Analysts at Oppenheimer provided their views on Freshpet, Inc. (NASDAQ:FRPT) following their meeting with the company’s management.

The brokerage said it continues to look favorably upon the longer-term opportunity, but execution risk remains high in the current dynamic supply chain backdrop as evidenced by four consecutive misses from the management team.

The company’s management lowered its full 2021-year outlook, now expecting net sales of $425–430 million, down from $445 million previously. Adjusted EBITDA is now expected to be $42 million vs. a prior forecast of $50 million. Management cited supply chain challenges as a key driver of the reduction, which drove a temporary decrease in production. This represents the fourth consecutive shortfall vs. expectations, suggesting management's continued challenges in forecasting its business.