Beyond Meat Plant's Dirty Conditions Reveals Its Ongoing Difficulties
Photos and internal documents from a $Beyond Meat(BYND.US$ plant in Pennsylvania show apparent mold, Listeria and other food-safety issues, compounding problems at a factory the company had expected to play a major role in its future.
Products from the plant tested positive for Listeria, a harmful bacteria, on at least 11 occasions during the second half of last year and the first half of 2022.
Photos taken by a former employee from inside the plant in January and April show what appear to be spills, unsafe use of equipment, and mold on walls and ingredient containers, while spreadsheets, photos and internally prepared reports reveal that foreign materials such as string, metal, wood and plastic have been found in food from the plant at least as recently as last December.![]()
![]()
![]()
By volume, refrigerated meat alternatives sold at retail fell 11.9% for the 52 weeks ended Oct. 9, according to data from market research group IRI Worldwide. Add in the company's declining stock price, a steady drop in cash reserves and upheaval in the executive ranks.
Internal reports also show that some contaminated products made it through to consumers. A document from October 2021 shows an investigation into wood found by consumers in burgers at two separate A&W restaurants. A similar report from April 2021 shows a metal link found in a bag of Dunkin' sausage patties by the "end user." Earlier this year, Beyond Burgers sold at Costco locations in Canada were recalled for the presence of wood.
The estimated total could prove difficult for a company that recently laid off more than 200 workers, reduced its sales outlook and has limited spending. Beyond Meat had $390 million in cash on hand as of Oct. 1, a total that has dwindled in six consecutive quarters from a peak of more than $1.1 billion in early 2021. The company is reducing expenses as it seeks "cash-flow positive operations" — a response to concerns about spending levels, declining revenue and a string of operating losses.
"The underlying unit economics of the business are no good," said David Trainer, CEO of investment research firm New Construct, which has put Beyond Meat on its list of "zombie" stocks — companies that don't generate enough profit to cover their debt. "They can't make money selling their product, they sell it at a loss. And at the end of the day, if you can't fix that, you've got no hope."
Goldman Sachs on Wednesday adjusted Beyond Meat's price target to $5 from $14, keeping sell rating.![]()
![]()
![]()
The company has so far lost 80.3% in 2022.
Have you bought Beyond Meat products before? Will you buy them in the future? ![]()
![]()
![]()
What do you think of its stock?
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
Read more
Comment
Sign in to post a comment
Moomoo Official Account
Welcome to moomoo chat room.
6733Followers
3Following
9948Visitors
Follow
WallStreetYoda : lazy workers and you’re responsible management will ruin a business there lucky we cant short it
WallStreetYoda : friday its on
102326563 : That's Made in USA for you. At least China is cheap. U pay Americunts expensive salaries and u still get shits
CBSJournal : I like it's food tech but not the mgmt style. Someone would help to take over BYND.
takethetrails : Is this real?
Dumb Money Space Ape : For real? As a customer and vegetarian, I’m deeply offended if true. Making plant based meats look bad.
Upncoming1841 : Hopeless
Sg-Jin : 0