Freshpet Inc. (FRPT) shares plummeted 10.05% during intraday trading on Wednesday, marking a significant reversal from earlier gains.

The pet food maker had initially traded higher after reporting first-quarter results that showed strong headline numbers, including net sales of $297.6 million that exceeded the $291.9 million estimate and GAAP earnings per share of $0.91 that vastly surpassed the FactSet consensus estimate of $0.26.

However, the sharp decline appears driven by the company's reported adjusted loss of $0.24 per share for the quarter, which missed the mean analyst estimate of a $0.10 profit and represented a decline from the $0.09 earnings per share in the same quarter last year. Additionally, the mean earnings estimate from analysts had fallen by approximately 46.7% over the last three months, with four analysts negatively revising their estimates in the past 30 days, indicating growing concerns about the company's underlying profitability.