beyond meat recall 2023

We're both defending our existing products in terms of our core approach and putting the information out there, the consumers need to make informed decisions rather than decisions driven by Propaganda or by confusion, whether it's the Stanford Health study that we've done the swap Meat study, I've talked about a lot in the past, but again, it probably bears repeating where consumers had animal protein twice a day for eight weeks and then switched over to beyond twice a day, eight-week period and then back to animal protein and just in that eight-week period. press release. And again, just to remind you the way we've defined that cash flow positive objective is it is free cash flow, so operating cash flow from operations less capex. The next question comes from Peter Galbo with Bank of America. Adjusted EBITDA was a loss of 45.8 million or minus 49.6% of net revenues in the first quarter of 2023 compared to an adjusted EBITDA loss of 78.9 million or minus 72.1% of net revenues in the year-ago period. [Operator instructions] After today's presentation, there will be an opportunity to ask questions. Can you just touch on -- you mentioned your inventory came down a little bit. November 21, 2022 12:53pm Updated One of Beyond Meat's key factories was reportedly riddled with mold, bacteria and other health-related concerns, according to leaked evidence provided by a. Yes. In the first quarter of 2023, we continued the process of restructuring certain contracts and operating activities related to Beyond Meat Jerky, and we intend to assume distribution responsibilities for Beyond Meat jerky starting in the fourth quarter of 2023, a move which we believe will support our overall objectives for gross margin expansion. It's just progress -- quarter-after-quarter progress. Overall net loss was, therefore, 59,000,000in the first quarter of 2023 or net loss per common share of $0.92 compared to 100.5 million or net loss per common share of $1.58 in the year-ago period. Thank you. Moving on to EU retail, we are expanding our product portfolio in the EU with localized innovation that draws on the resources and expertise of our global team. Audience Retail Affected products Filter items Showing 1 to 1 of 1 entries Show entries Issue Beyond Meat brand Beyond Burger Plant-Based Burgers recalled due to pieces of wood. These pillars are: one, we would apply a laser-focused margin expansion and opex reduction through the use of lean value streams across our beef, pork, and poultry platforms; two, we would place an emphasis on cash flow-accretive inventory management with a near-term focus on profit dollars versus maximizing percent margin; and three, we would prioritize opportunities that support near-term growth and consumer trial adoption, appropriately balanced against streamlined activities in support of our most valuable long-term opportunities. Finally, as you may recall, in 2021, we saw a sequential increase in revenue between Q1 and Q2 and from $108 million to $149 million . Lubi Kutua -- Chief Financial Officer and Treasurer. Yeah. And so, if you were to you shouldn't do this, but like just to dream a minute, if you would extrapolate that ratio, you could see how powerful this can be once we get the proposition right. But if youre putting one together, you might want to stop and take a closer look at where your meat is coming from because the USDA has announced a recall of several charcuterie-style meats. Daniele International LLC has recalled almost 53,000 pounds of ready-to-eat sausage products that may be adulterated with Listeria monocytogenes, the U.S. Department of Agricultures Food Safety and Inspection Service (FSIS) announced. So, we've created a piece of steak that is, by all reviews, delicious. Thank you. Gross profit in the first quarter of 2023 was 6.2 million or 6.7% of net revenues compared to 0.2 million or 0.2% of net revenues in the year-ago period. I can't share their results to share not mine. We're also very much focused on gross margin improvement. Now, on the positive side, and I'll get into some of the things that we're doing also on the innovation and renovation side, but first, I do want to pause and look a little bit at the frozen category where we saw units up about 32% and dollars up about 36% year over year. Good afternoon, Ethan, Lubi. We like it, but let's get the margin right. Good afternoon, and welcome. Though as previously noted, the downward curve will not necessarily be linear across the calendar. And as we continue to optimize our network and continue to gain scale globally, that will be easier and easier. And so, it's just a question of optimizing the combination of those factors. For the second quarter, we expect net revenues to increase roughly 15% sequentially relative to Q1 of this year. And we absolutely do still believe that we will end this year with substantially lower inventory levels than where we came into the year-end, but that won't necessarily look like just a straight line down. FSIS routinely conducts recall effectiveness checks to verify recalling firms notify