SunOpta Announces First Quarter 2022 Financial Results

Rhea-AI Summary

SunOpta reported first-quarter 2022 revenue of $240.2 million, a 15.7% increase from the previous year, driven by 13.4% growth in plant-based foods and 18.7% in fruit-based foods. Gross profit reached $28.0 million, but gross margin decreased to 11.7% due to inflationary pressures. Adjusted EBITDA was $15.6 million, down 14.7% year-over-year. Despite challenges, the company is on track with major capacity expansion projects and reaffirms its 2022 revenue outlook of $890 million to $930 million. Net earnings were $0.7 million, down from $1.7 million in the prior year.

Positive

• Revenue growth of 15.7% year-over-year.
• Strong sequential revenue growth of 17.6%.
• Gross profit growth of 52.1% from Q4 2021.
• Adjusted EBITDA increased 46% from Q4 2021.
• On track with significant capacity expansion projects.

Negative

• Gross margin decreased by 270 basis points to 11.7%.
• Net earnings declined to $0.7 million from $1.7 million year-over-year.
• Adjusted EBITDA down 14.7% compared to Q1 2021.

Revenue growth of 15.7% vs prior year

Sequential revenue growth of 17.6% and gross profit growth of 52.1%

Strong quarterly year over year revenue, gross profit and EBITDA growth expected for the balance of the year

Major capacity expansion projects on track

MINNEAPOLIS--(BUSINESS WIRE)-- SunOpta Inc. (“SunOpta” or the “Company”) (Nasdaq:STKL) (TSX:SOY), a leading healthy food and beverage company focused on plant-based foods and beverages and fruit-based foods and beverages, today announced financial results for the first quarter ended April 2, 2022.

All amounts are expressed in U.S. dollars and results are reported in accordance with U.S. GAAP, except where specifically noted.

First quarter 2022 highlights:

• Revenues of $240.2 million for the first quarter of 2022 increased 15.7% reflecting 13.4% growth in plant-based and 18.7% increase in fruit-based compared to the prior year
• Gross margin decreased 270 basis points to 11.7% from 14.4% in the prior year, primarily reflecting inflationary factors impacting raw materials, freight, labor and utilities. Gross margin increased 270 basis points to 11.7% from 9.0% in the fourth quarter of 2021, reflecting increased production and pricing actions.
• Net earnings from continuing operations were $0.7 million compared to $1.7 million in the prior year.
• Adjusted earnings¹ attributable to common shareholders was $0.6 million or $0.01 per diluted common share in the first quarter of 2022, compared to earnings of $1.3 million or $0.01 per diluted common share in the first quarter of 2021.
• Adjusted EBITDA¹ of $15.6 million, or 6.5% of revenues for the first quarter of 2022, was down 14.7% versus $18.3 million or 8.8% of revenues in the first quarter of 2021. Adjusted EBITDA increased 46% versus $10.7 million in the fourth quarter of 2021.

“We delivered strong first quarter results compared to Q4, reflecting significant progress on recent initiatives to enhance capacity and productivity coupled with robust demand across our portfolio. Plant-based revenue increased 13.4% on a year-over-year basis, driven by oat-based offerings up 59% and proprietary brands, with price and volume/mix both positive factors. The sharp recovery in our fruit-based business, where revenue increased 18.7%, was largely influenced by recent pricing actions as well as continued growth in fruit snacks and smoothie bowls,” said Joe Ennen, Chief Executive Officer. “While margins were below our year-earlier levels, we made significant progress from the fourth quarter of 2021, and believe that we have remedied production challenges in our plants and have passed on over 90% of inflationary pressures with price increases. I’m pleased to report that we are on track with expansion projects, including our new plant in Texas. This is a testimony to our focus on execution in this challenging environment. I’m also very proud of our recently released ESG report that outlines our framework around products, planet, people, and governance along with highlighting progress made in 2021. SunOpta is passionate about our commitments to sustainability as we continue to fuel the future of food. We remain highly confident in our strategic direction and growth outlook as well as our ability to create significant shareholder value.”

First Quarter 2022 Results

Revenues of $240.2 million for the first quarter of 2022 increased 15.7% compared to the first quarter of 2021 reflecting 13.4% growth in Plant-Based Foods and Beverages and 18.7% growth in Fruit-Based Foods and Beverages.

