Else Nutrition Reports Third Quarter 2021 Results
November 29 2021 - 5:06PM
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 third
quarter ended September 30, 2021.
Management is pleased to announce it achieved
significant progress executing its go-to-market plan in the US
market, growing its product range to include 4 flavors of Kid
Shakes, expanding online sales to include Walmart.com and
Kroger-owned online platforms, and getting listed at more than
1,200 US natural food and grocery retail stores (already on-shelf
at close to 1,000 of these stores).
The following summarizes the major achievements
in the third quarter of 2021 along with the financial highlights.
Full financial results can be found in the Company News section of
our website
at https://elsenutrition.com/pages/investor-relations or on
SEDAR.
Q3 2021 Financial Highlights
-
Online sales grew by more than 27% compared to Q2 and 77% compared
to Q1.
- Successfully
listed on Walmart.com and Kroger-owned online platforms and growing
its US retail presence to more than 1,200 listed stores. New Q3
listings include Rouses Markets (65 stores), Harmon’s Grocery (19),
and Roche Bros. (25).
- The Company
received conditional approval to graduate to the Toronto Stock
Exchange.
- Following
success on Amazon in the US, Else was invited by Amazon EU to
launch a European unified account that will allow Else to sell its
unique products on all of Amazon European marketplaces including
the UK, Germany, France, Italy, Spain, the Netherlands, and Sweden
representing a market with over 300M people.
-
Launch an intensive HCP initiative in the US that includes a
dedicated HCP website and a campaign to reach more than 80,000
pediatricians. This effort is led by Mr. Mike Glick' Else North
America GM, a former Abbott Senior Director of Pediatric and Adult
nutrition.
-
Listed Kids Complete Nutritional shake (3+ years; in powder form)
in online and retail channels. The product is available on
www.elsenutrition.com, Amazon.com and iHerb, and soon will be
available on Walmart.com, Kroger-owned online platforms, Sprouts
Farmers Market, Rouses and Thrive Market.
-
Completed the development of two new line of products – Super
Cereals, for infants (6+ months) and Toddlers, and a Ready To Drink
product for Kids. These products will be launched in early 2022 in
the US.
-
Prepared to launch a clinical study with Children’s Hospital
Colorado and Denver School of Medicine to validate growth benefits
of Else’s Plant-Based Nutrition product.
-
Quarterly revenues were C$1,173 thousand, compared to C$376
thousand in the third quarter of 2020, an increase of 210%.
-
Quarterly operating loss was C$4,551 thousand, compared to C$2,779
thousand in the third quarter of 2020.
-
Quarterly net loss was C$1,469 thousand, or C$0.01 per share,
compared to C$3,930 thousand, or C$0.05 per share in the third
quarter of 2020.
-
Quarterly cash flow used for operating activities was C$3,641
thousand, compared to C$2,965 thousand in the third quarter of
2020.
-
Cash position was C$13.8 million as of September 30, 2021
(including restricted cash and short-term bank deposit).
-
The Company had no Loans liability as of September 30, 2021.
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.
Media ContactErin JundefBrilliant
PRErinj@brilliantprm.com
For more information, contact:Mrs. Hamutal
Yitzhak, CEO, Co-Founder & DirectorELSE Nutrition Holdings
Inc.E: hamutaly@elsenutrition.comP: +972(0)3-6445095
Mr. Sokhie Puar, Director of Else
NutritionEmail: sokhiep@elsenutrition.comP: 604-603-7787
US Investor Relations ContactLytham Partners,
LLCMr. Ben ShamsianNew York |
PhoenixEmail: shamsian@lythampartners.comP: 646-829-9701
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.
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