Beyond Meat Inc (NASDAQ: BYND) stock fell 5.44% on July 30th, 2019 (Source: Google finance) after the news that the company would embark on a secondary offering of 3.25 million shares only three months after its IPO. The company had posted mixed results for the second quarter of FY 19. The proceeds are earmarked to raise funds to expand its manufacturing facilities that are being stretched by booming demand for its meat alternatives. The company has reported a fiscal second-quarter net loss of $9.4 million, wider than a net loss of $7.4 million a year earlier. Further, Income from operations in the second quarter of 2019 was $2.2 million compared to a loss from operations of $7.3 million in the second quarter of the prior year. The Company’s cash and cash equivalents balance was $277.0 million as of June 29, 2019, and total outstanding debt was $30.5 million. BYND in the second quarter of FY 19 has reported the adjusted loss per share of 24 cents.
But the stock recovered over 5.1% on 31st July 2019 (as of 11:44 am GMT-4; Source: Google finance). The company had reported the adjusted revenue growth of 287 percent to $67.3 million in the second quarter of FY 19, beating the analysts’ estimates for revenue of $52.7 million. The strong sales of the Beyond Burger, new restaurant partnerships and greater demand from existing customers drove revenue growth. Sales to restaurants and foodservice made up slightly less than half of Beyond’s revenue this quarter. The company reported that $33.1 million of its net sales came from that side of its business. Its retail business saw net sales of $34.1 million during the quarter.
The company is expecting its second and third quarters to be its strongest and is forecasting higher revenue in the third quarter. Beyond raised its fiscal 2019 outlook for revenue and expects to net sales for the full year to reach $240 million.
Meanwhile, the company also nabbed a deal with struggling meal-kit provider Blue Apron. Dunkin’ has begun rolling out a breakfast sandwich made with Beyond Sausage, starting with its Manhattan stores. In June, the company launched a “meatier” version of its vegan Beyond Burger in grocery stores, as well as a plant-based ground beef product. The update to the recipe came as traditional food companies like Nestle and Tyson Foods announced their own plant-based products.