In the year ahead consumers will be hearing much more about the health bona fides of the company’s products.

The reformulated plant-based meats were designed with an emphasis on nutritional benefits, according to the company.

The company revised its full-year outlook and said it was reviewing operations.

In the US Retail channel, the company’s largest, the volume of product sold plummeted 34% to 10.5 million lbs, down from 16.1 million lbs the year before.

Ethan Brown, president and CEO, addressed the category weakness during a conference call with investment analysts, pointing to three key factors.

Beyond Meat, Inc. recorded a loss of $366 million during fiscal year 2022, ended Dec. 31, 2022, more than double the loss of $182 million the company endured the year prior.

The five lawsuits, pending in four different districts, center around false advertising and labeling practices.

Leading the Series A funding round was Unovis, an early backer of Oatly and Beyond Meat, with participation from Bessemer Venture Partners, AgFunder and KBW Ventures.

A further deceleration in plant-based meat alternative sales has impacted Beyond Meat, Inc., leading to a greater loss than during the same period for the previous year.

Doug Ramsey, former Beyond Meat chief operating officer, is officially no longer with the company.