Better Choice Company Inc. (OTCMKTS:BTTR) has announced its financial results for the three months ended September 30, 2020.
Better Choice accelerating growth of eCommerce and direct-to-consumer sales
The company’s CEO Werner von Pein said that they are delighted to share their Q3 2020. Werner said that this year has been a “banner year” for the company and they are pleased to lead in the highs growth areas in the pet food markets going into 2021. He added that better Choice had a strong presence in high growth animal health segments with direct-to-consumer and eCommerce sales representing around 60% of the company’s consolidated revenue. The CEO said that the company is uniquely placed to benefit from the current global environment as consumers shift to online purchases. Werner added that Better choice continues to convert most of its customer bases into recurring revenue purchases.
Better Choice’s international expansion has continued to accelerate and in Q3 it represented 27% of net sales and 22% since the beginning of the year. Werner explained that the company’s strong internal focus towards positive cash flow, management of costs, and adoption of industry’s best practices offers a foundation for Better Choice to execute in organic growth as well as evaluate M&A opportunities that present good expansion opportunities.
Better Choices posted nets sales of $11.1 million in Q3 2020
During the quarter the company realized net sales of $11.1 million and $33.3 million for the first nine months of 2020. Adjusted EBITDA was $1.1 million since the beginning of the year and $0.4 million for Q3 2020.
Better Choice has continued to grow its business despite the impact of COVID-19 with direct to consumer, eCommerce, and international segments doing well. The company has successfully integrated the Hal and TruPet subsidiaries. In June the Chinese Ministry of Agriculture approved the shipment of 15 diets directly to china and in Q3 net sales were $1.8 mm and for the whole year, the company is expecting annual revenue of $7mm. In October Better Choice raised $20 million of equity to de-lever its balance sheet and support growth.