Is Beyond Meat the next billion brand?
Leading plant-based burger market Beyond Meat is on a trajectory to become a billion brand if it can maintain its current pace of growth.
The company said sales for its fourth quarter ended December 31, increased 212% to $98.5 million compared to $31.5 million the prior year. It’s net loss declined to $452,000 from $7.45 million. For the full year, sales increased 238.8% to $297.9 million. Net loss declined to $12.4 million from $29.9 million.
“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 resident and CEO. "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 supply, while lowering our environmental impact, and promoting animal welfare.”
The company said revenue growth in the fourth quarter of 2019 was primarily due to an increase in volume sold in Beyond Meat’s Fresh platform products across retail, and restaurant and foodservice channels. Growth in volume sold was driven by increased sales to international customers, expansion in the number of points of distribution, including new strategic customers, higher sales velocities at existing customers, and contribution from new products introduced in 2019.
In the coming year, Beyond Meat is forecasting a relatively slower rate of growth, in the range of 64% to 71%. That would put the the company’s 2020 annual sales in the range of $490 million to $510 million.