Niagen Bioscience Inc (NAGE) 2024 Q3 法說會逐字稿

Thank you for standing by. My name is Mandeep and I'll be your operator today. At this time. I'd like to welcome everyone to the Chromadex third quarter, 2024 earnings conference call. All lines being placed on mute to prevent any background noise. After the Speaker presentation will be a question and answer session. If you'd like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you'd like to withdraw your question, press star one again. Thank you. I would now like to turn the call over to Ben Shamsian investor relations. You may begin.

謝謝你的支持。我叫 Mandeep，今天我將擔任您的接線生。此時。歡迎大家參加 Chromadex 2024 年第三季財報電話會議。所有線路均置於靜音狀態，以防止任何背景噪音。演講者演講結束後將進行問答環節。如果您想在此期間提出問題，只需按電話鍵盤上的星號，然後再按數字 1 即可。如果您想撤回問題，請再按星號一。謝謝。我現在想將電話轉給 Ben Shamsian 投資者關係部門。你可以開始了。

Thank you. Good afternoon and welcome to Chromadex Corporation's third quarter of 2024. Results investor call with us today are Chromadex's Chief Executive Officer, Robert Fried, Chief Financial Officer Ozan Pamir, and senior Vice President of Scientific and Regulatory Affairs. Dr. Andrew Shao. Doctor Shao will join the call for Q&A. Today's conference call, may include forward-looking statements including statements related to Chromadex's research and development and clinical trial plans and the timing and results of such trials. The timing of future regulatory filings, the expansion of sale of NIAGEN and products and ingredients in new markets, business development opportunities, future financial results, cash needs operating performance, investor interest and business prospects and opportunities as well as anticipated results of operations. Forward-looking statements represent only the company's estimates on the date of this conference call and are not intended to give any assurance as to the actual future results because forward-looking statements relate to matters that have not yet occurred. These statements are inherently subject to risk and uncertainties. Many factors could cause Chromadex's actual activities or results to differ materially from the activities and results anticipated in forward-looking statements. These risk factors include those contained in Chromadex's quarterly report on form 10-Q most recently filed with the SEC including results of operations, financial condition, cash flows as well as global market and economic conditions on our business. Please note that the company assumes no obligation to update any forward-looking statements after the date of this conference call to conform with the forward-looking statements, actual results or to changes in its expectations. In addition, certain financial information presented in this call references Non-GAAP financial measures. The company's earnings presentation and earnings press release which were issued this afternoon and are available on the company's website present reconciliations to the appropriate GAAP measures. Finally, this conference call is being recorded via webcast. The webcast will be available at the investor relations section of our website at www.chromadex.com. With that now it's my pleasure to turn the call over to our Chief Executive Officer, Robert Fried.

謝謝。下午好，歡迎來到 Chromadex Corporation 2024 年第三季。今天與我們進行投資者電話會議的有 Chromadex 執行長 Robert Fried、財務長 Ozan Pamir 以及科學和監管事務高級副總裁。邵安德魯博士。邵醫生將參加問答環節。今天的電話會議可能包含前瞻性聲明，包括與 Chromadex 的研發和臨床試驗計劃以及此類試驗的時間表和結果相關的聲明。未來監管備案的時間、NIAGEN 以及產品和成分在新市場的銷售擴展、業務發展機會、未來財務業績、現金需求經營業績、投資者興趣和業務前景和機會以及預期經營業績。前瞻性陳述僅代表本公司在本次電話會議之日的估計，並非旨在對未來的實際結果提供任何保證，因為前瞻性陳述涉及尚未發生的事項。這些陳述本身就存在風險和不確定性。許多因素可能導致 Chromadex 的實際活動或結果與前瞻性聲明中預期的活動和結果有重大差異。這些風險因素包括 Chromadex 最近向 SEC 提交的 10-Q 表格季度報告中包含的風險因素，包括營運結果、財務狀況、現金流量以及我們業務的全球市場和經濟狀況。請注意，本公司不承擔在本次電話會議日期後更新任何前瞻性陳述以符合前瞻性陳述、實際結果或預期變更的義務。此外，本次電話會議中提供的某些財務資訊引用了非公認會計準則財務指標。該公司今天下午發布的收益報告和收益新聞稿可在公司網站上查閱，其中提供了與適當的公認會計準則措施的調節表。最後，本次電話會議將透過網路廣播進行錄製。此網路廣播將在我們網站 www.chromadex.com 的投資者關係部分提供。現在我很高興將電話轉給我們的執行長羅伯特·弗里德。

Thank you, Ben and good afternoon everyone. I thank you for joining today's investor call.

謝謝你，本，大家下午好。我感謝您參加今天的投資者電話會議。

I am quite pleased to share that in the third quarter. We achieved record results on both our top line and our bottom line with $25.6 million in revenue. A 31% increase year over year, a net income of $1.9 million.

我很高興在第三季分享這一點。我們的收入和利潤都取得了創紀錄的成績，收入達 2,560 萬美元。年增31%，淨利達190萬美元。

This quarter also marks our sixth consecutive quarter of positive adjusted ebita reaching $2.9 million and we generated total positive cash flow of $5.1 million.

本季也標誌著我們連續第六個季度的調整後息稅前利潤達到 290 萬美元，並且我們產生了 510 萬美元的正現金流總額。

We ended the quarter with $32.4 million in cash and no debt.

本季結束時，我們擁有 3,240 萬美元現金，沒有債務。

This quarter's financial results highlight our unyielding dedication to maintaining fiscal discipline and achieving profitable growth while still advancing our key business initiatives.

本季的財務表現突顯了我們對維持財政紀律和實現獲利成長的堅定承諾，同時仍在推進我們的關鍵業務計劃。

The record sales this quarter were driven primarily by growth in our e-commerce business as well as the Niagen ingredient business, which included this quarter, initial sales of our pharmaceutical grade Niagen to selected clinics debuting Niagen plus or Niagen IV at $14.8 million for the third quarter and representing a 16% growth year over year.

本季創紀錄的銷售額主要是由我們的電子商務業務以及Niagen 成分業務的增長推動的，其中包括本季度我們向選定的首次推出Niagen plus 或Niagen IV 的診所首次銷售藥品級Niagen，售價為1,480 萬美元。

E-commerce continues to be a cornerstone of our total business.

電子商務仍然是我們整體業務的基石。

In contrast with the second quarter where e-commerce growth was stable year over year, the third quarter reflected stronger trends on Amazon as well as our own website on Amazon. We saw sustained growth following prime day in July.

與第二季電子商務同比穩定成長相比，第三季反映出亞馬遜以及我們自己的亞馬遜網站的強勁趨勢。繼 7 月黃金日之後，我們看到了持續成長。

This growth was fueled by refreshed marketing efforts to reinforce tr's position as the top NAD boosting supplement.

