Freshpet, Inc. Reports Fourth Quarter and Full Year 2022 Financial Results

February 27, 2023

FY 2022: Strongest topline growth since the Company went public 
Q4 shows significant improvement in operations 
Ennis start-up is on-track

SECAUCUS, N.J., Feb. 27, 2023 (GLOBE NEWSWIRE) -- Freshpet, Inc. (“Freshpet” or the “Company”) (Nasdaq: FRPT) today reported financial results for its fourth quarter and full year ended December 31, 2022.

Fourth Quarter 2022 Financial Highlights Compared to Prior Year Period

  • Net sales of $165.8 million, an increase of 43.1%
  • Net loss of $2.9 million, compared to net loss of $9.3 million  
  • Adjusted EBITDA of $18.8 million, compared to $7.6 million 1

2022 Financial Highlights Compared to Prior Year

  • Net sales of $595.3 million, an increase of 39.9%
  • Net loss of $59.5 million compared to a net loss of $29.7 million
  • Adjusted EBITDA of $20.1 million compared to $35.0 million 1

“We had a very strong finish to 2022. Between record net sales growth, improved performance on quality and logistics, and a strong start-up of our Ennis Kitchen, we were able to exceed our guidance and build a strong foundation for 2023," commented Billy Cyr, Freshpet's Chief Executive Officer. "With the Ennis Kitchen now on-line, we finally have enough capacity to meet the growing demand for Freshpet. That will enable us to focus on driving our operational improvements and margin enhancement under our Fresh Future plan while finally having the ability to fully leverage our marketing, innovation, and distribution capabilities. That will enable us to continue building the Freshpet franchise and deliver on our long-term growth and profitability goals."

Fourth Quarter 2022

Net sales increased 43.1% to $165.8 million for the fourth quarter of 2022 compared to $115.9 million for the fourth quarter of 2021. Net sales for the fourth quarter of 2022 were driven by pricing, velocity, distribution gains and innovation.

Gross profit was $45.7 million, or 27.6% as a percentage of net sales, for the fourth quarter of 2022, compared to $41.2 million, or 35.6% as a percentage of net sales, in the prior year period. For the fourth quarter of 2022, Adjusted Gross Profit was $54.8 million, or 33.0% as a percentage of net sales, compared to $47.0 million, or 40.6% as a percentage of net sales, in the prior year period. The decreases in gross profit and Adjusted Gross Profit as a percentage of net sales were primarily due to increased plant start-up cost, inflation of ingredient cost and labor, and quality issues, partially offset by increased pricing. Beginning with the third quarter of 2022, the Company is no longer adding back plant start-up expense in its calculation of Adjusted Gross Profit, which for the fourth quarter represented $8.0 million. Adjusted Gross Profit is a non-GAAP financial measure defined under “Non-GAAP Measures,” and is reconciled to gross profit in the financial tables that accompany this release.

Selling, general and administrative expenses (“SG&A”) were $47.8 million for the fourth quarter of 2022 compared to $48.9 million in the prior year period. As a percentage of net sales, SG&A decreased to 28.8% for the fourth quarter of 2022 compared to 42.2% in the prior year period. The decrease in SG&A as a percentage of net sales was a result of decreased media spend in 2022 of $10.1 million, decreased logistics cost as a percentage of net sales, and increased leverage on sales volume, slightly offset by cost associated with implementing a new ERP system. Adjusted SG&A for the fourth quarter of 2022 was $37.2 million, or 22.4% as a percentage of net sales, compared to $39.5 million, or 34.1% as a percentage of net sales, in the prior year period. Adjusted SG&A is a non-GAAP financial measure defined under “Non-GAAP Measures,” and is reconciled to SG&A in the financial tables that accompany this release.

Net loss was $2.9 million for the fourth quarter of 2022 compared to net loss of $9.3 million for the prior year period. The decrease in net loss was due to higher net sales, increased gross profit and decreased SG&A.

1 Adjusted EBITDA, as well as certain other measures in this release, is a non-GAAP financial measure. See "Non-GAAP Measures" for how we define these measures and the financial tables that accompany this release for reconciliations of these measure to the closest comparable GAAP measures. 

