Conference call to be held today at 10:00 AM Eastern Time
VANCOUVER, BC, Nov. 14, 2024 /PRNewswire/ – ELSE NUTRITION HOLDINGS INC. (TSX: BABY) (OTCQX: BABYF) (FSE: 0YL.F) (“Else” or the “Company”), today reported its robust financial results for the third quarter ending September 30, 2024. The comprehensive financial statements and Management Discussion & Analysis (MD&A) can be found on SEDAR under the Company’s profile.
Hamutal Yitzhak, CEO of Else Nutrition, emphasized, “We are making steady progress executing our growth strategy, while carefully managing expenses. We achieved a notable 5% year-over-year revenue increase in Q3 2024, demonstrating a growing consumer appetite for our products and our expanding retail presence.” Despite a very modest marketing budget, the Company has shown its resilience and adaptability in a competitive market.
“Our traction with retailers across North America continues to strengthen, highlighted by our recent pilot program with Costco – one of the largest wholesale retailers on the continent. This initial effort could pave the way for distribution in over 100 of their Canadian locations, with plans to extend into the US market. This expansion represents a substantial opportunity to reach new consumers and bolster our brand recognition. Furthermore, we are finalizing the expanded availability of our kids’ Ready-to-Drink (RTD) products with another major US retailer, promising access to over 900 large grocery stores, further enhancing our market footprint. We are also proud to spotlight our ongoing product innovations, including the impending launch of our Adult RTD product, with first commercial production slated for later this year. This is a key milestone on our journey to broaden our offerings in line with consumer demand for convenient, healthy whole food, minimally processed, and easy to digest plant-based nutrition.”
“To support our growth thus far, we are engaged in active discussions surrounding non-dilutive bridge funding, as well as establishing a long-term credit line. This financial backing will empower us to ramp up our marketing efforts, optimize our capital structure, and propel our long-term growth strategy. Concurrently, we’ve implemented strategic cost-saving measures aimed at enhancing our margins in upcoming quarters. We believe these operational improvements, coupled with innovative product launches and an expanding retail presence, are setting the foundation for long-term financial success.”
“Looking ahead, we are committed to executing on our financial strategy, which will enable us to expand our retail footprint, elevate brand visibility, and continue developing high-demand plant-based products. Our mission to provide healthy, sustainable nutrition options positions us at the forefront of the plant-based nutrition market, and we are genuinely excited about the opportunities that lie ahead.”
2024 Third Quarter Financial Results
All figures are presented in CAD unless otherwise indicated.
- Revenue for Q3 2024 increased approximately 5% to $1.8 million compared to $1.71 million for the same period last year, illustrating robust growth.
- Operating expenses for Q3 2024 amounted to $3.6 million, a slight increase compared to $3.5 million in Q3 2023, reflecting ongoing investment in growth.
- The cash balance as of September 30, 2024, stood at $0.9 million, including amounts that are restricted.
Conference Call
Else Nutrition management intends to host a conference call for a business update at 10:00 a.m. Eastern Time on November 14, 2024. The call will address the Company’s financial results for the third quarter ended September 30, 2024, alongside corporate progress and other developments.
Interested parties can access the conference call by dialing toll-free at 1-877-704-4453 for U.S. callers or +1-201-389-0920 for international callers. Additionally, a live webcast of the call can be streamed at https://viavid.webcasts.com/starthere.jsp?ei=1696583&tp_key=1ad8612838 or via the Investor Relations section of the Company’s website at https://investors.elsenutrition.com/.
A recording of the webcast will be accessible on the Investor Relations section of the Company’s website (https://investors.elsenutrition.com/) until November 14, 2025. A telephone playback of the call will be available approximately three hours after the completion of the call, accessible through November 21, 2024, by dialing 1-844-512-2921 for U.S. callers or +1-412-317-6671 for international callers, and entering conference ID: 13750029.
To delve deeper into Else Nutrition’s innovative offerings and its transformative approach to kids’ nutrition, visit www.elsenutrition.com
About Else Nutrition Holdings Inc.