The Plant-Based Foods and Beverages segment generated revenues of $135.5 million during the first quarter of 2022, an increase of 13.4% compared to $119.5 million in the first quarter of 2021. Growth continued to be driven by oat-based offerings, reflecting pricing and volume/mix factors, along with incremental revenue from Dream and WestSoy.

The Fruit-Based Foods and Beverages segment generated revenues of $104.7 million during the first quarter of 2022, an increase of 18.7% compared to $88.2 million in the first quarter of 2021. Growth was driven by pricing and favorable volume/mix stemming from strong demand for fruit snacks, and one-time incremental volumes this quarter from one of our large frozen fruit customers, and the recent introduction of fruit smoothie bowls.

Gross profit was $28.0 million for the first quarter, a decrease of $2.0 million compared to $30.0 million in the prior year period. As a percentage of revenues, gross profit margin was 11.7% in the first quarter of 2022 compared to 14.4% in the first quarter of 2021, a decrease of 270 basis points. Gross profit in the Plant-Based Foods and Beverages segment decreased $3.2 million. The 470-basis point decrease in Plant-Based gross margin included an approximately 150 basis-point decline due to the dilutive effect of pass-through pricing to recover cost inflation on raw and packaging material. The remaining gross margin impact reflected unrecovered raw material and freight cost inflation, due to the lag in pricing adjustments, together with higher labor and utility rates, and increased depreciation expense, partially offset by volume growth and improved plant utilization. Gross profit in the Fruit-Based Foods and Beverages segment increased by $1.2 million. Gross margin was flat at 7.7%, despite an approximately 100 basis-point decline due to the dilutive effect of pass-through pricing to recover cost inflation on raw and packaging material. Excluding this pricing effect, fruit-based gross margin reflected the benefits of portfolio rationalizations for frozen fruit and manufacturing cost savings from the consolidation of our fruit processing facilities in 2021, partially offset by currently unrecovered freight and storage cost inflation, a higher mix of low-margin fruit juice sales, and frozen fruit inventory losses due to excess spoilage during handling.

Segment operating income¹ was $3.9 million, or 1.6% of revenues in the first quarter of 2022, compared to segment operating income of $6.1 million, or 2.9% of revenues in the first quarter of 2021. The decrease in segment operating income was due to lower gross profit, and increased SG&A mainly due to a special one-time bonus accrual of $1.6 million to reward employees for improved performance this quarter in our plants, partially offset by a reduction in variable stock-based compensation as the performance condition under the 2021 incentive plan was not achieved.

Adjusted EBITDA¹ was $15.6 million or 6.5% of revenues in the first quarter of 2022, compared to $18.3 million or 8.8% of revenues in the first quarter of 2021.

Earnings attributable to common shareholders for the first quarter of 2022 was $3.5 million, or $0.03 per diluted common share, compared to a loss of $0.3 million, or $0.00 per diluted common share during the first quarter of 2021.

Adjusted earnings¹ in the first quarter of 2022 was $0.6 million or $0.01 per common share, compared to adjusted earnings of $1.3 million or $0.01 per common share in the first quarter of 2021.

Please refer to the discussion and table below under “Non-GAAP Measures”.

Balance Sheet and Cash Flow

As of April 2, 2022, SunOpta had total assets of $785.8 million and total debt of $249.7 million compared to total assets of $755.1 million and total debt of $224.6 million at year end, 2021. During the first quarter of 2022, cash provided by operating activities of continuing operations was $15.5 million compared to cash used in operating activities of continuing operations of $7.0 million during the first quarter of 2021. Investing activities from continuing operations consumed $24.5 million of cash during the first quarter of 2022 versus $7.9 million in the prior year, primarily driven by the new plant in Midlothian, Texas which is expected to come online in late 2022.

2022 Outlook²

We are reaffirming our previously provided outlook for fiscal 2022, including:

Consolidated revenue range: $890 million - $930 million

Consolidated adjusted EBITDA¹ range: $67 million - $75 million

Conference Call

SunOpta plans to host a conference call at 5:00 P.M. Eastern time on Wednesday, May 11, 2022, to discuss the first quarter financial results. After opening remarks, there will be a question and answer period. Investors interested in listening the live webcast can access a link on SunOpta's website at www.sunopta.com under the "Investor Relations" section or directly here. A replay of the webcast will be archived and can be accessed for approximately 90 days on the Company's website. This call may be accessed with the toll free dial-in number dial (888) 440-4182 or International dial-in number (646) 960-0653 using Conference ID: 8338433.

