In this file:
· Plant-based burger maker Beyond Meat beats forecasts in 1Q
· Beyond Meat Reports $40M Q1 Earnings, Predicts $210M Net Revenue for 2019
· Beyond Meat Surges 26% as Rosy Sales Outlook Fuels More Optimism
· Beyond Meat Soars Postmarket; Plans to Break Even in 2019
· Beyond Meat sees sales more than doubling in 2019
· Opinion: All Beyond Meat Does Is Win – For Now
· Focus: Beyond Meat's home in the meat aisle sparks food fight
· Media Release: Beyond Meat® Reports First Quarter 2019 Financial Results
· Beyond Meat, Inc. to Host Earnings Call
Plant-based burger maker Beyond Meat beats forecasts in 1Q
by The Associated Press
via 660 CityNews (Canada) - Jun 6, 2019
Plant-based meat maker Beyond Meat beat Wall Street’s expectations in its first earnings report since its IPO last month.
The El Segundo, California-based company lost $6.6 million, or 95 cents per share, in the first quarter, up slightly from a 98-cent loss in the same period a year ago.
Adjusted for compensation costs and other items, the company lost 14 cents per share. That was better than the 15-cent loss analysts had forecast, according to FactSet.
Beyond Meat reported revenue of $40.2 million, more than triple the prior year. That also beat Wall Street’s forecast of $39 million.
The company was the first pure-play vegan meat maker to go public...
Beyond Meat Reports $40M Q1 Earnings, Predicts $210M Net Revenue for 2019
By Catherine Lamb, The Spoon
June 6, 2019
Today Beyond Meat had the first earnings call since they went public last month.
The company blew growth expectations out of the water and reported net revenue of $40.2 million in Q1 of 2019, which is an increase in 215 percent since the same period in 2018. It reported a first-quarter net loss of $6.6 million, or .95 per share.
Beyond’s CFO Mark Nelson gave guidance that the company will have a net revenue of over $210 million by the end of 2019. That’s slightly higher than Wall Street’s estimate of $205 million. In response to these positive numbers, Beyond’s shares rose 16 percent after the reporting was released.
The plant-based meat company’s sales are no doubt helped by its well-publicized IPO, as well as its expanding retail and restaurant footprint. Interestingly, the revenue from the two sources is almost split 50-50: grocery store sales accounted for $19.6 million of Beyond’s revenue, while restaurant sales made up $20.6 million.
On the earnings call Beyond Meat CEO Ethan Brown stated that the company would use its new capital to “invest in current and additional manufacturing facilities, to expand its research and development and its sales and marketing capabilities, and for working capital and general corporate purposes.”
Perhaps most notable was Brown’s emphasis on international expansion. He mentioned the high market potential in South Africa and Chile, as well as Europe and Asia. This could help it differentiate from plant-based competitor Impossible Foods, which is only available in the U.S., Singapore, Hong Kong, and Macau.
Despite their impressive stats, Beyond still has lots more room to grow...
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Beyond Meat Surges 26% as Rosy Sales Outlook Fuels More Optimism
By Deena Shanker, Bloomberg
June 6, 2019
Beyond Meat Inc. gave investors their first look inside the company since its initial public offering last month, and shareholders liked what they saw. The shares jumped as much as 26% in late trading.
· The company said sales will exceed $210 million this year, beating analysts’ estimate for about $205 million. The company also said EBITDA would break even in 2019, while analysts had estimated that the company would post a loss.
· The report gives the company plenty of ammunition to ward off the short sellers who have questioned the stock’s valuation following its extended post-IPO rally. It also reinforces the perception that consumer demand for alternative meat products is on the rise.
· Now Beyond Meat is focused on growth and Chief Executive Officer Ethan Brown said the company’s “in the early stages” of expansion as it increases brand awareness and expands distribution. The company’s pea-based Beyond Burger is already in more than 15,000 U.S. grocery stores and thousands of restaurants in the U.S. and Canada. The company is also trying to expand in Europe. More growth plans may be revealed on the call.
· All that growth means heavy investment, however, squeezing profits. Beyond Meat reported a net loss $6.6 million, wider than the loss of $5.7 million a year earlier.
· While Beyond Meat is one of the first on the plant-based meat scene, competition is already fierce. Beyond Meat’s main alternative protein rival, Impossible Foods, recently announced a roll out with Burger King. Food giants like Tyson Foods Inc. and Nestle SA are also working on competing products as consumers increasingly gravitate toward plant-based products.
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Beyond Meat Soars Postmarket; Plans to Break Even in 2019
Jun 06, 2019
Investing.com - Beyond Meat topped quarterly expectations on the top and bottom lines Thursday and also issued bullish guidance, helping shares move higher after hours.
