chilar4567
1 month ago
Else Nutrition Reports 2024 Third Quarter Financial Results and Provides Business Update
7:45 AM ET 11/14/24 | Dow Jones
Else Nutrition Reports 2024 Third Quarter Financial Results and Provides Business Update
Canada NewsWire
VANCOUVER, BC, Nov. 14, 2024
Conference call to be held today at 10:00 AM Eastern Time
VANCOUVER, BC, Nov. 14, 2024 /CNW/ - ELSE NUTRITION HOLDINGS INC. (TSX: BABY) (OTCQX: BABYF) (FSE: 0YL.F) ("Else" or the "Company"), today reported financial results for the third quarter ended September 30, 2024. The financial statements and MD&A are available on SEDAR under the Company's profile.
Hamutal Yitzhak, CEO of Else Nutrition, commented, "We are making steady progress executing our growth strategy, while carefully managing expenses. We achieved a 5% year-over-year revenue increase in Q3 2024, despite a very modest marketing budget. Our ability to achieve these results demonstrates the growing consumer appetite for our products and our expanding retail presence."
"We are continuing to gain traction with retailers across North America, including our recent pilot program with Costco -- one of the largest North American wholesale retailers. We believe this could lead to distribution across more than 100 of their locations in Canada as a first step with the potential to expand throughout the US. This expansion represents a substantial opportunity to reach new consumers and build our brand. We are also in the process of finalizing the expanded availability of our kids RTD products with an additional major US retailer. Once finalized, our products would be available in over 900 new US large grocery stores, further enhancing our market reach. Additionally, we are proud of our ongoing product innovations, including the upcoming launch of our Adult RTD product, with the first commercial production scheduled for later this year. This is a key milestone as we broaden our offerings to meet the demand for convenient, healthy whole food, minimally processed and easy to digest, plant-based nutrition."
"To support our growth, we are in active discussions regarding non-dilutive bridge funding, and a long-term credit line that will enable us to ramp up our marketing efforts, optimize our capital structure, and drive our long-term growth strategy. Concurrently, we've implemented strategic cost-saving measures aimed at improving our margins in future quarters. We believe these operational improvements, combined with innovative product launches and an expanding retail presence, are positioning us for long-term financial success."
"Looking forward, we believe as we continue to execute on our financial strategy, it will enable us o expand our retail footprint, increase brand visibility, and continue to develop high-demand plant-based products. Our commitment to providing healthy, sustainable nutrition options places us at the forefront of the plant-based nutrition market, and we are excited about the opportunities that lie ahead."
2024 Third Quarter Financial Results
All figures are in CAD unless otherwise indicated.
-- Revenue for Q3 2024 increased approximately 5% to $1.8 million compared
to $1.71 million for the same period last year.
-- Operating expenses for Q3 2024 was $3.6 million compared to $3.5 million
in Q3 2023.
-- Cash balance as of September 30, 2024, was $0.9 million (including
restricted cash).
Conference Call
Else Nutrition management plans to host a business update conference call at 10:00 a.m. Eastern Time on November 14, 2024, to discuss the Company's financial results for the 2024 third quarter ended September 30, 2024, as well as the Company's corporate progress and other developments.
The conference call will be available via telephone by dialing toll free 1-877-704-4453 for U.S. callers or +1-201-389-0920 for international callers. A webcast of the call may be accessed at https://viavid.webcasts.com/starthere.jsp?ei=1696583&tp_key=1ad8612838 or on the Investor Relations section of the Company's website at https://investors.elsenutrition.com/.
A webcast replay will be available on the Investor Relations section of the Company's website (https://investors.elsenutrition.com/), through November 14, 2025. A telephone replay of the call will be available approximately three hours following the call, through November 21, 2024, and can be accessed by dialing 1-844-512-2921 for U.S. callers or +1-412-317-6671 for international callers and entering conference ID: 13750029.
To delve deeper into Else Nutrition's offerings and its revolutionary approach to kids' nutrition, visit www.elsenutrition.com
About Else Nutrition Holdings Inc.
Else Nutrition Holdings Inc. (TSX: BABY, OTCQX: BABYF, FSE: 0YL) is a food and nutrition company in the international expansion stage 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 formulas. 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, gained national retailer support, and achieved rapid sales growth.
Awards and Recognition:
-- "2017 Best Health and Diet Solutions" award at Milan's Global Food
Innovation Summit
-- #1 Best Seller on Amazon in the Fall of 2020 in the New Baby & Toddler
Formula Category
-- "Best Dairy Alternative" Award 2021 at World Plant-Based Expo
-- Nexty Award Finalist at Expo West 2022 in the Plant-Based lifestyle
category
-- During September 2022, Else Super Cereal reached the #1 Best Seller in
Baby Cereal across all brands on Amazon
-- In May 2024 Else Nutrition's Ready-to-Drink Kids Vanilla Shake Named
Among the Best in Family-Friendly Products by the Prestigious Mom's
Choice Awards(R)
TSX
Neither the TSX nor its regulation services provider (as that term is defined in the policies of the TSX) accept responsibility for the adequacy or accuracy of this release.
Justaroundthecorner
3 months ago
So..
How does the FDA oversee the safety and nutritional quality of infant formula??
Infant formula is a food that may be the sole source of nutrition for infants (i.e., children up to 12 months of age) as an alternative to human milk. The FDA regulatory requirements address, among other issues, the safety, nutritional adequacy, packaging, and labeling of these products. The FDA does not approve infant formulas; however, infant formula manufacturers must notify the agency before marketing a new formula. The FDA’s highly trained staff review these notifications to make sure new formulas meet federal nutrition, labeling, and other requirements. If a product does not meet applicable requirements, the formula may be deemed adulterated, misbranded, or both, and the FDA has the authority to take enforcement action. For example, the FDA can require a mandatory recall of product if the agency determines that an adulterated or misbranded infant formula presents a risk to human health.
Among the requirements for infant formulas, the FDA specifies 30 nutrients that must be included in infant formulas. There are minimum amounts for all 30 nutrients and maximum amounts for 10 nutrients. In addition, any ingredient used in infant formula must be safe and suitable for such use. Additionally, sanitary controls are required by law to prevent contamination and other safety problems from occurring. For example, manufacturers must establish a system of controls designed to ensure that infant formula does not become adulterated due to the presence of microorganisms in the formula or in the processing environment. Further, the FDA regulations set forth certain testing requirements of finished product for Salmonella and Cronobacter. FDA regulations also require that the water the companies use to manufacture formulas meets safety standards set by the U.S. Environmental Protection Agency.
The FDA has specific requirements for labeling infant formulas. Information that is most helpful for caregivers of infants includes directions for preparation and use, and a pictogram showing the major steps for preparing infant formula, a “use by” date.
The FDA inspects facilities that manufacture infant formulas annually and carefully trains its investigators to ensure that every infant formula inspection is robust, thorough, and focused on the most critical aspects of the infant formula manufacturing process.
All Infant formula products sold in the U.S., whether produced domestically or imported, must meet all U.S. requirements, including those for safety and nutritional adequacy. Caregivers should use caution when ordering imported products online or from third party distributors because some of these products have not undergone FDA's rigorous premarket review process and do not meet U.S. requirements for safety or nutritional adequacy.
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