¹ See discussion of non-GAAP measures

² The Company has included certain forward-looking statements about the future financial performance that include non-GAAP financial measures, including Adjusted EBITDA. These non–GAAP financial measures are derived by excluding certain amounts, expenses or income, from the corresponding financial measures determined in accordance with GAAP. The determination of the amounts that are excluded from these non-GAAP financial measures is a matter of management judgment and depends upon, among other factors, the nature of the underlying expense or income amounts recognized in a given period. We are unable to present a quantitative reconciliation of the aforementioned forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures because management cannot reliably predict all of the necessary components of such GAAP measures. Historically, management has excluded the following items from certain of these non-GAAP measures, and such items may also be excluded in future periods and could be significant amounts.

• Expenses related to the acquisition or divestiture of a business, including business development costs, impairment of assets, integration costs, severance, retention costs and transaction costs;
• Start-up costs of new facilities and equipment;
• Charges associated with restructuring and cost saving initiatives, including but not limited to asset impairments, accelerated depreciation, severance costs and lease abandonment charges;
• Asset impairment charges and facility closure costs;
• Legal settlements or awards; and
• The tax effect of the above items.

About SunOpta Inc.

SunOpta (Nasdaq:STKL) (TSX:SOY) is a U.S.-based, global pioneer fueling the future of sustainable, plant-based and fruit-based food and beverages. Founded nearly 50 years ago, SunOpta manufactures natural, organic and specialty products sold through retail and foodservice channels. SunOpta operates as a manufacturer for leading natural and private label brands, and also proudly produces its own brands, including SOWN™, Dream™, West Life™ and Sunrise Growers™. For more information, visit www.sunopta.com and LinkedIn.

Forward-Looking Statements

Certain statements included in this press release may be considered "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation, which are based on information available to us on the date of this release. These forward-looking statements include, but are not limited to, our expectation for quarterly year over year revenue, gross profit and EBITDA growth, our belief that we have remedied production challenges in our plants, our expectation that the Midlothian, Texas plant will come online in late 2022 and our previously provided outlook for consolidated revenues and adjusted EBITDA. Generally, forward-looking statements do not relate strictly to historical or current facts and are typically accompanied by words such as “expect”, “believe”, “continue”, “anticipate”, “estimates”, “can”, “will”, “target”, "should", "would", "plans", "becoming", "intend", "confident", "may", "project", "potential", "intention", "might", "predict", “budget”, “forecast” or other similar terms and phrases intended to identify these forward-looking statements. Forward-looking statements are based on information available to the Company on the date of this release and are based on estimates and assumptions made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments including, but not limited to, the Company’s actual financial results; uninterrupted operations and service levels to our customers during COVID-19; inflationary factors impacting raw materials, freight, labor and utilities; current customer demand for the Company’s products and the additional anticipated demand due to COVID-19; general economic conditions; continued consumer interest in health and wellness; the Company’s ability to maintain or increase product pricing levels; potential shortages or inability to secure qualified labor personnel and construction supplies; planned facility and operational expansions, closures and divestitures; cost rationalization and product development initiatives; alternative potential uses for the Company’s capital resources; portfolio optimization and productivity efforts; the sustainability of the Company’s sales pipeline; the Company’s expectations regarding commodity pricing, margins and hedging results; improved availability and field prices for fruit; procurement and logistics savings; freight lane cost reductions; yield and throughput enhancements; and labor cost reductions. Whether actual timing and results will agree with expectations and predictions of the Company is subject to many risks and uncertainties including, but not limited to, potential loss of suppliers and customers as well as supply chain, logistics and other disruptions resulting from or related to COVID-19; unexpected issues or delays with the Company’s structural improvements and automation investments; failure or inability to implement portfolio changes, process improvements, go-to-market improvements and process sustainability strategies in a timely manner; changes in the level of capital investment; local and global political and economic conditions; consumer spending patterns and changes in market trends; decreases in customer demand; delayed or unsuccessful product development efforts; potential product recalls; working capital management; availability and pricing of raw materials and supplies; potential covenant breaches under the Company’s credit facilities; and other risks described from time to time under "Risk Factors" in the Company's Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q (available at www.sec.gov). Consequently, all forward-looking statements made herein are qualified by these cautionary statements and there can be no assurance that the actual results or developments anticipated by the Company will be realized. The Company undertakes no obligation to publicly correct or update the forward-looking statements in this document, in other documents, or on its website to reflect future events or circumstances, except as may be required under applicable securities laws.

