Business
Freshpet, Inc. Reports Fourth Quarter and Full Year 2024 Financial Results
Significant Margin Improvement & Strong Cash Generation Provides Full Year 2025 Outlook and Updates 2027 Targets BEDMINSTER, N.J., Feb. 20, 2025 (GLOBE
About this update from Freshpet, Inc.
[{"type":"text","content":"Significant Margin Improvement & Strong Cash Generation Provides Full Year 2025 Outlook and Updates 2027 Targets\nBEDMINSTER, N.J., Feb. 20, 2025 (GLOBE NEWSWIRE) -- Freshpet, Inc. (“Freshpet” or the “Company”) (Nasdaq: FRPT) today reported financial results for its fourth quarter and full year ended December 31, 2024. Fourth Quarter 2024 Financial Highlights Compared to Prior Year Period Net sales of $262.7 million, an increase of 22.0%.Net income of $18.1 million, compared to the prior year period of $15.3 million.Gross margin of 42.5%, compared to the prior year period of 34.6%.Adjusted Gross Margin of 48.1%, compared to the prior year period of 41.1%.1Adjusted EBITDA of $52.6 million, compared to the prior year period of $31.3 million.1 Full Year 2024 Financial Highlights Compared to Prior Year Net sales of $975.2 million, an increase of 27.2%.Net income of $46.9 million, compared to the prior year net loss of $33.6 million.Gross margin of 40.6%, compared to the prior year of 32.7%.Adjusted Gross Margin of 46.5%, compared to the prior year of 40.0%.1Adjusted EBITDA of $161.8 million, compared to the prior year of $66.6 million.1For the year ended December 31, 2024, net cash provided by operating activities was $154.3 million, compared to $75.9 million in the prior year. \"Fiscal year 2024 was a breakout year for Freshpet. We continued to deliver the exceptional net sales growth investors have come to expect from Freshpet but also delivered very strong profit improvements - and even exceeded some of the fiscal year 2027 targets we set two years ago. We also delivered full-year positive net income for the first time. The strength of this sustained performance, coupled with our operating cash flow improvements, gives us confidence we will be free cash flow positive in 2026 and able to self-fund our growth going forward,\" commented Billy Cyr, Freshpet’s Chief Executive Officer. \"This strong performance also enables us to raise our long-term profit margin targets today to reflect the additional scale benefits we believe we can deliver as we transform the pet food category and nourish pets, people, and the planet. We remain focused on delivering disciplined, consistent growth, and outsized profitability improvements, that we believe will drive shareholder value going forward.\" Fourth Quarter 2024 Net sales increased 22.0% to $2...