Adjusted EBITDA was $18.8 million, or 11.3% as a percentage of net sales, for the fourth quarter of 2022, compared to $7.6 million, or 6.5% as a percentage of net sales, in the prior year period. The increase in Adjusted EBITDA was a result of higher net sales, increased Adjusted Gross Profit and decreased Adjusted SG&A expense. 

Full Year 2022

Net sales increased 39.9% to $595.3 million for the full year ended December 31, 2022, compared to $425.5 million in the prior year. The increase in net sales was driven by pricing, velocity, distribution gains and innovation. 

Gross profit was $186.0 million, or 31.2% as a percentage of net sales, for the full year ended December 31, 2022, compared to $162.1 million, or 38.1% as a percentage of net sales, in the prior year. For the full year ended December 31, 2022, Adjusted Gross Profit was $214.1 million, or 36.0% as a percentage of net sales, compared to $184.6 million, or 43.4% as a percentage of net sales, in the prior year. The decreases in gross profit and Adjusted Gross Profit as a percentage of net sales were primarily due to increased plant start-up cost, inflation of ingredient cost and labor, and quality issues, partially offset by increased pricing. 

Selling, general and administrative expenses ("SG&A") were $238.0 million, for the full year ended December 31, 2022, compared to $186.8 million in the prior year. As a percentage of net sales, SG&A decreased to 40.0% for the full year ended December 31, 2022, compared to 43.9% in the prior year. The decrease in SG&A as a percentage of net sales was a result of increased leverage on sales volume, decreased media expenses as a percentage of net sales, slightly offset by cost associated with implementing a new ERP system. Adjusted SG&A for the full year ended December 31, 2022, was $195.7 million, or 32.9% as a percentage of net sales, compared to $149.7 million, or 35.2% as a percentage of net sales, in the prior year period.

Net loss was $59.5 million for the full year ended December 31, 2022, compared to a net loss of $29.7 million for the prior year. The increase in net loss was due to increased SG&A, which includes increased media spend of $16.6 million and increased plant start-up cost of $21.2 million, partially offset by higher net sales and increased gross profit.

Adjusted EBITDA was $20.1 million, or 3.4% as a percentage of net sales, for the full year ended December 31, 2022, compared to $35.0 million, or 8.2% as a percentage of net sales, in the prior year period. The decrease in Adjusted EBITDA was a result of increased Adjusted SG&A expense (including $4.1 million of launch expense) partially offset by higher net sales and Adjusted Gross Profit (including $26.1 million of plant start-up expense). 

Balance Sheet

As of December 31, 2022, the Company had cash and cash equivalents of $132.7 million with no debt outstanding.

Outlook

For full year 2023, the Company is providing the following guidance:

  • Net sales of ~$750 million, an increase of ~26% from 2022.
  • Adjusted EBITDA of at least $50 million. 
  • Capital expenditures for 2023 of ~$240 million. 

The Company does not provide guidance for the GAAP measure most directly comparable to Adjusted EBITDA, net income, and similarly cannot provide a reconciliation between its forecasted Adjusted EBITDA and net income metrics without unreasonable effort due to the unavailability of reliable estimates for certain components of net income and the respective reconciliations, including the timing of and amount of costs of goods sold and selling, general and administrative expenses. These items are not within the Company's control and may vary greatly between periods and could significantly impact future results.  

Conference Call & Earnings Presentation Webcast Information
As previously announced, today, February 27, 2023, the Company will host a conference call beginning at 8:00 a.m. Eastern Time with members of its leadership team. The conference call webcast will be available live over the Internet through the "Investors" section of the Company's website at www.freshpet.com. To participate on the live call, listeners in North America may dial (877) 407-0792 and international listeners may dial (201) 689-8263. 

A replay of the conference call will be archived on the Company's website and telephonic playback will be available from 12:00 p.m. Eastern Time today through March 13, 2023. North American listeners may dial (844) 512-2921 and international listeners may dial (412) 317-6671; the passcode is 13736375.

About Freshpet
Freshpet’s mission is to improve the lives of dogs and cats through the power of fresh, real food. Freshpet foods are blends of fresh meats, vegetables and fruits farmed locally and made at our Freshpet Kitchens. We thoughtfully prepare our foods using natural ingredients, cooking them in small batches at lower temperatures to preserve the natural goodness of the ingredients. Freshpet foods and treats are kept refrigerated from the moment they are made until they arrive at Freshpet Fridges in your local market.

