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Else Nutrition Reports 2023 Financial Results and Provides Business Update

Achieves 38% Sequential Increase in Revenue for Q4 2023 Compared to Q3 2023

Revenue Increases 10% in 2023 compared to 2022

Conference Call to be Held Today at 10:30 AM Eastern Time

VANCOUVER, British Columbia, April 01, 2024 (GLOBE NEWSWIRE) -- ELSE NUTRITION HOLDINGS INC. (BABY) (BABYF) (0YL.F) ("Else" or the "Company"), today reported financial results for the fourth quarter and year ended December 31, 2023. The financial statements and MD&A are available on SEDAR under the Company’s profile.

“We made tremendous progress in 2023, resulting in increased revenue, an expanded retail footprint, and new product launches,” commented, Hamutal Yitzhak, CEO of Else Nutrition. “Notably, our revenue increased 38% sequentially in the fourth quarter of 2023, compared to the third quarter of 2023. Moreover, revenue growth within both the U.S. and Canadian retail channels increased sequentially over the third quarter of 2023, by 85 % and 106%, respectively. Had it not been for some temporary delays by certain large retail chains, our results would have been even stronger. Nevertheless, the planned rollouts are moving forward and feedback from our retail network has been overwhelmingly positive. In fact, we are now actively selling products in over 14,000 stores throughout North America. We have also launched our kids ready-to-drink product (RTD), which allows us to cost effectively leverage our existing retail distribution channels and growing brand recognition by introducing this new and highly anticipated product.”

“For the full year, our revenue increased 10% to $9.4 million, despite manufacturing challenges earlier in the year. However, we took swift action to remedy these challenges and now have three main manufacturing partners—two in North America and one in Europe. As a result, we have more than adequate capacity to support our aggressive growth plans going forward. Additionally, we recently announced a transformative agreement with a premier U.S.-based powder manufacturer which reduces our cost of goods and improves our margins, while securing essential powder production capacity to meet our growing product demand through the end of 2025. Importantly, the new process is designed to better preserve the nutritional content of our products. The cutting-edge low-heat method not only better retains vital nutrients, but also enhances the solubility and texture of the powder. We also secured new, more cost-effective powder packaging partners both in the U.S. and in Europe, and a strong partner for RTD production in Canada.”

“Our established toddler products have continued to receive praise from customers across the U.S. and Canada. To build upon on this momentum, I am pleased to report, we successfully launched our toddler product in the United Kingdom (UK) which marks a key achievement among our international growth initiatives. Having secured multiple partnerships with leading UK distributors in the health food sector, we now have a solid foothold to enter this multi-billion dollar market with our innovative plant-based, dairy-free, whole food toddler products. At the same time, we are continuing to progress discussions with the FDA in order to commence our infant formula trial as soon as possible.”

"Ultimately, we are setting a new standard in infant, toddler and kids nutrition and I am extremely encouraged by the traction we are gaining in the market. We believe our rapid progress reinforces the significant unmet demand for a tasty and nutritious dairy and soy free alternative. Major retailers are accepting our products for their shelves and online stores, enabling us to supply products to millions of families around the world. Overall, we believe we have positioned ourselves for success and look forward to continuing to execute for our shareholders,” concluded Ms. Yitzhak.

2023 Fiscal Year Financial Results
All figures are in CAD unless otherwise indicated.

  • Revenue for 2023 increased 11% to $9.4 million compared to $8.5 million for the same period last year.
  • Revenue for the fourth quarter increased 38% sequentially to $2.4 million compared to $1.7 million for the third quarter of 2023, reflecting an 85% and 106% increase within both the US and Canadian retail channels, respectively.
  • Operating expenses decreased 23% to $16.8 million compared to $21.8 million in 2022.
  • Cash balance as of December 31, 2023, was $5.9 million (including restricted cash and short-term bank deposits).

2023 Fiscal Year Business Highlights

  • Expanded retail presence into more than 11,000 additional stores in North America including 7,000 CVS stores, 1,200 Walmart stores, 900 Shoppers Drug Mart stores, 440 Loblaws stores, and more.
  • Tripled production capacity and reduced manufacturing costs by over 50% (results will take effect during FY 2024).
  • Else products were approved for US federal insurance billing under Centers for Medicare & Medicaid Services (CMS), opening new avenues for distribution and increasing accessibility of Else's plant-based nutrition products.
  • Else nutritional products for toddlers and kids have been approved by the Oklahoma Women, Infants, and Children (WIC) program. This authorization comes on the heels of the Company's recent achievement of product approvals in Arizona and under US federal insurance billing, reflecting the continued execution of the Company’s strategic vision to broaden accessibility of its plant-based nutrition products across the United States.
  • Entered into a multi-stage collaboration agreement with Danone S.A.
  • Entered the Western European market during the fourth quarter of 2023, initially launching with UK natural food distributors, with other European countries to follow.
  • Launched the kids RTD product line in two countries, U.S. and Canada, in brick and mortar and online retailers.
  • Developed the prototype adult RTD products and planning to launch in H2 2024.

Conference Call

Else Nutrition management plans to host a business update conference call today at 10:30 a.m. Eastern Time to discuss the Company’s financial results for the 2023 fiscal year ended December 31, 2023, 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 or on the Investor Relations section of the Company’s website at

A webcast replay will be available on the Investor Relations section of the Company’s website (, through April 1, 2025. A telephone replay of the call will be available approximately three hours following the call, through April 8, 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: 13745059.

To delve deeper into Else Nutrition's offerings and its revolutionary approach to kids' nutrition, visit

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

Investor Relations Contact:
Alexandra Schilt
Crescendo Communications, LLC
Office: (212) 671-1020

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.

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 does 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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