VANCOUVER, BC, May 31, 2021 /CNW/ - ELSE NUTRITION HOLDINGS
INC. (TSXV: BABY) (OTCQX: BABYF) (0YL.F) ("Else" or the
"Company") the Plant-Based baby, toddler and
children nutrition company, today announced results for its
first quarter ended March 31, 2021.
Management is pleased to announce it achieved significant progress
executing its go-to-market plan in the US market to become one of
the leading providers of baby food products as a healthy
alternative to dairy-based formulas. The following summarizes major
execution points achieved in the first quarter of 2021, as well as
execution on our business strategy. Full financial results can be
found in the Company News section of our website
at https://elsenutrition.com/pages/investor-relations or
on SEDAR at www.sedar.com
Q1 2021 Financial Highlights
- Q1 2021 revenues of C$1,135
thousand, an 90% growth over revenues of C$598 thousand in Q4 2020 and an increase of 282%
vs. revenues over C$297 thousand in
Q1 2020.
- 149% growth in quarter-over-quarter Formula revenues of
C$862 thousand in Q1 2021 over
C$346 thousand in Q4 2020.
- First quarter to recognize formula revenues from the retail
market. The Company successfully launched retail sales at Sprouts
Farmers Market, a leading natural food retailer in the US.
- Successfully completed the first commercial production of
ELSE's second product – Complete Nutrition for Kids (3+ years; in
powder form). The product is expected to launch online in Vanilla
and Chocolate flavors in Q2 2021.
- Successfully increased Amazon.com formula number of orders by
66% and average basket value by 15% quarter-over-quarter. In
March 2021 Else launched a new
product store in amazon.com to improve its position on this
critical platform.
- Successfully onboarded UNFI (the largest US natural food
distributor), KeHE Distributors and Imperial Distributors, together
providing reach to most retail stores in the U.S.
- Selected to the high-profile KeHE Distributor's Elevate
program.
- Successfully listed at Raley's, a 126 door West Coast retailer
that plans to launch in Q2 2021.
- Successfully launched on three online platforms – Thrive
Market, a leading natural food e-tailer with 500,000 subscribers;
iHerb, a US based international online platform that serves 180
countries; and PlantX, a new plant-based e-tailer.
- Operating loss was C$3,945
thousand, compared to C$1,532
thousand in the first quarter of 2020. Net profit in Q1 2021
was C$2,182 thousand, or C$0.02 per share, compared to net loss of
C$1,651 thousand, or C$0.02 per share in Q1 2020. The net profit and
loss include the non-cash revaluation of Investor warrants
liability of C$6,565 thousand Profit
in Q1 2021 and C$336 thousand loss in
Q1 2020.
- Cash flow used for operating activities was C$4,338 thousand, compared to C$1,220 thousand in the first quarter of
2020.
- Cash position was C$22,085
thousand as of March 31, 2021
(including restricted cash and short-term bank deposit).
- The Company had no Loans liability as of March 31, 2021.
Hamutal Yitzhak, Else CEO,
commented: "I am very proud of our achievements this quarter. We
continued delivering rapid growth in our business while we
successfully launched our first retail stores and started working
with the largest US natural food distributors".
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.
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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SOURCE Else Nutrition Holdings Inc.