Else Nutrition reports 44% revenue increase QoQ

Else Nutrition reports 44% revenue increase QoQ
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VANCOUVER – Else Nutrition Holdings Inc (BABY) (BABYF) the Plant-Based baby, toddler and children nutrition company, today reported second quarter 2022 financial results for the period ending June 30, 2022. The financial statements and MD&A are available on SEDAR under the Company’s profile.

Hamutal Yitzhak, CEO of Else Nutrition commented: “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.

The study results demonstrated proper growth, similar to dairy-based infant formula, in a neonatal preclinical model, which is a key first step on the path with the US Food and Drug Administration (FDA), as well as with other regulatory authorities, to demonstrate safety and nutrient bioavailability of the infant formula and its ingredients. In Q2, the results of the study were accepted for presentation in two key international pediatric nutrition scientific conferences and have been published in a scientific medical peer-reviewed journal. Else is in close communication with the FDA, sharing its plans and results to receive their guidance throughout the process of Else’s infant formula development.

In Q2 2022 Else conducted a second preclinical study demonstrating the quality of the infant formula protein as part of the FDA requirements for new infant formula to be marketed in the US. Else started the first clinical study to demonstrate the tolerance of its products in a specific intolerant children population. A second clinical study to be conducted on a healthy toddler population has been approved by the ethical committee and is about to start in Q3 2022. Else is working on final preparations for the infant growth clinical study for the FDA and European permits planned to start by end of 2022.

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. Its revolutionary, plant-based, non-soy formula is a clean-ingredient alternative to dairy-based formula. Else Nutrition (formerly INDI) won the “2017 Best Health and Diet Solutions” award at Milan’s Global Food Innovation Summit. The holding company, Else Nutrition Holdings Inc., is a publicly-traded company, listed on TSX Venture Exchange under the trading symbol BABY and is quoted on the US OTC Markets QX board under the trading symbol BABYF and the Frankfurt Exchange under the symbol 0YL. 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 and gained national retailer support from Sprouts Farmers Market, and achieved rapid sales growth. Else became the #1 Best Seller on Amazon in the Fall of 2020 in the New Baby & Toddler Formula Category. It recently won the ‘Best Dairy Alternative’ Award 2021 at World Plant-Based Expo and was a Nexty Award Finalist at Expo West 2022 in the Plant-Based lifestyle category.

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