- 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."