Niagen Bioscience (NAGE) Q4 2024 earnings summary

Executive summary

• Achieved record Q4 2024 net sales of $29.1 million, up 37% year-over-year, and full-year net sales of $99.6 million, up 19%, with net income of $8.6 million, reversing a prior year net loss.

• Q4 net income was $7.2 million, a $7.1 million increase year-over-year; ended 2024 with $44.7 million in cash and no debt, supported by $12.1 million in positive operating cash flow.

• E-commerce channel net sales grew 30% year-over-year in Q4, with strong organic growth and improved Shopify performance.

• Food-grade and pharmaceutical-grade Niagen ingredient business saw 96% year-over-year growth in Q4; pharmaceutical-grade Niagen launched in 2024.

• Launched Niagen IV and injections in 2024, now available in about 500 clinics, with expectations to double clinic count by year-end.

Financial highlights

• Q4 2024 net sales: $29.1 million (+37% YoY); full-year net sales: $99.6 million (+19% YoY).

• Q4 net income: $7.2 million; full-year net income: $8.6 million (vs. $4.9 million net loss in 2023).

• Q4 gross margin: 62.5% (up 150 bps YoY); full-year gross margin: 61.8% (up 100 bps YoY).

• Q4 Adjusted EBITDA was $3.4 million (up from $1.2 million); full-year Adjusted EBITDA was $8.5 million (up from $1.9 million).

• Operating income in Q4: $7.1 million (vs. $0.2 million operating loss in Q4 2023); full-year operating income: $7.7 million (vs. $5.6 million loss in 2023).

Outlook and guidance

• 2025 net sales projected to grow approximately 18% year-over-year, driven by e-commerce, partnerships, and pharmaceutical-grade ingredient business.

• Modest improvement in gross margins expected; selling and marketing expenses to rise in absolute dollars but remain stable as a percentage of sales.

• R&D and G&A expenses to increase in absolute dollars, with G&A up $5–6 million due to growth investments and absence of prior royalty reversals.

• Continued investment in innovation, including new supplement formulations and at-home Niagen injection kits targeted for Q3 2025.

• Plans to maintain steady R&D investment to support innovation.