TAMPA - Better Choice Company Inc. (NYSE American: BTTR) (the 'Company' or 'Better Choice'), a pet health and wellness company, today announced its results for the first quarter ended March 31, 2024.
FIRST QUARTER 2024 HIGHLIGHTS
Net revenue of $7.9 million
Gross margin of 33%
Net loss improved 19% to $(2.8) million
Earnings (loss) per share ('EPS') improved 28% to $(3.60) per share
Adjusted EBITDA1 improved 27% year over year to $(1.4) million
Adjusted EBITDA margin1 improved 299 basis points year over year to (18)%
During the first quarter of 2024, Better Choice generated $7.9 million in net sales, with approximately 75% of volume driven by its Halo Holistic product line across its E-Commerce and International channels. The Company successfully launched its Halo Elevate line on Chewy, where it's gaining traction and consumer satisfaction with an average product rating of 4.6 stars. 'We are executing a digital first strategy in our domestic business and have implemented marketing investment shifts to grow brand awareness and discoverability,' says Kent Cunningham, CEO of Better Choice. 'We are focused on optimizing our portfolio and addressing consumer barriers to purchase. We have improved our inventory levels by approximately 50% in the last 15 months, and have sustained improvement in fill rates to an average of 96% for the quarter,' continues Mr. Cunningham. 'The positive trend realized in adjusted EBITDA1 and EPS are a result of the continued organizational change management as we continue to move the business towards profitable growth.'
About Better Choice Company Inc.
Better Choice Company Inc. is a pet health and wellness company focused on providing pet products and services that help dogs and cats live healthier, happier and longer lives. We offer a broad portfolio of pet health and wellness products for dogs and cats sold under our Halo brand across multiple forms, including foods, treats, toppers, dental products, chews, and supplements. We have a demonstrated, multi-decade track record of success and are well positioned to benefit from the mainstream trends of growing pet humanization and consumer focus on health and wellness. Our products consist of kibble and canned dog and cat food, freeze-dried raw dog food and treats, vegan dog food and treats, oral care products and supplements. Halo's core products are made with high-quality, thoughtfully sourced ingredients for natural, science-based nutrition. Each innovative recipe is formulated with leading veterinary and nutrition experts to deliver optimal health.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words 'believe,' 'may,' 'estimate,' 'continue,' 'anticipate,' 'intend,' 'should,' 'plan,' 'could,' 'target,' 'potential,' 'is likely,' 'will,' 'expect' and similar expressions, as they relate to us, are intended to identify forward-looking statements. The Company has based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Some or all of the results anticipated by these forward-looking statements may not be achieved. Further information on the Company's risk factors is contained in our filings with the SEC. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
Contact:
Valter Pinto
Tel: 212-896-1254
Email: Valter@KCSA.com
BETTER CHOICE COMPANY INC. 