The newly-public maker of vegetable meat substitutes reported a fiscal first-quarter loss of 14 cents per share, a penny narrower than the 15 cents per share analysts were expecting, according to forecasts compiled by Investing.com.
Revenue of $40.2 million topped forecasts for $38.9 million.
Looking ahead, the company said it predicts revenue of $210 million for 2019, ahead of the S&P Capital IQ consensus of about $205 million. It also says it expects breakeven 2019 earnings before interest, taxes, depreciation and amortization (EBITDA), compared with forecasts for a loss of 12 cents per share...
Beyond Meat sees sales more than doubling in 2019
via GFM Network News/Glacier FarmMedia Feed/Canadian Cattlemen - June 6, 2019
Reuters — Beyond Meat, a U.S. maker of plant-based burgers and sausages, said it expects to more than double its revenue and report breakeven EBITDA this year, sending the its shares up over 21 per cent.
The company said it expects to record revenue of $210 million in 2019 (all figures US$), with break-even earnings, before interest, tax, depreciation and amortization (EBITDA).
Analysts on average forecast full-year sales of $205 million, and a loss, before interest, tax, depreciation and amortization, of $10.28 million, according to Refinitiv IBES data.
The company has captured a wide audience for its imitation meat patties and sausages made from ingredients such as pea protein, coconut and canola oil.
The burgers, a hit with consumers switching to a “flexitarian” diet, feel, smell and taste like real meat.
Beyond Meat’s sales have increased five-fold since it began selling its flagship Beyond Burger in 2016.
“We are very conservative and view this as a floor,” CEO Ethan Brown said on a conference call when asked about the revenue forecast. The company does not count customers who are using its products as a part of a testing project.
“As we are entering into additional test and distribution channels and take on new customers, those will be additive to our numbers,” Brown said.
The company is also working on making its plant-based products cheaper than animal protein to capture more market share.
Beyond Meat, whose rivals include U.S.-based Impossible Foods, is likely to face increasing competition in the niche market as companies such as Nestle and Tyson Foods ready their own lines of products.
“Beyond Meat, right now, does have the first-mover advantage,” said Megan Brantley, vice-president of research at LikeFolio.
The California-based company said its net loss widened to $6.6 million in the three months ended March 30, from $5.7 million a year earlier.
First-quarter net revenue came in at $40.2 million, an increase of 215 per cent, the company said. Analysts had expected revenue of $38.9 million.
“Beyond Meat is in a business that could be absolutely incredible,” John Gillin, an analyst with Stansberry Research, said.
In the Canadian market, Beyond Meat in April announced deals to sell its Beyond Burgers for home grilling through several major grocery retail chains. Fast food chains including A+W and Tim Hortons have also added Beyond Meat products to their menus...
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All Beyond Meat Does Is Win – For Now
By Sarah Halzack, Opinion, Bloomberg
June 6, 2019
Beyond Meat Inc. has been quite the star on Wall Street since its May initial public offering. Shares of the maker of plant-based burgers and sausages soared a whopping 163% on their first day of trading, and they’ve only rocketed higher since then, even topping $100.
The stock’s splashy debut landed not long after Burger King said it would soon add a plant-based Whopper to its national menu from another newcomer, Impossible Foods. And just like that, there was no buzzier topic in the food business than meat substitutes.
Beyond Meat reported earnings results Thursday afternoon, its first time doing so since its IPO, and the company continued to dazzle. Its revenue of $40.2 million slightly exceeded the preliminary estimates it had provided in an earlier securities filing, while its operating loss of $5.3 million wasn’t as steep as had been projected then. The shares jumped more than 20% in after-hours trading.
There are good reasons for investors’ zeal; the movement toward healthier and more sustainable food, including meatless options, seems to be more than a fad. But some caution is warranted. Beyond Meat’s valuation has gotten unreasonably lofty, even if it is at the forefront of a dining preference that I believe represents major long-term cultural shift.
As of Thursday afternoon, before the earnings report pushed up Beyond Meat’s shares even further, the company’s market value was just shy of $6 billion. That meant, with a mere $88 million in revenue last year – yes, that’s million with an “m” – it was nipping at the heels of established poultry producer Pilgrim’s Pride Corp., which is valued at about $6.6 billion and rings up $11 billion in annual sales. Beyond Meat did offer full-year guidance on Thursday of $210 million in revenue, a significant increase over its 2018 sales. Even so, Beyond Meat is in a different league valuation-wise from any major company in the packaged-food business.