這一增長得益於新的行銷努力，以鞏固 tr 作為頂級 NAD 增強補充劑的地位。

Additionally, we were encouraged to see that Amazon had taken steps to address the emergence of brands that offered and promoted NAD boosting products that did not live up to their claims to say the least.

此外，令我們感到鼓舞的是，亞馬遜已採取措施解決一些品牌的出現問題，這些品牌提供和推廣 NAD 增強產品，但這些產品至少沒有達到他們的聲稱。

And our own website. We are seeing improvements from our marketing efforts to better drive brand awareness effectively through pr as well as influencer marketing to better engage with customers through refreshed social media content and to improve conversion through competitive messaging and performance marketing.

還有我們自己的網站。我們看到行銷工作有所改進，透過公關和影響力行銷更好地有效提高品牌知名度，透過更新的社群媒體內容更好地與客戶互動，並透過競爭性資訊和績效行銷提高轉換率。

More recently, our team has completed a migration to an updated web platform along with the redesign of our own website with a refreshed take on educating the consumer of the company's commitment to product excellence, as well as the company's 25 years of innovation and scientific advancements in NAD research.

最近，我們的團隊完成了向更新的網路平台的遷移，並重新設計了我們自己的網站，以全新的方式教育消費者公司對卓越產品的承諾以及公司 25 年的創新和科學進步在NAD研究中。

As we continue to represent the gold standard in scientific and professional superiority in the NAD industry.

我們將繼續代表 NAD 產業科學和專業優勢的黃金標準。

Our marketing efforts will continue to focus on optimizing brand and product awareness through influencer and social media marketing as well as optimizing conversion and retention strategy to drive long term customer value.

我們的行銷工作將繼續專注於透過影響者和社群媒體行銷優化品牌和產品知名度，以及優化轉換和保留策略，以推動長期客戶價值。

Watson's remains a valued strategic partner providing steady recurring revenue with occasional quarterly fluctuations.

屈臣氏仍然是重要的策略夥伴，提供穩定的經常性收入，但偶爾會出現季度波動。

Watson sell through to direct customers have remained steady year over year during an unfortunate time where the Hong kong retail market is experiencing an overall decline while this had an impact on the third quarter with the decline in sales year over year and may have an impact on our sales to Watson's for the full year. We're actively collaborating with them on different marketing initiatives to close the year and into next year, including better leveraging Youtube and social media messaging Kol and consumer testimonials to promote new customer acquisition and utilizing personalized messaging to retain newly acquired customers.

在香港零售市場整體下滑的不幸時期，屈臣氏對直接客戶的銷售量同比保持穩定，這對第三季度的銷售額同比下降產生了影響，並可能對我們全年對屈臣氏的銷售額。我們正在積極與他們合作不同的行銷活動，以結束今年和明年，包括更好地利用Youtube 和社交媒體訊息Kol 和消費者評價來促進新客戶的獲取，並利用個人化訊息來留住新獲得的客戶。

This quarter, we launched our Niagen Plus product line, introducing Niagen ID and injections at select clinics through the Wells Pharmacy Network. Since then, we have rapidly expanded the availability of Niagen Plus and have now shipped to over 100 clinics to date.

本季度，我們推出了 Niagen Plus 產品線，透過 Wells 藥局網路在精選診所推出 Niagen ID 和注射。從那時起，我們迅速擴大了 Niagen Plus 的供應範圍，迄今已向 100 多家診所出貨。

In the coming weeks. We expect to greatly expand the reach of Niagen Plus expecting to be in over 300 clinics in just the next few weeks.

在接下來的幾週內。我們預計將在未來幾週內大幅擴大 Niagen Plus 的覆蓋範圍，涵蓋 300 多家診所。

The launch indicates that consumer awareness of NAD supplementations benefits is growing.

此次推出顯示消費者對 NAD 補充劑益處的認識正在不斷增強。

There was a recent New York Post article reported that celebrities such as Jennifer, Aniston, Kendall, Jenner and Haley Bieber are turning to NAD IV therapies for longevity benefits.

最近《紐約郵報》的一篇文章報導，珍妮佛、安妮斯頓、肯德爾、詹納和海莉·比伯等名人正在轉向 NAD IV 療法以獲得長壽。

The article also highlighted that NAD supplementation is gaining traction among amongst celebrities and in health conscious consumers. Much like the trends we've seen in other areas such as GLP One.

文章也強調，NAD 補充劑正在受到名人和注重健康的消費者的青睞。與我們在 GLP One 等其他領域看到的趨勢非常相似。

Another publication released last week in Forbes magazine recently spotlighted Niagen IV drip in particular as a premier treatment to boosting NAD offering shorter session times enhanced comfort and higher resulting NAD levels than traditional NAD IV therapies as a leader in the NAD space, we are confident that Niagen ID will set a new standard in NAD IV therapy and will advance our goal for Niagen to become a household name in prior earnings calls. I shared that the US FDA had granted orphan drug designation and rare pediatric disease designation for nicotinamide RVIS as a candidate for treatment of Ataxia Telangiectasia or AT in September. Chromadex initiated communication with the FDA and is working now to organize meetings as part of the company's effort to pursue an investigative investigational new drug IND application for the use of NR in the treatment of AT.

上週在《富比士》雜誌上發布的另一篇文章最近特別強調了Niagen IV 滴注作為增強NAD 的首要治療方法，與傳統的NAD IV 療法相比，它提供更短的治療時間、增強的舒適度和更高的NAD 水平，作為NAD 領域的領導者，我們有信心Niagen ID 將為NAD IV 療法設定新標準，並將推進我們的目標，讓Niagen 在之前的財報電話會議中成為家喻戶曉的名字。我分享了美國 FDA 於 9 月授予菸鹼醯胺 RVIS 孤兒藥資格和罕見兒科疾病資格，作為治療共濟失調性毛細血管擴張症或 AT 的候選藥物。Chromadex 發起了與 FDA 的溝通，目前正在組織會議，作為該公司努力尋求使用 NR 治療 AT 的研究性新藥 IND 申請的一部分。

Additionally, last quarter, I discussed updates around the no park study which we will still expect to be completed within the first half of next year.

此外，上個季度，我討論了有關無公園研究的最新情況，我們仍預計研究將在明年上半年完成。

While there is not much detail, we are allowed to share publicly, we are in consistent dialogue with the investigators from Hawk University Hospital. On the progress of this important Parkinson's study, we look forward to sharing more updates in the near future as we go through the process.

