Else Nutrition Raises Growth Guidance for Q2oQ1 to 25-38% Amidst the Baby Formula Shortage Crisis - 05/18/2022 7:00:00 AM
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.“