SunOpta Inc.
Consolidated Statements of Operations
For the quarters ended April 2, 2022 and April 3, 2021
(Unaudited)
(All dollar amounts expressed in thousands of U.S. dollars, except per share amounts)
				Quarter ended
				April 2, 2022		April 3, 2021
				$		$
Revenues				240,173		207,640
Cost of goods sold				212,182		177,651
Gross profit				27,991		29,989
Selling, general and administrative expenses				21,935		20,874
Intangible asset amortization				2,612		2,194
Other expense, net				287		1,615
Foreign exchange loss (gain)				(472	)	836
Earnings from continuing operations before the following				3,629		4,470
Interest expense, net				2,530		1,660
Earnings from continuing operations before income taxes				1,099		2,810
Income tax expense				445		1,138
Earnings from continuing operations				654		1,672
Earnings from discontinued operations				3,566		-
Net earnings				4,220		1,672
Dividends and accretion on preferred stock				(755	)	(1,953	)
Earnings (loss) attributable to common shareholders				3,465		(281	)
Basic and diluted earnings (loss) per share
	From continuing operations			(0.00	)	(0.00	)
	From discontinued operations			0.03		-
Basic and diluted earnings (loss) per share				0.03		(0.00	)
Weighted-average common shares outstanding (000s)
	Basic			107,399		96,120
	Diluted			107,399		96,120

SunOpta Inc.
Consolidated Balance Sheets
As at April 2, 2022 and January 1, 2022
(Unaudited)
(All dollar amounts expressed in thousands of U.S. dollars)
				April 2, 2022		January 1, 2022
				$		$
ASSETS
Current assets
	Cash and cash equivalents			495		227
	Accounts receivable			98,220		84,702
	Inventories			217,975		220,143
	Prepaid expenses and other current assets			16,040		16,638
	Income taxes recoverable			8,130		8,259
Total current assets				340,860		329,969
Property, plant and equipment, net				245,898		219,537
Operating lease right-of-use assets				43,174		47,245
Intangible assets, net				145,828		148,440
Goodwill				3,998		3,998
Other assets				6,057		5,930
Total assets				785,815		755,119
LIABILITIES
Current liabilities
	Accounts payable and accrued liabilities			135,518		121,430
	Current portion of long-term debt			17,864		9,760
	Current portion of operating lease liabilities			10,104		12,203
Total current liabilities				163,486		143,393
Long-term debt				231,822		214,843
Operating lease liabilities				37,185		39,028
Long-term liabilities				4,034		2,241
Deferred income taxes				10,758		22,485
Total liabilities				447,285		421,990
Series B-1 preferred stock				28,291		28,145
SHAREHOLDERS' EQUITY
Common shares				437,451		436,463
Additional paid-in capital				24,042		23,240
Accumulated deficit				(152,617	)	(156,082	)
Accumulated other comprehensive income				1,363		1,363
Total shareholders' equity				310,239		304,984
Total liabilities and shareholders' equity				785,815		755,119