雖然沒有太多細節，但我們可以公開分享，但我們正在與霍克大學醫院的研究人員進行持續對話。關於這項重要的帕金森氏症研究的進展，我們期待在不久的將來在整個過程中分享更多更新。

As many of you know, in September, we announced that Ozan Pamir has been appointed as Chromadex's new Chief Financial Officer.

眾所周知，9 月份，我們宣布 Ozan Pamir 已被任命為 Chromadex 的新財務長。

I'd like to first thank James lee, our controller who is resuming that role as controller for his steady and impressive leadership during this period in managing our financial operations. During this transition, we're very proud of James and are excited to be working with him for many years to come.

我首先要感謝我們的財務總監詹姆斯·李（James Lee），他在此期間恢復了財務總監的角色，在管理我們的財務運營方面發揮了穩定而令人印象深刻的領導作用。在這個過渡期間，我們為詹姆斯感到非常自豪，並很高興能在未來與他合作很多年。

I would also like to acknowledge our VP of Finance Wesley Yu, who has also done an exceptional job in helping us to manage our finance and strategy departments, especially during this transition period between the two, we did not miss a beat and I am quite proud to see our team members rise to the occasion.

我還要感謝我們的財務副總裁Wesley Yu，他在幫助我們管理財務和策略部門方面也做出了出色的工作，特別是在兩者之間的過渡時期，我們沒有錯過任何一個節拍，我很高興很自豪地看到我們的團隊成員能夠挺身而出。

It is a testament to the exceptional talent we have at Chromadex.

這證明了我們 Chromadex 擁有的卓越人才。

Now, I would like to introduce Ozan.

現在我想介紹一下奧贊。

You will hear from shortly with six years as Chief Financial Officer at 180 Life Science is a publicly traded biotech firm. Ozone brings valuable experience including overseeing the company's NASDAQ listing and leading multiple funding rounds. Ozon will be instrumental in guiding Chromadex through this pivotal phase of growth by reinforcing our financial discipline, strengthening our business operations for profitable expansion and enhancing internal capabilities with his insights and expertise.

您將在 180 Life Science（一家上市生物技術公司）擔任財務長六年後不久收到消息。Ozone 帶來了寶貴的經驗，包括監督公司在納斯達克的上市和領導多輪融資。Ozon 將透過加強我們的財務紀律、加強我們的業務運營以實現盈利擴張以及利用他的見解和專業知識增強內部能力，在指導 Chromadex 度過這一關鍵的增長階段方面發揮重要作用。

I'm excited for him to spearhead our efforts in the Pharma space as well as to take over responsibility for the investor relations.

我很高興他能夠帶頭推動我們在製藥領域的努力，並接管投資者關係的責任。

I very much look forward to the positive impact he will have on our organization today. We've made significant progress towards sustainable profitable growth. As we have been saying for several years, we have continued advancements in our innovation pipeline, as well as Chromadex that celebrates 25 years of innovation and pioneering n ad research. I'm grateful to reflect on how far we have come.

我非常期待他今天對我們組織的正面影響。我們在可持續獲利成長方面取得了重大進展。正如我們多年來一直所說的那樣，我們的創新管道不斷取得進步，Chromadex 也慶祝了 25 週年的創新和開創性廣告研究。我很高興反思我們已經走了多遠。

Looking ahead, I'm confident in the strong foundation we've established and the moment building toward accelerated growth in 2025.

展望未來，我對我們已建立的堅實基礎以及 2025 年加速成長的時刻充滿信心。

While we are not yet ready to provide an outlook for 2025 I believe we are very well positioned as the global authority of NAD science and as a paragon of the NAD industry to make KNS in a household name.

雖然我們尚未準備好提供 2025 年的展望，但我相信我們作為 NAD 科學的全球權威和 NAD 行業的典範，處於非常有利的地位，使 KNS 家喻戶曉。

And I would now like to hand over the call to Ozan to run through the quarter's financials in more detail and then on to Q&A and closing remarks.

現在我想將電話轉交給奧贊，讓他更詳細地介紹本季的財務狀況，然後進行問答和結束語。

Okay.

好的。

Thank you, Robert. It is a pleasure to be introduced to our investors, partners and team members who have joined today.

謝謝你，羅伯特。很高興向大家介紹今天加入的投資者、合作夥伴和團隊成員。

As Rob mentioned, I've spent the last six years of my career as the CFO of a NASDAQ listed biotech company following a career in investment banking where my focus was on life sciences companies.

正如羅布所提到的，我職業生涯的最後六年是在一家納斯達克上市的生物技術公司擔任首席財務官，此前我從事投資銀行業務，重點關註生命科學公司。

I joined Chromadex because of the opportunities that are provided by the unparalleled science. We have, the company is at a unique inflection point where the core business provides a stable foundation for growth and we are presented with a significant market potential through the pursuit of the new verticals.

我加入 Chromadex 是因為無與倫比的科學提供的機會。我們公司正處於一個獨特的轉折點，核心業務為成長提供了穩定的基礎，並且透過追求新的垂直領域，我們獲得了巨大的市場潛力。

I'm excited by the opportunity to help lead Chromadex in its next phase of growth through strategic plans to expand into the pharmaceutical sector.

我很高興有機會透過擴展到製藥業的策略計劃來幫助領導 Chromadex 進入下一階段的成長。

My focus will be on strengthening our financial discipline and optimizing operations to ensure sustainable long term value for our shareholders as we move forward in this promising new chapter.

我的重點將是加強我們的財務紀律和優化運營，以確保我們的股東在我們邁向這一充滿希望的新篇章時獲得可持續的長期價值。

My immediate objective as CFO is to look across the company's business operations and to leverage my experience and expertise to strengthen the fiscal discipline already in place and to advance the company's financial position. In addition to strengthening the company's relationships with the investment community through investor relations efforts, I will also be focused on helping the company evaluate and pursue strategic entry points into the pharmaceutical industry as we announced last month following Markham LLP S merger with CBIZ Markham stepped down as our auditor to comply with independence requirements while we thank them for their services in the last 10 plus years. One of my first initiatives as CFO of Chromadex is to facilitate the appointment of a new audit firm that will be suitable for the next phase of growth at Chromo.

作為財務官，我的近期目標是縱觀公司的業務運營，並利用我的經驗和專業知識來加強現有的財務紀律並提高公司的財務狀況。除了透過投資者關係工作加強公司與投資界的關係外，我還將專注於幫助公司評估和尋求進入製藥行業的戰略切入點，正如我們上個月在 Markham LLP S 與 CBIZ 合併後宣布的那樣作為我們的審計師，我們遵守獨立性要求，同時我們感謝他們在過去十多年中提供的服務。身為 Chromadex 財務官，我的首要舉措之一是促進任命一家適合 Chromo 下一階段發展的新審計公司。

Beyond these objectives, I'm encouraged by the leadership I have seen at Chromadex and I'm committed to upholding the operational efficiency and financial discipline that have been key to Chromadex success which are highlighted in this most recent quarter.

