Freshpet, Inc. Reports Fourth Quarter and Full Year 2019 Financial Results

About this update from Freshpet, Inc.

[{"type":"text","content":"Provides 2020 Annual Outlook\n Company to Webcast Financial Results and Investor Day at 8:00 am Eastern Time Today SECAUCUS, N.J., Feb. 25, 2020 (GLOBE NEWSWIRE) -- Freshpet, Inc. (“Freshpet” or the “Company”) (NASDAQ: FRPT) today reported financial results for its fourth quarter and full year ended December 31, 2019. Fourth Quarter 2019 Financial Highlights Compared to Prior Year Period Net sales of $65.8 million, an increase of 27.3%Net income of $4.6 million, compared with prior year net income of $1.8 million, an increase of 163.7%Adjusted EBITDA of $13.2 million, compared to $9.2 million, an increase of 43.1%1 2019 Financial Highlights Compared to Prior Year Net sales of $245.9 million, an increase of 27.2%Net loss of $1.4 million compared to a net loss of $5.4 million, a decrease of 74.2%Adjusted EBITDA of $29.2 million compared to $20.3 million, an increase of 43.8% 1 “Our final 2019 results demonstrate that our “Feed the Growth” strategy is working – delivering strong, sustainable and predictable growth that we can convert to meaningful adjusted EBITDA growth,” commented Billy Cyr, Freshpet’s Chief Executive Officer. “We believe our growth journey has just begun with the conversion of only about 3 million dog-owning households to Freshpet out of the 63 million total household opportunity. To fulfill our mission of “changing the way we feed our pets forever” we expect to convert another 5 million households to Freshpet by 2025. In doing that, we will continue to satisfy more pets, pet parents and the shareholders who support us.” Fourth Quarter 2019 Fourth quarter of 2019 net sales increased 27.3% to $65.8 million compared to $51.6 million for the fourth quarter of 2018. Net sales for the fourth quarter of 2019 were driven by velocity, innovation, and distribution gains. Gross profit was $30.3 million, or 46.0% as a percentage of net sales for the fourth quarter of 2019, compared to $23.4 million, or 45.2% as a percentage of net sales, in the same period last year. For the fourth quarter 2019, Adjusted Gross Profit was $32.3 million, or 49.1% as a percentage of net sales, compared to $25.5 million, or 49.4% as a percentage of net sales, in the prior year period. The decrease in Adjusted Gross Profit as a percentage of net sales was primarily due to increased production and processing cost, and cost related to converting t...

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