Reopening gyms, demand for supplements generally help NAI to post record results
NAI’s third quarter comparable results were bolstered by a third quarter of 2020 that was impacted by a $4.3 million inventory write-off related to one former customer. The company reported $46.3 million in sales for the quarter.
The company’s nine month net sales trend is also strongly positive. The company’s posted net sales during the nine months ended March 31, 2021, increased $50.3 million, or 60.1%, from $83.8 million recorded in the comparable prior year period. For the nine months ended March 31, 2021, private-label contract manufacturing sales increased $51.1 million, or 69.5%, from the comparable period the previous year.
NAI holds a patent on CarnoSyn, a branded form of beta alanine. Royalties from this business were down in teh first nine months of the company’s fiscal 2021. CarnoSyn is primarily a sports nutrition ingredient that features prominently in many pre workout products. Sales of those products were off as gyms were closed for the pandemic. Now that those restrictions are easing, CarnoSyn revenues 45.6% to $4.1 million during the third quarter of fiscal 2021, as compared to $2.8 million for the third quarter of fiscal 2020.
“Sales and profitability for the first nine months of this fiscal year represent a new record for our company. Additionally, we continue to maintain a significant pipeline of orders for delivery in the coming months, and as a result have modified our outlook for the remainder of the year,” said NAI CEO Mark LeDoux.
