Greenberg highlights "red flags" at Boulder Brands, questions gluten-free fad

|About: Boulder Brands, Inc. (BDBD)|By:, SA News Editor

Herb Greenberg takes aim at the "gluten-free gravy train" and Boulder Brands (BDBD +1.7%), pointing out what he says are multiple "red flags."

Cited by Greenberg: Growth in receivables outpacing growth in sales, sales growth into the channel outpacing sales growth out of the channel, and a dramatic decline in the rate of sales growth for the Udi's and Glutino brands.

Greenberg notes that the company has been very responsive to his inquiries (company responses are in the article) but in the end, the self-proclaimed "hype-buster" says despite BDBD CFO Christine Sacco's claim that gluten-free "is similar to organic in its day," in reality comparing organic to gluten is "apples and oranges."

Notably, Greenberg discloses that his daughter is celiac and says "if the general public [tires] of gluten-free, [companies will] all be battling for a real market, among diagnosed celiacs ... which numbers a whopping (wait for it) 3M people."