Else Nutrition sees C$1.5M in full year 2020 revenue as it clocks up sales on Amazon.com and its e-store

Else Nutrition Holdings Inc (CVE:BABY) (OTCMTKS:BABYF) (FRA:0YL) reported C$1.5 million in full year 2020 revenue as it achieved substantial month-on-month sales growth through its e-store and on Amazon.com. For the year ended December 31, 2020, the Israel-based food and nutrition company, which develops innovative plant-based food products for infants, toddlers and children, reported revenue of C$1,482,000. The company started operations in June 2019 so there are no comparative figures from 2019. Meanwhile, Else posted revenue of $598,000 for the fourth quarter ended December 31, 2020. It chalked up the revenue to “a high growth rate” in online market penetration, showing “substantial month-on-month growth” in two of its online sales channels. READ: Else Nutrition sees its new Complete Nutrition for Toddlers win quick market acceptance “Initial sales showed high-level of customer satisfaction, development of brand loyalty and over 30% in repeat sales,” reported the company. In November, Else “ranked as a bestseller on Amazon Infant & Toddler formula new releases,” added the company. Else's cash position was C$25 million as of December 31, 2020 and it included restricted cash and short-term bank deposits. In a statement accompanying the numbers, Else CEO Hamutal Yitzhak said: "I am very proud of our achievements in 2020. Although coronavirus (COVID-19) caused a slowdown on many fronts, we succeeded to complete two manufacturing runs as preparation towards our commercial launch.” “We achieved substantial month-on-month sales growth on our e-store and on Amazon.com; representing extremely encouraging sign for Else's future. We also made significant progress on many other fronts, including delivering initial product shipments to KeHE distributors, listing on additional natural food retail chains, continued product development and staff expansion.” She noted that the company has built "great" infrastructure. “We are very proud of our progress and feel confident in our ability to deliver strong growth and market penetration in the remainder of this year and beyond," she added. The company said it completed the development of its first Plant-Based Complete Nutrition for Toddlers product. The product is now available at Sprouts Farmers Market, Big-Y, and online on iHerb, Thrive Market, Amazon.com, and Elsenutrition.com. Else noted that the “extremely fast-paced retail market penetration” is starting to generate revenues, “a stream that will grow” as the product rolls out to more store shelves. Else is shipping products to the two largest natural food distributors in North America – UNFI and KeHE Distributors. Else has also shipped products to Imperial, a local distributor in the North East that serves Big-Y and other retailers in the area. In May this year, Else will launch a new product line – Plant-Based Complete Nutrition for Kids, 3 years and older – in vanilla and chocolate, in 16 oz powder cans. The new product line will offer a “plant-based, low sugar, delicious alternative to milk and soy-based products,” said the company. Meanwhile, Else started commercial manufacturing in July 2020 and performed three additional commercial production runs in August, November and December, building inventory to service the online and retail expansion in the US market. The company said it has completed two financings for over C$33.7 million. Contact the author Uttara Choudhury at uttara@proactiveinvestors.com Follow her on Twitter: @UttaraProactive