Our foods are available in select mass, grocery (including online), natural food, club, and pet specialty retailers across the United States, Canada and Europe. From the care, we take to source our ingredients and make our food, to the moment it reaches your home, our integrity, transparency and social responsibility are the way we like to run our business. To learn more, visit www.freshpet.com.

Connect with Freshpet:

https://www.facebook.com/Freshpet

https://twitter.com/Freshpet

http://instagram.com/Freshpet

http://pinterest.com/Freshpet

http://www.tiktok.com/@Freshpet

https://plus.google.com/+Freshpet

https://en.wikipedia.org/wiki/Freshpet

https://www.youtube.com/user/freshpet400

Forward Looking Statements

Certain statements in this release constitute “forward-looking” statements, including statements relating to our long-term capacity planning and guidance with respect to, net sales, Adjusted EBITDA and capital expenditures. These statements are based on management's current opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results. These forward-looking statements, including our updated guidance, are only predictions, not historical fact, and involve certain risks and uncertainties, as well as assumptions. Actual results, levels of activity, performance, achievements and events could differ materially from those stated, anticipated or implied by such forward-looking statements. While Freshpet believes that its assumptions are reasonable, it is very difficult to predict the impact of known factors, and, of course, it is impossible to anticipate all factors that could affect actual results. There are several risks and uncertainties that could cause actual results to differ materially from forward-looking statements made herein including, most prominently, the risks discussed under the heading “Risk Factors” in the Company's latest annual report on Form 10-K and its quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. Such forward-looking statements are made only as of the date of this release. Freshpet undertakes no obligation to publicly update or revise any forward-looking statement because of new information, future events or otherwise, except as otherwise required by law. If we do update one or more forward-looking statements, no inference should be made that we will make additional updates with respect to those or other forward-looking statements.

Non-GAAP Financial Measures

Freshpet uses the following non-GAAP financial measures in its financial communications. These non-GAAP financial measures should be considered as supplements to the GAAP reported measures, should not be considered replacements for, or superior to, the GAAP measures and may not be comparable to similarly named measures used by other companies.

  • Adjusted Gross Profit  
  • Adjusted Gross Profit as a % of net sales (Adjusted Gross Margin) 
  • Adjusted SG&A   
  • Adjusted SG&A as a % of net sales  
  • EBITDA  
  • Adjusted EBITDA  
  • Adjusted EBITDA as a % of net sales

Adjusted Gross Profit: Freshpet defines Adjusted Gross Profit as gross profit before depreciation expense, non-cash share-based compensation and COVID-19 expenses.

Adjusted SG&A Expenses: Freshpet defines Adjusted SG&A as SG&A expenses before depreciation and amortization, non-cash share-based compensation, fees related to equity offerings of our common stock, implementation and other costs associated with the implementation of an enterprise resource planning ("ERP") system, loss on disposal of equipment, COVID-19 expenses and organization changes designed to support long-term growth objectives.

EBITDA and Adjusted EBITDA: EBITDA represents net income (loss) plus interest expense, income tax expense and depreciation and amortization expense, and Adjusted EBITDA represents EBITDA plus loss on equity method investment, non-cash share-based compensation expense, fees related to equity offerings of our common stock, implementation and other costs associated with the implementation of an ERP system, loss on disposal of equipment, COVID-19 expenses and organization changes designed to support long-term growth objectives. Beginning with the period ended September 30, 2022, the Company is no longer adding back launch expenses and plant start-up expense in its calculation of non-GAAP financial measures. This change is part of a renewed focus on capital efficiency, that will provide greater clarity on our path toward generating positive net income as the business scales further following our planned capacity additions. 

