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Cue Health laid off one other 326 staff, or about 30% of the house diagnostics firm’s workforce, as a part of a brand new value discount plan.
The cuts mark a second spherical of layoffs this 12 months. In January, Cue laid off 388 employees, about 26% of its workforce.
In a submitting with the Securities and Exchange Commission, Cue mentioned it had accredited the brand new plan on the finish of final month, aiming to “cut back the corporate’s value construction and enhance its operational effectivity” past the associated fee discount plan carried out early this 12 months.
“As you’re nicely conscious, now we have been navigating a tough macroeconomic atmosphere that continues to pose distinctive challenges for our sector,” Ayub Khattak, Cue’s cofounder, chairman and CEO, wrote in a letter to staff. “As well as, the check menu enlargement efforts and new product launches that so a lot of you’re engaged on have been progressing nicely however are nonetheless early by way of income era. Due to this fact, we stay in an ‘in-between interval’ at Cue: between the launch of our COVID-19 product and the rollout of our expanded check menu and built-in care platform.”
THE LARGER TREND
Cue Well being went public in 2021, shortly after receiving emergency use authorization from the FDA for an at-home, over-the-counter COVID-19 molecular diagnostic check. The check, which had beforehand acquired an EUA for point-of-care use, works by inserting the check cartridge into the corporate’s Cue Reader, delivering outcomes to a smartphone app.
The corporate has since been working to develop extra diagnostics appropriate with its Reader. In a yearly report filed with the SEC, Cue mentioned it had submitted to the FDA for full clearance of its COVID-19 check a couple of 12 months in the past, and it has ready a submission for a flu molecular check. It is also submitted for an EUA for a mixture flu and COVID-19 check and just lately acquired emergency clearance for an mpox test.
The corporate has additionally expanded with a digital care platform and test kits which can be despatched away to a lab for processing. On Monday, Cue introduced it might add a pharmacy offering to its digital care platform for considerations like erectile dysfunction, herpes, contraception and hair loss.
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