their customers of the recall and that steps are taken to make certain that the product is no longer available to consumers. Not only does it have something for everyone cheese, meats, jams, fruits, you name it but it can be consumed almost anywhere. More broadly, we are bringing the overall cost of business operations down, taking out approximately 34 million for a total opex reduction of 35% year over year. Conagra Brands is recalling more than 2.58 million pounds of canned meat and poultry products due to a packaging defect that may cause the food to become contaminated, the U.S. Department of . This precautionary measure was initiated after we received a complaint pertaining to peanut allergies. And so, we can do this where we're taking a 9% reduction in average pricing over the course of a year and achieve these margin targets. Crude Fat (Min) - 15%. But we are seeing some elasticity that's encouraging around those pricing tests. The USDA site has a list of the specific products with accompanying photos that are subject to recall. Peter Galbo -- Bank of America Merrill Lynch -- Analyst. We think we're going to be able to utilize that vehicle down the road. More generally, the frozen category continues to be a growth area for our brand, where sequential and year-over-year dollars and units were both up significantly. We're working down these inventory levels and generating cash in the process with inventories down 13 million or nearly 6% on a sequential basis. The last 18 to 24 months have interjected substantial noise into our production system, yet today, we have what is perhaps our clearest line of sight in some time to further cost reduction. First Quarter 2023 Financial Highlights 1 Net revenues were $92.2. For the full year 2023, we continue to expect net revenues to be in the range of 375 million to 415 million, representing a decrease of approximately 10% to 1% compared to the full year 2022. Who doesnt love a good charcuterie board? We're also comp in that regard but want to caution that there'll be some quarters where we're adding cash and some quarters where we're not as we overall continue to orient the business in that direction. Crude Fiber (Max) - 4%. Then, on November 17, 2021, an article was published in Bloomberg highlighting the delays in production and execution challenges Beyond Meat was facing. But if you have the data, Look, for example, how our Cookout Classic product does relative to -- I think it's a bubble burger as a percentage of sales, and it's a pretty interesting ratio. And some of that is purposely ceded through interest group campaigns and some of that is just genuine new category, new products, people doing to figure out what's what. In light of the above, consumers with questions about the meat recall can call the Alexander & Hornung Consumer Hotline at 1-866-866-3703. I just would like to hear you elaborate on kind of the decision to pursue that route for financing kind of the intention that are the aim of actually raising that much capital and kind of over what time frame do you think you could possibly do that? Fri, 06/09/2023 - Current. And then there's price parity program. And then maybe coming back to the point on cash flow this year, just to maybe put a finer point on cash flow positive operations in the second half of the year. Turning to our strategic partners and long-term opportunities, we are encouraged by the success of the plant platform in Europe, which is contributing to our year-over-year growth of 100% in international foodservice. This Beyond Salmon & Whole Brown Rice recipe has a guaranteed analysis as follows: Crude Protein (Min) - 36%. So, I want to understand if you can help us maybe put that into context where we are 1Q '23 versus the 1Q 2020 as it relates to outlets in Europe, the volume itself, and how much some of these partnerships you've highlighted have helped you to basically back at those levels and what we should expect for that particular line item International Foodservice as it relates to the cadence for the rest of the year? I would now like to turn from these near-term actions to check in on our enduring longer-term strategy. Thanks. Hi. So, there's just a lot of noise in the system right now. So, I caution against using it for anything other than which it is was just nascent information. Further,Beyond Meat blamed any delays in launching these large-scale partnerships onCovid-19. Consumers can also email Alexander & Horung executive . And to see some of the traction we're making, where you see the McNuggets come out, you see the good results there. