Business
Vital Farms Reports First Quarter 2022 Financial Results
First Quarter Net Revenue exceeds $77 million, up over 31% versus Prior Year Maintains Fiscal Year 2022 Outlook AUSTIN, Texas, May 05, 2022 (GLOBE NEWSWIRE)
About this update from Vital Farms, Inc.
[{"type":"text","content":"First Quarter Net Revenue exceeds $77 million, up over 31% versus Prior Year Maintains Fiscal Year 2022 Outlook\nAUSTIN, Texas, May 05, 2022 (GLOBE NEWSWIRE) -- Vital Farms (Nasdaq: VITL), a Certified B Corporation that offers a range of ethically produced foods nationwide, today reported financial results for its first quarter ended March 27, 2022. Financial highlights for the first quarter include: First Quarter 2022 Net Revenue increase of 31.6% to $77.1 millionFirst Quarter 2022 Net Loss of $1.5 millionFirst Quarter 2022 Adjusted EBITDA of $0.5 million1 “This year is off to the strong start we projected,” said Russell Diez-Canseco, Vital Farms’ President and Chief Executive Officer. “Vital Farms is the fastest-growing brand in dollars in the egg category.2 We’re delivering on our growth plans with continued gains in retail distribution and household penetration, and we are building capacity with a network of nearly 300 family farms and the expansion of Egg Central Station, which is now fully operational and positions us to double our current net revenue base in the coming years.” Diez-Canseco continued, “Vital Farms has always been a brand that has challenged the norms of the food system. We do this through maintaining a commitment to our stakeholders—farmers and suppliers, crew members, customers and consumers, communities and the environment, and stockholders—and by building a refreshingly honest and transparent brand that evokes a sense of trust from the over 6.5 million households that choose our pasture-raised eggs. Our stakeholder commitment and transparency attract new households to Vital Farms, drive loyalty, and give us confidence in our plans to continue to grow through existing businesses and new categories.” 1 Adjusted EBITDA is a non-GAAP financial measure defined in the section titled “Non-GAAP Financial Measures” below and is reconciled to net income, its closest comparable GAAP measure, at the end of this release.2 Source: SPINS 52 Weeks Ended 3/20/2022. For the 13 Weeks Ended March 27, 2022 Net revenue increased 31.6% to $77.1 million in the first quarter of 2022, compared to $58.5 million in the first quarter of 2021. Growth in net revenue in the first quarter of 2022 was primarily due to continued growth in egg-related sales, driven by volume increases at our customers, as well as distribution gains at bot...