Hydrofarm Holdings Group Releases Growth Outlook for Fiscal 2021 as Controlled Environment Agriculture Market Continues to Ex...
February 24 2021 - 7:00AM
Hydrofarm Holdings Group, Inc. (“Hydrofarm”) (Nasdaq: HYFM), a
leading independent distributor and manufacturer of hydroponics
equipment and supplies for controlled environment agriculture,
announced that it now expects at least 20% organic topline growth
for the fiscal year ending December 31, 2021 as compared to fiscal
2020. The announcement comes as part of the Company’s presentation
to investors at the Truist 2021 Consumer Symposium.
Bill Toler, Chief Executive Officer and Chairman
of Hydrofarm, commented, “I continue to be impressed with the
momentum of our business in the months since our public offering.
In light of our sales trajectory experienced thus far in the first
quarter, we now expect to achieve full-year organic topline growth
of at least 20% during fiscal 2021 as compared to fiscal 2020.”
“With our innovative solutions, differentiated
brands, and gold standard service, Hydrofarm remains uniquely
positioned to capitalize on the tremendous long-term opportunity
presented by the Controlled Environment Agriculture market and to
capture the rapid growth ahead,” he added.
The Company expects to report financial results
for its fourth quarter full fiscal year ended December 31,
2020 during the last week of March 2021.
Conference ParticipationThe
Company will participate in a virtual fireside chat discussion at
the Truist 2021 Consumer Symposium on Wednesday, February 24, 2021.
Hydrofarm’s discussion will begin at 10:00 AM Eastern Time and will
be webcast live Hydrofarm’s website. To access the webcast, please
visit hydrofarm.com under the “Investors” tab.
About Hydrofarm Holdings Group,
Inc.Hydrofarm is a leading independent distributor and
manufacturer of hydroponics equipment and supplies for controlled
environment agriculture, including high-intensity grow lights,
climate control solutions, and growing media, as well as a broad
portfolio of innovative and proprietary branded products. For over
40 years, Hydrofarm has helped growers make growing easier and more
productive. The Company’s mission is to empower growers, farmers
and cultivators with products that enable greater quality,
efficiency, consistency and speed in their grow projects.
Cautionary Note Regarding
Forward-Looking Statements Statements contained in this
press release, other than statements of historical fact, which
address activities, events and developments that the Company
expects or anticipates will or may occur in the future, including,
but not limited to, information regarding the future economic
performance and financial condition of the Company, the plans and
objectives of the Company’s management, and the Company’s
assumptions regarding such performance and plans are
“forward-looking statements” within the meaning of the U.S. federal
securities laws that are subject to risks and uncertainties. These
forward-looking statements generally can be identified as
statements that include phrases such as “guidance,” “outlook,”
“projected,” “believe,” “target,” “predict,” “estimate,”
“forecast,” “strategy,” “may,” “goal,” “expect,” “anticipate,”
“intend,” “plan,” “foresee,” “likely,” “will,” “should” or other
similar words or phrases. Actual results could differ materially
from the forward-looking information in this release due to a
variety of factors, including, but not limited to:
The ongoing COVID-19 pandemic could have a
material adverse effect on the Company’s business, results of
operation, financial condition and/or cash flows; Interruptions in
the Company's supply chain, whether due to Covid-19 or otherwise
could adversely impact expected sales growth and operations; The
highly competitive nature of the Company’s markets could adversely
affect its ability to maintain or grow revenues; Certain of the
Company’s products may be purchased for use in new or emerging
industries or segments, including the cannabis industry, and/or be
subject to varying, inconsistent, and rapidly changing laws,
regulations, administrative and enforcement approaches, and
consumer perceptions and, among other things, such laws,
regulations, approaches and perceptions may adversely impact the
market for the Company’s products; Compliance with environmental
and other public health regulations or changes in such regulations
or regulatory enforcement priorities could increase the Company’s
costs of doing business or limit the Company’s ability to market
all of its products; Damage to the Company’s reputation or the
reputation of its products or products it markets on behalf of
third parties could have an adverse effect on its business; If the
Company is unable to effectively execute its e-commerce business,
its reputation and operating results may be harmed; The Company’s
operations may be impaired if its information technology systems
fail to perform adequately or if it is the subject of a data breach
or cyber-attack; The Company may not be able to adequately protect
its intellectual property and other proprietary rights that are
material to the Company’s business; Acquisitions, other strategic
alliances and investments could result in operating and integration
difficulties, dilution and other harmful consequences that may
adversely impact the Company’s business and results of operations.
Additional detailed information concerning a number of the
important factors that could cause actual results to differ
materially from the forward-looking information contained in this
release is readily available in the Company’s publicly filed
Registration Statement on Form S-1 and will also be included in
quarterly, annual and other reports. The Company disclaims any
obligation to update developments of these risk factors or to
announce publicly any revision to any of the forward-looking
statements contained in this release, or to make corrections to
reflect future events or developments.
Contacts:
Investor ContactFitzhugh Taylor
/ ICRir@hydrofarm.com
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