Else Nutrition said its 2021 revenues more than trebled after it doubled sales on its eCommerce store and on Amazon and expanded its US retail presence.
The plant-based baby, toddler and children nutrition company reported revenue of $4.7 million for the year to December 31, 2021, a 219% increase on 2020, driven by the expansion of its toddler products across all channels and the introduction of its new Kids Complete Nutritional shake product line.
For the three months to end-December, revenues were 8% higher at $1.3 million, which it attributed to the continued expansion into retail stores and steady online sales growth.
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"We are happy with the progress we made in 2021, as we continue our journey to become a global leader in the plant-based nutrition arena,” Else Nutrition CEO Hamutal Yitzhak said in a statement.
“In 2021 we focused on growing our online sales while penetrating US retail stores, and we are proud to report that our Plant-Based Complete Nutrition products for Toddler is in over 1,200 bricks and mortar stores as well as in five large and reputable online retailers," she added.
The company said it ended 2021 with a cash balance of $25.5 million and no debt.
Other highlights of the year include:
- Graduated to the Toronto Stock Exchange;
- Successfully listed on Walmart.com and Kroger-owned online platforms;
- Following the success on Amazon in the US, Else was invited by Amazon EU to launch a European unified account that will allow it to sell its products on major Amazon European marketplaces including the UK, Germany, France, Italy, Spain, the Netherlands, and Sweden, representing a market with more than 300 million people;
- Launched Kids Complete Nutritional shake in online and retail channels;
- Completed the development of a new line of products - Super Cereals, for infants (6-plus months) and Toddlers. These new products will be launched in April 2022 in the US;
- Continued the development of a Ready to Drink line of products;
- Prepared to launch a clinical study with Children's Hospital Colorado and Denver School of Medicine to validate the growth benefits of Else's Plant-Based Nutrition product.
“We are continuing to see stronger re-orders from the retailers which we began selling to in 2021,” Yitzhak continued. “Furthermore, by the end of 2022 we expect to triple our door count to roughly 4,000. During 2022 our product range will grow to roughly 8-10 products and over 20 SKUs (stock-keeping units) in the US alone."
“International expansion will be a focus for Else in 2022. In 2Q 2022 we will launch in Canada via Amazon.ca, our own e-store, and in natural food retailers and independents, regional grocery and drug retailers. In addition, by the end of Q2, we expect to enter the UK and Western Europe via Amazon. We also expect to start selling online in China in mid-2022,” she concluded.
The company said it expects revenues for the first quarter of its 2022 financial year to be in the range of $1.45 million to $1.6 million, representing a 15% to 25% sequential increase versus 4Q 2021.
The “robust” preliminary results are due to the strong performance of its products in both online and retail channels, it added.
Else Nutrition is an Israel-based food and nutrition company focused on developing innovative, plant-based food and nutrition products for infants, toddlers, children, and adults.
Contact the author at stephen.gunnion@proactiveinvestors.com