Business
Beyond Meat® Reports Fourth Quarter and Full Year 2019 Financial Results
Fourth Quarter 2019 Net Revenues Increase 212% Year-Over-Year to $98.5 Million Fourth Quarter 2019 Gross Profit Improved to $33.5 Million or 34.0% Gross
About this update from Beyond Meat, Inc.
[{"type":"text","content":"Fourth Quarter 2019 Net Revenues Increase 212% Year-Over-Year to $98.5 Million Fourth Quarter 2019 Gross Profit Improved to $33.5 Million or 34.0% Gross Margin Company Provides Full Year 2020 Outlook\n EL SEGUNDO, Calif., Feb. 27, 2020 (GLOBE NEWSWIRE) -- Beyond Meat, Inc. (NASDAQ:BYND) (“Beyond Meat” or “the Company”), a leader in plant-based meat, today reported financial results for its fourth quarter and full year ended December 31, 2019. Fourth Quarter 2019 Financial Highlights Compared to Prior Year Period Net revenues were $98.5 million, an increase of 212%, compared to net revenues of $31.5 million in the year-ago period;Gross profit was $33.5 million, or 34.0% of net revenues, compared to gross profit of $7.9 million, or 25.0% of net revenues, in the year-ago period;Net loss was $0.5 million, or $0.01 per common share, compared to net loss of $7.5 million, or $1.10 per common share in the year-ago period; andAdjusted EBITDA, which is a non-GAAP financial measure, was $9.5 million compared to an Adjusted EBITDA loss of $3.8 million in the year-ago period. Full Year 2019 Financial Highlights Compared to Prior Year Net revenues were $297.9 million, an increase of 239%, compared to net revenues of $87.9 million in the prior year;Gross profit was $99.8 million, or 33.5% of net revenues, compared to gross profit of $17.6 million, or 20.0% of net revenues, in the prior year;Net loss was $12.4 million, or $0.29 per common share, compared to net loss of $29.9 million, or $4.75 per common share in the prior year; andAdjusted EBITDA, which is a non-GAAP financial measure, was $25.3 million compared to an Adjusted EBITDA loss of $19.3 million in the prior year. See “Non-GAAP Financial Measures” below for how Beyond Meat defines Adjusted EBITDA and the financial table that accompanies this release for a reconciliation of this measure to the closest comparable GAAP measure. “Our outstanding fourth quarter and full-year 2019 results are a testament to the vitality of the movement that we continue to lead,\" said Ethan Brown, Beyond Meat's President and Chief Executive Officer. \"With our simple objective of building a perfect piece of meat from plants, our greater mission is much larger than us and seeks to address some of the key challenges of our time—improving health and nutrition, enhancing the sustainability of our global food su...