After the markets closed on Thursday, Beyond Meat (NASDAQ:BYND) reported fourth-quarter and full-year 2019 results. In Q4, revenue surged 212% year over year to $98.5 million, bringing full-year revenue to $297.9 million. These results easily surpassed analyst estimates by $17 million. For the quarter, the company also reported a $0.01 loss per share. It lost $0.29 per share on the year.
Beyond Meat's guidance for 2020 calls for revenue to grow to a range of $490 million to $510 million, good for 64% to 71% annual growth. Instead of net income guidance, the company prefers to give adjusted EBITDA guidance, which it expects to be 9.7% of net revenue in 2020 (in line with 2019), which would be $48 million to $49 million.
The alternative-meat trend
Many restaurant companies are interested in offering plant-based protein options, and Beyond Meat's 2019 revenue surged as it signed new partners. Deals with Dunkin' Brands, Del Taco, and privately owned Hardee's drove Beyond Meat's restaurant and food-service annual segment revenue 312% higher; it now makes up 51% of total revenue.
Despite this impressive growth in 2019 and strong guidance for 2020, shares of Beyond Meat sold off after-hours due to light profit guidance. Profits will be muted in 2020 because the company is investing in growth to capture the opportunities it sees, specifically on a global basis. In an interview with Yahoo! Finance, CEO Ethan Brown said that despite the current COVID-19 outbreak, Beyond Meat fully intends to enter China later this year.