Management believes that the non-GAAP financial measures are meaningful to investors because they provide a view of the Company with respect to ongoing operating results. The non-GAAP financial measures are shown as supplemental disclosures in this release because they are widely used by the investment community for analysis and comparative evaluation. They also provide additional metrics to evaluate the Company’s operations and, when considered with both the Company’s GAAP results and the reconciliation to the most comparable GAAP measures, provide a more complete understanding of the Company’s business than could be obtained absent this disclosure. The non-GAAP measures are not and should not be considered an alternative to the most comparable GAAP measures or any other figure calculated in accordance with GAAP, or as an indicator of operating performance. The Company’s calculation of the non-GAAP financial measures may differ from methods used by other companies. Management believes that the non-GAAP measures are important to an understanding of the Company's overall operating results in the periods presented. The non-GAAP financial measures are not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures of performance.

Investor Contact:
ICR
Jeff Sonnek
646-277-1263
Jeff.sonnek@icrinc.com 

Media Contact:
Freshpet@edelmansmithfield.com

 

FRESHPET, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)

    December 31,     December 31,  
    2022     2021  
ASSETS                
CURRENT ASSETS:                
Cash and cash equivalents   $ 132,735     $ 72,788  
Accounts receivable, net of allowance for doubtful accounts     57,572       34,780  
Inventories, net     58,290       35,574  
Prepaid expenses     9,778       5,834  
Other current assets     3,590       1,349  
Total Current Assets     261,965       150,325  
Property, plant and equipment, net     800,586       583,922  
Deposits on equipment     3,823       4,100  
Operating lease right of use assets     5,165       6,537  
Equity method investment     25,418       25,856  
Other assets     28,426       13,670  
Total Assets   $ 1,125,383     $ 784,410  
LIABILITIES AND STOCKHOLDERS' EQUITY                
CURRENT LIABILITIES:                
Accounts payable   $ 55,088     $ 42,612  
Accrued expenses     33,016       14,950  
Current operating lease liabilities     1,510       1,384  
Total Current Liabilities   $ 89,614     $ 58,946  
Long term operating lease liabilities     4,200       5,710  
Total Liabilities   $ 93,814     $ 64,656  
STOCKHOLDERS' EQUITY:                
Common stock — voting, $0.001 par value, 200,000 shares authorized, 48,051 issued and 48,037 outstanding on December 31, 2022, and 43,449 issued and 43,435 outstanding on December 31, 2021     48       43  
Additional paid-in capital     1,325,524       955,710  
Accumulated deficit     (295,117)       (235,623)  
Accumulated other comprehensive income (loss)     1,370       (120)  
Treasury stock, at cost — 14 shares on December 31, 2022 and on December 31, 2021     (256)       (256)  
Total Stockholders' Equity     1,031,569       719,754  
Total Liabilities and Stockholders' Equity   $ 1,125,383     $ 784,410  
 

 

FRESHPET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands, except per share data)

    For the Three Months Ended     For the Twelve Months Ended  
    December 31,     December 31,  
    2022     2021     2022     2021  
    (Unaudited)                  
       
NET SALES   $ 165,833     $ 115,869     $ 595,344     $ 425,489  
COST OF GOODS SOLD     120,124       74,654       409,311       263,343  
GROSS PROFIT     45,709       41,216       186,033       162,146  
SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES     47,775       48,854       238,016       186,809  
LOSS FROM OPERATIONS     (2,066)       (7,638)       (51,983)       (24,663)  
OTHER INCOME/(EXPENSES):                                
Other Income/(Expenses), net     1,217       18       1,710       13  
Interest Expense     (1,148)       (650)       (5,208)       (2,882)  
      70       (632)       (3,498)       (2,869)  
LOSS BEFORE INCOME TAXES     (1,997)       (8,271)       (55,481)       (27,532)  
INCOME TAX EXPENSE     159       114       282       162  
LOSS ON EQUITY METHOD INVESTMENT     762       881       3,731       2,005  
LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS   $ (2,918)     $ (9,265)     $ (59,494)     $ (29,699)  
OTHER COMPREHENSIVE INCOME (LOSS):                                
Change in foreign currency translation   $ 595     $ (214)     $ 1,490     $ (40)  
Unrealized loss on available for sale investments     (271)       -       -       -  
TOTAL OTHER COMPREHENSIVE INCOME (LOSS)     324       (214)       1,490       (40)  
TOTAL COMPREHENSIVE LOSS   $ (2,594)     $ (9,479)     $ (58,004)     $ (29,740)  
NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS                                
-BASIC   $ (0.06)     $ (0.21)     $ (1.29)     $ (0.69)  
-DILUTED   $ (0.06)     $ (0.21)     $ (1.29)     $ (0.69)  
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING USED IN COMPUTING NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS                                
-BASIC     48,011       43,399       46,191       42,931  
-DILUTED     48,011       43,399       46,191       42,931  
 

