The Wall Street Journal - 30.07.2019

B2| Tuesday, July 30, 2019 **** THE WALL STREET JOURNAL.

INDEX TO BUSINESSES

These indexes cite notable references to most parent companies and businesspeople
in today’s edition. Articles on regional page inserts aren’t cited in these indexes.

A

Abbott Laboratories...B1
Advanced Micro Devices
...................................B11
Airbus..........................B3
Alphabet....B1,B2,B4,B11
Amazon.com..........A1,B4
Anheuser-Busch InBev
.....................................B3
Anthem.......................A3
Apple...........................B4
Array BioPharma......B12

B
Bank of Jinzhou........B10
Better.com................B10
Beverly Hills Financial
Planners..................A10
Beyond Meat...............B2
Blackstone.................B12
Boeing.........................B3
Booz Allen Hamilton
Holding....................B11
C
Capital One Financial.A1
Carlsberg.....................B3
Caterpillar.................B11
Cboe Global MarketsB10
China Cinda Asset
Management...........B10
China Great Wall Asset
Management...........B10
China Resources Beer
Holdings....................B3
Cisco Systems.............B4
Citgo Petroleum..........B5
Citigroup......................B1
Coca-Cola.....................B1
Comcast......................A2
CVS Health.................A3

D

Dell Technologies........B4
Delta Air Lines...........B3
Del Taco Restaurants.B2
Deutsche Börse.........B10
DexCom.......................B1
DoorDash...................B12

Dunkin' Brands Group B2 E Electronic Recyclers International.............B4 Equifax........................B5 F Facebook..............B4,B11 G General Electric..........B2 GlaxoSmithKline..B1,B12 GrubHub....................B12 H Heineken.....................B3 Helmerich & Payne...B11 Henderson Land Development...........B11 Hertz Global HoldingsB3 Huawei Technologies..B4 I Impossible Foods........B2 IntelligentCross........B10 Intercontinental Exchange.................B10 International Business Machines...................B4 J JBS..............................B2 JPMorgan Chase.........B1 Juniper Networks.......B4 Just Eat.......................B1 L London Metal Exchange ...................................B10 London Stock Exchange Group.......................B12 Lyft..............................B3 M McDonald's..........B2,B12 Medtronic....................B1 Micron Technology....B11 Microsoft.....................B4 Molson Coors Brewing .....................................B3 Moscow Exchange....B10

Mylan............B1,B11,B12 N Nabors Industries.....B11 NerdWallet................A10 Nestle..........................B2 Netflix.........................A1 New World Development...........B11 P Patterson-UTI Energy ...................................B11 Pfizer............B1,B11,B12 Postmates.................B12 Q Quicken Loans...........B10 R Refinitiv....................B12 Ryanair Holdings........B3 S Salesforce.com............B4 Sims Metal Management.............B4 Starbucks..................B12 Swire Pacific.............B11 T Takeaway.com.............B1 The Meatless Farm....B2 Thomson Reuters.....B12 Tudor, Pickering, Holt ...................................B11 Twitter........................B1 Tyson Foods................B2 U Uber Technologies ............................. B3,B12 Unilever.......................B2 United Airlines Holdings .....................................B3 United Parcel Services .....................................B1 W Wells Fargo.................B1 White Castle System.B2 Whole Foods Market..B2

INDEX TO PEOPLE

A

Aso, Taro...................B12
B
Baraton, Xavier.........B11
Barrack, Tom...............A9
Begor, Mark................B5
Bondar, Luc.................B3
Bourla, Albert...........B12
Brown, Ethan..............B2
C
Cecala, Guy.................B1
Coury, Robert..............B4

E
Evans, Mike.................B2
F
Fairbank, Richard........A9
Field, Alistair..............B4
Flury, Thomas...........B10

G Giles, Jon..................B10 Ginis, Roman.............B10 Green, Logan...............B3 Greer, Evan..................B3 Groen, Jitse.................B2 H Hastings, John............B1 Hazelbaker, Jill...........B3 Hogan, Art................B11 K Khosrowshahi, Dara...B3 Kowalski, Aaron..........B2 Krpata, Petr..............B11 Kuroda, Haruhiko......B12 N Nazarali, Jamil..........B10 Nelson, Mark..............B2

O O'Leary, Michael.........B3 Oxley, David..............B10 P Pang, Castor..............B11 S Sayer, Kevin................B2 Schwimmer, David....B12 Seidman Becker, Caryn .....................................B3 Shegerian, John..........B4 V Verhoef, Erik...............B2 W Watkin, Jared.............B2 Weber, Steve..............B5 Z Zimmer, John..............B3

levels are out of range and have asked for more positive feedback when they stay in range, like a smiley face, Dex- Com CEO Kevin Sayer said in an interview. Raynham McArthur, a 14- year-old in Hamilton, Ontario, used to wake up at midnight and 3 a.m. every night for her parents to take blood samples. The multiple finger sticks left her fingers bruised and sore. Now, her sensor sends blood-sugar data to her parents’ phones. “I probably sleep through easily four nights a week,” said her mother, Joanna Wilson, a university science professor. She and her husband, Andrew McArthur, monitor Raynham’s sugar levels while she is at school and text her to make sure she takes steps if the numbers go out of range.

