Q2 2024 Beyond Meat Inc Earnings Call Transcript
Key Points
- Beyond Meat Inc (BYND) exceeded its Q2 revenue objective with net revenues of $93.2 million, surpassing the guidance range of $85 million to $90 million.
- Gross margin improved significantly to 14.7%, the best quarterly performance since Q3 2021.
- Operating expenses were reduced by $8.4 million year-over-year, demonstrating effective cost management.
- Cash consumption fell to $15.5 million in Q2, marking a 67% reduction year-over-year.
- The launch of Beyond IV, featuring products certified by the American Heart Association and the American Diabetes Association, highlights the company's commitment to health and wellness.
- Net revenues decreased by 8.8% compared to the same period last year, indicating ongoing challenges in sales growth.
- The volume of products sold decreased by 14%, reflecting demand softness in the plant-based meat category.
- US foodservice channel net revenues decreased by 18.9%, impacted by ongoing demand softness and distribution losses.
- International retail channel net revenues decreased by 12.1%, driven by weakness in the EU chicken portfolio and unfavorable foreign currency changes.
- Despite improvements, the company is still not projecting to achieve cash flow positive operations in the near term.
Good afternoon and welcome to the Beyond Meat 2024 second quarter conference call. (Operator Instructions) Please note this event is being recorded.
I would now like to turn the conference over to Paul Sheppard, Vice President, FP&A and Investor Relations. Please go ahead.
Thank you. Hello everyone, and thank you for your participation on today's call.
Joining me are Ethan Brown, Founder, President, and Chief Executive Officer; and Lubi Kutua, Chief Financial Officer and Treasurer.
By now, everyone should have access to our second quarter 2024 earnings press release filed today after market close. This document is available in the Investor Relations section of Beyond Meat's website at www.beyondmeat.com.
Before we begin, please note that all the information presented today is unaudited and that during the course of this call, management may make forward-looking statements within the meaning of the
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