Ethan Brown believes the key to taking Beyond Meat to new heights is innovation, plain and simple.
Beyond Meat released their Q3 earnings report Tuesday. And based on the numbers, things couldn’t be going much better for the California plant-based protein company.
Yes, their stock is down big from its high earlier this year. And yes, it’s likely to drop lower today due to the expiring lock-up period for its early investors.
But if you zoom out a bit, there is a lot for Beyond Meat and its investors to be happy about.
Here’s a quick look:
- Total sales surged 250% to $92 million, ahead of forecasts for $83 million.
- Gross profit margin surged to 35.6% from 19.2% a year ago.
- Beyond’s revenue has more than tripled from last year.
While chatting with CEO Ethan Brown today, he was very upbeat about the company and what lies ahead. Mainly, that the company is on track to achieve its ultimate goal, which is to become the dominant global protein company.
Meatier Beyond Burgers have helped triple sales since last year.
Establishing partnerships with global QSRs (McDonald’s, Dunkin Donuts, Denny’s, etc.) is a key component of that strategy, by which Beyond Meat continues to rack up wins. The company also optimized its production process into three separate phases, enabling better efficiencies to continue lowering costs along the way. This will also make life a lot easier as it expands further into Europe and Asia, key growth markets for Beyond Meat.
Yet, despite all of these wins and important milestones, Ethan Brown believes that the key ingredient to Beyond Meat’s continued success is, without question, innovation. Brown strongly believes that will be the reason Beyond Meat stays ahead of the growing competition (Nestlé, JBS and Tyson have all launched plant-based burgers recently) and remains the market leader well into the future.
Innovation tools like Beyond Meat’s “E-Mouth” will be critical to staying ahead of the competition … [+]
Think of it like Apple and the iPhone. While Apple wasn’t the first company to make a cell phone, it was the first one to reinvent it, creating an army of brand loyalists along the way.
Basically, Ethan Brown plans to make their next iteration of the Beyond Burger even better, both on taste and nutrition. And spend very little time worrying about the competition.