除了這些目標之外，我在 Chromadex 看到的領導層也讓我深受鼓舞，我致力於維護營運效率和財務紀律，這是 Chromadex 成功的關鍵，這在最近一個季度得到了強調。

I agree with Rob and believe that Chromadex is a strong foundational team in place to continue its momentum.

我同意 Rob 的觀點，並相信 Chromadex 是一支強大的基礎團隊，可以繼續保持其發展勢頭。

Now, moving on to our third quarter financial performance total net sales in the third quarter of 2024 were $25.6 million a significant 31% or a $6.1 million increase compared to the third quarter of 2023.

現在，我們來看看第三季的財務業績，2024 年第三季的總淨銷售額為 2,560 萬美元，與 2023 年第三季相比，大幅成長 31%，即增加 610 萬美元。

This growth was primarily driven by an interest of 368% or $5.2 million increase in ngen ingredient sales with $4.3 million in higher sales of food grade nitrogen to key partners and initial sales of our pharma grade nitrogen to select clinics.

這一增長主要是由於 ngen 成分銷售額增加了 368% 或 520 萬美元，其中向主要合作夥伴的食品級氮銷售額增加了 430 萬美元，以及我們向特定診所首次銷售了醫藥級氮。

Additionally, the true ni in sales grew by $0.7 million as 16% growth in e-commerce sales were partially offset by a decline in Watsons and other B2B sales.

此外，由於電子商務銷售額 16% 的成長被屈臣氏和其他 B2B 銷售額的下降部分抵消，銷售額的真實 ni 增長了 70 萬美元。

Our gross margins improved to 63.5% up 210 basis points compared to 61.4% in the third quarter of 2023.

我們的毛利率提高至 63.5%，較 2023 年第三季的 61.4% 提高 210 個基點。

This increase was driven by changes in our product mix including benefits from the launch of pharmaceutical grade, Niagen, the recognition of revenue and improvements in labor and overhead utilization rates with higher sales.

這一增長是由我們產品組合的變化所推動的，包括藥品級 Niagen 的推出帶來的好處、收入的確認以及勞動力和管理費用利用率的提高以及銷售額的增加。

We continue to demonstrate strong operational efficiency and cost management.

我們繼續展示強大的營運效率和成本管理。

The selling and marketing expenses as a percentage of net sales improved to 27.5% compared to 31% in the third quarter of 2023.

銷售和行銷費用佔淨銷售額的百分比從 2023 年第三季的 31% 上升至 27.5%。

This reflects our ongoing efforts to strategically scale sales and marketing investments while achieving higher returns, research and development expenses remain stable year over year as we continue to focus on advancing innovations and investing in the development of new NAD precursors general and administrative expenses increased by half a million dollars compared to the previous year due to higher legal expenses to support our Niagen Plus or Knight and IV launch and patent defense litigation.

這反映出我們不斷努力策略性地擴大銷售和行銷投資，同時實現更高的回報，隨著我們繼續專注於推動創新和投資於新NAD 前體的開發，研發費用同比保持穩定一般和管理費用增加了一半與前一年相比，由於支持我們的 Niagen Plus 或 Knight 和 IV 啟動以及專利辯護訴訟的法律費用增加，增加了 100 萬美元。

For the third quarter of 2024 our operating income was $1.6 million versus $1.1 million loss in the third quarter of 2023 which is an improvement of $2.7 million driven by higher net sales and gross margin improvements and partially offset by increased operating expenses.

2024 年第三季度，我們的營業收入為160 萬美元，而2023 年第三季的虧損為110 萬美元，由於淨銷售額和毛利率提高，營業收入增加了270 萬美元，但部分被營業費用增加所抵消。

The net income attributable to common stockholders for the third quarter of 2024 was $1.9 million or a net income of $0.02 per share. A meaningful improvement compared to the net loss of $1 million and the loss of $0.01 per share for the third quarter of 2023.

2024年第三季歸屬於普通股股東的淨利為190萬美元，即每股淨利為0.02美元。與 2023 年第三季 100 萬美元的淨虧損和每股虧損 0.01 美元相比，這是一個有意義的改善。

Moving on to the balance sheet and cash flow.

接下來是資產負債表和現金流量。

Our balance sheet continues to strengthen. We ended the quarter with $32.4 million in cash and no debt for the nine months ended, September 30 2024 net cash provided by operations was $3.5 million compared to $6.5 million in the same period last year.

我們的資產負債表持續增強。截至本季末，我們的現金為 3,240 萬美元，截至 2024 年 9 月 30 日的九個月內沒有債務，營運提供的淨現金為 350 萬美元，而去年同期為 650 萬美元。

The difference year over year was largely driven by changes in working capital with a relatively greater increase in trade receivables. A greater reduction in accounts payable and accrued expenses and lower provisions for credit losses partially offset by a $6.4 million improvement in net income as it relates to our 2024 full year P&L outlook. Detailed information on key financial metrics can be found in our earnings press release and accompanying slide presentation at this point in the year. The only adjustment to our expectations is to our top line. Previously, our outlook for net sales growth included a range from 10% to 15% year over year growth. At this time, we expect approximately 15% year over year growth.

年比差異主要是由於營運資金變動以及應收帳款增幅相對較大所致。應付帳款和應計費用的大幅減少以及信貸損失撥備的減少被淨利潤增加 640 萬美元部分抵消，因為這與我們 2024 年全年損益展望相關。有關關鍵財務指標的詳細資訊可以在今年此時的收益新聞稿和隨附的幻燈片演示中找到。我們期望的唯一調整是我們的營收。此前，我們對淨銷售額成長的預期包括 10% 至 15% 的年成長。目前，我們預計同比增長約為 15%。

This updated outlook represents growth driven by our global e-commerce business, new and existing partnerships and upside realized by the launch of N&B beyond these adjustments, our key metrics remain consistent with last quarter's outlook.

這項更新的前景代表了我們的全球電子商務業務、新的和現有的合作夥伴關係以及N&B 的推出所帶來的成長所帶來的成長，除了這些調整之外，我們的關鍵指標與上季度的前景保持一致。

We continue to expect strong and steady gross margins with a slight improvement over the prior year, 60.8%.

我們繼續預期毛利率強勁且穩定，較上年略有改善，為 60.8%。

We plan to make investments in sales and marketing during the fourth quarter to support the Niagen IV launch while maintaining similar efficiencies and to increase research and development investments to support our core strategic initiatives.

