Prescience Point follow-up report on Boulder Brands’ (Nasdaq: BDBD), consisting of a deep-dive look at the company’s Q4’2012 results and management’s 2013 guidance. In short, the story does not add up and we expose the red flag components of its missing pieces.

With the stock having fallen 28% since we initiated the company at Strong Sell on February 26th — despite the company reporting that it, “Delivers 35% Net Sales Growth & 15% Organic Net Sales Growth in the (4th) Quarter,” and “Increases 2013 Outlook” — we suspect that the market has already seen through most of the charades. Still, many fresh, value-added insights are hidden deep below the surface and we have pulled the puzzle together with our own observations. We are downgrading our price target from $4.00 to $3.00 on the risks of a convent breach and likelihood of an imminent, highly dilutive equity capital raise.