LumiraDx to reduce headcount by ~40%

Apr. 06, 2023 9:34 AM ETLumiraDx Limited (LMDX)By: Mary Christine Joy, SA News Editor
Team disbandment. Separation of staff. Reorganization and optimization of the business structure. Fragmentation of experienced teams to create new ones. Mass layoffs. Business downsizing

Andrii Yalanskyi

  • Diagnostics testing solutions company LumiraDx (NASDAQ:LMDX) said on Thursday that it is set to reduce its headcount by ~40%.
  • The move is a part of its strategic refocus and cost restructuring program, which aims to streamline strategic focus and operations, optimize cost structure and position the company for sustainable growth.
  • The headcount reductions include full-time, part-time and contractor positions.
  • Additionally, LumiraDx will continue to implement its operating cost reductions.
  • The cost restructuring initiative is expected to result in annualized savings of ~$36M.
  • LMDX shares were trading +1.82% pre-market.
  • Source: Press Release

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