Business
Vital Farms Reports Second Quarter 2023 Financial Results
Second Quarter Net Revenue $106.4 million, up 28.4% versus Prior Year PeriodRaises 2023 Net Revenue and Adjusted EBITDA Forecast AUSTIN, Texas, Aug. 03, 2023
About this update from Vital Farms, Inc.
[{"type":"text","content":"Second Quarter Net Revenue $106.4 million, up 28.4% versus Prior Year PeriodRaises 2023 Net Revenue and Adjusted EBITDA Forecast AUSTIN, Texas, Aug. 03, 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 second quarter ended June 25, 2023. Financial highlights for the second quarter include: Second Quarter 2023 Net Revenue increase of 28.4% to $106.4 millionSecond Quarter 2023 Net Income of $6.7 millionSecond Quarter 2023 Adjusted EBITDA of $11.3 million1 “Our progress as a brand and as a business thus far in 2023 continues to reinforce my excitement in the long-term potential of our company. Our brand continues to gain new consumers and the business produced another quarter of impressive top-line growth, over 28% with double-digit Adjusted EBITDA Margin again this quarter. Given the strong year-to-date results, we now feel confident increasing our full year Net Revenue and Adjusted EBITDA guidance,” said Russell Diez-Canseco, Vital Farms’ President and CEO. Diez-Canseco continued, “Vital Farms’ continued strong performance is made possible by our consistent focus on working with our stakeholder community to generate sustained, positive outcomes. The commitment demonstrated by our crew members, farmers, and other external partners to deliver above and beyond the needs of our customers and consumers sets Vital Farms apart. The effort illustrates the passion of our people and the potential of our organization to further improve the lives of people, animals, and the planet through food.” 1 Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures defined in the section titled “Non-GAAP Financial Measures” below and are reconciled to net income and net income margin, respectively, their closest comparable GAAP measures, at the end of this release. For the 13 Weeks Ended June 25, 2023 Net revenue increased 28.4% to $106.4 million in the second quarter of 2023, compared to $82.9 million in the second quarter of 2022. Net revenue growth in the second quarter of 2023 was driven by higher prices and volume gains of 6%. The volume growth was driven by increases at both new and existing retail customers. Gross profit was $37.8 million, or 35.5% of net revenue, in the second quarter of 2023, compa...