我們計劃在第四季度對銷售和行銷進行投資，以支持 Niagen IV 的推出，同時保持類似的效率，並增加研發投資以支持我們的核心策略計畫。

In summary, I'm encouraged by our exceptional financial performance this quarter and year-to-date and I'm grateful for the opportunity to be a leader in this organization to continue making advancements in our strategic plans.

總而言之，我對我們本季和今年迄今為止出色的財務業績感到鼓舞，我很高興有機會成為該組織的領導者，繼續推進我們的策略計劃。

Chromadex's core business remains solid, generating continued positive operating cash flows and supporting a healthy balance sheet.

Chromadex 的核心業務仍然穩健，產生持續的正營運現金流並支持健康的資產負債表。

I'm confident that we will continue to discipline and focus to build upon the success thus far towards greater growth. And I look forward to making a positive impact here at Chromadex for our customers, our business partners, our shareholders and investors operator, we are now ready to take questions.

我相信，我們將繼續遵守紀律並專注於在迄今為止的成功基礎上實現更大的成長。我期待在 Chromadex 為我們的客戶、業務合作夥伴、股東和投資者帶來正面影響，我們現在準備好回答問題。

Thank you. We will now begin the question and answer session. If you dialed in would like to ask a question. Please press star one on your telephone keypad to raise your hand and join the queue. If you'd like to withdraw your question, simply press star one again, you are called upon to ask your question and listening via loudspeaker on your device. Please pick up your handset and ensure that your phone is not on mute. When asking your question for this session. We ask that you please limit yourself to one question and one follow up question again. Press star one to join the queue.

謝謝。我們現在開始問答環節。如果您撥入電話想問一個問題。請按下電話鍵盤上的星號一舉手並加入隊列。如果您想撤回問題，只需再次按星號一，系統就會要求您提出問題並透過裝置上的揚聲器收聽。請拿起您的聽筒並確保您的手機未處於靜音狀態。在本次會議中提出問題時。我們要求您將自己限制在一個問題和一個後續問題上。按下一號星即可加入佇列。

Our first question comes from the line of Jeffrey Cohen with Ladenburg Thalmann and co please go ahead.

我們的第一個問題來自傑弗裡·科恩 (Jeffrey Cohen) 與拉登堡·塔爾曼 (Ladenburg Thalmann) 及其同事的對話，請繼續。

Hey, Rob, how are you sorry for the background noise?

嘿，羅布，你對背景噪音感到抱歉嗎？

So could you talk a little bit about the the formulations? Now, both IV and injectable and at the what I heard was up to 300 clinics now and perhaps 100 now, 300 shortly. Could you walk us through the dosages or SKU S out there that are available.

那麼您能談談配方嗎？現在，無論是靜脈注射還是注射，我聽說現在有多達 300 家診所，現在可能有 100 家，很快就會有 300 家。您能否向我們介紹現有的劑量或 SKU？

Right? It's in 100 clinics today and we expect it to be in about 300 within the next few weeks. And we expect it to continue to grow beyond that.

正確的？如今，它已在 100 家診所中使用，我們預計在接下來的幾週內將在大約 300 家診所中使用。我們預計它會繼續增長。

The interest in Niagen plus is very strong so far. And it was a major factor, probably the major factor in the performance of the quarter in the third quarter. And we expect it to continue beyond the third quarter.

到目前為止，人們對 Niagen plus 的興趣非常濃厚。這是一個主要因素，可能是影響第三季業績的主要因素。我們預計這種情況將持續到第三季之後。

Most people who are going in for, the clin into the clinics for Niagen IV are getting 500 mg.

大多數去診所接受 Niagen IV 治療的人都會服用 500 毫克。

It's taking them generally 15 to 20 minutes to ingest that as opposed to 2 to 3 hours. If they were getting an NADIV, we also offer an injection and the people who are going in and getting the shots are getting in most cases 100 mg, but they could also get 50 mg.

他們通常需要 15 到 20 分鐘才能消化，而不是 2 到 3 小時。如果他們接受 NADIV，我們也提供注射，大多數情況下，接受注射的人會注射 100 毫克，但他們也可能會注射 50 毫克。

The injection SKU is growing, I would say growing at a more rapid rate, although both are growing and are quite popular.

注射 SKU 正在增長，我想說的是增長速度更快，儘管兩者都在增長並且非常受歡迎。

Did you get it?

你收到了嗎？

Yeah. that was perfect and just one more if I could just slip it in and welcome Roseanne. And I guess this one's for you. You talked about this 5.1 of cash production for the quarter and then I followed you down to the 3.2 for the nine months and then spoke about the payables and some credit and then I heard 6.4 something else. Could you just clarify what that was?

是的。這是完美的，如果我能把它塞進去並歡迎羅珊娜的話，那就再多一個。我想這個適合你。您談到了本季的現金產出 5.1，然後我在九個月內追蹤到了 3.2，然後談到了應付帳款和一些貸項，然後我聽到了 6.4 的其他內容。你能澄清一下那是什麼嗎？

Can you remind me like which numbers you heard?

你能提醒我你聽過哪些數字嗎？

Oh, you were walking through, like you.

哦，你也走過來，就像你一樣。

Just, you just.

只是，你只是。

Here, I guess, right.

在這裡，我想是的。

Yeah, the payables and the 6.4 for the quarter. What was that?

是的，應付帳款和本季的 6.4。那是什麼？

That was just the improvement we had in the, the net income, the $6.4 million. So we had, you know, the cash provided by operations was 3.5 million. We had, you know, last year we had 6.5. So I was kind of talking through the difference. And the breakdown of that was an increase in trade receivables, a reduction in accounts payable. And and accrued expenses and we had lower provision for credit losses that and that was all offset by a 6.4 million improvement in net income.

這只是我們淨收入 640 萬美元的改善。所以，你知道，我們營運提供的現金為 350 萬美元。你知道，去年我們有 6.5。所以我正在談論其中的差異。其中的細目是應收帳款增加，應付帳款減少。應計費用和我們的信貸損失準備金較低，但這些都被淨利潤增加 640 萬美元所抵消。

Okay, perfect. That's for me. And then one more, Rob, could you talk about AT and how that may proceed through 2025?

好的，完美。那是給我的。Rob，您能談談 AT 以及 2025 年將如何進行嗎？

Yes, good. Again, Jeff.

是的，很好。再說一次，傑夫。

Can you talk about the tax orphan indication and what we may look forward to and see during the balance of this year or 2025.

您能否談談稅收孤兒指示以及我們在今年或 2025 年剩餘時間內可能期待和看到的情況。

We're having, we've been having conversations with the FDA. We hope to get their notes on our pre IND submission within a month and until then we don't really know what their notes are on our application. Hopefully they'll be minimal and we'll be able to pursue the IND and then get folk get moving on the study in 2025.

