Edible Garden Reports Preliminary 30% Year-over-Year Sales Growth in Vitamins and Supplements for the Second Quarter of 2024
Edible Garden AG Incorporated (Nasdaq: EDBL) reported 30% year-over-year sales growth in its Vitamins and Supplements products for the second quarter of 2024. This growth is expected to positively impact profitability and cash flow from operations. CEO Jim Kras attributes the success to an integrated marketing strategy and promotional activities. The company recently expanded its product lineup with two new flavors, 'Ice Cream Cake' and 'Orange Creamsicle,' reinforcing its reputation as the 'Flavor Maker.' Edible Garden's partnership with Nutracom has been important in developing innovative flavors, and the company plans to explore more creative options to meet customer preferences and set industry trends.
Edible Garden AG Incorporated (Nasdaq: EDBL) ha riportato una crescita delle vendite del 30% anno su anno nei suoi prodotti di vitamine e integratori per il secondo trimestre del 2024. Questa crescita si prevede avrà un impatto positivo sulla redditività e sul flusso di cassa dalle operazioni. Il CEO Jim Kras attribuisce il successo a una strategia di marketing integrata e ad attività promozionali. L'azienda ha recentemente ampliato la propria gamma di prodotti con due nuovi gusti, 'Ice Cream Cake' e 'Orange Creamsicle', rafforzando la sua reputazione di 'Creatore di Gusti'. La partnership di Edible Garden con Nutracom è stata fondamentale nello sviluppo di gusti innovativi e l'azienda prevede di esplorare ulteriori opzioni creative per soddisfare le preferenze dei clienti e stabilire tendenze nel settore.
Edible Garden AG Incorporated (Nasdaq: EDBL) reportó un crecimiento en ventas del 30% interanual en sus productos de vitaminas y suplementos para el segundo trimestre de 2024. Se espera que este crecimiento impacte positivamente en la rentabilidad y el flujo de efectivo de las operaciones. El CEO Jim Kras atribuye el éxito a una estrategia de marketing integrada y a actividades promocionales. La empresa recientemente amplió su línea de productos con dos nuevos sabores, 'Ice Cream Cake' y 'Orange Creamsicle', reforzando su reputación como 'Creador de Sabores'. La colaboración de Edible Garden con Nutracom ha sido importante en el desarrollo de sabores innovadores, y la empresa planea explorar más opciones creativas para satisfacer las preferencias de los clientes y establecer tendencias en la industria.
Edible Garden AG Incorporated (Nasdaq: EDBL)는 2024년 2분기 비타민 및 보충제 제품에서 전년 대비 30%의 매출 성장을 보고했습니다. 이 성장세는 수익성과 운영 현금 흐름에 긍정적인 영향을 미칠 것으로 예상됩니다. CEO 짐 크라스는 성공을 통합 마케팅 전략 및 홍보 활동에 기인한다고 언급했습니다. 회사는 최근 '아이스크림 케이크'와 '오렌지 크림시클'이라는 두 가지 새로운 맛으로 제품 라인업을 확장하여 '맛의 창조자'로서의 명성을 강화했습니다. Edible Garden의 Nutracom과의 파트너십은 혁신적인 맛 개발에 중요한 역할을 했으며, 고객의 선호를 충족하고 업계 트렌드를 선도하기 위해 더 창의적인 옵션을 탐색할 계획입니다.
Edible Garden AG Incorporated (Nasdaq: EDBL) a annoncé une croissance des ventes de 30 % d'une année sur l'autre pour ses produits de vitamines et de suppléments au cours du deuxième trimestre de 2024. Cette croissance devrait avoir un impact positif sur la rentabilité et le flux de trésorerie des opérations. Le PDG Jim Kras attribue ce succès à une stratégie de marketing intégrée et à des activités promotionnelles. L'entreprise a récemment élargi sa gamme de produits avec deux nouvelles saveurs, 'Ice Cream Cake' et 'Orange Creamsicle', renforçant ainsi sa réputation de 'créateur de saveurs'. Le partenariat d'Edible Garden avec Nutracom a été important pour le développement de saveurs innovantes, et l'entreprise prévoit d'explorer d'autres options créatives pour répondre aux préférences des clients et définir des tendances dans l'industrie.