Raynham calls it “blood- sugar stalking.” But the device made it easier for her to go on a two-night school trip to Ot- tawa in June without her parents. “It’s a lot easier for me to go out and do things with friends,” she said. The cost, however, would be unaffordable for many patients who lack insurance or whose insurer doesn’t cover the devices, said Mayer David- son, a diabetes specialist at Charles R. Drew University of Medicine and Science in Los Angeles. Abbott’s device, called Free- Style Libre, costs around $1,308 a year for the average patient; DexCom’s system is about $3,000. With insurance, the typical patient copay for Abbott’s product is about $31 a month and $50 a month for

DexCom’s, said Erik Verhoef, president of Seagrove Partners. Competition for sales among device makers has been fierce. Abbott priced its system at a significant discount to Dex- Com’stograbanedge.Jared Watkin, senior vice president of Abbott’s diabetes-care unit, touts Libre’s sensor, which lasts longer than competitors’. DexCom, which is working on a new version of its device with Alphabet Inc.’s Verily unit, has been hiring data-ana- lytics workers to search for in- sights by pairing sugar data with exercise data collected from other wearable devices, Mr. Sayer said. Medtronic has used data collected from devices to develop algorithms that predict when patients’ blood-sugar levels will fall too low, Mr. Hill said.

Raynham McArthur has a sensor on her arm that sends her blood-sugar data to her parents’ phones.

LIBBY MARCH FOR THE WALL STREET JOURNAL

them.
“There’s very few other dis-
eases like this that put the
bulk of the data in the hands
of the patient,” said Aaron
Kowalski, chief executive of
JDRF, a group that funds Type
1 diabetes research.
In Type 1 diabetes, the body
doesn’t produce insulin and
patients rely heavily on insulin
therapy. In Type 2, the more
common type, the body
doesn’t use insulin properly.
With the connectivity link-
ing monitors to smartphones
and insulin pumps come cy-
bersecurity risks. The U.S.
Food and Drug Administration
warned last month that cer-
tain models of Medtronic insu-
lin pumps could allow hackers
to gain access, change settings
and cause patient harm.
Medtronic, which is recall-
ing the pumps, said they were
older models and has recom-
mended patients consider
switching to newer Medtronic
models that have better cyber-
security protections.
The disposable sensors can
be worn around the clock.
They stick to a patient’s abdo-
men or arm and insert a tiny
needle into the skin to sense
changes in blood sugar and
transmit readings wirelessly.
Some patients have the glu-
cose data sent to a wearable
insulin pump; some pumps can
adjust the dose based on the
glucose reading.
Some monitors sound
alarms and keep track of long-
term data, which patients can
share with their physicians.
A DexCom-funded study
published in JAMA in 2017
found that patients using its
monitor had greater decreases
in average blood-sugar levels
than those using finger sticks
and test strips.
The data deluge, however,
can overwhelm some patients,
especially new users. Some pa-
tients say they feel punished
when the monitor shows sugar

Continued from the prior page

Market

Grows for

Devices

Takeout Takes Off Venturecapitaldealsinfood deliverypeakedin2016with 162dealsvaluedatacollective $10.1billion.

Valueofdeals

Source:PitchBook

$10

0

2

4

6

8

billion

2009 ’10 ’15 ’18

Takeaway.com agreed to ac- quire the German division of Delivery Hero for €930 million. Amazon is part of a grocery- delivery partnership in the U.K., and its investment in De- liveroo, which also delivers groceries, has attracted scru- tiny from the country’s competition regulator. Just Eat and Takeaway.com don’t expect to raise any red flags with anti- trust authorities because they don’t overlap geographically, a spokesman for Just Eat said, adding that their only shared market is Switzerland. Take- away.com has operations only in Europe, while Just Eat oper- ates as well as in Australia, New Zealand and Canada. Venture capital investors poured $8.2 billion into food- delivery firms in 2018, up from $4.7 billion in 2017, according to an analysis by market research firm PitchBook. Under the merger agree- ment, Takeaway.com Chief Ex- ecutive Jitse Groen would be- come CEO of the combined company, while Just Eat Chair- man Mike Evans would stay on as chairman. Just Eat shareholders would own 52.2% of the combined company, and Take- away.com investors 47.8%.