我們一直在與 FDA 進行對話。我們希望在一個月內收到他們對我們預先 IND 提交的註釋，在此之前我們並不真正知道他們對我們的申請的註釋是什麼。希望它們會是最小的，我們將能夠追求 IND，然後讓人們在 2025 年開始這項研究。

Perfect. That's it for us. Sorry for the static. Thanks again. Nice

完美的。我們就這樣了。抱歉有靜電。再次感謝。好的

Thank you.

謝謝。

Our next question comes from the line of Rajaram Salva Raju with HC Wainwright. Please go ahead.

我們的下一個問題來自 Rajaram Salva Raju 和 HC Wainwright 的對話。請繼續。

Hi. This is Eduardo calling on behalf of Raja. I was curious to, what's the pricing like for a single dose of Nien and wanted to clarify that the sales for Niagen were included in the e-commerce section or which one specifically in the B2B segment of Sales

你好。我是 Eduardo 代表 Raja 打來的電話。我很好奇，單劑 Nien 的定價是多少，並想澄清 Niagen 的銷售是否包含在電子商務部分或具體包含在 B2B 銷售部分中

Hi, Eduardo. I just want to be clear about the question you're asking. Are you asking about the IV?

嗨，愛德華多。我只是想澄清你所問的問題。你問的是IV嗎？

Correct? The IV and the plus?

正確的？IV 和 plus？

Okay. So we, what we refer to as Niagen plus is the Niagen IV product, the Niagen injection product as well as the NAD test kit. All of these three products are available at clinics.

好的。所以我們所說的 Niagen plus 是 Niagen IV 產品、Niagen 注射產品以及 NAD 檢測試劑盒。所有這三種產品均可在診所購買。

The Niagen IV is generally 500 mg. Our, our compounding pharmacy partner sends 500 mg in vials and then they are offered at the clinic level in 500 mg doses. And the pricing of that is up to the clinic. What we've observed is that they are generally charging between five and $700.

Niagen IV 一般為 500 mg。我們的複方藥房合作夥伴發送 500 毫克小瓶，然後以 500 毫克劑量在診所提供。其定價取決於診所。我們觀察到，他們的收費通常在 5 到 700 美元之間。

Okay. That's really helpful. And were the current sales that you reported? Now, in what category were the Niagen plus.

好的。這真的很有幫助。您報告的目前銷售額是多少？現在，Niagen plus 屬於什麼類別。

those sales are under ingredient and they're listed as pharmaceutical grade.

這些銷售均在成分項下，並被列為藥品級。

Okay. Pharmaceutical Grade. Now educate, got it.

好的。醫藥級。現在學習了，明白了。

And, just one other follow up there. How do you see the potential improvements? You guys had a great improvements in the margins already. Do you see further improvements or the likelihood of that growing through 25?

而且，只有另一位跟進者。您如何看待潛在的改進？你們的利潤率已經有了很大的提升。您認為 25 歲以後會有進一步的改善或成長的可能性嗎？

So, you know these margins these gross margins, I think you're referring to that. Are they fluctuate, depend on the mix of revenue.

所以，你知道這些利潤率和毛利率，我想你指的是這些。它們是否會波動，取決於收入的組合。

So certain segments of our business have higher gross margins of other than others. We we've indicated that the new Niagen Plus initiative has higher gross margins than the overall. So we think that as nitrogen plus grows, that will have a positive impact on gross margins.

因此，我們業務的某些部分的毛利率高於其他部分。我們已經表明，新的 Niagen Plus 計劃的毛利率高於整體毛利率。因此，我們認為，隨著氮加的成長，這將對毛利率產生正面影響。

But Niagen ingredient generally and re any retail, physical retail sales generally has downward pressure on the gross margins. So we see gross margins for the foreseeable fu future being around the range that it's in right now.

但Niagen成分普遍與任何零售業一樣，實體零售銷售普遍對毛利率有下行壓力。因此，我們認為在可預見的未來毛利率將在目前的範圍內。

Got it. I think that's really helpful. That's all my questions.

知道了。我認為這真的很有幫助。這就是我的所有問題。

Thank you.

謝謝。

Our next question comes from the line of Bill Desell with Titan Capital management. Please go ahead.

我們的下一個問題來自泰坦資本管理層的比爾·德塞爾 (Bill Desell)。請繼續。

Thank you. Congratulations on a nice quarter. What when you look at the clinics, what is the biggest governor or restraint on, on growing the number of clinics that you are that you are in?

謝謝。恭喜您度過了一個美好的季度。當您查看診所時，您所在診所數量的最大限製或限制是什麼？

We think that there are approximately 3,000 clinics in the United States.

我們認為美國大約有 3,000 家診所。

Some of those are IV hydration clinics. Some of them are anti aging clinics, wellness clinics, beauty clinics. There are many different types of clinics that could theoretically offer a Niagen Plus product.

其中一些是靜脈輸液診所。其中一些是抗衰老診所、健康診所、美容診所。理論上，有許多不同類型的診所可以提供 Niagen Plus 產品。

So there's quite a lot of addressable market out there for us to go after in terms of restraint.

因此，在限制方面，有相當多的潛在市場可供我們去追求。

The only real restraint we have at this point is supply of material.

目前我們唯一真正的限制是材料供應。

And that would be basically on Grace's shoulders to make more.

而這基本上就落在格蕾絲的肩上來賺更多的錢。

Actually, no, we don't source it from Grace. We source it from a pharmaceutical, a different manufacturer.

事實上，不，我們不是從 Grace 那裡獲取的。我們從一家製藥公司（不同的製造商）採購它。

But it's, you know, it's been difficult to make it. It's a completely different, really a different ingredient. It's a pharmaceutical grade Niagen it's taken US years to get to this place.

但你知道，這很難做到。這是一種完全不同的、真正不同的成分。這是一種藥品級的 Niagen，美國花了很多年才到達這個地方。

But we expect within and we've already been able to deliver a fair amount of product and in the coming weeks and months, we think there'll be much more, but it does take a while to go through the testing and sterilization processes to be pharmaceutical grade and FDA approved.

但我們預計，我們已經能夠交付相當數量的產品，在未來幾周和幾個月內，我們認為還會有更多產品，但確實需要一段時間才能完成測試和滅菌過程為醫藥級並經FDA批准。

And as you've probably come to know with Chromadex over the years since you've been with us for a while, we are highly, highly conservative in our quality controls and we take our time in doing really whatever we do, but especially with the ingredients and the products that we make.

