VANCOUVER, British Columbia, May 18, 2022 (GLOBE NEWSWIRE via COMTEX) --
VANCOUVER, British Columbia, May 18, 2022 (GLOBE NEWSWIRE) -- ELSE NUTRITION HOLDINGS INC( BABY
) ( BABYF
) ( 0YL.F
) ("Else" or the "Company") the Plant-Based baby, toddler, and children nutrition company
, today adjusted guidance for 2Q22 growth projection.
2Q22 Outlook: Else Nutrition expects revenues in the Second Quarter of 2022 to be in the range of $2M to $2.2M, representing a 25% to 38% increase over 1Q22. We are seeing robust preliminary results as a reflection of the deep crisis in the baby formula market with strong performance of our products in both online and retail channels. Else's two new products, the Toddler Omega and the Cereal Line, also support this increase in guidance.
Hamutal Yitzhak, CEO of Else Nutrition, commented: "We are experiencing a wave of growth driven by the formula shortage crisis. Many consumers and retailers recognize our ability to bring unique solutions to families in this troublesome situation." She added: "We see a strong acceleration in sales on Amazon.com, and other channels, driven by new and existing customers. While revenues on Amazon.com already increased by 40% QoQ in 1Q22, our Amazon.com daily sales doubled in the last few days. In addition, the number of Else subscribers on Amazon.com grew by 20% over the previous four weeks, reaching more than 1200. The retail demand is also increasing, and we expect entry to major nation wide brick and mortar retail channels in the coming months."
About Else Nutrition Holdings Inc.
Else Nutrition GH 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. Else Plant-Based Complete Nutrition for Toddlers was recently ranked as the #1 Top Seller in the baby and toddler formula category on Amazon. The Company recently received the World Plant-Based Award for "Best dairy alternative product" in New York at World Plant-Based Expo in late 2021. The holding company, Else Nutrition Holdings Inc., is a publicly-traded company listed on the Toronto Stock Exchange under the trading symbol BABY and is quoted on the US OTC Markets QX board under the trading symbol BABYF on the Frankfurt Exchange under the symbol 0YL. Else's Executives include leaders hailing from leading infant nutrition companies. 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.
For more information, visit: elsenutrition.com or @elsenutrition on Facebook and Instagram.
Investor Relations Contact:
Lytham Partners, LLC
Mr. Ben Shamsian
New York | Phoenix
Toronto Stock Exchange
Neither the Toronto Stock Exchange nor its regulation services provider (as that term is defined in the policies of the Toronto Stock Exchange) a responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Statements
This press release contains statements that may constitute "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements are typically identified by words such as "will" or similar expressions. Forward-looking statements in this press release include statements with respect to the anticipated dates for filing the Company's financial disclosure documents. Such forward-looking statements reflect current estimates, beliefs and assumptions, which are based on management's perception of current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. No assurance can be given that the foregoing will prove to be correct. Forward-looking statements made in this press release assume, among others, the expectation that there will be no interruptions or supply chain failures as a result of COVID 19 and that the manufacturing, broker and supply logistic agreement with the Company do not terminate. Actual results may differ from the estimates, beliefs and assumptions expressed or implied in the forward-looking statements. Readers are cautioned not to place undue reliance on any forward-looking statements, which reflect management's expectations only as of the date of this press release. The Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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