Continued from the prior page

European

Deliverers

Set Merger

require massive scale to keep their restaurant networks sup- plied. “It is a function of size and complexity,” he said. Beyond Meat has operated at a loss as the company re- fines its technology, expands production and markets its burgers to consumers. It had a net loss of $9.4 million for the latest quarter, about twice what analysts surveyed by FactSet anticipated. The company also said it and investors would sell an additional 3.25 million shares of stock, driving shares 13% lower in after- hours trading. Beyond Meat’s stock closed 5.4% lower Mon- day. Mr. Brown is among the investors selling shares, according to a regulatory filing. But Beyond Meat also lifted its 2019 sales forecast to $240 million, nearly tripling 2018’s level. While the company is likely to remain a net money- loser for the year, Beyond Meat now projects a profit after taking out taxes, interest and one-time expenses. Revenue for the quarter ended June 29 climbed to $67.3 million as Canadian and European grocery stores added Beyond Burgers and the company introduced a ground- beef replacement, which Mr. Brown said consumers have been using in meatloaf and ta-

cos. The summer grilling sea- son, which tends to boost sales of beef, chicken and pork, also helped move plant- based burgers, said financial chief Mark Nelson. U.S. retail sales of plant- based foods, from imitation burgers to soy milk, have climbed to $4.5 billion, rising about 11% over the 52 weeks ended April 21, 2019, outpac- ing general growth in retail food sales by more than five times, according to data from market-research firm Spins and plant-based trade groups released earlier this month. Sales of meat alternatives topped $800 million and now represent about 2% of retail packaged meat sales, the groups said. The plant-based burger makers’ success is bringing in- creased competition. British rivalthe Meatless FarmCo. signed a distribution deal with Whole Foods Marketahead of its planned U.S. launch in Au- gust.Tyson FoodsInc., a for- mer investor in Beyond Meat, this summer is introducing its own nuggets made from peas, flaxseed and other plant ingre- dients.NestléSA,Unilever PLC and Brazilian meatpacking conglomerateJBSSA are de- veloping their own meat alter- native products.

BUSINESS & FINANCE

Beyond MeatInc. said sales of its plant-based burgers and sausages continued to surge, though shares dropped after hours on plans to issue more stock. The El Segundo, Calif.- based company said on Mon- day that it nearly quadrupled sales in its latest quarter, put- ting Beyond Meat on track to deliver a profit this year, after adjusting for some expenses and taxes. “We believe our momentum demonstrates mainstream consumers’ increasing appetite for our plant-based meats,” said Ethan Brown, Beyond Meat’s chief executive and founder, on a conference call. Beyond Meat and competitors like Impossible Foods Inc. are propelling a new gen- eration of meat-free fare onto fast-food menus and grocery meat sections, aiming to serve meat eaters as well as vegetar- ians and vegans. Sales are surging for both companies as retailers and restaurants em- brace products that are draw- ing curious shoppers and translating to higher restaurant checks. Formulated from plant pro- teins and starches, the companies’ burgers aim to match ground beef’s taste, texture and smell, using a fraction of the resources required to produce the hundreds of millions of cattle and hogs raised by the meat industry each year. Beyond Meat’s flagship Be- yond Burger and other products are sold in about 53,000 restaurants, food-service operations and grocery stores, the company said. More than a dozen major restaurant chains includingDunkin’ BrandsInc., White Castle SystemInc. and Del Taco Restaurants Inc. have added products from Be- yond Meat and Impossible Foods since 2017. Some of the biggest restaurant companies, like McDonald’sCorp., remain on the sidelines. Mr. Brown said it would take time to sign up bigger chains, some of which

BYJACOBBUNGE

Beyond Meat’s Sales Soar;

Shares Fall on New Stock

Netloss

Revenue

*As of 5:30 p.m. Sources: the company (financials); FactSet (share price)

BeyondMeatremainsunprofitable,butitsstockhassoaredsince thecompany'sIPO.Shares,though,tookahitMondayonnewsof asecondaryoffering. Financials Shareprice $250

0

50

100

150

200

May June July

$60 million

–20

–10

0

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2017 ’18 ’19

Monday $222.13

t13% inafter-hours trading*

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The Wall Street Journal - 30.07.2019

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