自從您與我們合作一段時間以來，您可能已經了解 Chromadex 多年了，我們在品質控制方面非常非常保守，我們花時間做我們所做的任何事情，但尤其是我們生產的成分和產品。

Great. Thank you. And, and then as you look at the early response from patients that have been receiving doses from the clinics. How are they responding to the Niagen? And number one and number two, do they tend to be converts from the NAD IV? Or are they truly new to the 10 to be new to the concept?

偉大的。謝謝。然後，當你觀察從診所接受劑量的患者的早期反應。他們對 Niagen 有何反應？第一和第二，他們是否傾向於從 NAD IV 皈依？或者他們真的對這 10 個概念不熟悉嗎？

This is a good question. So we've only been in the market now for a couple of months.

這是一個好問題。所以我們現在才進入市場幾個月。

So the majority of the consumers thus far have been converts from NAD. These are people who are used to going in for an NAD infusion and of course, every one of them are absolutely ecstatic because they're used to taking hours to get the NAD infusion. They're used to very serious stomach pains and sweats and headaches. None of which happens with Niagen IV and the resultant NAD levels are much higher with N and IV. So they're having an ex extremely positive experience relative to what they're used to.

因此，到目前為止，大多數消費者都是 NAD 的皈依者。這些人習慣了 NAD 輸注，當然，他們每個人都絕對欣喜若狂，因為他們習慣了需要幾個小時才能輸注 NAD。他們已經習慣了非常嚴重的胃痛、出汗和頭痛。Niagen IV 不會發生上述情況，且 N 和 IV 產生的 NAD 水平要高得多。所以他們的前任經驗相對於他們的習慣來說是非常積極的。

But lately in the last several months and this is largely because of the Niagen V initiative. There's been a great deal of press around N ad in general. So there's a great deal of curiosity in the marketplace about Niagen and NAD. So we are seeing an increase in the number of new consumers going into these clinics, endeavoring to try a Niagen IV or an A Niagen shot. But again, we've only been out there two months and it's early, but that's our experience thus far.

但最近幾個月，這主要是因為 Niagen V 計畫。總體而言，N ad 受到了大量媒體關注。因此，市場對 Niagen 和 NAD 充滿好奇。因此，我們看到進入這些診所嘗試 Niagen IV 或 A Niagen 疫苗的新消費者數量有所增加。但再說一次，我們只在那裡待了兩個月，而且還為時過早，但這就是我們迄今為止的經驗。

That's helpful. And, and if I may relative to 2025 would it be a correct directional supposition that the growth in 25 should be higher than the growth in 24. Simply due to the new relationships that you've had, or brought on in 24 that you'll get a full year's benefit from. And secondarily that you have, we have V clinics for a full year compared to only a small portion of this year.

這很有幫助。而且，如果我可以相對於 2025 年，25 年的成長應該會高於 24 年的成長，這是否是一個正確的方向性假設。僅僅因為你在 24 年內建立或建立的新關係，你將從中獲得一整年的利益。其次，我們全年都有 V 診所，今年只有一小部分時間。

We're still just assessing the market and the demand. As I said, it's only been two months out there. So we're not yet providing any kind of forecast for 2025. I understand the, the logic behind your thinking, but it's too early. For us to say.

我們仍在評估市場和需求。正如我所說，這才兩個月的時間。因此，我們尚未提供 2025 年的任何預測。我理解你的想法背後的邏輯，但現在還為時過早。對於我們來說。

I thought I'd give you an opportunity anyhow. Thank you very much and again, a great quarter.

我想無論如何我都會給你一個機會。再次非常感謝你們，這是一個很棒的季度。

Thank you, Bill.

謝謝你，比爾。

Our next question comes from the line of Sean McGowan with Roth MKM partners. Please go ahead.

我們的下一個問題來自 Sean McGowan 和 Roth MKM 合作夥伴的線路。請繼續。

Thank you. Good to talk to again, Rob and nice to meet you by phone and I look forward to meeting you in person. My first question is really asking for some clarification on the breakdown that you now provide on food grade Niagen pharmaceutical grade Niagen as opposed to consumer product. I think Rob, you said that you know, the major contributing factor to the growth in the quarter was the farmer grade but that, you know, according to the 10-Q that's only providing like $900,000 of incremental revenue where it looks like the food grade Ngen is up a lot, you know, a lot more than that. So is there something in the food grade Niagen that's related to the Pharmaceutical?

謝謝。很高興再次與您交談，羅布，很高興透過電話見到您，我期待與您見面。我的第一個問題實際上是要求您對您現在提供的食品級 Niagen 藥品級 Niagen 而非消費品的細分進行一些澄清。我想羅伯，你說過，你知道，本季度增長的主要因素是農民等級，但你知道，根據 10-Q，它只提供了大約 900,000 美元的增量收入，而它看起來像食品Ngen的等級提高了很多，你知道，遠不止於此。那麼食品級 Niagen 中是否有與藥品相關的東西呢？

So, as I Have said over the last really year, we had this new vertical, the new verticals Niagen plus and the premier product in Niagen plus is Niagen IV. And that we view Niagen IV as more than just a P&L business vertical. We also see it as a marketing strategy.

因此，正如我在去年所說的那樣，我們有了這個新的垂直產品，新的垂直產品 Niagen plus，而 Niagen plus 中的首要產品是 Niagen IV。我們認為 Niagen IV 不僅僅是一個損益業務垂直領域。我們也將其視為一種行銷策略。

Many of the people that are getting were getting NAD IV and are gradually switching over to Niagen IV are influencers.

許多正在接受 NAD IV 並逐漸轉向 Niagen IV 的人都是有影響力的人。

People have large followings on social media or who talk to the press or our athletes or celebrities or bio hackers, people who have podcasts.

人們在社群媒體上擁有大量追隨者，或與媒體、我們的運動員、名人或生物駭客、擁有播客的人交談。

So we see Niagen IV as not only a business but a strategic marketing initiative that has a halo effect on True Ngen and we're already seeing that play out. So what I meant by that was one of the main reasons why sales and our e-commerce business is increasing is because of the attention that we're getting via Niagen IV.

因此，我們認為 Niagen IV 不僅是一項業務，而且是一項策略行銷計劃，它對 True Ngen 具有光環效應，而且我們已經看到了這種效果。所以我的意思是銷售和我們的電子商務業務成長的主要原因之一是因為我們透過 Niagen IV 獲得了關注。

Okay, I get that makes sense. And then the actual line of food grade Niagen is up, you know, of 4.3 million or something is that like Nestle or you know, is that something unrelated to the consumer product?

好吧，我明白這是有道理的。然後食品級 Niagen 的實際生產線增加了 430 萬個，或者像雀巢一樣，或者你知道，這與消費品無關嗎？

So, as we said in previous quarters, one of our customers earlier in the year initiated an Amazon a stra sales strategy and they are selling the Niagen in combination with other ingredients on Amazon and other places and their sales are excellent.

