- Online sales have increased by 40 per cent
- Else’s product is now sold in more than 1,000 stores in the US
- Quarterly revenues were $1.114M, an increase of 430 per cent over Q2, 2020
- Quarterly net loss was $4.75M, or C$0.05 per share, compared to C$4.49M, or C$0.06 per share in the second quarter of 2020
- Else Nutrition is an Israel-based food and nutrition company
- Else Nutrition Holdings Inc. (BABY) is up 0.699 per cent, trading at C$2.88 per share at 1 pm ET
Else Nutrition (BABY) has announced results for its second quarter ended June 30, 2021.
The company has achieved significant progress executing its market plan in the US, getting listed at more than 1,000 US natural food and grocery retail stores and continuing the rapid growth of its online sales. The company also successfully launched its second product line – Complete Nutrition for Kids in Vanilla and Chocolate flavours.
Q2 2021 financial highlights
- Successfully launched its second product – Complete Nutrition for Kids (3+ years; in powder form).
- Successfully increased online sales by 40 per cent.
- Achieved US retail presence in more than 1,000 listed stores. Most listed stores are expected to launch the product during the summer, and product shipments to distributors and retailers are expected to grow as well.
- Quarterly revenues were $1.114M, compared to C$210,000 in the second quarter of 2020, an increase of 430 per cent.
- Quarterly operating loss was $3.772M, compared to $1.267M in the second quarter of 2020.
- Quarterly net loss was $4.75M, or C$0.05 per share, compared to C$4.49M, or C$0.06 per share in the second quarter of 2020.
- Quarterly cash flow used for operating activities was C$3.968M, compared to C$1.427M in the second quarter of 2020.
- Cash position was C$17.906 million as of June 30, 2021
Hamutal Yitzhak, Else CEO, commented,
“I am very proud of our achievements this quarter. We continued to demonstrate rapid growth in our online business while we successfully launched many more retail stores, reaching 1,000 listed stores. We successfully launched our second product line and grew our product range, and we expect growth to continue and accelerate throughout the remainder of the year.”
Else experienced the effect of the pandemic in all areas of its business, from delays in raw material deliveries to clinical and product development projects and the absence of key persons in the company from time to time. Due to lockdowns and other COVID-19 related measures all business meetings, marketing events, conferences and expos were either cancelled or turned virtual, slowing down the pace of our business development efforts.
Else Nutrition 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.
Else Nutrition Holdings Inc. (BABY) is up 0.699 per cent, trading at C$2.88 per share at 1 pm ET.