Vital Farms Inc VITL has updated its long-term financial targets and plans.
By the end of fiscal year 2027, management expects to generate annual net revenue of more than $1 billion in its current categories.
The company expects a gross margin of at least 35% of net revenue by the fiscal year 2027 and an adjusted EBITDA Margin in the range of 12% to 14%.
For FY23, Vital Farms reaffirmed its revenue outlook of more than $465 million.
For FY23, the company continues to expect Adjusted EBITDA of more than $35 million and capital expenditures of $16 million- $21 million.
"We believe that what we have built still has significant growth potential within our current categories," said President and CEO Russell Diez-Canseco. "Vital Farms is well-positioned for continued significant net revenue growth through 2027."
Vital Farms reported a 28.4% increase in Q2 FY23 revenue to $106.4 million. EPS was $0.15 compared to $0.00 last year.
Vital Farms offers a range of ethically produced foods nationwide.
Price Action: VITL shares are trading higher by 4.03% at $11.36 on the last check Tuesday.
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