Business
Vital Farms Reports Second Quarter 2021 Financial Results
Record Net Revenue of $60.3 millionIncreasing Capacity Across Farmer NetworkEgg Central Station Expansion on Track for Mid-2022 Completion AUSTIN, Texas, Aug.
About this update from Vital Farms, Inc.
[{"type":"text","content":"Record Net Revenue of $60.3 millionIncreasing Capacity Across Farmer NetworkEgg Central Station Expansion on Track for Mid-2022 Completion AUSTIN, Texas, Aug. 10, 2021 (GLOBE NEWSWIRE) -- Vital Farms (Nasdaq: VITL), a Certified B Corporation that offers a range of ethically produced pasture-raised foods nationwide, today reported financial results for its second quarter ended June 27, 2021. 2Q 2021 Net Revenue increases 1.7% to $60.3 million2Q 2021 Net Income of $3.9 million2Q 2021 Adjusted EBITDA of $5.1 million1 “We are very pleased with our second quarter results, as we posted the highest quarterly revenue in company history. We achieved positive net revenue growth, lapping the 84% growth during this period last year which was driven by COVID-19 pantry loading,” said Russell Diez-Canseco, President and CEO, Vital Farms. “We continue to exceed our original growth targets, both by implementing strategic marketing initiatives that drove household penetration to over 5.5 million households and by building collaborative retail relationships that grew retail distribution to over 17,250 stores. We grew our food service business with the addition of new regional concepts, and just introduced two new product innovations, Breakfast Bars and Spreadable Tub Pasture-Raised Butter with Sea Salt and Avocado Oil.” Diez-Canseco continued, “The sustained growth Vital Farms has demonstrated in our first year as a public company is a testament to investments we’ve made in our crew members, in increasing capacity across our farmer network, which now stands at over 225 family farms, and in the further expansion of Egg Central Station, our egg washing and packing facility. Looking ahead, we believe we are well-positioned for the future and will continue to execute our plan of investing across the business to further drive growth and fulfill our mission to bring ethical food to the table.” For the Three Months Ended June 27, 2021 Net revenue was $60.3 million in the second quarter of 2021, compared to $59.3 million in the second quarter of 2020. Our revenues grew 36.7% on a two-year compound annual growth rate, which we believe better demonstrates the growth trajectory of the business as it eliminates the one-time impact of COVID-19-related pantry loading in the year-ago period. Growth in net revenue in the second quarter of 2021 was driven primaril...