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. As a result of these disclosures, the price of Beyond Meat stock declined by $5.58 per share, or nearly 8%, from $70.09 per share to $64.51 per share. The resulting change in estimate reduced cost of depreciation expense in the quarter by approximately 5.1 million or 5.5 percentage points of gross margin relative to depreciation expense utilizing our previous estimated useful lives. beyondmeat.com. So now a product that -- I think it's Cheerios has the endorsement now something is a center-of-the-plate protein typically associated with kind of very indulgent eating is now something that people can feel really good about consuming it. And in each one of those cases, as I mentioned in my prepared remarks, we're doing that, right? And so not being map-focused on percent, but rather on profit dollars is the way to think about it and how we're tackling that question. I don't know that that kind of environmental context is going to develop overnight here in the U.S. We're getting clearer on the health and it for the consumer, and we're driving price reduction. Thank you for the question. I'm pleased that our first-quarter results demonstrate solid progress against our strategy and plan. We have a tremendous amount of little hanging fruit to grab from here. The recall includes several different sausage products made by American sausage makers. And if we kind of look into what you've printed just in 1Q '23, it's kind of the level that we just had before the Pandemic back in the first quarter of 2020. Beyond Meat Market Cap $683M Today's Change (4.52%) $0.46 Current Price $10.63 Price as of June 2, 2023, 4:00 p.m. This document is available in the Investor Relations section of Beyond Meat's website at www.beyondmeat.com. Now, turning to our balance sheet and cash flow highlights, our cash and cash equivalents balance, including restricted cash, was 273.6 million, and total debt outstanding was approximately 1.1 billion as of April 1st, 2023. And I think the teams haven't fun doing it. And it shows, I think, that they're just scratching the surface. And empanadas. But what we've said was within. We can't control for everything, so we obviously continue to our reserves. The frozen case is interesting. With that, I'll conclude my remarks and turn the call back over to the operator to open it up for your questions. Is it-when we do the next iteration and bring more consumers in because the taste profile is closer, is it -- these breakthroughs like the American Heart Association endorsement of one of our products. Thanks. Bragar Eagel & Squire, P.C.Brandon Walker, Esq.Marion Passmore, Esq. Anything that can just help us kind of identify what might work here in the U.S. that's already resonating over in Europe? National Baptist Convention, USA, Inc. Congress of Christian Education Held in Louisville, Ky. | Louisville, Kentucky So, the success of the strategics in Europe, I think, is, again, sort of the tip of the iceberg. Click the link below for more detail. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. So, being very proactive about that, looking ahead several quarters to make sure that we don't get caught in a situation we don't like, but you never know. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. I have people in all the time looking at it, and it's true, I think, advance in taste and sensory experience. And so, in the fresh section, I think that's where consumers obviously shop for animal protein and for mainstream, protein percent of their plate. If you purchased or otherwise acquired Beyond Meat common stock and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. However, Beyond Meat continued to assure investors of the success of its partnerships. Adam Samuelson -- Goldman Sachs -- Analyst. Provisions Company, a Harrison, Ohio establishment, is recalling approximately 200 pounds of ready-to-eat (RTE) chili topping product due to misbranding and an undeclared allergen, the U.S. Department of Agriculture's Food Safety and Inspection Service (FSIS) announced . I will begin the body of my comments by summarizing our Q1 performance in reference to each of these three pillars. And so, that can either mean both quarters, Q2 and Q3, or one quarter. and select European markets, as well as globally. Year over year, Beyond Meat grew units 31.5% and dollars 36.4% during the same period according to SPINS data for the 12 weeks ending March 26, 2023. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. Please go ahead. Our first-quarter results reflect continued sequential progress and demonstrate the early success our team is having in executing against our operating plan. Beyond Meat misleads consumers by inflating the amount of protein its imitation meat products contain on their labeling, a new class action lawsuit alleges. Your question about the levels of inventory and are we looking at any scores, we have a very active program there. Inventory fell to 222.4 million, a reduction of 13.3 million compared to the previous quarter. Check out this page thats updated regularly to stay in the know. Though we have much heavy lifting left to do, we are seeing tangible progress. So, on the ATM, it's something that we wanted to put out there. Image source:. And the third brand-specific issues where a tremendous number of entrants came into the category, and it became a very crowded and somewhat confusing landscape for the consumer, and I don't think we did enough to really stand out during that. I think the story is one where week over week, we're making considerable progress