I suppose you could justify that premium by saying the newcomer Beyond Meat is in a dramatically different position than those legacy package-food companies. Those guys, after all, have endured years of cost-cutting and are saddled with a suite of products that feel stuck in a different era (canned soup, anyone?). Beyond Meat gets to build its merchandise selection, supply chain, marketing, and vendor relationships from scratch for today’s business reality, and surely that could be helpful.
But the old-school players aren’t blind to the interest in this category. Nestle SA has already announced its plant-based Awesome Burger will debut in the U.S. later this year and Tyson Foods Inc. – a one-time investor in Beyond Meat – will roll out a plant-based product later this year. Bryan Spillane, an analyst at Bank of America, wrote in a research note that the extrusion process used to manufacture Beyond Meat products is fairly common in the making of other packaged foods. So it might not be that difficult for established players to catch up. Beyond Meat’s prospectus says, “We currently do not have sufficient capacity to meet our customers’ demands and to satisfy increased demand, we need to expand our operations, supply and manufacturing capabilities.” What will happen once established, large-scale food manufacturers are there to step into the void?
Also, it’s important to keep in mind that Beyond Meat’s burgers aren’t exactly cheap. The Bank of America analysis found that the average retail price for Beyond Meat burgers is $12 per pound, compared to $4 per pound for regular beef patties. I’m sure that gap will narrow as it grows and economies of scale provide new efficiencies. But for now, that is a clear obstacle to growth. The promise of this new generation of plant-based meat products is that they will appeal not just to dedicated vegetarians, but also to omnivores, because they taste like real meat. It will be challenging to lure new customers to give this format a try at a premium price point.
That said, the enthusiasm for this category overall isn’t misplaced. Awareness is increasing of the environmental impact of the meat supply chain, and consumers generally continue to embrace plant-based products in pursuit of a healthier diet.
I can see how Beyond Meat’s tactic of trying to get its product into grocery-store meat cases – not freezer cases next to veggie burgers from Kellogg Co.’s Morningstar Farms or Kraft Heinz Co.’s Boca – might prove a breakthrough for reaching more shoppers. And we continue to see chain restaurants experimenting with plant-based protein offerings, a clear sign these items are being mainstreamed. In addition to the upcoming Burger King launch, Little Caesars is testing a pizza topped with Impossible Sausage. Tim Horton’s, the Canadian breakfast spot, is testing breakfast sandwiches that contain Beyond Meat products.
Beyond Meat is certainly in a rare corner of the packaged-food industry that looks primed for growth. But investors should want to see a longer trail of evidence that it can scale efficiently and ward off competitors before rewarding it with this kind of valuation...
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Focus: Beyond Meat's home in the meat aisle sparks food fight
By Tina Bellon, Reuters
via Yahoo Finance - June 6, 2019
NEW YORK (Reuters) - In a bid to directly compete with ground beef and pork sausage, Beyond Meat Inc bills itself the world's first plant-based burger sold in the meat case of U.S. grocery stores.
But interviews with nine U.S. grocery chains show that retailers are still figuring out Beyond Meat's best fit in their shopping aisles - and it may be closer to the vegan section than the refrigerated meat department so desired by Beyond Meat.
The stakes are high in the battle over supermarket real estate, as upstart Beyond Meat seeks to quickly carve out its place in the meat section in the face of pushback from meat producers before more plant-based rivals from Impossible Foods and Nestle SA hit the market.
Natural Grocers by Vitamin Cottage Inc, which owns some 150 stores in 19 states, told Reuters it places Beyond Meat in a refrigerated section with other alternative proteins like tofu, and not the meat case, to avoid confusion among shoppers, its co-president, Kemper Isely, said.
At the 35 Kings Food Markets and Balducci's Food Lover's Markets across New York, New Jersey, Connecticut and the Washington D.C. area, Beyond Meat products are sold both in the dairy and meat section.
"Sales in both spaces have been great and customers generally view this as a new food category," said Stephen Corradini, chief merchandising officer at KB US Holdings Inc, the investment firm owning the stores.
Other retail chains across the United States, including Town & Country Markets Inc in the Pacific Northwest, New York-based Morton Williams Supermarkets and Fresh Thyme Farmers Market in the Midwest, echoed Corradini, saying they see high demand among customers regardless of where Beyond Meat products are placed.
Beyond Meat and its new meatless burger rivals are counting on going head to head with meat inside stores. They avoid terms such as vegan or vegetarian, and request stores do not place their products in the supermarket vegan aisle where non-meat eaters traditionally buy tofu, tempeh and other plant-based alternatives.
