Better Choice Company Inc. - BTTR STOCK NEWS

Better Choice Company (NYSE American: BTTR) announced a partnership with Pet Supermarket to sell its Halo Brand pet food in over 75 retail locations starting March 2, 2023. This move aims to expand the availability of Halo's super-premium pet food, which includes the popular Halo Elevate line. With this partnership, Halo products will now be featured in more than 1,500 retail stores across the United States. The CEO of Halo, Lionel Conacher, expressed confidence that this collaboration will positively impact pet health and wellness.

Better Choice Company (NYSE: BTTR) announced a workforce reduction of approximately 25%, aiming to save an estimated $2.2 million annually. This decision includes the elimination of the COO role, which is expected to significantly decrease the company’s operational costs in 2023 and beyond. Interim CEO Lionel Conacher noted that while the long-term prospects remain strong, current market conditions are challenging. Further financial details will be disclosed during the Q4 and full year 2022 results announcement.

Better Choice Company reported Q3 2022 net sales of $11.9 million, a decrease from $13.2 million in Q3 2021. Year-to-date net sales reached $45.4 million, a 30% increase year-over-year. Gross profit margin improved to 35% in Q3 and 30% year-to-date. The company also extended its revolving credit facility to $13.5 million, removing the going concern language from its 10-Q. However, losses from operations reached $6.4 million in Q3 and $14.6 million year-to-date, signaling ongoing challenges despite growth in international sales.

Better Choice Company (NYSE: BTTR) announced a conference call and webcast scheduled for November 10, 2022, at 8:30 a.m. ET to discuss its third-quarter 2022 financial results and provide a business update. Interested individuals can join via dial-in or webcast. The company specializes in pet health and wellness products under the Halo brand, focusing on natural nutrition and quality ingredients. They are positioned to benefit from the growing trend of pet humanization and the increasing consumer focus on health and wellness for pets.

Better Choice Company (BTTR) announced an extension and increase of its credit facility with Wintrust Financial, raising the total borrowing capacity to $13.5 million. This amendment allows Better Choice to refinance its $4.7 million Term Loan A, eliminating all scheduled quarterly amortization payments until January 2024, significantly enhancing liquidity. The maturity date of the revolving credit facility is now extended to October 2024, with reduced cash and liquidity covenants, improving financial flexibility for ongoing growth initiatives.

Better Choice Company (BTTR) announced the resignation of CEO Scott Lerner, effective September 13, 2022. Lionel Conacher, the current Director, will serve as Interim CEO. Mike Young, Chairman, expressed confidence in the executive team's ability to continue growth, highlighted by the launch of Halo Elevate® in over 1,500 locations and a remarkable 100% growth in international sales year-to-date. The company aims for sustainable growth and margin improvements, with a strong focus on innovative pet health products.

Better Choice Company (NYSE: BTTR) has made a significant donation of nearly 65,000 lbs. of its Halo Pets brand pet food, valued at approximately $150k, to Greater Good Charities amidst ongoing supply chain challenges in the pet food industry. This donation, which includes dry and wet food for various pets, reflects the company's commitment to supporting animal shelters affected by these challenges. CEO Scott Lerner emphasized the importance of timely action during these difficult times for the industry.

Better Choice Company (NYSE: BTTR) announces the launch of enhanced recipes for its Halo Holistic pet food line, featuring responsibly sourced proteins and improved digestive health.

The new formulations are free of soy and include poultry-free options, boasting higher protein content and guaranteed probiotics. The packaging has also been updated for sustainability. Available at major retailers like Petco and Amazon, these changes reflect Better Choice Company's ongoing commitment to pet health and wellness.

Better Choice Company reported record Q2 2022 gross sales of $19.8 million and net sales of $16.5 million, marking a 50% increase in net sales quarter-over-quarter. This growth was fueled by a 133% surge in brick-and-mortar sales and a 75% increase in international sales. Gross margin improved to 29%, with an adjusted gross margin of 31%. The company maintains a cash balance of $17.8 million, which is expected to support its path to profitability. Ongoing transitions in production and strategic launches, such as Halo Elevate, are expected to drive further growth.