LMDX - LumiraDx to reduce headcount by ~40%

2023-04-06 09:34:36 ET

• 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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