Conference call to be held today at 10:00 AM Eastern Time
VANCOUVER, BC, Nov. 14, 2024 /CNW/ - ELSE NUTRITION HOLDINGS INC. (TSX: BABY) (OTCQX: BABYF) (FSE: 0YL.F) ("Else" or the "Company"), today reported financial results for the third quarter ended September 30, 2024. The financial statements and MD&A are available on SEDAR under the Company's profile.
Else Logo (CNW Group/Else Nutrition Holdings Inc.)
Hamutal Yitzhak, CEO of Else Nutrition, commented, "We are making steady progress executing our growth strategy, while carefully managing expenses. We achieved a 5% year-over-year revenue increase in Q3 2024, despite a very modest marketing budget. Our ability to achieve these results demonstrates the growing consumer appetite for our products and our expanding retail presence."
"We are continuing to gain traction with retailers across North America, including our recent pilot program with Costco – one of the largest North American wholesale retailers. We believe this could lead to distribution across more than 100 of their locations in Canada as a first step with the potential to expand throughout the US. This expansion represents a substantial opportunity to reach new consumers and build our brand. We are also in the process of finalizing the expanded availability of our kids RTD products with an additional major US retailer. Once finalized, our products would be available in over 900 new US large grocery stores, further enhancing our market reach. Additionally, we are proud of our ongoing product innovations, including the upcoming launch of our Adult RTD product, with the first commercial production scheduled for later this year. This is a key milestone as we broaden our offerings to meet the demand for convenient, healthy whole food, minimally processed and easy to digest, plant-based nutrition."
"To support our growth, we are in active discussions regarding non-dilutive bridge funding, and a long-term credit line that will enable us to ramp up our marketing efforts, optimize our capital structure, and drive our long-term growth strategy. Concurrently, we've implemented strategic cost-saving measures aimed at improving our margins in future quarters. We believe these operational improvements, combined with innovative product launches and an expanding retail presence, are positioning us for long-term financial success."
"Looking forward, we believe as we continue to execute on our financial strategy, it will enable us o expand our retail footprint, increase brand visibility, and continue to develop high-demand plant-based products. Our commitment to providing healthy, sustainable nutrition options places us at the forefront of the plant-based nutrition market, and we are excited about the opportunities that lie ahead."
2024 Third Quarter Financial Results All figures are 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.
Operating expenses for Q3 2024 was $3.6 million compared to $3.5 million in Q3 2023.
Cash balance as of September 30, 2024, was $0.9 million (including restricted cash).
Conference Call
Else Nutrition management plans to host a business update conference call at 10:00 a.m. Eastern Time on November 14, 2024, to discuss the Company's financial results for the 2024 third quarter ended September 30, 2024, as well as the Company's corporate progress and other developments.
A webcast replay will be available on the Investor Relations section of the Company's website (https://investors.elsenutrition.com/), through November 14, 2025. A telephone replay of the call will be available approximately three hours following the call, through November 21, 2024, and can be accessed 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 offerings and its revolutionary approach to kids' nutrition, visit www.elsenutrition.com
About Else Nutrition Holdings Inc.
Else Nutrition Holdings Inc. (TSX: BABY, OTCQX: BABYF, FSE: 0YL) is a food and nutrition company in the international expansion stage 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 formulas. Since launching its Plant-Based Complete Nutrition for Toddlers, made of whole foods, almonds, buckwheat, and tapioca, the brand has received thousands of powerful testimonials and reviews from parents, gained national retailer support, and achieved rapid sales growth.
Awards and Recognition:
"2017 Best Health and Diet Solutions" award at Milan's Global Food Innovation Summit
#1 Best Seller on Amazon in the Fall of 2020 in the New Baby & Toddler Formula Category
"Best Dairy Alternative" Award 2021 at World Plant-Based Expo
Nexty Award Finalist at Expo West 2022 in the Plant-Based lifestyle category
During September 2022, Else Super Cereal reached the #1 Best Seller in Baby Cereal across all brands on Amazon
In May 2024 Else Nutrition's Ready-to-Drink Kids Vanilla Shake Named Among the Best in Family-Friendly Products by the Prestigious Mom's Choice Awards®
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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 does 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.
