Freshpet (FRPT) Prelim. Q4 Revenue Misses Consensus

Freshpet, Inc. (“Freshpet” or the “Company”) (NASDAQ: FRPT) today announced preliminary fourth quarter and full year 2021 net sales in conjunction with the Company’s presentation at the ICR Conference. The presentation is available on the Company’s investor relations website.

Preliminary fourth quarter 2021 net sales are expected to be $115.9 million, representing growth of 37.1% compared to the prior year period. Preliminary full year 2021 net sales are expected to be $425.5 million, representing growth of 33.5% compared to the prior year period. The Company continues to expect adjusted EBITDA to be approximately $42 million for full year 2021.

(Consensus sees Q4 revenue of $122 million)

“We are pleased to see consumption trends accelerate through December to approximately 29%for the trailing four week period ended January 1, 2022, which was consistent with our expectations and demonstrates the significant demand for our products despite limited availability and production issues that constrained growth in 2021,” commented Billy Cyr, Freshpet’s Chief Executive Officer. “Turning the page to 2022, we are in a significantly improved position from a manufacturing standpoint – consistently producing at levels that can support the strong growth we expect. However, we are especially encouraged by the ongoing growth of our ‘Prime Prospects’ which represent our Total Addressable Market (TAM) – we estimate that in the past two years, our target market has grown by approximately 25%, from 20 million households in 2019 to 25 million households at the end of 2021. This is a powerful datapoint that speaks to the alignment of Freshpet with today’s discerning pet parents and Freshpet’s long term growth opportunity.”

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