toward restoring growth and creating a sustainable business model. To make the world smarter, happier, and richer. Hello, and welcome to Beyond Meat 2023 first quarter conference call. Market-beating stocks from our award-winning analyst team. We recognize, however, that there is still much work to do as our absolute top-line results and category trends continue to reflect demand weakness amid broader macroeconomic headwinds. Please go ahead. We independently select these productsif you buy from one of our links, we may earn a commission. Yeah. And again, I've always maintained this is around to get the taste right, get the health message super clear and they get to the price to the point where it's at parity, we're below that of animal protein. So, first and foremost, our strategy and our goal, right, our goal rather, is not to be a high-priced niche item, right? The recall was for 52,914 pounds of sausage commonly used to make charcuterie boards and sold by Daniele International, LLC. So, some of that renovation is targeted directly at the refrigerated case where we've had the most significant issues, right? In the frozen set in U.S. retail, despite its recent launch, Beyond Steak has quickly risen to the No. Here, again, I'm very proud of all the hardworking team members at Beyond Meat who have worked for years to bring such powerful, purposeful, and positive innovation to consumers and families. Beyond Meat (BYND), Impossible Foods Burgers Are Just Another Food Fad - Bloomberg A frozen Beyond Burger plant-based patty. And so, I think we'll continue to see real progress on that. But those are the kind of three main factors that we felt would contribute to the household penetration numbers that you just shared. But as you look at the progress we're making with strategics in Europe, and you spend time over there with the European consumer, you begin to see, I think, what I see, which is a sort of inevitable transition that's occurring. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. I think the second piece that gets back to this disruption that's occurred to the business over the last couple of years. Further down the year, you'll see some innovation in some categories where we've been quieter. So, to see after the years and years of investment to see that start to pay off is something that's very gratifying for us. The next question comes from Peter Saleh with BTIG. Ethan, you've been kind of a fairly broad question just around household penetration. Photographer: AKIRA for Bloomberg Businessweek Businessweek The. We continue to really look at this in three ways. We start getting around some of the leaning out that we've been doing in a more stable environment. Capital expenditures totaled 5.3 million in Q1 of 2023 compared to 21.5 million in the year-ago period. between product families before and poultry, you can get there, and that's what we're doing. WASHINGTON, Jan. 31, 2023 - Conagra Brands, Inc., a Fort Madison, Iowa establishment, is recalling approximately 2,581,816 pounds of canned meat and poultry products due to a packaging defect that may cause the products to become contaminated without showing any outward signs of contamination, the U.S. Department of Agriculture's Food Safety and. I would now like to turn the conference over to Paul Sheppard, vice president, FP&A, and investor relations. Thanks so much. Moving further down the P&L, we saw $4.1 million increase in net interest income and foreign currency transaction gains compared to the year-ago period, partially offset by a $2.6 million increase in loss from our unconsolidated joint venture, primarily reflecting limited economic activity at TPP in the year-ago period. Specifically in the frozen category, Beyond Meat grew units 20.3% and dollars 28.8% when comparing Q1 2023 to Q4 2022. Available just in time for America's most popular grilling holiday, the latest version of Beyond Sausage delivers an even juicier, more flavorful experience and . And again, week after week, we're making progress here. If you have any questions regarding the recall, you can contact Daniele International LLC at 401-568-6228 or receptionist@charcuterie.com. We've now moved to a more uniform sort of 10 years, which actually moves us more in line with industry standards. We have a significant amount of inventory relative to current demand environment. Those are the things that are going to drive us back to a growth position in the second half of the year. But I really want to call out the operations team on this to be able to deliver products, restoring to at least some positive margin while we're also putting price pressure on it is impressive. The Motley Fool has a disclosure policy. It's 62% less saturated fat than animal protein than the any protein equivalent. Overall, for the full year, we expect revenue contributions for the first and second halves to be relatively evenly distributed with a slightly higher weighting toward the first half. The sausage products were produced between May 23, 2022, and Nov. 25, 2022, and were sold at retail locations nationwide from Dec. 