Business
Vital Farms Reports Second Quarter 2022 Financial Results
Second Quarter Net Revenue a Record $82.9 million, up 37.4% versus Prior Year Maintains Fiscal Year 2022 Outlook AUSTIN, Texas, Aug. 04, 2022 (GLOBE NEWSWIRE)
About this update from Vital Farms, Inc.
[{"type":"text","content":"Second Quarter Net Revenue a Record $82.9 million, up 37.4% versus Prior Year Maintains Fiscal Year 2022 Outlook AUSTIN, Texas, Aug. 04, 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 second quarter ended June 26, 2022. Financial highlights for the second quarter include: Second Quarter 2022 Net Revenue increase of 37.4% to $82.9 millionSecond Quarter 2022 Net Income of $0.2 millionSecond Quarter 2022 Adjusted EBITDA of $3.7 million1 “We are pleased that our crew continues to surpass our expectations despite a tough operating climate,” said Russell Diez-Canseco, Vital Farms’ President and Chief Executive Officer. “Vital Farms remains the fastest-growing brand in dollars and gained more than double the amount of units relative to our next largest competitor in the egg category over the past 52 weeks2. We continue to see gains in retail distribution and household penetration, which is up over 225 basis points from 3.5% in eggs around the time of our IPO. Our capacity build continues with a network that now exceeds 300 family farms and a fully operational expanded Egg Central Station, which puts us in position to double our current net revenue base to over $650 million.” Diez-Canseco continued, “Vital Farms was built as a brand that is challenging the norms of the food system, and as I look back on our two-year journey as a public company, I want to take a moment to acknowledge some important achievements. We exceeded our stated goals on net revenues by roughly $15 million in each of the past two years. Additionally, we delivered our expected profits despite a tough operating environment, which included significant cost increases across both inputs and freight. I would like to take this opportunity to thank our entire community of stakeholders for making these accomplishments possible. Our crewmembers in particular have proven remarkably collaborative, resilient, and adaptable.” 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 6/26/2022. For the 13 Weeks Ended June 26, 2022 Net revenue increased 37.4% to $82.9...