagen Plus product line and is expanding the distribution of its Niagen product to 14 additional wellness clinics across the US, in collaboration with Wells Pharma of Houston.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.