Edible Garden AG Incorporated (Nasdaq: EDBL) berichtete von einem Umsatzwachstum von 30% im Jahresvergleich bei seinen Vitamin- und Nahrungsergänzungsprodukten im zweiten Quartal 2024. Dieses Wachstum wird voraussichtlich positive Auswirkungen auf die Rentabilität und den Cashflow aus dem Geschäftsbetrieb haben. CEO Jim Kras führt den Erfolg auf eine integrierte Marketingstrategie und Werbeaktivitäten zurück. Das Unternehmen hat kürzlich sein Produktangebot um zwei neue Geschmacksrichtungen, 'Ice Cream Cake' und 'Orange Creamsicle', erweitert und damit seinen Ruf als 'Geschmacksmacher' gefestigt. Die Partnerschaft von Edible Garden mit Nutracom war wichtig für die Entwicklung innovativer Geschmäcker, und das Unternehmen plant, weitere kreative Optionen zu erkunden, um die Kundenpräferenzen zu erfüllen und Branchentrends zu setzen.
- 30% year-over-year sales growth in Vitamins and Supplements products for Q2 2024
- Expected positive impact on profitability and cash flow from operations
- Successful expansion of product lineup with new flavors
- Strong partnership with Nutracom for innovative flavor development
- None.
Insights
As a financial analyst, I find Edible Garden's preliminary report on their Vitamins and Supplements segment quite intriguing. The 30% year-over-year sales growth in this product category is a significant achievement, especially considering the competitive nature of the supplements market. This growth rate outpaces the industry average, which typically hovers around 5-7% annually.
What's particularly noteworthy is the company's statement that this growth is expected to have a favorable impact on profitability and cash flow from operations for Q2. This suggests that the Vitamins and Supplements segment likely carries higher profit margins compared to their traditional produce offerings. If this trend continues, it could lead to a meaningful improvement in Edible Garden's overall financial health.
However, it's important to note that this is a preliminary report and we should await the full Q2 financial results to get a complete picture. Key metrics to watch in the upcoming report will include:
- The actual revenue figures for the Vitamins and Supplements segment
- The segment's contribution to overall company revenue
- Gross and operating margins for this product line
- Any cannibalization effect on the company's other product lines
While the 30% growth is impressive, investors should also consider how sustainable this growth rate is in the long term. The supplements market is known for its cyclical nature and sensitivity to consumer trends. Edible Garden's ability to maintain this growth trajectory will depend on continued product innovation and effective marketing strategies.
From a market research perspective, Edible Garden's success in the Vitamins and Supplements category is noteworthy. The 30% year-over-year growth in this segment outpaces the overall market growth, indicating that the company is gaining market share. This success can be attributed to several factors:
- Integrated marketing strategy: The company's focus on promotional activities and brand awareness seems to be paying off.
- Product innovation: The introduction of new flavors like 'Ice Cream Cake' and 'Orange Creamsicle' demonstrates the company's ability to tap into consumer preferences for unique and indulgent flavors in supplements.
- Partnership with Nutracom: This collaboration appears to be a key driver in developing innovative formulas and flavors.
The company's self-proclaimed title as the 'Flavor Maker' in the industry suggests a strong brand positioning strategy. This differentiation is important in a crowded market where product efficacy is often similar across brands. By focusing on flavor innovation, Edible Garden is addressing a common pain point in the supplements industry - poor taste.
However, it's important to note that the supplements market is highly competitive and trend-driven. While Edible Garden's current strategy seems effective, they will need to continually innovate and adapt to maintain their growth trajectory. Future success will likely depend on:
- Continued flavor innovation
- Expansion of distribution channels
- Effective marketing to maintain brand awareness
- Ability to quickly respond to changing consumer preferences
Overall, Edible Garden's performance in this segment suggests they've found a promising niche within the broader supplements market. Their focus on flavor could potentially attract consumers who have been hesitant to adopt supplements due to taste concerns, potentially expanding the overall market.
Plans to Develop More Cutting-Edge Formulas and Creative Flavors through Partnership with Nutracom
BELVIDERE, NJ, July 31, 2024 (GLOBE NEWSWIRE) -- Edible Garden AG Incorporated (“Edible Garden” or the “Company”) (Nasdaq: EDBL, EDBLW), a leader in controlled environment agriculture (CEA), locally grown, organic, and sustainable produce and products, today reported that its Vitamins and Supplements products achieved over
Mr. Jim Kras, Chief Executive Officer of Edible Garden, commented, "We are extremely pleased with the strong performance of our Vitamins and Supplements products, which we believe demonstrate that these higher-margin products are gaining traction in the market. We believe these results are driven by our integrated marketing strategy designed to increase consumer adoption through a variety of promotional and brand awareness activities. The success of these initiatives is best illustrated by the
"The recent expansion of our product lineup with the addition of two new flavors, ‘Ice Cream Cake’ and ‘Orange Creamsicle,’ introduced late last year, has reinforced our industry reputation as the ‘Flavor Maker.’ Our partnership with Nutracom has been instrumental in our success and we remain committed to pioneering innovative and cutting-edge flavors with them. We are enthusiastic about expanding this partnership by exploring even more creative flavor possibilities that not only set industry trends but also cater to the discerning tastes of our customers,” concluded Kras.
