Vita Coco reports FY2022 net sales $428M (+13%); guides 2023 Adj. EBITDA $52-58M

Vita Coco Company, Inc.

Q4 net sales $92M (+6% YoY); net loss $(3M); Adjusted EBITDA $4M vs $1M prior year.
FY2022 net sales $428M (+13%) driven by Vita Coco Coconut Water growth of 18%; net income $8M ($0.14 diluted EPS) vs $19M ($0.35).
Full-year gross margin 24.2% vs 29.8% due to higher transport costs; Q4 included $7M non-cash impairment of Runa intangibles.
FY2023 guidance: net sales growth 9-11%; gross margin 32-34%; Adjusted EBITDA $52-58M (up from $20M in 2022).
Expect significant cost of goods improvements in 2023; first quarter gross margin approaching 30%.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.73

Vita Coco Company, Inc. reported the fourth quarter and full year ended December 31, 2022 results: revenue Net sales grew 13% to $428 million, net income Net income attributable to shareholders was $8 million, EPS $0.14 per diluted share.

Period: the fourth quarter and full year ended December 31, 2022
Revenue: Net sales grew 13% to $428 million
Net income: Net income attributable to shareholders was $8 million
EPS: $0.14 per diluted share
Result: reported results

Exact text from the filing

The Vita Coco Company Reports Fourth Quarter and Full Year 2022 Financial Results Full Year Net Sales Increased 13% to $428 million Driven by Vita Coco Coconut Water Growth of 18% Full Year Net Income of $8 million and Full Year Non-GAAP Adjusted EBITDA 1 of $20 million Consistent with Guidance For Fiscal Year 2023, Expect Significant Cost of Goods Improvements and Adjusted EBITDA 2 between $52-58 million

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Source: SEC EDGAR

accession 0001482981-23-000011

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