23, 2022, to Jan. 17, 2023. Our guidance remains largely unchanged from the targets we provided on our last earnings call. Thank you, Paul, and good afternoon, everyone. One, there's the macro issue of the inflationary environment and obviously seeing some moderation there, so that gives us a little bit of hope on that front. Good afternoon, everyone. Please go ahead. Though encouraging on a sequential basis, our focus and expectation is the return of Beyond Meat to year-over-year growth on a quarterly basis as we move past Q2's 2023 more challenging year-ago comparison and in the back half of the year. I've had the pleasure of enjoying the McPlant Nuggets at various McDonald's throughout Germany and would certainly agree with the very positive press it is receiving. The team continues to implement our plan to draw down inventory across the balance of the year to more efficient levels. So, we're not going all the way down to the price of animal protein, but we're starting to tease out that elasticity. The truth began to emerge on October 22, 2021, when Beyond Meat announced that the Company was reducing its third quarter net revenues outlook by up to $34 million, or 25%. However, when considering the roughly 30% year-over-year improvement in gross profit per pound, inclusive of the aforementioned change in accounting estimate, depreciation expense accounted for only $0.02 of the increase. Michael Lavery -- Piper Sandler -- Analyst. So, there's a lot of suggestions we should do that as well. And so, there will be a benefit, and that actually is the reason for us -- the primary reason for us taking up the gross margin guidance for the full year. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. But if you look at recent earnings of animal meat providers, they're also seeing that trading down that's occurring. All of those things start to come together. Volatility profiles based on trailing-three-year calculations of the standard deviation of service investment returns. If you look at the pricing actions that we're experimenting with and seeing some decent results around that gives us some encouragement. We'll use it as we think the conditions are appropriate. But feel really good about that and have some good people in the company focused on that. I would now like to turn the conference over to Paul. But Beyond Meat had a gross loss in 2022 of $23.7 million, which is a negative gross margin . I appreciate it. But I think the main piece of information that I want people to take away is that we have organized the business around that principle, right? For example, even as inflation continues to plague supply chains more generally, we reduced COGS per pound by approximately 15% on a year-over-year basis, primarily on the back of solid improvement in manufacturing and logistics costs, excluding any impact from depreciation. Then, on November 10, 2021, Beyond Meat announced a $1.8 million write-off of unsold inventory. We will continue to apply intense focus on margin restoration through cost reduction versus raising prices as we pursue our long-standing price parity target with animal protein. These products complement the existing Beyond Meat portfolio in Europe, which includes Beyond Burger, Beyond Sausage, Beyond Minced, and Beyond Meatballs. We're putting in marketing programs at a high level around taste and health. So, as a result, we're just going to use it opportunistically. Please go ahead. So, double-check your fridge and if you come across any items that match the ones on the list, the FSIS urges you to throw away the products or return them to the place of purchase for a refund. The Motley Fool has positions in and recommends Beyond Meat. There's other premium categories in the store doing OK right now as well. There's been some disruption to that. Now, we're doing everything that we can around some of the levers that Ethan mentioned already to drive stronger gross margin performance and making sure that we manage operating expenses within a very tight sort of range, right? Former employees reported that there were significant internal problems stemming from confusion and misalignment . So, you see that benefit, right? Ethan, I want to come back to that conversation around international foodservice real quick. We continue to advance our work in the plant, driving margin expansion and opex efficiency through the implementation of lean value streams across our beef, pork, and poultry portfolio, managing inventory for cash as we push toward much higher-efficiency, steady-state inventory levels, and pursuing a more narrow set of near-term growth initiatives even as we support our most valuable long-term partners and opportunities. Before we begin, please note that all the information presented today is unaudited. 2 SKU in frozen plant-based meat at a key retail customer. -- did some good things. That's a mix and some of the pricing programs. And so, I'm really excited to see what our team is going to do now that they kind of have some pathways that are more stable.

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