VANCOUVER, British Columbia, Aug. 27, 2021 (GLOBE NEWSWIRE) — ELSE NUTRITION HOLDINGS INC. (BABY.V) (BABYF) (0YL.F) (“Else” or the “Company”) the plant-based baby, toddler and children nutrition company, today announced results for its second quarter ended June 30, 2021. Management is pleased to announce it achieved significant progress executing its go-to-market plan in the US market, getting listed at more than 1,000 US natural food and grocery retail stores (already on-shelf at 700 of these stores), and continuing the rapid growth of its online sales. The Company also successfully launched its second product line – Complete Nutrition for Kids in Vanilla and Chocolate flavors. The following will summarize our major execution points achieved in the second quarter of 2021, as well as our business. Full financial results can be found in the Company News section of our website at https://elsenutrition.com/pages/investor-relations.
Q2 2021 Financial Highlights
- Successfully launched its second product – Complete Nutrition for Kids (3+ years; in powder form). The product was launched online on www.elsenutrition.com and on Amazon.com.
- Successfully increased online sales by 40% on Amazon.com and www.elsenutrition.com.
- Achieved US retail presence in more than 1,000 listed stores. New Q2 listings include Big-Y (71 stores), Vitamin Cottage (159), PCC Community Markets (15), AFS (32), Mother’s Markets (11), Huckleberry’s Natural Market (16) and more than 100 co-ops and independent stores. Fulfilled initial retail orders and launched aggressive retail promotion campaigns. Most listed stores are expected to launch the product during the summer, and as retail velocity will grow during the remainder of the year, product shipments to distributors and retailers are expected to grow as well.
- Quarterly revenues were C$1,114 thousand, compared to C$210 thousand in the second quarter of 2020, an increase of 430%.
- Quarterly operating loss was C$3,772 thousand, compared to C$1,267 thousand in the second quarter of 2020.
- Quarterly net loss was C$4,753 thousand, or C$0.05 per share, compared to C$4,495 thousand, or C$0.06 per share in the second quarter of 2020.
- Quarterly cash flow used for operating activities was C$3,968 thousand, compared to C$1,427 thousand in the second quarter of 2020.
- Cash position was C$17,906 million as of June 30, 2021 (including restricted cash and short-term bank deposit).
- The Company had no Loans liability as of June 30, 2021.
Hamutal Yitzhak, Else CEO, commented: “I am very proud of our achievements this quarter. We continued to demonstrate rapid growth in our online business while we successfully launched many more retail stores, reaching 1,000 listed stores. We successfully launched our second product line and grew our product range, and we expect growth to continue and accelerate throughout the remainder of the year.”
Impact of COVID-19
We experience the effect of the pandemic in all areas of our business, from delays in raw material deliveries, to clinical and product development projects and absence of key persons in the company from time to time. Due to lockdowns and other COVID-19 related measures all our business meeting, marketing events, conferences and expos were either canceled or turned virtual, slowing down the pace of our business development efforts.
About Else Nutrition Holdings Inc.
Else Nutrition GH Ltd. is an Israel-based food and nutrition company focused on developing innovative, clean and plant-based food and nutrition products for infants, toddlers, children, and adults. Its revolutionary, plant-based, non-soy, formula is a clean-ingredient alternative to dairy-based formula. Else Nutrition (formerly INDI) won the “2017 Best Health and Diet Solutions” award at the Global Food Innovation Summit in Milan. Else Plant-Based Complete Nutrition for Toddlers was recently ranked as the #1 Top seller in the baby and toddler formula category on Amazon. The holding company, Else Nutrition Holdings Inc., is a publicly traded company, listed as TSX Venture Exchange under the trading symbol BABY and is quoted on the US OTC Markets QX board under the trading symbol BABYF and on the Frankfurt Exchange under the symbol 0YL. Else’s Executives includes leaders hailing from leading infant nutrition companies. Many of Else advisory board members had past executive roles in companies such as Mead Johnson, Abbott Nutrition, Plum Organics and leading infant nutrition Societies, and some of them currently serve in different roles in leading medical centers and academic institutes such as Boston Children’s Hospital, Pediatrics at Harvard Medical School, USA, Tel Aviv University, Schneider Children’s Medical Center of Israel, Rambam Medical Center and Technion, Israel and University Hospital Brussels, Belgium.
For more information, visit: elsenutrition.com or @elsenutrition on Facebook and Instagram.
For more information, contact:
Mrs. Hamutal Yitzhak, CEO, Co-Founder & Director
ELSE Nutrition Holdings Inc.
Mr. Sokhie Puar, Director of Else Nutrition
US Investor Relations Contact
Lytham Partners, LLC
Mr. Ben Shamsian
New York | Phoenix
TSX Venture Exchange
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Statements
This press release contains statements that may constitute “forward-looking statements” within the meaning of applicable securities legislation. Forward-looking statements are typically identified by words such as “will” or similar expressions. Forward-looking statements in this press release include statements with respect to the anticipated dates for filing the Company’s financial disclosure documents. Such forward-looking statements reflect current estimates, beliefs and assumptions, which are based on management’s perception of current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. No assurance can be given that the foregoing will prove to be correct. Forward-looking statements made in this press release assume, among others, the expectation that there will be no interruptions or supply chain failures as a result of COVID 19 and that the manufacturing, broker and supply logistic agreement with the Company do not terminate. Actual results may differ from the estimates, beliefs and assumptions expressed or implied in the forward-looking statements. Readers are cautioned not to place undue reliance on any forward-looking statements, which reflect management’s expectations only as of the date of this press release. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.