Else Nutrition Holdings Inc. (TSX: BABY, OTCQX: BABYF, FSE: 0YL) is an innovative food and nutrition company currently in the international expansion stage, dedicated to developing groundbreaking, clean, and plant-based food and nutrition products tailored for infants, toddlers, children, and adults. The Company’s revolutionary, plant-based, non-soy formula offers a clean-ingredient alternative to traditional dairy-based formulas. Since launching its Plant-Based Complete Nutrition for Toddlers, formulated with whole foods like almonds, buckwheat, and tapioca, the brand has garnered thousands of powerful testimonials from parents, gained national retailer support, and exhibited exceptional sales growth.
Awards and Recognition:
- Received the “2017 Best Health and Diet Solutions” award at Milan’s Global Food Innovation Summit.
- Achieved #1 Best Seller status on Amazon in Fall 2020 in the New Baby & Toddler Formula Category.
- Honored with the “Best Dairy Alternative” Award in 2021 at the World Plant-Based Expo.
- Named a Nexty Award Finalist at Expo West 2022 in the Plant-Based lifestyle category.
- In September 2022, Else Super Cereal reached #1 Best Seller in Baby Cereal across all brands on Amazon.
- In May 2024, Else Nutrition’s Ready-to-Drink Kids Vanilla Shake was recognized among the Best in Family-Friendly Products by the prestigious Mom’s Choice Awards®.
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Caution Regarding Forward-Looking Statements
SOURCE Else Nutrition Holdings Inc.
What factors have contributed to Else Nutrition’s recent revenue growth reported for Q3 2024?
**Interview with Hamutal Yitzhak, CEO of Else Nutrition Holdings Inc.**
**Editor:** Thank you for joining us today, Hamutal. Else Nutrition recently reported a 5% year-over-year revenue increase for Q3 2024. Can you share with us what you attribute this growth to?
**Hamutal Yitzhak:** Thank you for having me. Our growth can largely be attributed to the increasing consumer appetite for our plant-based products, along with our expanding retail presence. Despite having a modest marketing budget, we’ve managed to resonate with retailers and consumers alike, which is reflected in our revenue figures.
**Editor:** You mentioned some significant developments regarding retailer partnerships, particularly with Costco. Can you elaborate on what that means for Else Nutrition moving forward?
**Hamutal Yitzhak:** Absolutely. Our pilot program with Costco is a significant step for us. If successful, it could lead to distribution in over 100 of their Canadian locations, and we also plan to expand into the U.S. market. This opportunity not only allows us to reach a broader customer base but also enhances our brand visibility in a competitive space.
**Editor:** In light of expanding your product offerings, can you tell us about your upcoming Adult Ready-to-Drink product?
**Hamutal Yitzhak:** We’re very excited about this launch! Our Adult RTD product will be produced commercially later this year. This is part of our commitment to meet growing consumer demands for convenient and healthy nutrition options. It broadens our portfolio and reflects our innovative approach to plant-based nutrition.
**Editor:** Financial strategy seems to be a key focus for Else Nutrition as well. Can you explain the steps you’re taking regarding funding and cost management?
**Hamutal Yitzhak:** We are currently engaged in discussions around non-dilutive bridge funding and long-term credit lines. This financial support will allow us to enhance our marketing efforts and optimize our capital structure. Furthermore, we’re implementing strategic cost-saving measures to improve our margins in upcoming quarters, ensuring we’re well-positioned for long-term growth.
**Editor:** Lastly, as you look ahead, what are your priorities for the next several quarters?
**Hamutal Yitzhak:** Our main priorities include broadening our retail footprint, elevating brand visibility, and continuing to innovate with our product offerings. We’re committed to providing healthy, sustainable nutrition options and believe that our strategic focus will keep us at the forefront of the plant-based nutrition market.
**Editor:** Thank you for your insights, Hamutal. We look forward to seeing how Else Nutrition continues to grow.
**Hamutal Yitzhak:** Thank you for having me! I appreciate the opportunity to share our journey.
