Beyond Meat Inc (BYND  ) shares are tumbling Tuesday after the company reported worse-than-expected quarterly results. BMO Capital also cut its price target following the print.

What Happened: Second-quarter revenue fell 30.5% year-over-year to $102.1 million, which missed the consensus estimate of $111.28 million, according to Benzinga Pro. The company reported a quarterly loss of 83 cents per share, which missed analyst estimates for a loss of 81 cents per share.

Beyond Meat said its gross profit and gross margin were positively impacted by lower materials costs, lower inventory reserves and lower logistics costs per pound, but partially offset by higher manufacturing costs.

Cash, restricted cash and equivalents totaled $225.9 million at the end of the quarter. Total outstanding debt was $1.1 billion as of July 1.

"The second quarter brought mixed results amidst otherwise strong progress toward our goal of sustainable long-term growth," said Ethan Brown, president and CEO of Beyond Meat.

"Ongoing category headwinds compressed net revenues, which in turn impacted product sales mix and gross margin, overshadowing significant strides in operational efficiency, including meaningful year-over-year reductions in operating expenses, COGS per pound, and overall cash consumption."

Beyond Meat expects full-year 2023 revenue to be between $360 million and $380 million versus estimates of $388.04 million. Gross margin is expected to be in the mid to high single-digit range.

Following the company's quarterly results, BMO Capital analyst Andrew Strelzik maintained Beyond Meat with a Market Perform rating and lowered the price target from $14 to $13.

BYND Price Action: Beyond Meat shares were down 17.8% at $12.56 at the time of publication, according to Benzinga Pro.