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Fiscal Year Ending December 31st
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2021
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2020
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Difference (%)
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Sales:
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$464,700
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$406,785
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+14.2
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Gross profit:
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$117,281
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$122,275
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-4.1
|
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Operating income/ (loss):
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$(174,933)
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$(49,345)
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-254.5
|
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Pre-tax Income/ (loss)
Net Income/ (loss)
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$179,068)
$(182,105)
|
$(52,680)
$(52,752)
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-239.9
-245.2
|
|
Diluted earnings per share:
|
$(2.88)
|
$(0.85)
|
-238.8
|
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Gross Margin (%)
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25.2
|
30.1
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-54.1
|
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Operating Margin (%)
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(37.6)
|
(12.1)
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-25.5
|
|
Profit Margin (%)
|
(39.1)
|
(13.0)
|
-200.8
|
|
Long-term Debt:
|
$1,152,715
|
$11,942
|
+9,553
|
|
12 Months Trailing:
|
|
|
|
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Return on Assets (%)
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(7.1)
|
|
|
|
Return on Equity (%)
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(43.2)
|
|
|
|
Operating Margin (%)
|
(23.2)
|
|
|
|
Profit Margin (%)
|
(27.2)
|
|
|
|
Total Assets
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$1,379,399
|
$468,006
|
+194.7
|
|
Market Capitalization
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$3,310,000
|
|
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 For Q4 2021 net loss was $(80,371) million on sales of $100,678 million with a diluted EPS of $(1.27)
For Q4 2020 net loss was $(25,077) million on sales of $101,937 million with a diluted EPS of $(0.40)
For FY 2021:-
52-Week Range in Share Price: $42.67 to $162.78 50-day Moving average $62.93
Forward P/E 667 Beta 1.5
Insiders hold 9.8 percent of equity, Institutions 63.0 percent.
As of January 31st 2022, 35.6 percent of float was short.
Comments:-
For FY 2021 U.S. sales represented 68.8 percent and International 31.2 percent
Of U.S sales 76.1 percent were through retail channels, down 7.9 percent from FY 2020
Of U.S sales 23.9 percent were through food service channels, up 25.9 percent from FY 2020
Despite a 14.2 percent increase in sales gross margin declined from 30.1 percent to 25.2 percent suggesting inflation in ingredient costs and failure to achieve economies of scale BYND posted a 57 percent increase in SGA to $209.5 million compared to FY 2020. R&D expenditure more than doubled to $66.9 million. The CEO referred to the need to control costs in his comments below.
In commenting on results Ethan Brown president and CEO commented, "In 2021 we saw strong growth in our international channel net revenues, as well as sporadic yet promising signs of a resumption of growth in U.S. foodservice channel net revenues as COVID-19 variants peaked and declined. These gains, however, were dampened by what we believe to be a temporary disruption in U.S. retail growth, for our brand and the broader category. Despite the variability and challenges of the year, we did not deviate from building the foundation for our long-term growth. The investments we made in our team, infrastructure, and capabilities across the U.S., EU, and China, as well as extensive product scaling activities for key strategic partners, weighed heavily on operating expenses and gross margin during a fourth quarter and year that were already impacted by lower than expected volumes. However, we believe these investments will be instrumental in driving our long-term growth."
Brown concluded, "As we begin 2022, we are pleased with the progress we are making against our long-term strategy, such as the number of tests and core menu placements recently announced by our global QSR partners. Though we will continue to invest during 2022, we expect to substantially moderate the growth of our operating expenses as we leverage the building blocks we now have in place to serve our customers, consumers, and markets — bringing forward our exciting and expansive future one delicious serving at a time."
Note:
Subscribers are referred to the FY 2021 results for the Plant Protein Segment of Maple Leaf Foods in this edition.
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