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Nibble on gluten-free treats, but own gluten-free stock?

(Click for video linked to a searchable transcript of this Mad Money segment)

These days you can find a gluten-free version of almost everything you could want. And that includes stock.

Well almost. Although Boulder Brands isn't an entirely pure play on the gluten-free lifestyle, Jim Cramer says it's pretty darn close.

"Boulder Brands makes Udi's and Glutino gluten-free foods, along with Earth Balance for plant-based diets, and Smart Balance for heart healthy diets," explained the "Mad Money" host.

MSPhotographic | iStock / 360 | Getty Images

Considering over 40 million people are gluten intolerant, conventional wisdom would suggest that companies which leverage the trend should attract considerable investor dollars.

"And this company certainly has. Over the course of 2012 and 2013, Boulder Brands, which was formerly known as Smart Balance, had an incredible run, rallying from $5 and change to $15 and change," Cramer said.

However, investor enthusiasm has waned since late March and share price has waned with it. Not only has Boulder turned negative for the year but it's lost more than 15 percent year to date.

Dig down into earnings, and metrics appear to reflect the Street's concern. Although Udi's and Glutino grew at 37.4 and 31 percent respectively, that was down from 62 and 50 percent a year ago, and there was a 430 basis point decline in the company's gross margin.

"What's happened with margins is that quick serve restaurants have gone to healthier menu items," explained Stephen Hughes, the chairman and CEO of Boulder Brands on Mad Money. "For example they're offering breakfast sandwiches with egg whites (which drives demand for egg whites and ultimately the prices higher.) We use egg whites in our gluten-free bakery products. Historically our gross margins have been in the low 40's. It dipped down to 38 in the first quarter and it will be 37 in the second quarter but we feel confident it will bounce back. We think this is an air pocket."

Also Hughes added that private label products being introduced at mainstream stores such as Wal-Mart should ultimately boost the category broadly, ultimately driving sales for Boulder. "The move to organic products is going mainstream in a major way. I believe we're at a tipping point," Hughes added.

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"I'm a big believer in the healthy-eating trend as a long-term investable theme," Cramer added. "There's a lot of good research on this company. If it intrigues you, I urge you to do homework. Find out more."

Call Cramer: 1-800-743-CNBC

Questions for Cramer? madmoney@cnbc.com

Questions, comments, suggestions for the "Mad Money" website? madcap@cnbc.com

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