New York, New York--(Newsfile Corp. - April 19, 2022) - Plantable® Health Inc. (NEO: PLBL) ("Plantable" or the "Company") today announces the following corporate update to share the status of the Company and its various initiatives planned for the remainder of 2022.
CEO Dr. Nadja Pinnavaia stated: "We have made progress since going public at the start of this year. We have been proactive and strategic in optimizing new marketing initiatives to increase exposure, from which we have already seen improved performance through the desired change in the revenue mix. We are dedicated to building a successful company in Q2 and beyond. With clinical trials underway, more scheduled to start, growing our management team with experienced executives, I remain confident that Plantable will accomplish its mission to minimize our current health crisis caused by the modern diet."
In Q1 2022, after successfully closing its $4.5m financing, Plantable focused on rebuilding its base marketing fundamentals with a primary objective of growing sales of its most valuable product, the Reboot. Additionally, the Company began building the foundations to expand its scope into digital marketing efforts and optimization of paid marketing. Beginning in February 2022, these efforts to target Reboot customers began and are experiencing early traction. From February onwards, marketing efforts have resulted in improved performance and revenue, and the desired change in the product mix.
The marketing initiatives are led by Elisa Udaskin, Chief Marketing Officer, who since her appointment as CMO on January 31, 2022 has created solid strategies for brand, digital media, email and social channels and has identified areas to solidify the B2C strategy and optimize marketing spend. In Q2 2022, Plantable's focus is on completing the reset of the base for digital analytics, communications and consumer segmentation to deploy across all channels - focused on Plantable's three key consumer segments 1. Sustained weight loss 2. Reversal of chronic conditions and 3. Overall improvement in health and wellbeing. With that foundation in place Plantable will continue to optimize cross-channel content strategy, with continued focus on Reboot conversion, acquisition of new users, reaching a cost-effective ROI.
Revenue Mix and Financial Position
On March 28, 2022 Plantable's 2021 Year-end financials were released. Due to the expenses associated with the IPO, the Company experienced abnormally high General and Administrative expenses in 2021. Additionally, revenue recognized for 2021 was comparable to 2020 as marketing initiatives were on hold pending completion of the IPO financing, which was needed to start marketing programs.
In Q1 2022, Plantable saw initial top-line YoY revenue growth in February and March 2022, boosted by affiliate marketing partnerships and initial exploratory traction from the Company's paid media initiatives, with an improved new customer mix, skewed towards the high value Reboot customer. The Rebooter has an average 12 month spend of $1000 versus the a la carte ("ALC") entry point with an average ~$300 12 month spend.
Outside of Paid Media, in Q2 Plantable is focusing on developing its B2B2C distribution channels through physicians and medical institutions, with an aim to be a leader in prescriptive lifestyle dietary interventions for the reversal of diet-related chronic conditions.
Plantable currently has a healthy cash position, eliminating the need for immediate financing activities in what remains a soft market for junior public companies. The Company closed a $4.5m financing on December 31, 2021, and has raised a total of $6m in 2021. However, the Company is focusing on cost saving initiatives such as reducing reliance on external consultants for accounting and corporate services, restructuring investor relations programs and adjustments to internal corporate fees, to minimize cash burn and save its capital for relevant investments to grow the business. In addition to a strong cash position at December 31, 2022, Plantable had a very positive working capital position of US$3,124,532 with no long term debt with the exception of a related party loan of US$104,033.
Expansion of Management Team
Mr. Mateusz Lilpop joins as the VP of Operations, effective April 19, 2022. As VP of Operations, Mateusz will lead the Operations of the business, with an initial focus on culinary scale and manufacturing efficiencies. Mateusz brings close to 20 years of culinary operational experience, most recently at Rethink Food, a sustainable and equitable food operation, where he oversaw multi-location operations focused on improving processes, productivity, supply chain and cost efficiencies.
About Plantable® Health Inc.
Plantable is a clinically supported, lifestyle intervention program that combines behavioral psychology, neuroscience, and nutritional science to transform health and wellness. Plantable drives healthy weight loss and an improvement in health, and well-being through effective behavior change. Plantable's efficacy is predicated upon the scientific foundation of plant-based nutrition, personalized coaching support and lifestyle educational tools to empower people to change their dietary habits. To view the Company's products and become a customer, please visit plantable.com or click the link here: https://plantable.com
If you are interested in investing in the Company and would like more information, click the link here: http://invest-plantable.com
Become a part of the Plantable investor community on WhatsApp by joining the link here: https://chat.whatsapp.com/CNupoG2sVitJRhzpfGJGHt
On behalf of the Board of Directors,
Dr. Nadja Pinnavaia
Chief Executive Officer
For investor inquiries please contact:
Corporate Communications and Investor Relations
Cautionary Note Regarding Forward-Looking Information
Certain statements contained in this news release constitute forward-looking statements as defined under applicable securities laws. All statements in this news release, other than statements of historical facts, that address events or developments that management of the Company expect, are forward-looking statements. Specifically, the references in this news release to the benefits the Company expects to gain from its corporate update, and the expected market opportunity arising from the initiatives planned for 2022 both constitute forward-looking statements. Forward-looking statements are based on a number of assumptions and are subject to a number of risks and uncertainties, many of which are beyond the Company's control, that could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking statements, see "Notice to Investors - Forward-Looking Information" and "Risk Factors" in the Prospectus. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
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