ABOUT EDIBLE GARDEN®
Edible Garden AG Incorporated is a leader in controlled environment agriculture (CEA), locally grown, organic, and sustainable produce and products backed by Zero-Waste Inspired® next generation farming. Offered at over 5,000 stores in the US, Edible Garden is disrupting the CEA and sustainability technology movement with its safety-in-farming protocols, use of sustainable packaging, patented GreenThumb software and self-watering in-store displays. The Company currently operates its own state-of-the-art greenhouses and processing facilities in Belvidere, New Jersey and Grand Rapids, Michigan, and has a network of contract growers, all strategically located near major markets in the U.S. Its proprietary GreenThumb 2.0 patented (US Nos.: US 11,158,006 B1, US 11,410,249 B2 and US 11,830,088 B2) software optimizes growing in vertical and traditional greenhouses while seeking to reduce pollution-generating food miles. Its proprietary patented (U.S. Patent No. D1,010,365) Self-watering display is designed to increase plant shelf life and provide an enhanced in-store plant display experience. Edible Garden is also a developer of ingredients and proteins, providing an accessible line of plant and whey protein powders under the Vitamin Way® and Vitamin Whey® brands. In addition, the Company offers a line of sustainable food flavoring products such as Pulp gourmet sauces and chili-based products.
For more information on Pulp products go to https://www.pulpflavors.com/. For more information on Edible Garden go to https://ediblegardenag.com/.
Preliminary, Unaudited Financial Disclosures
The data presented above is preliminary and unaudited, based upon our estimates, and subject to further internal review by management and compilation of actual results. The data presented above does not reflect the impact from herbs, floral or produce revenue during the quarter and may not be reflective of year-over-year trends in consolidated revenue during the second quarter. Our closing procedures for the quarter ended June 30, 2024 are not yet complete. Our management’s estimates are based upon preliminary information currently available from our business and do not include any promotional deductions. While we expect that our results will be consistent with these preliminary and unaudited estimates, our actual results may differ materially from these preliminary estimates.
This preliminary financial information is not a comprehensive statement of our financial results for this period. For example, vitamins and supplements constitute only one component of our overall revenue, which also includes sales from potted herbs, cut herbs, produce and floral products. Our actual results may differ materially from these estimates due to the completion of our financial closing procedures, final adjustments, and other developments that may arise between now and the time the closing procedures for the quarter are completed.
This preliminary financial information should not be viewed as a substitute for our full interim or annual financial statements prepared in accordance with U.S. generally accepted accounting principles. Accordingly, you should not place undue reliance on this preliminary financial information. The preliminary financial information has been prepared by, and is the responsibility of, our management. Marcum LLP, our independent registered public accounting firm, has not audited, reviewed, compiled or performed any procedures with respect to the accompanying preliminary financial data. Accordingly, Marcum LLP does not express an opinion or any other form of assurance with respect thereto.
Forward-Looking Statements
This press release contains forward-looking statements, including with respect to the growth of the vitamins and supplements product lines of the Company and performance as a public company. The words “seek,” “believe,” “design,” “may,” “potential,” “will,” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including market and other conditions and the Company’s ability to achieve its growth objectives, and other factors set forth in the Company’s filings with the Securities and Exchange Commission, including the Company’s annual report on Form 10-K for the year ended December 31, 2023 and subsequent quarterly reports on Form 10-Q. Actual results might differ materially from those explicit or implicit in the forward-looking statements. Specifically, our sales growth in vitamins and supplements during the quarter ended June 30, 2024 (“second quarter”) may not (i) reflect our overall revenue growth during the second quarter, (ii) represent the amount that the Company will be able to recognize as revenue during the second quarter, and (iii) be consistent with full-year sales results. The Company’s vitamins and supplement sales are preliminary and unaudited and are based on the Company’s internal financial records as of the date of this press release. The Company’s independent publicly registered accounting firm, Marcum LLP has not audited, reviewed, compiled or performed any procedures with respect to this financial information. Accordingly, Marcum LLP does not express an opinion or any other form of assurance with respect to these preliminary results. You should not rely upon forward-looking statements as predictions of future events. The Company undertakes no obligation to update any such forward-looking statements after the date hereof to conform to actual results or changes in expectations, except as required by law.
Investor Contacts:
Crescendo Communications, LLC
212-671-1020
EDBL@crescendo-ir.com
FAQ
What was Edible Garden's (EDBL) sales growth in Vitamins and Supplements for Q2 2024?
How is the sales growth expected to impact Edible Garden's (EDBL) financials?
What new flavors did Edible Garden (EDBL) introduce in its product lineup?
Who is Edible Garden's (EDBL) partner in developing new flavors?
