Hamutal Yitzhak, CEO of Else, commented: “Else is a company that should not be measured in terms of quarters alone. We are building a path to become a potential world leader in plant-based nutrition and aiming for a multibillion dollar market in 5 years time. We are making great strides every quarter and have achieved significant milestones this quarter including our online partnerships Walmart.com and Kroger. We have also completed the development of two new product lines and expect the momentum to continue and accelerate as the year progresses and beyond. “
VANCOUVER, British Columbia, November 29, 2021 (GLOBE NEWSWIRE) – ELSE NUTRITION HOLDINGS INC. (BABY.V) (BABYF) (0YL.F) (“Else” or the “Company”) The plant-based baby, toddler and toddler nutrition company today announced results for its third quarter ended September 30, 2021.
Management is pleased to announce that it has made significant progress in implementing its go-to-market plan in the US market, adding 4 flavors of Kid Shakes to its product line, and Walmart to online sales. com and Kroger has expanded its own online platforms and is listed in more than 1,200 US natural and grocery stores (already on the shelf in nearly 1,000 of these stores).
The key achievements of the third quarter of 2021 and the financial highlights are summarized below. For full financial results, please visit the Company News section of our website at https://elsenutrition.com/pages/investor-relations or SEDAR.
Financial highlights of the third quarter of 2021
- Online sales increased more than 27% compared to the second quarter and 77% compared to the first quarter.
- Successfully listed on Walmart.com and Kroger’s own online platforms and expanding its US retail presence to more than 1,200 listed stores. New listings in the third quarter include Rouses Markets (65 stores), Harmon’s Grocery (19) and Roche Bros. (25).
- The company received conditional approval to trade on the Toronto Stock Exchange.
- After the success with Amazon in the US, Else was invited by Amazon EU to open a unified European account that enables Else to sell its unique products on all European Amazon marketplaces including UK, Germany, France, Italy, Spain, the Netherlands, and Sweden, which represents a market of over 300 million people.
- Start an intensive HCP initiative in the US that includes a dedicated HCP website and campaign to reach 80,000+ paediatricians. These efforts are led by Mr. Mike Glick’s Else North America GM, a former Abbott Senior Director, Child and Adult Nutrition.
- Listed Kids Complete Nutritional Shake (3+ years; in powder form) in online and retail channels. The product is available at www.elsenutrition.com, Amazon.com and iHerb and will be available shortly on Walmart.com, Kroger’s own online platforms, Sprouts Farmers Market, Rouses and Thrive Market.
- Completion of the development of two new product lines – Super Cereals for infants (6+ months) and toddlers and a ready-to-drink product for children. These products will hit the US market in early 2022.
- Preparing to start a clinical trial with Children’s Hospital Colorado and the Denver School of Medicine to validate the growth benefits of Else’s herbal nutritional product.
- Revenue for the quarter was $ 1,173,000 compared to $ 376,000 for the third quarter of 2020, an increase of 210%.
- The quarterly operating loss was $ 4,551,000 compared to $ 2,779,000 for the third quarter of 2020.
- The quarterly net loss was $ 1,469,000, or $ 0.01 per share, compared to $ 3,930,000, or $ 0.05 per share, for the third quarter of 2020.
- Quarterly cash flow used for operations was $ 3,641,000 compared to $ 2,965,000 for the third quarter of 2020.
- The cash position as of September 30, 2021 was $ 13.8 million (including locked cash and short-term bank deposits).
- The company had no loan liabilities as of September 30, 2021.
Effects of COVID-19
We are witnessing the effects of the pandemic in every area of our business, from delays in raw material deliveries to clinical and product development projects to temporary absences of key people in the company. Due to lockdowns and other COVID-19 related measures, all of our business meetings, marketing events, conferences and exhibitions have either been canceled or virtually rescheduled, slowing 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 foods and nutritional products for infants, toddlers, children and adults. Its revolutionary, herbal formula without soy is an alternative to pure milk-based ingredients. Else Nutrition (formerly INDI) was awarded the “2017 Best Health and Diet Solutions” prize at the Global Food Innovation Summit in Milan. The plant-based complete food for toddlers from Else was recently classified as the number 1 top seller in the baby and toddler food category on Amazon. The holding company Else Nutrition Holdings Inc. is a publicly traded company, traded as the TSX Venture Exchange under the symbol BABY and on the US OTC Markets QX Board under the symbol BABYF and on the Frankfurt Stock Exchange under the symbol 0YL. written down . Else executives include executives from leading baby food companies. Many of Else’s advisory board members have previously held senior leadership positions at companies such as Mead Johnson, Abbott Nutrition, Plum Organics, and leading child nutrition companies, and some of them are currently in various roles at leading medical centers and academic institutions 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.
You can find more information at: elsenutrition.com or @elsenutrition on Facebook and Instagram.
Media contact
Erin Jundef
Brilliant PR
Erinj@brilliantprm.com
For more information contact:
Ms. Hamutal Yitzhak, CEO, Co-Founder and Director
ELSE Nutrition Holdings Inc.
E: hamutaly@elsenutrition.com
Phone: +972 (0) 3-6445095
Mr. Sokhie Puar, Director of Else Nutrition
Email: sokhiep@elsenutrition.com
P: 604-603-7787
US Investor Relations contact
Lytham Partners, LLC
Mr. Ben Shamsian
New York | Phoenix
Email: shamsian@lythampartners.com
P: 646-829-9701
TSX Venture Exchange
Neither the TSX Venture Exchange nor its regulator (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Beware of forward-looking statements
This press release contains statements that may constitute “forward-looking statements” within the meaning of applicable securities laws. Forward-looking statements are usually identified by words such as “will” or similar expressions. Forward-looking statements in this press release include statements regarding the anticipated dates for filing the company’s financial disclosure documents. Such forward-looking statements reflect current estimates, beliefs and assumptions that are based on management’s perception of current conditions and expected future developments, as well as other factors that management considers appropriate under the given circumstances. There can be no assurance that the foregoing will prove to be correct. Forward-looking statements in this press release assume, among other things, that there will be no interruptions or failures in the supply chain due to COVID-19 and that the manufacturing, brokerage and delivery logistics agreement with the company will not end. Actual results could differ from the estimates, beliefs and assumptions expressed or implied in the forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which only reflect management’s expectations as of the date of this press release. The company disclaims any obligation to update or revise any forward-looking statements as a result of new information, future events or for any other reason, except as required by law.