SunOpta Inc.
Consolidated Statements of Cash Flows
For the quarters ended April 2, 2022 and April 3, 2021
(Unaudited)
(Expressed in thousands of U.S. dollars)
				Quarter ended
				April 2, 2022		April 3, 2021
				$		$
CASH PROVIDED BY (USED IN)
Operating activities
Net earnings				4,220		1,672
Earnings from discontinued operations				3,566		-
Earnings from continuing operations				654		1,672
Items not affecting cash:
	Depreciation and amortization			9,413		8,043
	Amortization of debt issuance costs			375		285
	Deferred income taxes			80		837
	Stock-based compensation			1,629		3,973
	Other			111		(169	)
	Changes in operating assets and liabilities			3,281		(21,656	)
Net cash provided by (used in) operating activities of continuing operations				15,543		(7,015	)
Investing activities
Additions to property, plant and equipment				(25,722	)	(9,297	)
Proceeds from sale of assets				1,204		1,350
Net cash used in investing activities of continuing operations				(24,518	)	(7,947	)
Net cash used in investing activities of discontinued operations				-		(13,380	)
Net cash used in investing activities				(24,518	)	(21,327	)
Financing activities
Increase (decrease) under revolving credit facilities				(10,305	)	41,585
Borrowings of long-term debt				22,897		486
Repayment of long-term debt				(2,395	)	(4,085	)
Payment of debt issuance costs				(506	)	(1,828	)
Proceeds from the exercise of stock options and employee share purchases				250		2,640
Payment of withholding taxes on stock-based awards				(89	)	(6,071	)
Payment of cash dividends on preferred stock				(609	)	(3,420	)
Payment of share issuance costs				-		(262	)
Net cash provided by financing activities of continuing operations				9,243		29,045
Net cash used in financing activities of discontinued operations				-		(200	)
Net cash provided by financing activities				9,243		28,845
Increase in cash and cash equivalents in the period				268		503
Cash and cash equivalent, beginning of the period				227		251
Cash and cash equivalents, end of the period				495		754

SunOpta Inc.
Segmented Information
For the quarters ended April 2, 2022 and April 3, 2021
Unaudited
(Expressed in thousands of U.S. dollars)
				Quarter ended
				April 2, 2022		April 3, 2021
				$		$
Segment revenues from external customers:
	Plant-Based Foods and Beverages			135,511		119,451
	Fruit-Based Foods and Beverages			104,662		88,189
		Total segment revenues from external customers		240,173		207,640
Segment gross profit:
	Plant-Based Foods and Beverages			19,980		23,158
	Fruit-Based Foods and Beverages			8,011		6,831
		Total segment gross profit		27,991		29,989
Segment operating income (loss):
	Plant-Based Foods and Beverages			8,096		13,317
	Fruit-Based Foods and Beverages			784		(1,894	)
	Corporate Services			(4,964	)	(5,338	)
		Total segment operating income		3,916		6,085
Segment gross profit percentage:
	Plant-Based Foods and Beverages			14.7	%	19.4	%
	Fruit-Based Foods and Beverages			7.7	%	7.7	%
		Total segment gross profit percentage		11.7	%	14.4	%
Segment operating income (loss) percentage:
	Plant-Based Foods and Beverages			6.0	%	11.1	%
	Fruit-Based Foods and Beverages			0.7	%	-2.1	%
		Total segment operating income percentage		1.6	%	2.9	%

Non-GAAP Measures

In addition to reporting financial results in accordance with U.S. GAAP, the Company provides additional information about its operating results regarding segment operating income, adjusted earnings and adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”), which are not measures in accordance with U.S. GAAP. The Company believes that segment operating income, adjusted earnings and adjusted EBITDA assist investors in comparing performance across reporting periods on a consistent basis by excluding items that management believes are not indicative of its operating performance. The non-GAAP measures of segment operating income, adjusted earnings and adjusted EBITDA should not be considered in isolation or as a substitute for performance measures calculated in accordance with U.S. GAAP.

In order to evaluate its results of operations, the Company uses certain other non-GAAP measures that it believes enhance an investor’s ability to derive meaningful period-over-period comparisons and trends from the results of operations. In particular, the Company excludes specific items from its reported results that due to their nature or size, it does not expect to occur as part of its normal business on a regular basis. These items are identified in the tables below. These non-GAAP measures are presented solely to allow investors to more fully assess the Company’s results of operations and should not be considered in isolation of, or as substitutes for, an analysis of the Company’s results as reported under U.S. GAAP.

Adjusted Earnings

When assessing its financial performance, the Company uses an internal measure that excludes charges and gains that it believes are not reflective of normal operations. This information is provided to allow investors to make meaningful comparisons of the Company’s operating performance between periods and to view the Company’s business from the same perspective as the Company’s management. Adjusted earnings and adjusted earnings per diluted share should not be considered in isolation or as a substitute for performance measures calculated in accordance with U.S. GAAP.

The following is a tabular presentation of adjusted earnings and adjusted earnings per diluted share, including a reconciliation from earnings from continuing operations, which the Company believes to be the most directly comparable U.S. GAAP financial measure.

