The following is a summary of the Freshpet, Inc. (FRPT) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Freshpet reported Q1 net sales of $223.8 million, up 34% year-over-year, primarily driven by a 31% increase in volume and a 3% increase in price/mix.

• Their adjusted gross margin for Q1 was 45.3%, up from 41.1% in the previous quarter, and 38.5% in the prior year.

• The company's Q1 adjusted EBITDA saw an increase of approximately $28 million year-over-year, amounting to $30.6 million.

• Earnings per share were $0.37, excluding a markup in the value of the company's equity investment, which equates to $0.17 per share.

• Adjusted EBITDA as a percent of net sales in the Q1 was 13.7%, a significant increase from 1.8% in the previous year.

Business Progress:

• The company placed 617 fridges in Q1, taking their total to 34,812 fridges, thus providing 1.7 million cubic feet of retail space.

• Freshpet's product was available in 27,097 stores, with 23% of these stores now housing multiple fridges.

• Q1 saw a 24% year-over-year increase in household penetration, reaching 12.367 million households.

• The firm has been investing in improving the efficiency and reliability of their fresh pet food manufacturing systems.

• With the added line in the Ennis facility being ahead of schedule, it is expected to commence operations by Q3-end.

• The company is making efforts to increase their SKUs at each retailer, and plans on achieving this by adding second and third fridges.

• Freshpet is focused on improving their customer acquisition costs, and reports stability in this area.

More details: Freshpet IR

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