Better Choice Company Reports Full Year 2019 Financial Results
Better Choice Company, Inc. reported its financial results for the full year 2019 and provided a shareholder update subsequent to its acquisition of Halo, Purely for Pets®.
“2019 was a transformative year for Better Choice including our public listing and two strategic investments in the pet and wellness space – TruPet and Halo. Upon closing of these acquisitions, Better Choice has been focused on an aggressive integration and synergy effort. If the nine-month results including these acquisitions were annualized on a linear twelve-month basis, net sales would be approximately $50 million. Today’s Better Choice platform has a growing presence in the E-Commerce, Direct-to-Consumer and International channels of trade, which they believe provides a unique foundation to build a leading brand in the fast-paced and ever-evolving animal health sector,” said Werner von Pein, CEO of Better Choice.
“In light of the COVID-19 crisis, with approximately two thirds of our sales on E-Commerce and Direct-to-Consumer, Better Choice has been well prepared to meet the demand of their customers online. With pet adoption rates currently at all-time highs, we have observed an increase in demand for high-quality pet health and wellness product offerings. This momentum in their business has positioned Better Choice well with their consumers as a trusted provider of quality pet products and we believe this momentum will continue as they launch new offerings to retain consumer support going forward.”
Financial Results for the Full Year 2019
– Revenue for the full year 2019 was $15.6 million, up 5% compared with $14.8 million for 2018.
– Cash and cash equivalents at the end of 2019 totaled $2.4 million.
– Net sales for the nine-months ended September 30, 2019 were approximately $36 million. If the nine-month results were annualized on a linear twelve-month basis, net sales would be approximately $50 million.