					April 2, 2022					April 3, 2021
							Per Share					Per Share
	For the quarter ended				$		$			$		$
	Earnings from continuing operations				654					1,672
	Dividends and accretion on preferred stock				(755	)				(1,953	)
	Loss attributable to common shareholders				(101	)	(0.00	)		(281	)	(0.00	)
	Adjusted for:
		Start-up costs(a)			440					-
		Business development costs(b)			183					169
		Restructuring costs(c)			-					1,432
		Other(d)			287					183
		Net income tax effect(e)			(239	)				(240	)
	Adjusted earnings				570		0.01			1,263		0.01

(a)		Represents incremental direct costs incurred in connection with plant expansion projects and new product introductions before the project or product reaches normal production levels, including costs for the hiring and training of additional personnel, fees for outside services, travel costs, and plant- and production-related expenses. For the first quarter of 2022, start-up costs mainly related to new employee hires for our plant-based beverage facility under construction in Midlothian, Texas, and the integration of the Dream and WestSoy brands acquired in April 2021, which were recorded in cost of goods sold.
(b)		Represents third-party costs associated with business development activities, including costs related to the evaluation, execution, and integration of external acquisitions and divestitures, internal expansion projects, and other strategic initiatives, which were recorded in SG&A expenses.
(c)		For the first quarter of 2021, represents costs to complete the exit from our Santa Maria, California, frozen fruit processing facility, which were recorded in other expense.
(d)		For the first quarter of 2022, other includes asset impairment charges. For the first quarter of 2021, other reflects professional fees incurred in connection with post-closing matters related to the 2020 divestiture of our global ingredients business, Tradin Organic.
(e)		Reflects the tax effect of the preceding adjustments to earnings calculated based on the statutory tax rates applicable in the tax jurisdiction of the underlying adjustment.

Segment Operating Income and Adjusted EBITDA

The Company defines segment operating income as earnings from continuing operations before income taxes, interest expense and other income/expense items, and adjusted EBITDA as segment operating income plus depreciation, amortization, stock-based compensation, and other unusual items that affect the comparability of operating performance as identified above in the determination of adjusted earnings. The following is a tabular presentation of segment operating income and adjusted EBITDA, including a reconciliation to earnings from continuing operations, which the Company believes to be the most directly comparable U.S. GAAP financial measure.

					April 2, 2022		April 3, 2021
	For the quarter ended				$		$
	Earnings from continuing operations				654		1,672
	Income tax expense				445		1,138
	Interest expense, net				2,530		1,660
	Other expense, net				287		1,615
	Total segment operating income				3,916		6,085
		Depreciation and amortization			9,413		8,043
		Stock-based compensation			1,629		3,973
		Start-up costs(a)			440		-
		Business development costs(b)			183		169
	Adjusted EBITDA				15,581		18,270

(a)		For the first quarter of 2022, start-up costs mainly related to new employee hires for our plant-based beverage facility under construction in Midlothian, Texas, and the integration of the Dream and WestSoy brands acquired in April 2021, which were recorded in cost of goods sold.
(b)		For the first quarters of 2022 and 2021, business development activities were related to the exploration of potential strategic opportunities, which costs were recorded in SG&A expenses.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20220511005281/en/

Reed Anderson

ICR

646-277-1260

reed.anderson@icrinc.com

Source: SunOpta Inc.

FAQ

What were SunOpta's Q1 2022 revenue figures and growth percentage?

SunOpta reported Q1 2022 revenue of $240.2 million, reflecting a 15.7% increase year-over-year.

How did SunOpta's gross profit change in Q1 2022?

The gross profit for Q1 2022 was $28.0 million, a decrease from $30.0 million in the prior year.

What is the adjusted EBITDA for SunOpta in Q1 2022?

SunOpta's adjusted EBITDA for Q1 2022 was $15.6 million, down 14.7% year-over-year.

What is SunOpta's revenue outlook for 2022?

SunOpta reaffirms its revenue outlook for 2022, targeting a range between $890 million and $930 million.

How did inflation affect SunOpta's gross margin in Q1 2022?

SunOpta's gross margin decreased by 270 basis points to 11.7% due to inflationary pressures on raw materials, labor, and utilities.