Business
Vital Farms Reports Third Quarter 2022 Financial Results
Third Quarter Net Revenue a Record $92.0 million, up 42.4% versus Prior YearReaffirms Fiscal Year 2022 Outlook AUSTIN, Texas, Nov. 03, 2022 (GLOBE NEWSWIRE)
About this update from Vital Farms, Inc.
[{"type":"text","content":"Third Quarter Net Revenue a Record $92.0 million, up 42.4% versus Prior YearReaffirms Fiscal Year 2022 Outlook AUSTIN, Texas, Nov. 03, 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 third quarter ended September 25, 2022. Financial highlights for the third quarter include: Third Quarter 2022 Net Revenue increase of 42.4% to $92.0 millionThird Quarter 2022 Net Income of $0.7 millionThird Quarter 2022 Adjusted EBITDA of $5.2 million1 “Vital Farms continues to challenge food system norms and deliver strong results,” said Russell Diez-Canseco, Vital Farms’ President and Chief Executive Officer. “Our brand has maintained its positive momentum, as exemplified by 28% year-over-year volume growth during our third quarter, outpacing the category, which declined 0.5%.2 Our company produced both sequential and year-over-year gross margin improvement, and Adjusted EBITDA improved by $5 million relative to the same period last year. This performance occurred during the most inflationary grocery environment in over 40 years. Additionally, Vital Farms added further retail distribution this quarter, and our household penetration was up over 40% compared to the same period last year to nearly 8 million homes.” Diez-Canseco continued, \"Our crew members continue to operate at a high level despite a challenging operating environment and cost increases across various inputs, including organic feed and packaging. I also want to recognize our farmers’ tremendous passion and resilience. They have dealt with a range of external factors, including keeping the girls safe from avian influenza and higher costs of doing business across their daily operations. Without their outstanding efforts, none of our success would be possible.” 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 9/25/2022 For the 13 Weeks Ended September 25, 2022 Net revenue increased 42.4% to $92.0 million in the third quarter of 2022, compared to $64.6 million in the third quarter of 2021. Growth in net revenue in the third quarter of 2022 was primarily due to con...