Business
Freshpet, Inc. Reports Fourth Quarter and Full Year 2022 Financial Results
FY 2022: Strongest topline growth since the Company went public Q4 shows significant improvement in operations Ennis start-up is on-track SECAUCUS, N.J., Feb.
About this update from Freshpet, Inc.
[{"type":"text","content":"FY 2022: Strongest topline growth since the Company went public Q4 shows significant improvement in operations Ennis start-up is on-track SECAUCUS, N.J., Feb. 27, 2023 (GLOBE NEWSWIRE) -- Freshpet, Inc. (“Freshpet” or the “Company”) (Nasdaq: FRPT) today reported financial results for its fourth quarter and full year ended December 31, 2022. Fourth Quarter 2022 Financial Highlights Compared to Prior Year Period Net sales of $165.8 million, an increase of 43.1%Net loss of $2.9 million, compared to net loss of $9.3 million Adjusted EBITDA of $18.8 million, compared to $7.6 million 1 2022 Financial Highlights Compared to Prior Year Net sales of $595.3 million, an increase of 39.9%Net loss of $59.5 million compared to a net loss of $29.7 millionAdjusted EBITDA of $20.1 million compared to $35.0 million 1 “We had a very strong finish to 2022. Between record net sales growth, improved performance on quality and logistics, and a strong start-up of our Ennis Kitchen, we were able to exceed our guidance and build a strong foundation for 2023,\" commented Billy Cyr, Freshpet's Chief Executive Officer. \"With the Ennis Kitchen now on-line, we finally have enough capacity to meet the growing demand for Freshpet. That will enable us to focus on driving our operational improvements and margin enhancement under our Fresh Future plan while finally having the ability to fully leverage our marketing, innovation, and distribution capabilities. That will enable us to continue building the Freshpet franchise and deliver on our long-term growth and profitability goals.\" Fourth Quarter 2022 Net sales increased 43.1% to $165.8 million for the fourth quarter of 2022 compared to $115.9 million for the fourth quarter of 2021. Net sales for the fourth quarter of 2022 were driven by pricing, velocity, distribution gains and innovation. Gross profit was $45.7 million, or 27.6% as a percentage of net sales, for the fourth quarter of 2022, compared to $41.2 million, or 35.6% as a percentage of net sales, in the prior year period. For the fourth quarter of 2022, Adjusted Gross Profit was $54.8 million, or 33.0% as a percentage of net sales, compared to $47.0 million, or 40.6% as a percentage of net sales, in the prior year period. The decreases in gross profit and Adjusted Gross Profit as a percentage of net sales were primarily due to increased plant start-up ...