Tuesday, April 11, 2023
Joe Gomes, Managing Director – Generalist Analyst, Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
FY22 Results. Lifeway reported record full year revenue of $141.6 million for 2022, up 18.9% y-o-y. Higher volumes of drinkable kefir, increased pricing, and a full year of Glen Oaks drove the increased top line. Gross margin of 18.9% was constrained due to increased raw material costs. Lifeway reported full year net income of $0.9 million, or EPS of $0.06, down from $3.3 million, or EPS of $0.21, for 2021.
4Q22. The fourth quarter was the 13th straight quarter of y-o-y net sales growth. Revenues came in at $35.8 million, up 15.7% y-o-y, but modestly below our $39 million projection. Lifeway generated $716,000 of net income, or EPS of $0.05, in the quarter, compared to a loss of $93,000, or a loss of $0.01/sh, in 4Q21. We were at net income of $1.1 million, or $0.07/sh.
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