Chromadex: Interesting But Too Many Unknowns

Chromadex (CDXC) makes Tru Niagen, a daily supplement that raises NAD+ levels in the body. Higher NAD+ levels are purported to help with anti-aging, better energy, a higher metabolism, better brain function, and other benefits (most of which are unproven). There looks to be good market growth here (~15% annually), and recurring revenue as it is taken daily. Chromadex has an exclusive patent for the key ingredient in their formulation, which provides some moat protection. The company is also debt-free. It is an interesting stock, but I'm going to pass for now. Financially, the firm hasn't shown the ability to consistently generate strong cash flows, and it is unclear just how large the potential market can actually get.

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