 

FRESHPET, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
(In thousands)

    For the Year Ended  
    December 31,  
    2022     2021     2020  
CASH FLOWS FROM OPERATING ACTIVITIES:                        
Net loss   $ (59,494)     $ (29,699)     $ (3,188)  
Adjustments to reconcile net loss to net cash flows (used in) provided by operating activities:                        
Provision for (gains) loss on accounts receivable     (20)       29       (23)  
Loss on disposal of equipment     396       538       1,805  
Share-based compensation     26,092       24,998       10,925  
Inventory obsolescence     3,455       349       232  
Depreciation and amortization     34,555       30,468       21,125  
Amortization of deferred financing costs and loan discount     795       1,212       834  
Change in operating lease right of use asset     1,372       1,329       1,289  
Loss on equity method investment     3,731       2,005        
Changes in operating assets and liabilities:                        
  Accounts receivable     (32,993)       (16,371)       166  
  Inventories     (26,171)       (16,804)       (6,808)  
  Prepaid expenses and other current assets     (435)       (2,891)       9,437  
  Other assets     (3,141)       (7,899)       (719)  
  Accounts payable     (3,063)       14,958       (5,922)  
  Accrued expenses     13,078       (273)       (6,762)  
  Other lease liabilities     (1,384)       (1,302)       (1,198)  
     Net cash flows (used in) provided by operating activities     (43,227)       647       21,193  
CASH FLOWS FROM INVESTING ACTIVITIES:                        
Purchase of short-term investments     (19,840)             (20,000)  
Proceeds from maturities of short-term investments     19,840             20,000  
Investments in equity method investment     (3,293)             (27,894)  
Acquisitions of property, plant and equipment, software and deposits on equipment     (230,071)       (322,099)       (134,568)  
     Net cash flows used in investing activities     (233,364)       (322,099)       (162,462)  
CASH FLOWS FROM FINANCING ACTIVITIES:                        
Proceeds from common shares issued in primary offering, net of issuance cost     337,508       332,172       252,062  
Proceeds from exercise of options to purchase common stock     471       2,271       5,441  
Tax withholdings related to net shares settlements of restricted stock units     (1,441)       (4,187)       (2,568)  
Proceeds from borrowings under Credit Facility     78,000             20,933  
Repayment of borrowings under Credit Facility     (78,000)             (76,000)  
Fees paid in connection with financing agreements           (3,263)       (824)  
     Net cash flows provided by financing activities     336,538       326,993       199,044  
NET CHANGE IN CASH AND CASH EQUIVALENTS     59,947       5,541       57,775  
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR     72,788       67,247       9,472  
CASH AND CASH EQUIVALENTS, END OF PERIOD   $ 132,735     $ 72,788     $ 67,247  
 

 

FRESHPET, INC. AND SUBSIDIARIES 
RECONCILIATION BETWEEN GROSS PROFIT AND ADJUSTED GROSS PROFIT

    Three Months Ended     Twelve Months Ended  
    December 31,     December 31,  
    2022     2021     2022     2021  
    (Dollars in thousands)  
Gross Profit   $ 45,709     $ 41,216     $ 186,033     $ 162,146  
Depreciation expense     6,566       4,649       20,774       16,545  
Non-cash share-based compensation     2,505       1,182       7,293       4,152  
COVID-19 expense (a)                         1,753  
Adjusted Gross Profit   $ 54,780     $ 47,046     $ 214,100     $ 184,596  
Adjusted Gross Profit as a % of Net Sales     33.0 %     40.6 %     36.0 %     43.4 %

  

  (a) Represents COVID-19 expenses including (i) costs incurred to protect the health and safety of our employees during the COVID-19 pandemic, (ii) temporary increased compensation expense to ensure continued operations during the pandemic, and (iii) costs related to mitigating potential supply chain disruptions during the pandemic included in cost of goods sold.
     

