DNA testing company 23andMe said it plans to lay off about 75 employees, or 9 percent of its staff, in a cost-cutting move, according to a securities filing.
The genomics company said the organizational change will eventually reduce annual payroll and benefit expenses by $12.8 million, per the June 9 filing. The reduction plan is expected to be completed by the first quarter of fiscal 2024, which ends March 31. 23andMe's net losses increased from $217 million to $317 million in the 12 months ending in March, according to a May earnings report.
"As we continue to navigate uncertainties in the global economy and financial markets, we made the difficult decision to reduce our workforce by 9 percent," a company spokesperson emailed Becker's. "We believe this will help ensure 23andMe is set up for long-term growth and success. Those impacted have been notified, and we are truly grateful for their part in helping grow our business and delivering on our mission."