Invitae (NYSE:NVTA) layoffs are coming to the genetics company after announcing plans to divest assets of health tech platform Ciitizen.
Alongside this announcement, the company said it will be taking measures to reduce costs and cash burn. This saw Invitae reveal that it will do so via layoffs and other operating cost reductions.
Ken Knight, President and CEO of Invitae, said the following about the layoffs:
“The actions announced today will assist in streamlining our operations and reducing our cash burn. While these moves unfortunately involve a reduction in our workforce, we are committed to working closely with those impacted to ensure a smooth transition for them and for our customers and patients.”
Invitae Layoffs Numbers
A filing from Invitae also reveals how many employees will be affected by these layoffs. The company said that its headcount reduction will include 15% of its workers. Investors will note that the company has roughly 1,700 full-time employees.
Invitae is expecting to pay a one-time cost of $10 million in connection to these layoffs. However, the company notes this should save it between $90 million and $100 million on a yearly basis.
NVTA stock is up 5% as of Friday morning and down 63.1% since the start of the year.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
