Hydrofarm Holdings Group Releases Growth Outlook for Fiscal 2021 as Controlled Environment Agriculture Market Continues to Expand
Hydrofarm Holdings Group (Nasdaq: HYFM) announced an anticipated 20% organic topline growth for the fiscal year 2021, compared to 2020, during its presentation at the Truist 2021 Consumer Symposium. CEO Bill Toler highlighted strong sales momentum post-IPO. Hydrofarm, a leader in hydroponics equipment, plans to report its fourth-quarter results for the fiscal year ending December 31, 2020, in late March 2021.
- Expected organic topline growth of at least 20% for FY 2021 compared to FY 2020.
- Ongoing risks from the COVID-19 pandemic affecting operational performance.
- Supply chain interruptions could hinder expected sales growth.
- Highly competitive market may impact revenue growth.
- Regulatory changes could negatively affect product marketability.
Company to Participate at the Truist 2021 Consumer Symposium on February 24, 2021
PETALUMA, Calif., Feb. 24, 2021 (GLOBE NEWSWIRE) -- Hydrofarm Holdings Group, Inc. (“Hydrofarm”) (Nasdaq: HYFM), a leading independent distributor and manufacturer of hydroponics equipment and supplies for controlled environment agriculture, announced that it now expects at least
Bill Toler, Chief Executive Officer and Chairman of Hydrofarm, commented, “I continue to be impressed with the momentum of our business in the months since our public offering. In light of our sales trajectory experienced thus far in the first quarter, we now expect to achieve full-year organic topline growth of at least
“With our innovative solutions, differentiated brands, and gold standard service, Hydrofarm remains uniquely positioned to capitalize on the tremendous long-term opportunity presented by the Controlled Environment Agriculture market and to capture the rapid growth ahead,” he added.
The Company expects to report financial results for its fourth quarter full fiscal year ended December 31, 2020 during the last week of March 2021.
Conference Participation
The Company will participate in a virtual fireside chat discussion at the Truist 2021 Consumer Symposium on Wednesday, February 24, 2021. Hydrofarm’s discussion will begin at 10:00 AM Eastern Time and will be webcast live Hydrofarm’s website. To access the webcast, please visit hydrofarm.com under the “Investors” tab.
About Hydrofarm Holdings Group, Inc.
Hydrofarm is a leading independent distributor and manufacturer of hydroponics equipment and supplies for controlled environment agriculture, including high-intensity grow lights, climate control solutions, and growing media, as well as a broad portfolio of innovative and proprietary branded products. For over 40 years, Hydrofarm has helped growers make growing easier and more productive. The Company’s mission is to empower growers, farmers and cultivators with products that enable greater quality, efficiency, consistency and speed in their grow projects.
Cautionary Note Regarding Forward-Looking Statements
Statements contained in this press release, other than statements of historical fact, which address activities, events and developments that the Company expects or anticipates will or may occur in the future, including, but not limited to, information regarding the future economic performance and financial condition of the Company, the plans and objectives of the Company’s management, and the Company’s assumptions regarding such performance and plans are “forward-looking statements” within the meaning of the U.S. federal securities laws that are subject to risks and uncertainties. These forward-looking statements generally can be identified as statements that include phrases such as “guidance,” “outlook,” “projected,” “believe,” “target,” “predict,” “estimate,” “forecast,” “strategy,” “may,” “goal,” “expect,” “anticipate,” “intend,” “plan,” “foresee,” “likely,” “will,” “should” or other similar words or phrases. Actual results could differ materially from the forward-looking information in this release due to a variety of factors, including, but not limited to:
The ongoing COVID-19 pandemic could have a material adverse effect on the Company’s business, results of operation, financial condition and/or cash flows; Interruptions in the Company's supply chain, whether due to Covid-19 or otherwise could adversely impact expected sales growth and operations; The highly competitive nature of the Company’s markets could adversely affect its ability to maintain or grow revenues; Certain of the Company’s products may be purchased for use in new or emerging industries or segments, including the cannabis industry, and/or be subject to varying, inconsistent, and rapidly changing laws, regulations, administrative and enforcement approaches, and consumer perceptions and, among other things, such laws, regulations, approaches and perceptions may adversely impact the market for the Company’s products; Compliance with environmental and other public health regulations or changes in such regulations or regulatory enforcement priorities could increase the Company’s costs of doing business or limit the Company’s ability to market all of its products; Damage to the Company’s reputation or the reputation of its products or products it markets on behalf of third parties could have an adverse effect on its business; If the Company is unable to effectively execute its e-commerce business, its reputation and operating results may be harmed; The Company’s operations may be impaired if its information technology systems fail to perform adequately or if it is the subject of a data breach or cyber-attack; The Company may not be able to adequately protect its intellectual property and other proprietary rights that are material to the Company’s business; Acquisitions, other strategic alliances and investments could result in operating and integration difficulties, dilution and other harmful consequences that may adversely impact the Company’s business and results of operations. Additional detailed information concerning a number of the important factors that could cause actual results to differ materially from the forward-looking information contained in this release is readily available in the Company’s publicly filed Registration Statement on Form S-1 and will also be included in quarterly, annual and other reports. The Company disclaims any obligation to update developments of these risk factors or to announce publicly any revision to any of the forward-looking statements contained in this release, or to make corrections to reflect future events or developments.
Contacts:
Investor Contact
Fitzhugh Taylor / ICR
ir@hydrofarm.com
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