Using Jeff Moden's splitter[/url] you can do this...
DECLARE @spitme TABLE (Item varchar(40));
INSERT @spitme VALUES ('HEYE-B Euro-IPA 69793'), ('HEYE-B RFE-IPA 70940');
SELECT s.Item
FROM @spitme val
CROSS APPLY test.[dbo].[DelimitedSplit8K](val.Item,' ') s
WHERE ItemNumber = 2
-- Itzik Ben-Gan 2001