Hamutal Yitzhak, CEO of Else, commented: âElse is a company that should not yet be measured by Quarters alone. We are building a path to become a potential global leader in plant-based nutrition and aim for a multi-billion dollar market in 5 years. We are making great progress each quarter and achieved significant milestones during this quarter, including our online partnerships Walmart.com and Kroger. We have also completed the development of two new product lines, and we expect the momentum to continue and accelerate throughout the year and beyond. “
VANCOUVER, British Columbia, November 29, 2021 (GLOBE NEWSWIRE) – ELSE NUTRITION HOLDINGS INC. (BABY V) (BABYF) (0YL.F) (“Other” or the “Company”) plant-based nutrition for babies, toddlers and children business, today announced the results of its third quarter ended September 30, 2021.
Management is pleased to announce that it has made significant progress in executing its plan to bring to market in the US market, expanding its product line to include 4 flavors of Kid Shakes, expanding sales online to include the Walmart.com and Kroger online platforms, and be listed in more than 1,200 health food and grocery retail stores in the United States (already on shelf in nearly 1,000 of these stores) .
The following summarizes the main achievements of the third quarter of 2021 as well as the financial highlights. Full financial results can be viewed in the Company News section of our website at https://elsenutrition.com/pages/investor-relations or on SEDAR.
Q3 2021 Financial Highlights
- Online sales increased by over 27% from Q2 and 77% from Q1.
- Successfully listed on Walmart.com and Kroger online platforms and expanding US retail presence to over 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 has received conditional approval to go on the Toronto Stock Exchange.
- Following the success on Amazon in the US, Else was invited by Amazon EU to launch a unified European account that will allow Else to sell its unique products in all of Amazon’s European markets, including the UK, the Germany, France, Italy, Spain, the Netherlands, and Sweden representing a market of over 300 million people.
- Launch an intensive HCP initiative in the United States that includes a dedicated HCP website and campaign to reach over 80,000 pediatricians. This effort is led by Mr. Mike Glick ‘Else North America GM, former Abbott senior director of pediatric and adult nutrition.
- Complete nutritional shake for children (ages 3 and up; in powder form) in online and retail channels. The product is available on www.elsenutrition.com, Amazon.com and iHerb, and will soon be available on Walmart.com, the online platforms owned by Kroger, Sprouts Farmers Market, Rouses and Thrive Market.
- Completed the development of two new product lines – Super Cereals, for infants (6 months and older) and toddlers, and a ready-to-drink product for children. These products will be launched in early 2022 in the United States.
- Prepared to initiate a clinical study with Children’s Hospital Colorado and Denver School of Medicine to validate the growth benefits of Else’s herbal nutrition product.
- Quarterly revenues were C $ 1,173 thousand, compared to C $ 376 thousand in the third quarter of 2020, an increase of 210%.
- The 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 $ 1,469,000, or C $ 0.01 per share, compared to C $ 3,930,000, or C $ 0.05 per share in the third quarter of 2020.
- Quarterly cash flows used in operating activities were C $ 3,641,000, compared to C $ 2,965,000 in the third quarter of 2020.
- The cash position was C $ 13.8 million as at September 30, 2021 (including restricted cash and short-term bank deposits).
- The Company had no loan liabilities as at September 30, 2021.
Impact of COVID-19
We are experiencing the effects of the pandemic in all areas of our business, from delays in deliveries of raw materials to clinical and product development projects and the occasional absence of key people in the business. Due to lockdowns and other measures related to COVID-19, all of our business meetings, marketing events, conferences and exhibitions have either been canceled or gone virtual, 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 the development of innovative, clean, plant-based food and nutrition products for infants, toddlers, children and adults. Its revolutionary plant-based, soy-free formula is an alternative to the unique ingredient in the 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 # 1 for selling in the Baby & Toddler Formula category on Amazon. The holding company, Else Nutrition Holdings Inc., is a publicly traded company, listed on the TSX Venture Exchange under the symbol BABY and is listed on the US OTC Markets QX under the symbol BABYF and on the Frankfurt Stock Exchange under the symbol 0YL. Else executives include executives from leading infant nutrition companies. Many of Else’s advisory board members have held leadership positions in companies such as Mead Johnson, Abbott Nutrition, Plum Organics and leading infant nutrition companies, and some of them currently hold various positions 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, in Israel and at the University Hospital of Brussels, Belgium.
For more information visit: elsenutrition.com or @elsenutrition on Facebook and Instagram.
For more information, contact:
Ms. Hamutal Yitzhak, CEO, Co-Founder and Director
ELSE Nutrition Holdings Inc.
E: [email protected]
Phone. : +972 (0) 3-6445095
Mr. Sokhie Puar, Director of Else Nutrition
E-mail: [email protected]
Phone. : 604-603-7787
Contact for U.S. Investor Relations
Lytham Partners, LLC
Mr. Ben Shamsian
New York | Phoenix
E-mail: [email protected]
Phone. : 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 laws. Forward-looking statements are generally identified by words such as “will” or similar expressions. The forward-looking statements contained in this press release include statements regarding the expected filing dates of the Company’s financial information documents. These 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 that management considers appropriate in the circumstances. No assurance can be given that the foregoing will prove to be correct. Forward-looking statements in this press release assume, among other things, that there will be no supply chain disruptions or failures due to COVID-19 and that the manufacturing, brokerage agreement and supply logistics with the Company does not end. Actual results may differ from the estimates, beliefs and assumptions expressed or implied in forward-looking statements. Readers are cautioned not to place undue reliance on 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 statement, whether as a result of new information, future events or otherwise, except as required by law.