Marketing its burger as one designed to look, cook and taste like traditional ground beef, Beyond Meat targets mainstream consumers who want to reduce their meat consumption amid growing concerns over health risks, animal welfare and environmental hazards of industrial animal farming...
Beyond Meat® Reports First Quarter 2019 Financial Results
Net Revenues Increase 215% Year-Over-Year to $40.2 Million
Company Provides Full Year 2019 Outlook
Source: Source: Beyond Meat, Inc.
via GlobeNewswire/Yahoo Finance - June 6, 2019
EL SEGUNDO, Calif., June 06, 2019 (GLOBE NEWSWIRE) -- Beyond Meat, Inc. (BYND) (“Beyond Meat” or “the Company”), a leader in plant-based meat, today reported financial results for its first quarter ended March 30, 2019.
First Quarter 2019 Financial Highlights Compared to Prior Year Period
Net revenues were $40.2 million, an increase of 215%;
Net loss was $6.6 million, or a loss of $0.95 per common share, compared to net loss of $5.7 million, or a loss of $0.98 per common share in the year-ago period; Pro forma basic and diluted net loss per common share, which is a non-GAAP financial measure, was $0.14 per common share in the first quarter of 2019 compared to $0.13 per common share in the year-ago period; and
Adjusted EBITDA, which is a non-GAAP financial measure, was a loss of $2.1 million compared to a loss of $4.3 million in the year-ago period.
See “Non-GAAP Financial Measures” below for how Beyond Meat defines Adjusted EBITDA and Pro forma basic and diluted net loss per common share and the financial tables that accompany this release for a reconciliation of these measures to the closest comparable GAAP measures.
Successful Initial Public Offering
Subsequent to the quarter end, on May 6, 2019, the Company completed its initial public offering (“IPO”) in which it issued 11,068,750 shares of common stock at an IPO price of $25.00 per share for net proceeds of approximately $252.5 million, after deducting underwriting discounts and commissions and estimated offering expenses. The Company continues to expect to use the net proceeds from the IPO to invest in current and additional manufacturing facilities, to expand its research and development and its sales and marketing capabilities, and for working capital and general corporate purposes. On May 31, 2019, subsequent to the IPO, there were 60,122,797 shares of common stock outstanding.
“We are very pleased with our successful IPO during the month of May and our strong first quarter financial results that we believe demonstrate mainstream consumers’ desire for plant-based meat products in the United States and internationally,” said Ethan Brown, Beyond Meat’s President and Chief Executive Officer. “Our team continued to scale our business in both retail and foodservice as we benefited from broad-based growth in the first quarter. Looking ahead, we believe we are in the early stages of achieving the growth that Beyond Meat is capable of as we remain focused on efforts to increase brand awareness, expand our distribution channels, launch additional innovative products, and invest in our infrastructure and capacity to be able to serve a robust global market for plant-based meats.”
First Quarter 2019
Net revenues increased 215% to $40.2 million in the first quarter of 2019 compared to $12.8 million in the first quarter of 2018. Growth in total net revenues in the first quarter of 2019 was driven primarily by an increase in sales of The Beyond Burger®, expansion in the number of retail and foodservice points of distribution, including new strategic customers, and greater demand from our existing customers. The Company discontinued its frozen chicken strips product line during the first quarter of 2019, causing a decline in frozen product revenues consistent with its shift to concentrate more on its fresh products platform
Gross profit was $10.8 million, or 26.8% as a percentage of net revenues, in the first quarter of 2019, compared to $2.1 million, or 16.1% as a percentage of net revenues, in the prior-year period. The increase in gross profit and gross margin was primarily due to an increase in the amount of product sold with resulting operating leverage, and improved production efficiencies. A greater proportion of revenues from the Company's fresh platform products also contributed to the improvement in gross margin.
Loss from operations in the first quarter of 2019 was $5.3 million compared to a loss of $5.6 million in the first quarter of the prior year. This improvement was driven entirely by the year-over-year increase in gross profit, partially offset by higher operating expenses as the Company continues to invest in its internal research and development and marketing capabilities and incur higher absolute costs to support its expanded manufacturing and supply chain operations.
Net loss was $6.6 million in the first quarter of 2019 compared to a net loss of $5.7 million in the prior-year period. The expanded net loss was primarily the result of higher operating expenses, higher interest expense as well as an increase in other non-operating expenses, a majority of which were related to mark-to-market adjustments on outstanding warrants, partially offset by the increase in gross profit.
Adjusted EBITDA was a loss of $2.1 million in the first quarter of 2019 compared to a loss of $4.3 million in the first quarter of 2018. Adjusted EBITDA is a non-GAAP financial measure defined under “Non-GAAP Financial Measures,” and is reconciled to net loss, its closest comparable GAAP measure, at the end of this release.
