Business
Vital Farms Reports Fourth Quarter and Fiscal Year 2022 Financial Results
Fourth Quarter Net Revenue a Record $110.1 million, up 42.2% versus Prior Year Expects Net Revenue of More Than $450 million in Fiscal Year 2023 AUSTIN, March
About this update from Vital Farms, Inc.
[{"type":"text","content":"Fourth Quarter Net Revenue a Record $110.1 million, up 42.2% versus Prior Year Expects Net Revenue of More Than $450 million in Fiscal Year 2023 AUSTIN, March 09, 2023 (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 fourth quarter and fiscal year ended December 25, 2022. Financial highlights for the fourth quarter and fiscal year ended December 25, 2022 include: Fourth Quarter 2022 Net Revenue increase of 42.2% to $110.1 millionFiscal Year 2022 Net Revenue increase of 38.8% to $362.1 millionFiscal Year 2022 Net Income of $1.2 millionFiscal Year 2022 Adjusted EBITDA of $16.2 million1 “2022 was another great year for Vital Farms’ financial results. We had a strong close to the year in Q4, achieving our highest net revenue in a single quarter driven by continued robust demand for our products. We also made significant gains in household penetration, growing the number of households who purchase Vital Farms products by over 45%, to 10.5 million,” said Russell Diez-Canseco, Vital Farms’ President and CEO. Diez-Canseco continued, \"Our continued success throughout this past year is a testament to the resilient stakeholder community of which we are a part. Specifically, I would like to recognize our crew members for their tireless efforts, and our farmers, whose passion for what they do and professionalism during all the change we experienced this past year is truly inspiring.” 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. For the 13 Weeks Ended December 25, 2022 Net revenue increased 42.2% to $110.1 million in the fourth quarter of 2022, compared to $77.4 million in the fourth quarter of 2021. Growth in net revenue in the fourth quarter of 2022 was driven by volume gains of 27%, primarily due to continued growth in egg-related sales, and pricing increases, as well as distribution gains at both new and existing retail customers. Gross profit was $33.3 million, or 30.3% of net revenue, in the fourth quarter of 2022, compared to $19.8 million, or 25.6% of net revenue, in the prior year quarter. The change in gross profit was driven by higher sales....