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Dec 31, 2021
Freshpet Q4 2021 Earnings Report
Freshpet reported a net sales increase of 37.1% to $115.9 million for the fourth quarter of 2021. Net loss was $9.3 million, compared to a net loss of $3.3 million for the prior year period.
Key Takeaways
Freshpet, Inc. reported its Q4 2021 financial results, with net sales increasing by 37.1% to $115.9 million. However, the company experienced a net loss of $9.3 million, compared to a net loss of $3.3 million in the prior year period. The company is focusing on utilizing its new capacity to drive growth and ensure operational reliability.
Net sales increased by 37.1% to $115.9 million compared to the prior year period.
Net loss was $9.3 million, compared to a net loss of $3.3 million for the prior year period.
Gross profit was $41.2 million, or 35.6% as a percentage of net sales.
Adjusted EBITDA was $9.7 million, or 8.4% as a percentage of net sales.
Freshpet
Freshpet
Forward Guidance
For full year 2022, the Company is providing the following guidance: Net sales of >$575 million, an increase of ~35% from 2021 and Adjusted EBITDA of >$55 million, an increase of ~28% from 2021.
Positive Outlook
- Net sales of >$575 million, an increase of ~35% from 2021
- Focus on leveraging added capacity for growth.
- A plan to ensure reliability of operations in an uncertain environment.
- Aims to maximize growth potential.
- Targeting 2025 goals.
Challenges Ahead
- Expectation to incur $13-$17 million in unabsorbed expenses and other costs related to maintaining the capacity needed to support growth beyond the guidance.
- Uncertainty in the economic environment.
- Increased cost at Freshpet Kitchens as a result of our wage increase plan.
- Inflation of ingredient cost.
- Higher costs at Freshpet Kitchens South.