NAGE · Niagen Bioscience Inc

Niagen Bioscience reported solid first-quarter results, with net sales rising 3% to $31.5 million, driven by 4% growth in Tru Niagen e-commerce (up 14%) and higher Niagen ingredient sales, partially offset by lower sales to A.S. Watson. Gross margin improved 10 basis points to 63.5%, reflecting favorable business mix and supply chain efficiencies. Net income increased to $6.3 million from $5.1 million a year ago, but included a $4.8 million gain on the divestiture of the Analytical Reference Standards and Services segment. Excluding that gain, operating income declined to $1.6 million from $4.8 million, as operating expenses rose 26% due to higher sales and marketing ($1.6 million increase) and general and administrative costs ($2.1 million increase, partly due to absence of a prior-year credit loss recovery). Adjusted EBITDA fell to $3.8 million from $4.9 million. The company ended the quarter with $66.5 million in cash and no debt, and repurchased $2.4 million of stock. Management reaffirmed full-year 2026 net sales growth of 10-15% excluding the divested segment, and improved G&A expense guidance to an increase of $3-$4 million (from $4-$5 million). The company also highlighted operational milestones including the launch of a telehealth platform for Niagen Plus, a new USP monograph for NRCL, and expansion of the Niagen Plus clinic channel. The results reflect continued execution in core e-commerce and strategic investments, though higher spending pressured near-term profitability.