Mark Nelson, Chief Financial Officer and Treasurer commented, “We are pleased with our expansion in gross margin and the progress we are achieving in Adjusted EBITDA, which gives us confidence in our ability to continue to improve profitability and cash flow generation as we rapidly scale our business.”
Balance Sheet and Cash Flow Highlights
The Company’s cash balance was $35.4 million as of March 30, 2019 and total outstanding debt was $30.4 million. Net cash used in operating activities was $13.3 million in the quarter ended March 30, 2019, compared to $4.9 million during the prior-year period. Capital expenditures totaled $3.8 million during the first three months of 2019 compared to $3.7 million in the prior-year period. The March 30, 2019 cash balance excludes net proceeds from the IPO of approximately $252.5 million, after deducting underwriting discounts and commissions and estimated offering expenses.
For the full year 2019, the Company is providing the following guidance:
Net revenues to exceed $210 million, an increase of greater than 140% compared to 2018; and
Adjusted EBITDA to be approximately break-even.
The Company does not provide guidance for net loss, the most directly comparable GAAP measure, and similarly cannot provide a reconciliation between its forecasted Adjusted EBITDA and net loss metrics without unreasonable effort due to the unavailability of reliable estimates for certain items. These items are not within the Company’s control and may vary greatly between periods and could significantly impact future financial results.
Conference Call and Webcast
The Company will host a conference call and webcast with the executive management team to discuss these results with additional comments and details today at 4:30 p.m. Eastern, 1:30 p.m. Pacific. The conference call webcast will be available live over the Internet through the “Investors” section of the Company’s website at www.beyondmeat.com. To participate on the live call, dial 866-221-1171 from the U.S. and 270-215-9602 internationally. A telephone replay will be available approximately two hours after the call concludes through Thursday, June 20, 2019, by dialing 855-859-2056 from the U.S., or 404-537-3406 from international locations, and entering confirmation code 6892534.
About Beyond Meat
Beyond Meat is one of the fastest growing food companies in the United States, offering a portfolio of revolutionary plant-based meats. Founded in 2009, Beyond Meat has a mission of building meat directly from plants, an innovation that enables consumers to experience the taste, texture and other sensory attributes of popular animal-based meat products while enjoying the nutritional and environmental benefits of eating its plant-based meat products. Beyond Meat’s brand commitment, “Eat What You Love,” represents a strong belief that by eating its portfolio of plant-based meats, consumers can enjoy more, not less, of their favorite meals, and by doing so, help address concerns related to human health, climate change, resource conservation and animal welfare. Beyond Meat’s portfolio of fresh and frozen plant-based proteins are sold at more than 30,000 retail and foodservice outlets worldwide. Visit www.BeyondMeat.com and follow @BeyondMeat, #BeyondBurger and #GoBeyond on Facebook, Instagram and Twitter.
Certain statements in this release constitute “forward-looking statements." These statements are based on management's current opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results. These forward-looking statements are only predictions, not historical fact, and involve certain risks and uncertainties, as well as assumptions. Actual results, levels of activity, performance, achievements and events could differ materially from those stated, anticipated or implied by such forward-looking statements. While Beyond Meat believes that its assumptions are reasonable, it is very difficult to predict the impact of known factors, and, of course, it is impossible to anticipate all factors that could affect actual results. There are many risks and uncertainties that could cause actual results to differ materially from forward-looking statements made herein including, most prominently, the risks discussed under the heading “Risk Factors” in the prospectus dated May 1, 2019 that forms a part of the Company's Registration Statement on Form S-1 (File No. 333-228453), as filed with the Securities and Exchange Commission on May 3, 2019. Such forward-looking statements are made only as of the date of this release. Beyond Meat undertakes no obligation to publicly update or revise any forward-looking statement because of new information, future events or otherwise, except as otherwise required by law. If we do update one or more forward-looking statements, no inference should be made that we will make additional updates with respect to those or other forward-looking statements.
BEYOND MEAT, INC.
Condensed Statements of Operations
(In thousands, except share and per share data)
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Beyond Meat, Inc. to Host Earnings Call
Source: Investor Network
via Accesswire/Yahoo Finance - June 6, 2019
NEW YORK, NY / ACCESSWIRE / June 6, 2019 / Beyond Meat, Inc. (NASDAQ: BYND) will be discussing their earnings results in their 2019 First Quarter Earnings to be held on June 6, 2019 at 4:30 PM Eastern Time.
To listen to the event live or access a replay of the call - visit https://www.investornetwork.com/company/C-12EC0839D4B31
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SOURCE: Investor Network