Business
The Vita Coco Company Reports Fourth Quarter and Full Year 2021 Financial Results
Record Full Year Net Sales Increased 22% to $380 million driven by Vita Coco Coconut Water Growth of 39% Fourth Quarter Net Sales Increased 25% to $87 Million
About this update from The Vita Coco Company, Inc.
[{"type":"text","content":"Record Full Year Net Sales Increased 22% to $380 million driven by Vita Coco Coconut Water Growth of 39% Fourth Quarter Net Sales Increased 25% to $87 Million For Fiscal Year 2022, Expect Continued Strong Net Sales Growth of 16-20% NEW YORK, March 10, 2022 (GLOBE NEWSWIRE) -- The Vita Coco Company, Inc. (NASDAQ:COCO) (“Vita Coco” or “the Company”), a leading high-growth platform of better-for-you beverage brands, today announced financial results for the fourth quarter and full year ended December 31, 2021. Fourth Quarter 2021 Highlights Compared to Prior Year Net sales grew 25% to $87 million driven by Vita Coco Coconut Water growth of 61%Gross profit was $22 million, or 25% of net sales down from $23 million, or 32% of net salesNet loss attributable to shareholders was $3 million, or $0.06 per diluted share, compared to net income attributable to shareholders of $17 million, or $0.29 per diluted share, which benefited from a non-cash gain due to the revaluation of the contingent liability of $16 million related to our Runa brandNon-GAAP Adjusted EBITDA1 was $1 million compared to $5 million Full Year 2021 Highlights Compared to Prior Year Net sales grew 22% to $380 million driven by Vita Coco Coconut Water growth of 39%Gross profit increased to $113 million, or 30% of net sales from $105 million, or 34% of net salesNet income attributable to shareholders was $19 million, or $0.35 per diluted share, compared to $33 million or $0.56 per diluted share, which benefited from a non-cash gain due to the revaluation of the contingent liability of $16 million related to our Runa brandNon-GAAP Adjusted EBITDA1 was $37 million compared to $35 million Michael Kirban, the Company’s Founder, co-Chief Executive Officer and Chairman, stated, “I want to recognize the effort of all of our employees to make this a terrific year, which included our successful IPO in October, record net sales performance and significant branded share gains across our key markets. Two years ago we upgraded our commercial capabilities, and decided to focus on growth and gaining share within our category. Our 2021’s record net sales results are testament to the improvements and investments we have made, as we prioritized growth in the belief that increased market share and scale will deliver healthy long-term profitability. Over the course of 2021, in the United Stat...