 

FRESHPET, INC. AND SUBSIDIARIES 
RECONCILIATION BETWEEN SG&A EXPENSES AND ADJUSTED SG&A EXPENSES

    Three Months Ended     Twelve Months Ended  
    December 31,     December 31,  
    2022     2021     2022     2021  
    (Dollars in thousands)  
SG&A expenses   $ 47,775     $ 48,854     $ 238,016     $ 186,809  
Depreciation and amortization expense     3,565       3,330       13,781       13,923  
Non-cash share-based compensation     3,178       5,300       18,799       20,846  
Loss on disposal of equipment     193       482       396       1,000  
Enterprise Resource Planning (a)     3,613       256       8,558       1,379  
COVID-19 expense (b)                       5  
Organization changes (c)                 734        
Adjusted SG&A Expenses   $ 37,227     $ 39,486     $ 195,748     $ 149,656  
Adjusted SG&A Expenses as a % of Net Sales     22.4 %     34.1 %     32.9 %     35.2 %

 

  (a) Represents implementation, amortization of deferred implementation costs and other costs associated with the implementation of an ERP system.

 

  (b) Represents COVID-19 expenses including (i) costs incurred to protect the health and safety of our employees during the COVID-19 pandemic, (ii) temporary increased compensation expense to ensure continued operations during the pandemic, and (iii) costs related to mitigating potential supply chain disruptions during the pandemic included in SG&A.

 

  (c) Represents transition costs related to the organization changes designed to support growth, including several changes in organizational structure designed to enhance capabilities and support long-term growth objectives.
     

 

FRESHPET, INC. AND SUBSIDIARIES 
RECONCILIATION BETWEEN NET INCOME (LOSS) AND ADJUSTED EBITDA 

    Three Months Ended     Twelve Months Ended  
    December 31,     December 31,  
    2022     2021     2022     2021  
    (Dollars in thousands)  
Net loss     (2,918)     $ (9,265)     $ (59,494)     $ (29,699)  
Depreciation and amortization     10,131       7,979       34,555       30,468  
Interest expense     1,148       650       5,208       2,882  
Income tax expense     159       114       282       162  
EBITDA   $ 8,520     $ (523)     $ (19,449)     $ 3,813  
Loss on equity method investment   $ 762     $ 881     $ 3,731     $ 2,005  
Loss on disposal of equipment     193       482       396       1,000  
Non-cash share-based compensation     5,683       6,482       26,092       24,998  
Enterprise Resource Planning (a)     3,613       256       8,558       1,379  
COVID-19 expense (b)                       1,758  
Organization changes (c)                 734        
Adjusted EBITDA   $ 18,771     $ 7,578     $ 20,062     $ 34,953  
Adjusted EBITDA as a % of Net Sales     11.3 %     6.5 %     3.4 %     8.2 %

 

  (a) Represents implementation, amortization of deferred implementation costs and other costs associated with the implementation of an ERP system.

 

  (b) Represents COVID-19 expenses including (i) costs incurred to protect the health and safety of our employees during the COVID-19 pandemic, (ii) temporary increased compensation expense to ensure continued operations during the pandemic, and (iii) costs related to mitigating potential supply chain disruptions during the pandemic included in SG&A.

 

  (c) Represents transition costs related to the organization changes designed to support growth, including several changes in organizational structure designed to enhance capabilities and support long-term growth objectives.
     

Prior to September 30, 2022 the Company presented for the following items as adjustments to its non-GAAP metrics. Those details are provided again here for your convenience and for consideration in making comparisons to prior periods:

    FY 2022     FY 2021     FY 2020  
    (Dollars in thousands)  
Plant start-up expense   $ 26,089     $ 4,868     $ 5,962  
Launch expense     4,116       3,130       3,421  

 

    Three Months Ended  
    12/31/2022     9/30/2022     6/30/2022     3/31/2022     12/31/2021     9/30/2021     6/30/2021     3/31/2021  
    (Dollars in thousands)  
Plant start-up expense   $ 8,033     $ 8,015     $ 5,293     $ 4,748     $ 1,306     $ 588     $ 1,130     $ 1,843  
Launch expense     1,438       1,542       504       632       819       562       1,018       731  

 


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   Source: Freshpet, Inc.