Shares of Beyond Meat Inc. fell about 11% in after-hours trading on Feb. 24 after the release of fourth-quarter results that beat Wall Street expectations.
The El Segundo-based plant-based meat products maker reported a net loss of $80.4 million, or $1.27 per share on revenue of $100.7 million. Analysts had expected a net loss of 71 cents per share and $101.3 million in net sales.
Beyond Meat’s full-year revenue was $464.7 million, an increase of 14.2% over 2020. Net loss for the year was $182.1 million dollars, a 250% jump from the $52 million recorded in 2020.
“In 2021, we saw strong net revenue growth from our international chain, as well as sporadic but promising signs of a resumption of net revenue growth from the US restaurant chain as Covid-19 variants took hold. peaked and declined,” chief executive Ethan Brown said in a statement. . “These gains, however, were tempered by what we believe is a temporary disruption to U.S. retail growth for our brand and the broader category.”
He added that the company’s investments in its “team, infrastructure and capabilities in the US, EU and China, as well as expanded product scaling activities for partners key strategies, weighed heavily on operating expenses and gross margin in a fourth quarter and year that was already impacted by lower-than-expected volumes.However, we believe these investments will help drive our long-term growth. term.”
Beyond Meat’s domestic retail sales totaled $49.9 million in the fourth quarter, down 19% from a year earlier. Foodservice revenue, which includes restaurants, increased 34.7% to $20.6 million, driven by increased demand from existing accounts, new product launches and distribution expansion .
The company’s international sales totaled $30 million, a jump of 22%, and were split almost evenly between the restaurant and retail sectors.
A similar scenario played out throughout 2021, with domestic retail falling 7.9% to $243 million, while foodservice grew 25.9% to $76 million. International retail increased 123% to $81.4 million, and foodservice totaled $63.3 million, up 39%.
The company’s full-year 2022 guidance calls for net revenue of between $560 million and $620 million, an increase of 21% to 33% from 2021.
“As we begin 2022, we are pleased with the progress we are making against our long-term strategy, such as the number of testing and core menu placements recently announced by our global QSR partners,” Brown said. in a press release. “While we will continue to invest in 2022, we expect to significantly moderate our operating expense growth by leveraging the building blocks we now have in place to serve our customers, consumers and markets.”