Else Nutrition Holdings Inc (OTCQX:BABYF, TSX-V:BABY) said it has grown second-quarter revenue more than five-fold as it makes significant progress in executing its go-to-market plan for the US market.
For the three months ended June 30, 2021, the company generated C$1.11 million in revenue, versus C$210,000 million in the same quarter a year earlier, a 430% increase.
The plant-based baby, toddler and children nutrition company said its products are already on-shelf at 700 of the more than 1,000 US natural food and grocery retail stores it has achieved a presence in.
Most listed stores are expected to launch its products during the summer, boosting product shipments to distributors and retailers during the remainder of the year, it added. It also successfully launched its second product line – Complete Nutrition for Kids in Vanilla and Chocolate flavors.
“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,” CEO Hamutal Yitzhak said in a statement.
“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,” she added.
Else’s cash position was C$17.9 million as of June 30, 2021, including restricted cash and short-term bank deposits. It had no outstanding loans.
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. Its revolutionary, plant-based, non-soy, formula is a clean-ingredient alternative to dairy-based formula.
The company - 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.
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.
Contact the author at stephen.gunnion@proactiveinvestors.com