- Else Nutrition (BABY) reported second-quarter 2022 financial results for the period ending June 30, 2022
- Hamutal Yitzhak, CEO of Else Nutrition, sat down with Daniella Atkinson to discuss the results
- Highlights include revenues of $2.3M, a 44 per cent increase over Q1, 2022 and an 84 per cent increase in sales on Amazon.com
- Else Nutrition is an Israel-based food and nutrition company focused on developing plant-based food and nutrition products
- Else Nutrition Holdings Inc. (BABY) opened trading at C$0.92
Else Nutrition (BABY) reported second-quarter 2022 financial results for the period ending June 30, 2022.
Q2 financial highlights:
- Revenues of $2.3M, a 44 per cent increase over Q1, 2022
- Sales on Amazon.com increased 84 per cent over Q1, 2022
- Else products are now listed in over 3,000 natural food, grocery, and drug stores, a 250 per cent increase in the store count listings
- The company executed a $7.3M capital raise in June, further bolstering its balance sheet.
- Cash balance as of June 30, 2022 was $22M
- The Company had no loans liability as of June 30, 2022
Recent business highlights:
- Expanded US retail presence to more than 3,000 stores
- In Q4, Else plans an entry to the UK market in Amazon UK. Else first entry into Europe will be followed by additional EU market entries in 2023
- Signed a long-term distribution agreement with Baozun, a leading E-Commerce Distributor in China, setting the stage to enter the Chinese market in Q3
- Preparing to enter the Canadian market in August 2022 on Else’s Canadian e-store, amazon.ca and selling via a distributor in all retail channels
- Expanded retail and ecommerce distribution of the Kids product line to include KeHE, UNFI, Walmart.com, Kroger.com, Thrive Market, and additional channels
- Successfully launched a second toddler product, Else™ Toddler Omega complete & balanced nutrition drink on amazon.com
- Launched its third product line, Else Super Cereal on amazon.com
- Completed the last preclinical study on our infant formula, setting the path to FDA approval
Hamutal Yitzhak, CEO of Else Nutrition sat down with Daniella Atkinson to discuss the results.
“We are extremely pleased to see our strong growth momentum continue in 2Q22. We are seeing robust sales growth across all channels, most notably Amazon, which grew 84% quarter over quarter. Importantly, we have doubled the number of Else subscribers on Amazon.com in the past three months to roughly 2,000, demonstrating the loyalty that consumers have for our brand and products.”
“We also seeing growing sales velocity and reorder quantities with many of our retailers. We are currently listed in over 3,000 retail doors, well on our way to reaching our stated goal of listing 4,000 doors by the end of 2022. Importantly, we are now selling on some of the most well-known online platforms and distributors such as Walmart.com, Kroger.com, UNFI, and KeHE.”
“Our international expansion plans are progressing very well. In June 2022, we announced our entry into the Chinese market via a signed agreement with Baozun, a leading E-commerce distributor in China. In August 2022 we will enter the Canadian market on Amazon.ca, on our own e-store, and in grocery and drug retailers. Furthermore, we expect to enter the UK and Western Europe via Amazon by the end of 2022.”
In Q4 2021 Else concluded a successful preclinical safety study of its plant-based infant formula, as part of the pathway to bring its Infant formulation to market.
In 2023 the company plans to continue research activity demonstrating the safety and tolerability of the infant formula as well as provide scientific support for Else products including preparation for additional clinical studies.
Else Nutrition G.H. 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.
Else Nutrition Holdings Inc. (BABY) opened trading at C$0.92.