因此，正如我們在前幾個季度所說的那樣，我們的一位客戶在今年早些時候啟動了亞馬遜 a stra 銷售策略，他們在亞馬遜和其他地方結合其他成分銷售 Niagen，並且銷售情況非常好。

It is cannibalizing our business to a certain extent, but they're good partners and it's a healthy business for us and they're contributing to awareness of Ngen and N Ad in general. So we continue to supply to them, but that is why Ngen food grade ingredient sales are up.

它在一定程度上蠶食了我們的業務，但他們是很好的合作夥伴，這對我們來說是一項健康的業務，他們為提高 Ngen 和 N Ad 的整體知名度做出了貢獻。因此我們繼續向他們供應，但這就是 Ngen 食品級原料銷量上升的原因。

Okay. I guess that makes sense. And then there's one more when you talk about the dosage on Ngen plus at 500 mg, how would 500 mg in that form could compare to the dosages that are in the, you know, true Niagen capsules in terms of, you know, the impact on the body.

好的。我想這是有道理的。然後還有一個問題，當您談論 Ngen plus 500 毫克的劑量時，500 毫克的這種形式與真正的 Niagen 膠囊中的劑量相比，在影響方面如何？

Right. Well, the our scientists are still studying over a few months what the long term differential is So I'm going to wait a quarter before I give data on that comparison.

正確的。好吧，我們的科學家仍在研究幾個月的長期差異是什麼，所以我要等一個季度才能提供比較數據。

But what you have to understand is that when you swallow the capsules, it goes through the gut and then it goes to the liver and it delivers a relatively small amount of pure and r into the bloodstream, which we have proven gets taken up into the cells and crosses the blood brain barrier and gets into the organs and is effective. And from all the studies we published, you see, has therapeutic and prophylactic benefits.

但你必須明白的是，當你吞下膠囊時，它會穿過腸道，然後進入肝臟，並將相對少量的純和 r 輸送到血液中，我們已經證明這些膠囊會被吸收到血液中。細胞並穿過血腦屏障，進入器官，有效。從我們發表的所有研究來看，您會發現它具有治療和預防功效。

But when you get it directly into the system into the bloodstream, not pure pharmaceutical grade, sterilized Niagen, it has many times the potency of that dose.

但是，當您將其直接進入系統進入血液時，而不是純製藥級、滅菌的 Niagen，它的效力是該劑量的許多倍。

And we've seen that in the one published study that we've put out there on comparing NIAGEN IV to NAD IV, extremely high levels of NAD in the bloodstream within two hours of NAD of Niagen IV.

我們在一項已發表的比較 NIAGEN IV 和 NAD IV 的研究中看到，在 NIAGEN IV 的 NAD 兩小時內，血液中的 NAD 水平極高。

But we don't yet have data to share comparing Niagen IV to true nitrogen capsules.

但我們還沒有可以分享的數據來比較 Niagen IV 和真正的氮氣膠囊。

And will you be able to make that a part of the marketing of Niagen plus when you do have that data.

當您擁有這些數據時，您是否能夠將其作為 Niagen plus 行銷的一部分。

We intend to

我們打算

Great.

偉大的。

Okay. Thank you very much. Look forward to talking to you again. Bye.

好的。非常感謝。期待再次與您交談。再見。

Thank you.

謝謝。

Our next question comes from the line of J.P. Mark with Farmhouse Equity Research. Please go ahead.

我們的下一個問題來自 Farmhouse Equity Research 的 J.P. Mark。請繼續。

Hi Rob. Congratulations on great quarter and also would like to say welcome to Ozan. Nice to meet you one quick question about addressable market in the Wellness clinic area. I know you in your press release, you talk about 100 clinics that are so far it's expanded to the availability at. But how many total clinics do you think are out there? Is it? I was looking at some numbers 20,000. Maybe it's 30. I have no idea. But roughly, you know, so how large a market in the US alone? Do you think it is?

嗨羅布。祝賀這個偉大的季度，也對奧贊表示歡迎。很高興向您介紹一個有關健康診所領域潛在市場的快速問題。我知道您在新聞稿中談到了 100 家診所，到目前為止，這些診所的服務範圍已經擴大到了。但您認為總共有多少間診所？是嗎？我正在看一些數字 20,000。也許是30。我不知道。但粗略地說，光是美國的市場就有多大？你認為是嗎？

We estimate the addressable market for clinics that deliver IV to be around 3,000

我們估計提供 IV 的診所的潛在市場約為 3,000 個

Okay. That, that would actually do that kind of work. But there are obviously a lot of clinics that won't do it. Right. It's 3,000. That's the US alone. And then do you look at other markets outside of that or not other. Countries.

好的。那，那實際上會做那種工作。但顯然有很多診所不會這麼做。正確的。是 3,000。唯獨美國就是這樣。然後你是否會考慮該市場以外的其他市場。國家。

We are getting many phone calls. I'm sorry, go ahead.

我們接到很多電話。抱歉，請繼續。

No, that was finished.

不，那已經結束了。

We are, I'm sorry, go ahead

我們，對不起，繼續吧

I didn't say anything. I'm not sure why.

我什麼也沒說。我不知道為什麼。

I'm hearing.

我聽到了。

Some.

一些。

We are, there is quite a bit of interest, a great deal of interest outside of the US.

我們確實有很多興趣，美國以外的地方也有很多興趣。

We are navigating our way through regulatory approvals and making sure as we do everything we do is regulatory approved and making sure that when we transfer across border into those countries, we're following the rules and doing it safely and appropriately. So it may take a little time before we emerge in other countries With Niagen Plus.

我們正在通過監管審批，確保我們所做的一切都得到監管批准，並確保當我們跨境轉移到這些國家時，我們遵守規則並安全、適當地進行。因此，我們可能需要一段時間才能在其他國家推出 Niagen Plus。

Okay. Thank you.

好的。謝謝。

Sure.

當然。

That concludes today's Q&A session. I would now like to turn the call over to Wesley. You for closing remarks.

今天的問答環節到此結束。我現在想把電話轉給韋斯利。請您作結束語。

Thank you, Mandeep. There will be a replay of this call beginning at 7:30 p.m. Eastern time today. The replay number is 1807702030 and the replay ID is 8584242. Thank you everyone for joining us today and for your continued support of Chromadex.

謝謝你，曼迪普。該電話會議將於晚上 7:30 開始重播。今天東部時間。重播號碼為1807702030，重播ID為8584242。感謝大家今天加入我們並感謝您對 Chromadex 的持續支持。

This concludes today's call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。