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Beyond Meat (NASDAQ:BYND) took off in postmarket trading on Thursday after investors latched on to a positive update for the full year.
CEO Ethan Brown said the company made solid progress in the transition to a sustainable growth model that emphasizes the achievement of cash flow positive operations within the second half of 2023. Top goals are driving margin recovery and operating expense reduction, bringing inventory levels down while generating cash flow through more aggressive, efficient management, as well as placing greater emphasis on near-term retail and foodservice growth drivers. On the cost side, BYND will restructure some of its meat jerky operations.
BYND said it remains intently focused on positioning Beyond Meat to capture the vast opportunity to be a major protein provider in the $1.4T meat industry and play a leadership role in transitioning global consumers to plant-based meats.
Guidance was set at revenue of approximately $375M to $415M for 2023. Gross margin is expected to be in the low double-digit range, increasing sequentially throughout the year. Operating expenses are expected to be approximately $250M, weighted slightly more towards the first half of the year.
Shares of BYND ripped a 13.55% gain in postmarket trading.
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February 24, 2023 at 04:22AM
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Beyond Meat stock soars after targeting cash flow positive operations - Seeking Alpha
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