Freshpet sales hit $595 million in 2022

The New Jersey company ended last year with a 39.9% jump in sales, up from $425.5 million (€402M) in 2021, in which it posted a 33% increase over 2020. 

Profit for the year stood at $186 million (€175.7M), up from $162.1 million (€153M) in 2021. The company suffered a net loss of $59.5 million (€56M) in 2022, which it attributes to operating expenses as well as additional media spend of $16.6 million (€15.6M) and an added plant start-up cost of $21.2 million (€20M). 

Sales in the fourth quarter of the year were 43.1% to $165.8 million (€156.6M) as compared to $115.9 million (€109M) during the same period in 2021. 

Freshpet registered a profit of $45.7 million (€43M) from October to December, compared to $41.2 million (€39M) gained during the last 3 months of 2021. While it suffered a net loss of $2.9 million (€2.7M) in the quarter, down from $9.3 million (€8.8M) reported in Q4 2021. 

CEO Billy Cyr pointed out that the company had a “very strong finish to 2022”. The company states that last year was its “strongest” year of growth since it went public in 2014, posting 6 consecutive years of upward results.

2023 outlook

Cyr added that Freshpet could “exceed guidance” and develop a “strong foundation” for 2023. The company expects to post net sales of approximately $750 million (€708M) in 2023, an increase of 26%. 

Its new facility in Ennis, Texas – Ennis Kitchen – is on track to come into production this year. Its results’ presentation revealed that rolls production and shipments are ahead of plan, with the bag line start-up on track to ship finished products in the second quarter of this year. 

The chicken processing unit is also on track to commence operations in Q2 2023. “With the Ennis Kitchen now online, we finally have enough capacity to meet the growing demand for Freshpet,” Cyr remarked.