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Plant-Based revenue growth of 16.0%, driving 3.6% total revenue growth

SunOpta announces Third Quarter Fiscal 2021 Financial Results

SunOpta Inc., a prominent healthy food and beverage company focused on plant-based foods and beverages and fruit-based foods and beverages, today announced financial results for the third quarter ended October 2, 2021.

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

Third quarter 2021 highlights:

  • Revenues of $198.5 million for the third quarter of 2021 increased 3.6% reflecting 16.0% growth in plant-based foods and beverages partially offset by a 9.7% decline in fruit-based foods and beverages.
  • Gross margin decreased 220 basis points to 11.8% from 14.0% in the third quarter of 2020, reflecting temporary supply chain challenges and incremental depreciation expense.
  • Loss from continuing operations was $3.0 million compared to a loss from continuing operations of $3.9 million in the third quarter of 2020. The loss included $2.8 million of business development, facility consolidation and project costs for capacity expansion.
  • Adjusted earnings¹ attributable to common shareholders was $1.1 million or $0.01 per diluted common share in the third quarter of 2021, compared to an adjusted loss of ($5.8) million or ($0.06) per diluted common share in the third quarter of 2020.
  • Adjusted EBITDA¹ of $15.6 million, or 7.9% of revenues for the third quarter of 2021, was up 8.4% versus $14.4 million or 7.5% of revenues in the third quarter of 2020.

“Despite recent global supply chain issues, our plant-based business produced another solid quarter of growth, delivering a record setting third quarter, more than offsetting declines in our fruit-based business. Plant-based revenues were up 16%, reflecting our sustained competitive advantages and incredibly strong consumer demand. On a two-year stack basis, plant-based revenue was up 23.9%. Moreover, our oat platform was a significant contributor to growth in the quarter. We delivered Adjusted EBITDA growth of 8.4%, as revenue growth and SG&A savings more than offset gross margin compression,” said Joe Ennen, Chief Executive Officer.

“Gross margins were impacted by incremental depreciation, along with challenges surrounding raw material and labor availability, which is temporarily impacting the efficiency of our manufacturing plants. We continue to execute well against our strategic priorities. Demand from existing and new customers remains at unprecedented levels across our plant-based portfolio. Gross margins in fruit-based were largely impacted by raw material price inflation, which we expect to be fully passed on by the end of the fourth quarter."

"Capacity expansions in our plant-based segment are firmly on track; however, as is the case across the broader economy, supply chain issues are creating transitory headwinds over the near term that the team is working hard to mitigate. Nevertheless, our long-term outlook for double-digit plant-based revenue growth and continuing to improve returns on invested capital remains unchanged.”

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