Better Choice Company Inc. (NYSE: BTTR) saw a notable increase of 23.53% to close the previous trading day at $6.30. This notable spike in the value of BTTR shares seems to be related to the announcement of a share buyback program.
Better Choice (BTTR) declared that its board of directors has adopted a plan for stock repurchases. Under this program, BTTR is permitted to repurchase shares of the company’s common stock for a maximum of $5 million, effective December 31, 2024.
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Shares may be bought back through open market sales, private transactions, or any trading plan that complies with the most recent rules set forth by the Securities and Exchange Commission (“SEC”). A number of variables, including stock availability, current market circumstances, stock trading prices, options for alternative capital use, and Better Choice’s financial success, will affect when and how much of a buyback occurs.
The recently disclosed financial results have bolstered BTTR’s confidence in the decision to repurchase stock. In 2023, Better Choice witnessed a notable improvement in gross margin, reaching 31%, driven by strategic pricing adjustments and a 3% year-over-year reduction in input costs – indicative of operational efficiency and profit maximization through increased production volumes.
Furthermore, Better Choice’s sustained emphasis on financial prudence and its path to profitability is evidenced by a 29% growth in adjusted EBITDA and a significant reduction in cash burn over the past year.
Substantial strategic realignments were purposefully executed across various channels to ensure the resilience and long-term sustainability of the Halo brand. Better Choice’s annual operational strategy for 2024 incorporates a strategic shift in digital and marketing investment strategies to foster brand expansion and visibility.
Better Choice aims to accelerate its revenue growth, maintain product excellence as a priority, and continually enhance its operational efficiency to propel its future growth trajectory. Ending the year on a solid note, Better Choice is poised to leverage its brand equity and further enhance profitability in 2024.
