Payment company Cedar lays off 24% of workforce

by | Jul 8, 2022 | Health Blog | 0 comments

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Cedar laid off 24% of its workforce this week, making the billing and cost startup the newest digital well being firm to make cuts, in line with reporting by Insider

In a post on LinkedIn, CEO and cofounder Florian Otto stated affected staff had been notified Wednesday, and the layoffs would assist the startup “forge forward sustainably on our mission.”

“We made the tough determination to scale back our workforce, with a view to adapt to present market realities, and re-organize ourselves for what we wish to obtain following final 12 months’s acquisition of OODA Well being,” he wrote.

A Cedar spokesperson confirmed the layoffs to MobiHealthNews, saying the choice wasn’t made to assist short-term price cuts. 

“Going ahead, we’re centered on making a long-term strategic path to profitability that helps Cedar’s enterprise and product objectives, whereas persevering with to exceed the expectations of our clients and their sufferers,” they stated. 

THE LARGER TREND

Cedar introduced a $200 million Series D raise in March final 12 months, boosting its valuation to $3.2 billion. Just a few months later, the corporate agreed to acquire OODA Health, a healthcare administrative platform for payers and suppliers, for $425 million. The deal closed in June 2021

Cedar additionally recently moved headquarters in New York Metropolis, which it stated would permit for extra flexibility for its newly hybrid workforce. 

“Along with increasing our footprint final 12 months to San Francisco and Salt Lake Metropolis after our acquisition of OODA Well being, this transfer is reflective of our strategic progress and dedication to investing in our present workforce. I look ahead to utilizing the area to attach with colleagues and speed up product innovation,” Otto stated in a press release on the time.

Digital well being funding slowed in the first quarter this 12 months after a booming 2021, and lots of gamers struggled on the general public markets as effectively. Cedar is not alone in pursuing layoffs.

In late June, direct-to-consumer digital care firm Ro laid off 18% of its workforce, months after saying a $150 million increase. Diagnostics firm Cue Well being recently cut 170 manufacturing workers, which it attributed to bigger financial circumstances and the federal authorities’s transfer to divert funding from COVID-19 testing.

Early final month, Carbon Well being CEO Eren Bali stated the hybrid supplier laid off 250 workers, about 8% of the corporate’s workforce. 

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