NEW YORK — Better Choice Company shared an operational update amid the COVID-19 pandemic, reporting on the impact of its recent acquisitions in the pet space and its full-year fiscal 2019 earnings.
The company reported $15.6 million in net sales, up 5% from year-ago revenue of $14.8 million. Net losses were not shared for the full year 2019.
For its nine-months ended Sept. 30, 2019, Better Choice shared net sales of approximately $36 million. The company pointed out that annualized earnings at this rate would total approximately $50 million.
“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,” said Werner von Pein, chief executive officer of Better Choice and previous chief executive officer of Halo.
Von Pein was appointed to lead Better Choice following the company’s acquisition of Halo in December 2019.
“Upon closing of these acquisitions, Better Choice has been focused on an aggressive integration and synergy effort,” von Pein continued. “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 we believe provides a unique foundation to build a leading brand in the fast-paced and ever-evolving animal health sector.”
Prior to acquiring Halo, Better Choice purchased TruPet in May 2019, a brand of freeze-dried and dehydrated treats and supplements for dogs sold across North America.
The company said its established e-commerce and direct-to-consumer markets are expected to prop up the company through COVID-19.
“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 our customers online,” von Pein said. “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 our business has positioned Better Choice well with its consumers as a trusted provider of quality pet products and we believe this momentum will continue as we launch new offerings to retain consumer support going forward.”
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